x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-1945088 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Name of Exchange on Which Registered | |
Common Stock, par value $0.001 per share | New York Stock Exchange |
Large accelerated filer | ¨ | Accelerated filer | x |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Page | ||
PART I | ||
Item 1. | Business | |
Item 1A. | Risk Factors | |
Item 1B. | Unresolved Staff Comments | |
Item 2. | Properties | |
Item 3. | Legal Proceedings | |
Item 4. | Mine Safety Disclosures | |
PART II | ||
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |
Item 6. | Selected Financial Data | |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 8. | Financial Statements and Supplementary Data | |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |
Item 9A. | Controls and Procedures | |
Item 9B. | Other Information | |
PART III | ||
Item 10. | Directors, Executive Officers and Corporate Governance | |
Item 11. | Executive Compensation | |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
Item 13. | Certain Relationships and Related Transactions, and Director Independence | |
Item 14. | Principal Accountant Fees and Services | |
PART IV | ||
Item 15. | Exhibits and Financial Statement Schedules | |
Signatures |
• | Focus on our core product lines; |
• | Produce superior products as a recognized innovation leader; |
• | Create an advantaged global manufacturing footprint to support customers; and |
• | Commonize and standardize world-class engineering and manufacturing operations. |
CSOS Function | Strategic Focus |
World-Class Safety | Implement globally consistent measurement system with zero incidents goal. |
World-Class Operations | Optimize global performance by implementing best business practices across the organization. |
Continuous Improvement | Implement lean manufacturing tools across all facilities to achieve cost savings and increased performance. |
Global Purchasing | Develop an advantaged supply base to effectively leverage scale and optimize supplier quality. |
Innovation Management | Focused innovation processes to create breakthrough technologies for market differentiation. |
Global Program Management | Ensure consistent and flawless product launch process across all regions. |
IT Systems | Implement common systems to effectively communicate information throughout the business. |
Customer | 2015 | 2014 | ||
Ford | 26% | 24% | ||
GM | 16% | 16% | ||
FCA | 12% | 13% | ||
PSA Peugeot Citroën | 5% | 6% | ||
Volkswagen Group | 5% | 5% |
Percentage of Sales | ||||||
Product Lines | 2015 | 2014 | 2013 | |||
Sealing systems | 53% | 52% | 51% | |||
Fuel and brake delivery systems | 20% | 20% | 23% | |||
Fluid transfer systems | 14% | 14% | 13% | |||
Anti-vibration systems | 8% | 8% | 9% |
Product Lines | Market Position* | ||||||
SEALING SYSTEMS | Protect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment | Global leader | |||||
Products: | |||||||
– | Fortrex™ | – | Stainless steel trim | ||||
– | Dynamic seals | – | Flush glass systems | ||||
– | Static seals | – | Variable extrusion | ||||
– | Encapsulated glass | – | Specialty sealing products | ||||
FUEL & BRAKE DELIVERY SYSTEMS | Sense, deliver and control fluids to fuel and brake systems | Top 2 globally | |||||
Products: | |||||||
– | Chassis and tank fuel lines and bundles (fuel lines, vapor lines and bundles) | – | Direct injection & port fuel rails (fuel rails and fuel charging assemblies) | ||||
– | Metallic brake lines and bundles | – | Quick connects | ||||
FLUID TRANSFER SYSTEMS | Sense, deliver and control fluid and vapors for optimal powertrain & HVAC operation | Top 3 globally | |||||
Products: | |||||||
– | Heater/coolant hoses | – | Turbo charger hoses | ||||
– | Quick connects | – | Secondary air hoses | ||||
– | DPF and SCR emission lines | – | Brake and clutch hoses | ||||
– | Degas tanks | – | ArmorHose™ | ||||
– | Air intake and charge | – | ArmorHose™ II | ||||
– | Transmission Oil Cooling Hoses | – | ArmorHose™ TPV | ||||
ANTI-VIBRATION SYSTEMS | Control and isolate vibration and noise in the vehicle to improve ride and handling | North America Leader | |||||
Products: | |||||||
– | Powertrain Mount Systems: (Multi-state Vacuum Switchable Hydraulic Engine Mounts, Bi-state Electric Switchable Hydraulic Engine Mounts, Conventional Hydraulic Mounts, Elastomeric Mounts) | ||||||
– | Suspension Mounts: (Conventional & Hydraulic Bushings, Strut Mounts, Spring Seats & Bumpers, Mass Dampers, Dual Durometer (Bi-compound) Bushings) |
Country | Name | Ownership Percentage | ||
China | Shenya Sealing (Guangzhou) Company Limited | 51% | ||
India | Sujan Cooper Standard AVS Private Limited | 50% | ||
United States | Nishikawa Cooper LLC | 40% | ||
India | Polyrub Cooper Standard FTS Private Limited | 35% | ||
Thailand | Nishikawa Tachaplalert Cooper Ltd. | 20% |
Name | Age | Position | ||
Jeffrey S. Edwards | 53 | Chairman and Chief Executive Officer | ||
Matthew W. Hardt | 48 | Executive Vice President and Chief Financial Officer | ||
Keith D. Stephenson | 55 | Executive Vice President and Chief Operating Officer | ||
Juan Fernando de Miguel Posada | 58 | Corporate Senior Vice President and President, Europe and South America | ||
Song Min Lee | 56 | Corporate Senior Vice President and President, Asia Pacific | ||
D. William Pumphrey, Jr. | 56 | Corporate Senior Vice President and President, North America | ||
Aleksandra A. Miziolek | 59 | Senior Vice President, General Counsel and Secretary | ||
Larry E. Ott | 56 | Senior Vice President and Chief Human Resources Officer | ||
Jonathan P. Banas | 45 | Vice President, Controller and Chief Accounting Officer | ||
Sharon S. Wenzl | 56 | Senior Vice President, Corporate Communications and Community Affairs |
• | currency exchange rate fluctuations, currency controls and restrictions, and the ability to hedge currencies; |
• | changes in local economic conditions; |
• | repatriation restrictions or requirements, including tax increases on remittances and other payments by our foreign subsidiaries; |
• | global sovereign fiscal uncertainty and hyperinflation in certain foreign countries; |
• | changes in laws and regulations, including export and import restrictions and the imposition of embargos; |
• | exposure to possible expropriation or other government actions; and |
• | exposure to local political or social unrest including resultant acts of war, terrorism, or similar events. |
• | make it more difficult for us to satisfy our obligations under the Term Loan Facility and the Senior ABL facility; |
• | increase our vulnerability to adverse economic and general industry conditions, including interest rate fluctuations, since the majority of our borrowings are at variable rates of interest; and |
• | increase our cost of borrowing. |
Region | Type | Total Facilities* | Owned Facilities | |||||
North America | Manufacturing(a) | 30 | 23 | |||||
Other(b) | 7 | 1 | ||||||
Asia Pacific | Manufacturing | 23 | 12 | |||||
Other(b) | 4 | — | ||||||
Europe | Manufacturing(a) | 22 | 18 | |||||
Other(b) | 7 | 3 | ||||||
South America | Manufacturing | 4 | 1 | |||||
Other(b) | 1 | — |
(a) | Includes multi-activity sites which are predominantly manufacturing. |
(b) | Includes design, engineering, administrative and logistics locations. |
Common Stock | Warrants | |||||||||||||||
2015 | High | Low | High | Low | ||||||||||||
March 31, 2015 | $ | 59.20 | $ | 50.96 | $ | 32.44 | $ | 25.67 | ||||||||
June 30, 2015 | 64.24 | 58.83 | 36.70 | 32.45 | ||||||||||||
September 30, 2015 | 64.79 | 55.00 | 39.13 | 29.00 | ||||||||||||
December 31, 2015 | 80.15 | 58.10 | 49.80 | 33.59 |
Common Stock | Warrants | |||||||||||||||
2014 | High | Low | High | Low | ||||||||||||
March 31, 2014 | $ | 70.65 | $ | 48.10 | $ | 44.00 | $ | 23.03 | ||||||||
June 30, 2014 | 70.20 | 61.24 | 44.25 | 34.00 | ||||||||||||
September 30, 2014 | 65.87 | 60.92 | 39.30 | 34.45 | ||||||||||||
December 31, 2014 | 59.77 | 50.99 | 32.42 | 25.15 |
Ticker | 12/31/2010 | 12/30/2011(1) | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | ||||||||||||||||||||
Cooper-Standard Holdings Inc. | CPS | $ | 100.00 | $ | 76.67 | $ | 84.44 | $ | 109.13 | $ | 128.62 | $ | 172.42 | |||||||||||||
S&P 500 | SPX | $ | 100.00 | $ | 102.09 | $ | 117.98 | $ | 154.32 | $ | 174.19 | $ | 176.44 | |||||||||||||
S&P Supercomposite Auto Parts & Equipment Index | S15AUTP | $ | 100.00 | $ | 87.08 | $ | 87.44 | $ | 141.94 | $ | 146.82 | $ | 137.69 |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(Dollar amounts in millions except share amounts) | |||||||||||||||||||
Statement of operations data: | |||||||||||||||||||
Sales | $ | 3,342.8 | $ | 3,244.0 | $ | 3,090.5 | $ | 2,880.9 | $ | 2,853.5 | |||||||||
Net income | 111.8 | 45.5 | 45.2 | 98.8 | 76.5 | ||||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | 111.9 | 42.8 | 47.9 | 102.8 | 102.8 | ||||||||||||||
Net income available to Cooper-Standard Holdings Inc. common stockholders | 111.9 | 42.8 | 35.1 | 76.7 | 75.3 | ||||||||||||||
Earnings per share: | |||||||||||||||||||
Basic | $ | 6.50 | $ | 2.56 | $ | 2.39 | $ | 4.40 | $ | 4.27 | |||||||||
Diluted | $ | 6.08 | $ | 2.39 | $ | 2.24 | $ | 4.14 | $ | 3.93 | |||||||||
As of December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(Dollar amounts in millions) | |||||||||||||||||||
Balance sheet data (at end of period): | |||||||||||||||||||
Cash and cash equivalents | $ | 378.2 | $ | 267.3 | $ | 184.4 | $ | 270.6 | $ | 361.7 | |||||||||
Net working capital (1) | 175.3 | 294.3 | 269.1 | 265.6 | 193.9 | ||||||||||||||
Total assets | 2,304.3 | 2,125.6 | 2,102.8 | 2,026.0 | 2,003.8 | ||||||||||||||
Total non-current liabilities | 1,008.1 | 1,044.9 | 911.9 | 774.0 | 779.3 | ||||||||||||||
Total debt (2) | 777.9 | 778.7 | 684.4 | 483.4 | 488.7 | ||||||||||||||
Preferred stock | — | — | — | 121.6 | 125.9 | ||||||||||||||
Total equity | 614.8 | 548.7 | 615.6 | 629.2 | 601.2 | ||||||||||||||
Statement of cash flows data: | |||||||||||||||||||
Net cash provided by (used in): | |||||||||||||||||||
Operating activities | $ | 270.4 | $ | 171.0 | $ | 133.3 | $ | 84.4 | $ | 172.3 | |||||||||
Investing activities | (166.4 | ) | (157.4 | ) | (191.1 | ) | (117.6 | ) | (73.8 | ) | |||||||||
Financing activities | (11.6 | ) | 49.4 | (23.0 | ) | (58.1 | ) | (24.6 | ) | ||||||||||
Other financial data: | |||||||||||||||||||
Capital expenditures, including other intangible assets | $ | 166.3 | $ | 192.1 | $ | 183.3 | $ | 131.1 | $ | 108.3 |
(1) | Net working capital is defined as current assets (excluding cash and cash equivalents) less current liabilities (excluding debt payable within one year). |
(2) | Includes $729.8 of our Term loan, $0.4 in capital leases and $47.7 of other third-party debt at December 31, 2015. |
• | continued shift to global platforms; |
• | consolidation of suppliers; |
• | increased government regulation; and |
• | intensified consumer demand for advanced technological features in vehicles. |
(In millions of units) | 2016(1) | 2015(1) | 2014(1) | % Change 2014-2015 | ||||
North America | 18.2 | 17.5 | 17.0 | 2.7 | % | |||
Europe | 21.2 | 20.9 | 20.2 | 3.8 | % | |||
Asia Pacific(2) | 46.9 | 45.2 | 44.4 | 1.6 | % | |||
South America | 2.8 | 3.0 | 3.8 | (20.6 | )% |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(dollar amounts in thousands) | |||||||||||
Sales | $ | 3,342,804 | $ | 3,243,987 | $ | 3,090,542 | |||||
Cost of products sold | 2,755,691 | 2,734,558 | 2,617,804 | ||||||||
Gross profit | 587,113 | 509,429 | 472,738 | ||||||||
Selling, administration & engineering expenses | 329,922 | 301,724 | 293,446 | ||||||||
Amortization of intangibles | 13,892 | 16,437 | 15,431 | ||||||||
Impairment charges | 21,611 | 26,273 | — | ||||||||
Restructuring charges | 53,844 | 17,414 | 21,720 | ||||||||
Other operating profit | (8,033 | ) | (16,927 | ) | — | ||||||
Operating profit | 175,877 | 164,508 | 142,141 | ||||||||
Interest expense, net of interest income | (38,331 | ) | (45,604 | ) | (54,921 | ) | |||||
Equity earnings | 5,683 | 6,037 | 11,070 | ||||||||
Other income (expense), net | 9,759 | (36,658 | ) | (7,437 | ) | ||||||
Income before income taxes | 152,988 | 88,283 | 90,853 | ||||||||
Income tax expense | 41,218 | 42,810 | 45,599 | ||||||||
Net income | 111,770 | 45,473 | 45,254 | ||||||||
Net loss (income) attributable to noncontrolling interests | 110 | (2,694 | ) | 2,687 | |||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 111,880 | $ | 42,779 | $ | 47,941 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(dollar amounts in thousands) | |||||||||||
Sales to external customers | |||||||||||
North America | $ | 1,778,621 | $ | 1,698,826 | $ | 1,617,981 | |||||
Europe | 1,033,635 | 1,138,428 | 1,076,122 | ||||||||
Asia Pacific | 435,127 | 249,172 | 219,899 | ||||||||
South America | 95,421 | 157,561 | 176,540 | ||||||||
Consolidated | $ | 3,342,804 | $ | 3,243,987 | $ | 3,090,542 | |||||
Segment profit (loss) | |||||||||||
North America | $ | 215,487 | $ | 136,682 | $ | 134,727 | |||||
Europe | (22,435 | ) | (28,062 | ) | (40,046 | ) | |||||
Asia Pacific | 4,063 | 3,524 | 8,104 | ||||||||
South America | (44,127 | ) | (23,861 | ) | (11,932 | ) | |||||
Income before income taxes | $ | 152,988 | $ | 88,283 | $ | 90,853 |
• | in the case of borrowings by the U.S. Borrower, LIBOR or the base rate plus, in each case, an applicable margin; |
• | 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; or |
• | in the case of borrowings by the European Borrower, LIBOR plus an applicable margin. |
Payment due by period | |||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||
(dollar amounts in millions) | |||||||||||||||||||
Debt obligations | $ | 738.8 | $ | 7.5 | $ | 15.0 | $ | 15.0 | $ | 701.3 | |||||||||
Interest on debt obligations | 155.5 | 29.8 | 58.8 | 57.6 | 9.3 | ||||||||||||||
Operating lease obligations | 85.5 | 24.5 | 28.0 | 18.5 | 14.5 | ||||||||||||||
Other obligations (1) | 48.1 | 39.7 | 4.4 | 4.0 | — | ||||||||||||||
Total | $ | 1,027.9 | $ | 101.5 | $ | 106.2 | $ | 95.1 | $ | 725.1 |
• | because similar measures are utilized in the calculation of the financial covenants and ratios contained in our financing arrangements; |
• | in developing our internal budgets and forecasts; |
• | as a significant factor in evaluating our management for compensation purposes; |
• | in evaluating potential acquisitions; |
• | in comparing our current operating results with corresponding historical periods and with the operational performance of other companies in our industry; and |
• | in presentations to the members of our board of directors to enable our board of directors to have the same measurement basis of operating performance as is used by management in their assessments of performance and in forecasting and budgeting for our company. |
• | they do not reflect our cash expenditures or future requirements for capital expenditure or contractual commitments; |
• | they do not reflect changes in, or cash requirements for, our working capital needs; |
• | they do not reflect interest expense or cash requirements necessary to service interest or principal payments under our Term Loan Facility and Senior ABL Facility; |
• | they do not reflect certain tax payments that may represent a reduction in cash available to us; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect cash requirements for such replacements; and |
• | other companies, including companies in our industry, may calculate these measures differently and, as the number of differences in the way companies calculate these measures increases, the degree of their usefulness as a comparative measure correspondingly decreases. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(dollar amounts in thousands) | |||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 111,880 | $ | 42,779 | $ | 47,941 | |||||
Income tax expense | 41,218 | 42,810 | 45,599 | ||||||||
Interest expense, net of interest income | 38,331 | 45,604 | 54,921 | ||||||||
Depreciation and amortization | 114,427 | 112,580 | 111,028 | ||||||||
EBITDA | $ | 305,856 | $ | 243,773 | $ | 259,489 | |||||
Restructuring (1) | 53,844 | 17,188 | 21,192 | ||||||||
Impairment charges (2) | 21,611 | 26,273 | — | ||||||||
Gain on remeasurement of previously held equity interest (3) | (14,199 | ) | — | — | |||||||
Gain on divestiture (4) | (8,033 | ) | (14,568 | ) | — | ||||||
Loss on extinguishment of debt (5) | — | 30,488 | — | ||||||||
Amortization of inventory write-up (6) | 1,419 | — | — | ||||||||
Settlement charges (7) | — | 3,637 | — | ||||||||
Stock-based compensation (8) | (71 | ) | 2,770 | 5,225 | |||||||
Acquisition costs | 1,637 | 740 | 946 | ||||||||
Other | 301 | 1,236 | 515 | ||||||||
Adjusted EBITDA | $ | 362,365 | $ | 311,537 | $ | 287,367 |
(1) | Includes non-cash restructuring and is net of non-controlling interest. |
(2) | Impairment charges in 2015 related to fixed assets of $13,630 and intangible assets of $7,981. Impairment charges in 2014 related to fixed assets of $24,573 and intangible assets of $1,700. |
(3) | Gain on remeasurement of previously held equity interest in Shenya. |
(4) | Gain on sale of hard coat plastic exterior trim business in 2015 and thermal and emissions product line in 2014. |
(5) | Loss on extinguishment of debt relating to the repurchase of our Senior Notes and Senior PIK Toggle Notes. |
(6) | Amortization of write-up of inventory to fair value for the Shenya acquisition. |
(7) | Settlement charges relating to the US pension plans that were amended to offer a one-time voluntary lump sum window to certain terminated vested participants. |
(8) | Non-cash stock amortization expense and non-cash stock option expense for grants issued at emergence from bankruptcy. |
Page | |
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm | |
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, Internal Control over Financial Reporting | |
Consolidated statements of net income for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated statements of comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated balance sheets as of December 31, 2015 and December 31, 2014 | |
Consolidated statements of changes in equity for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated statements of cash flows for the years ended December 31, 2015, 2014 and 2013 | |
Notes to consolidated financial statements | |
Schedule II—Valuation and Qualifying Accounts |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Sales | $ | 3,342,804 | $ | 3,243,987 | $ | 3,090,542 | |||||
Cost of products sold | 2,755,691 | 2,734,558 | 2,617,804 | ||||||||
Gross profit | 587,113 | 509,429 | 472,738 | ||||||||
Selling, administration & engineering expenses | 329,922 | 301,724 | 293,446 | ||||||||
Amortization of intangibles | 13,892 | 16,437 | 15,431 | ||||||||
Impairment charges | 21,611 | 26,273 | — | ||||||||
Restructuring charges | 53,844 | 17,414 | 21,720 | ||||||||
Other operating profit | (8,033 | ) | (16,927 | ) | — | ||||||
Operating profit | 175,877 | 164,508 | 142,141 | ||||||||
Interest expense, net of interest income | (38,331 | ) | (45,604 | ) | (54,921 | ) | |||||
Equity earnings | 5,683 | 6,037 | 11,070 | ||||||||
Other income (expense), net | 9,759 | (36,658 | ) | (7,437 | ) | ||||||
Income before income taxes | 152,988 | 88,283 | 90,853 | ||||||||
Income tax expense | 41,218 | 42,810 | 45,599 | ||||||||
Net income | 111,770 | 45,473 | 45,254 | ||||||||
Net loss (income) attributable to noncontrolling interests | 110 | (2,694 | ) | 2,687 | |||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 111,880 | $ | 42,779 | $ | 47,941 | |||||
Net income available to Cooper-Standard Holdings Inc. common stockholders | $ | 111,880 | $ | 42,779 | $ | 35,054 | |||||
Earnings per share | |||||||||||
Basic | $ | 6.50 | $ | 2.56 | $ | 2.39 | |||||
Diluted | $ | 6.08 | $ | 2.39 | $ | 2.24 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income | $ | 111,770 | $ | 45,473 | $ | 45,254 | |||||
Other comprehensive income (loss): | |||||||||||
Currency translation adjustment | (80,331 | ) | (56,162 | ) | (12,550 | ) | |||||
Benefit plan liabilities, net of tax(1) | 2,737 | (53,455 | ) | 30,612 | |||||||
Fair value change of derivatives, net of tax(2) | (269 | ) | (2,011 | ) | (250 | ) | |||||
Other comprehensive (loss) income, net of tax | (77,863 | ) | (111,628 | ) | 17,812 | ||||||
Comprehensive income (loss) | 33,907 | (66,155 | ) | 63,066 | |||||||
Comprehensive loss (income) attributable to noncontrolling interests | 451 | (2,615 | ) | 2,629 | |||||||
Comprehensive income (loss) attributable to Cooper-Standard Holdings Inc. | $ | 34,358 | $ | (68,770 | ) | $ | 65,695 |
(1) | Other comprehensive income (loss) related to the benefit plan liabilities is net of a tax effect of $2,051, $19,096 and $(17,224) for the years ended December 31, 2015, 2014 and 2013, respectively. |
(2) | Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $299, $1,253 and $99 for the years ended December 31, 2015, 2014 and 2013, respectively. |
December 31, | |||||||
2015 | 2014 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 378,243 | $ | 267,270 | |||
Accounts receivable, net | 455,187 | 377,032 | |||||
Tooling receivable | 102,877 | 124,015 | |||||
Inventories | 149,645 | 166,531 | |||||
Prepaid expenses | 30,016 | 25,626 | |||||
Other | 73,513 | 93,524 | |||||
Total current assets | 1,189,481 | 1,053,998 | |||||
Property, plant and equipment, net | 765,369 | 716,013 | |||||
Goodwill | 149,219 | 135,169 | |||||
Intangibles, net | 70,702 | 82,309 | |||||
Deferred tax assets | 49,299 | 41,059 | |||||
Other assets | 80,222 | 97,082 | |||||
Total assets | $ | 2,304,292 | $ | 2,125,630 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Debt payable within one year | $ | 45,494 | $ | 35,631 | |||
Accounts payable | 400,604 | 322,422 | |||||
Payroll liabilities | 127,609 | 94,986 | |||||
Accrued liabilities | 107,713 | 75,005 | |||||
Total current liabilities | 681,420 | 528,044 | |||||
Long-term debt | 732,418 | 743,106 | |||||
Pension benefits | 176,525 | 191,805 | |||||
Postretirement benefits other than pensions | 52,963 | 60,287 | |||||
Deferred tax liabilities | 4,914 | 5,001 | |||||
Other liabilities | 41,253 | 44,692 | |||||
Total liabilities | 1,689,493 | 1,572,935 | |||||
Redeemable noncontrolling interest | — | 3,981 | |||||
7% Cumulative participating convertible preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares outstanding | — | — | |||||
Equity: | |||||||
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,105,251 shares issued and 17,458,945 outstanding at December 31, 2015 and 18,685,634 shares issued and 17,039,328 outstanding at December 31, 2014 | 17 | 17 | |||||
Additional paid-in capital | 513,764 | 492,959 | |||||
Retained earnings | 306,713 | 195,233 | |||||
Accumulated other comprehensive loss | (217,065 | ) | (139,243 | ) | |||
Total Cooper-Standard Holdings Inc. equity | 603,429 | 548,966 | |||||
Noncontrolling interests | 11,370 | (252 | ) | ||||
Total equity | 614,799 | 548,714 | |||||
Total liabilities and equity | $ | 2,304,292 | $ | 2,125,630 |
Total Equity | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Cooper-Standard Holdings Inc. Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||
Balance at December 31, 2012 | $ | 14,194 | 17,275,852 | $ | 16 | $ | 471,851 | $ | 201,907 | $ | (45,448 | ) | $ | 628,326 | $ | 905 | $ | 629,231 | ||||||||
Shares issued under stock option plans | — | 32,176 | — | (702 | ) | — | — | (702 | ) | — | (702 | ) | ||||||||||||||
Repurchase of common stock | — | (5,044,109 | ) | (5 | ) | (122,067 | ) | (95,477 | ) | — | (217,549 | ) | — | (217,549 | ) | |||||||||||
Converted preferred stock shares | — | 4,130,742 | 4 | 121,908 | — | — | 121,912 | — | 121,912 | |||||||||||||||||
Warrant exercise | — | 419,124 | 1 | 11,252 | — | — | 11,253 | — | 11,253 | |||||||||||||||||
Stock based compensation, net | — | (137,246 | ) | 1 | 7,695 | (2,011 | ) | — | 5,685 | — | 5,685 | |||||||||||||||
Preferred stock dividends | — | — | — | — | (4,454 | ) | — | (4,454 | ) | — | (4,454 | ) | ||||||||||||||
Remeasurement of redeemable noncontrolling interest | (8,249 | ) | — | — | — | 8,869 | — | 8,869 | (620 | ) | 8,249 | |||||||||||||||
Purchase of noncontrolling interest | — | — | — | (885 | ) | — | — | (885 | ) | (1,026 | ) | (1,911 | ) | |||||||||||||
Net income (loss) for 2013 | (126 | ) | — | — | — | 47,941 | — | 47,941 | (2,561 | ) | 45,380 | |||||||||||||||
Other comprehensive income (loss) | (666 | ) | — | — | — | — | 17,754 | 17,754 | 724 | 18,478 | ||||||||||||||||
Balance at December 31, 2013 | 5,153 | 16,676,539 | 17 | 489,052 | 156,775 | (27,694 | ) | 618,150 | (2,578 | ) | 615,572 | |||||||||||||||
Shares issued under stock option plans | — | 42,014 | — | (1,307 | ) | — | — | (1,307 | ) | — | (1,307 | ) | ||||||||||||||
Repurchase of common stock | — | (96,622 | ) | — | (2,338 | ) | (2,824 | ) | — | (5,162 | ) | — | (5,162 | ) | ||||||||||||
Warrant exercise | — | 425,886 | — | 9,022 | — | — | 9,022 | — | 9,022 | |||||||||||||||||
Stock based compensation, net | — | (8,489 | ) | — | 11,458 | (1,497 | ) | — | 9,961 | — | 9,961 | |||||||||||||||
Excess tax benefit on stock options | — | — | — | 4,098 | — | — | 4,098 | — | 4,098 | |||||||||||||||||
Purchase of noncontrolling interest | — | — | — | (17,026 | ) | — | — | (17,026 | ) | (1,461 | ) | (18,487 | ) | |||||||||||||
Net income (loss) for 2014 | (1,110 | ) | — | — | — | 42,779 | — | 42,779 | 3,804 | 46,583 | ||||||||||||||||
Other comprehensive loss | (62 | ) | — | — | — | — | (111,549 | ) | (111,549 | ) | (17 | ) | (111,566 | ) | ||||||||||||
Balance at December 31, 2014 | 3,981 | 17,039,328 | 17 | 492,959 | 195,233 | (139,243 | ) | 548,966 | (252 | ) | 548,714 | |||||||||||||||
Shares issued under stock option plans | — | 20,960 | — | (289 | ) | — | — | (289 | ) | — | (289 | ) | ||||||||||||||
Warrant exercise | 344,159 | — | 9,277 | — | — | 9,277 | — | 9,277 | ||||||||||||||||||
Stock based compensation, net | — | 54,498 | — | 8,635 | (400 | ) | — | 8,235 | — | 8,235 | ||||||||||||||||
Excess tax benefit on stock options | — | — | — | 320 | — | — | 320 | — | 320 | |||||||||||||||||
Acquisition | — | — | — | — | — | — | — | 11,836 | 11,836 | |||||||||||||||||
Purchase of noncontrolling interest | (3,936 | ) | — | — | 2,862 | — | (300 | ) | 2,562 | 192 | 2,754 | |||||||||||||||
Net income (loss) for 2015 | (45 | ) | — | — | — | 111,880 | — | 111,880 | (65 | ) | 111,815 | |||||||||||||||
Other comprehensive loss | — | — | — | — | — | (77,522 | ) | (77,522 | ) | (341 | ) | (77,863 | ) | |||||||||||||
Balance at December 31, 2015 | $ | — | 17,458,945 | $ | 17 | $ | 513,764 | $ | 306,713 | $ | (217,065 | ) | $ | 603,429 | $ | 11,370 | $ | 614,799 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Operating Activities: | |||||||||||
Net income | $ | 111,770 | $ | 45,473 | $ | 45,254 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | 100,535 | 96,143 | 95,597 | ||||||||
Amortization of intangibles | 13,892 | 16,437 | 15,431 | ||||||||
Impairment charges | 21,611 | 26,273 | — | ||||||||
Stock-based compensation expense | 13,955 | 12,587 | 11,576 | ||||||||
Equity earnings, net of dividends related to earnings | (3,766 | ) | (3,767 | ) | (5,723 | ) | |||||
Loss on extinguishment of debt | — | 30,488 | — | ||||||||
Gain on divestitures and sale of investment in affiliate | (8,033 | ) | (18,809 | ) | — | ||||||
Gain on remeasurement of previously held equity interest | (14,199 | ) | — | — | |||||||
Deferred income taxes | (2,698 | ) | 8,816 | 27,479 | |||||||
Other | 725 | 542 | 2,902 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts and tooling receivable | (72,546 | ) | (17,934 | ) | (49,786 | ) | |||||
Inventories | 12,848 | 888 | (31,823 | ) | |||||||
Prepaid expenses | 5,348 | 277 | (5,981 | ) | |||||||
Accounts payable | 61,063 | (11,460 | ) | 58,369 | |||||||
Accrued liabilities | 75,424 | (3,674 | ) | (7,939 | ) | ||||||
Other | (45,544 | ) | (11,231 | ) | (22,099 | ) | |||||
Net cash provided by operating activities | 270,385 | 171,049 | 133,257 | ||||||||
Investing activities: | |||||||||||
Capital expenditures, including other intangible assets | (166,267 | ) | (192,089 | ) | (183,336 | ) | |||||
Proceeds from divestitures and sale of investment in affiliate | 33,500 | 50,602 | — | ||||||||
Acquisition of businesses, net of cash acquired | (34,396 | ) | (21,217 | ) | (13,504 | ) | |||||
Investment in joint ventures | (4,300 | ) | — | — | |||||||
Return on equity investments | — | 951 | 2,120 | ||||||||
Proceeds from sale of fixed assets and other | 5,069 | 4,357 | 3,636 | ||||||||
Net cash used in investing activities | (166,394 | ) | (157,396 | ) | (191,084 | ) | |||||
Financing activities: | |||||||||||
Proceeds from issuance of long-term debt, net of debt issuance costs | — | 737,462 | — | ||||||||
Repurchase of Senior Notes and Senior PIK Toggle Notes | — | (675,615 | ) | — | |||||||
Proceeds from issuance of Senior PIK Toggle Notes, net of debt issuance costs | — | — | 194,357 | ||||||||
Purchase of noncontrolling interest | (1,262 | ) | (18,487 | ) | (1,911 | ) | |||||
Repurchase of common stock | — | (5,162 | ) | (217,549 | ) | ||||||
Proceeds from exercise of warrants | 9,277 | 9,022 | 11,253 | ||||||||
Increase (decrease) in short term debt, net | (9,008 | ) | 334 | (486 | ) | ||||||
Borrowings on long-term debt | 151 | 6,609 | 7,073 | ||||||||
Principal payments on long-term debt | (8,863 | ) | (4,273 | ) | (3,930 | ) | |||||
Preferred stock cash dividends paid | — | — | (4,747 | ) | |||||||
Taxes withheld and paid on employees' share based payment awards | (2,028 | ) | (4,214 | ) | (5,985 | ) | |||||
Excess tax benefits on stock options | 320 | 4,098 | — | ||||||||
Other | (177 | ) | (363 | ) | (1,122 | ) | |||||
Net cash provided by (used in) financing activities | (11,590 | ) | 49,411 | (23,047 | ) | ||||||
Effects of exchange rate changes on cash and cash equivalents | 18,572 | 19,836 | (5,311 | ) | |||||||
Changes in cash and cash equivalents | 110,973 | 82,900 | (86,185 | ) | |||||||
Cash and cash equivalents at beginning of period | 267,270 | 184,370 | 270,555 | ||||||||
Cash and cash equivalents at end of period | $ | 378,243 | $ | 267,270 | $ | 184,370 |
December 31, | |||||||
2015 | 2014 | ||||||
Finished goods | $ | 43,031 | $ | 45,485 | |||
Work in process | 32,863 | 36,498 | |||||
Raw materials and supplies | 73,751 | 84,548 | |||||
$ | 149,645 | $ | 166,531 |
Cash and cash equivalents | $ | 7,079 | |
Accounts receivable | 24,197 | ||
Inventories | 12,708 | ||
Prepaid expenses | 11,624 | ||
Other current assets | 23,396 | ||
Property, plant, and equipment | 70,082 | ||
Goodwill | 19,812 | ||
Intangibles | 15,340 | ||
Other assets | 14,834 | ||
Total assets acquired | 199,072 | ||
Debt payable within one year | 19,164 | ||
Accounts payable | 45,159 | ||
Other current liabilities | 15,877 | ||
Other liabilities | 9,005 | ||
Total liabilities assumed | 89,205 | ||
Noncontrolling interest | 9,386 | ||
Net assets acquired including noncontrolling interest | $ | 100,481 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
North America | $ | 5,232 | $ | 105 | $ | 2,033 | ||||||
Europe | 47,868 | 16,866 | 19,061 | |||||||||
Asia Pacific | 744 | 443 | 626 | |||||||||
South America | — | — | — | |||||||||
Total | $ | 53,844 | $ | 17,414 | $ | 21,720 |
Employee Separation Costs | Other Exit Costs | Asset Impairments | Total | |||||||||||||
Balance at December 31, 2013 | $ | 14,710 | $ | 16 | $ | — | $ | 14,726 | ||||||||
Expense | 3,316 | 14,098 | — | 17,414 | ||||||||||||
Cash payments | (5,658 | ) | (13,829 | ) | — | (19,487 | ) | |||||||||
Foreign exchange translation and other | (1,531 | ) | (285 | ) | — | (1,816 | ) | |||||||||
Balance at December 31, 2014 | $ | 10,837 | $ | — | $ | — | $ | 10,837 | ||||||||
Expense | 29,720 | 23,696 | 428 | 53,844 | ||||||||||||
Cash payments | (6,765 | ) | (21,859 | ) | — | (28,624 | ) | |||||||||
Foreign exchange translation and other | (1,085 | ) | (69 | ) | (428 | ) | (1,582 | ) | ||||||||
Balance at December 31, 2015 | $ | 32,707 | $ | 1,768 | $ | — | $ | 34,475 |
December 31, | Estimated | ||||||||
2015 | 2014 | Useful Lives | |||||||
Land and improvements | $ | 71,079 | $ | 80,638 | 10 to 25 years | ||||
Buildings and improvements | 237,499 | 222,825 | 10 to 40 years | ||||||
Machinery and equipment | 760,250 | 669,030 | 5 to 10 years | ||||||
Construction in progress | 130,615 | 133,398 | |||||||
$ | 1,199,443 | $ | 1,105,891 | ||||||
Accumulated depreciation | (434,074 | ) | (389,878 | ) | |||||
Property, plant and equipment, net | $ | 765,369 | $ | 716,013 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Europe | $ | 2,285 | $ | 6,107 | |||
South America | 11,345 | — | |||||
North America | — | 18,466 | |||||
Total | $ | 13,630 | $ | 24,573 |
North America | Europe | South America | Asia Pacific | Total | |||||||||||||||
Balance at December 31, 2013 | $ | 119,870 | $ | 14,460 | $ | — | $ | 5,371 | $ | 139,701 | |||||||||
Acquisition | — | 218 | — | — | 218 | ||||||||||||||
Divestitures | (1,746 | ) | (595 | ) | — | (44 | ) | (2,385 | ) | ||||||||||
Foreign exchange translation | (515 | ) | (1,717 | ) | — | (133 | ) | (2,365 | ) | ||||||||||
Balance at December 31, 2014 | $ | 117,609 | $ | 12,366 | $ | — | $ | 5,194 | $ | 135,169 | |||||||||
Acquisition | — | — | — | 19,812 | 19,812 | ||||||||||||||
Divestiture | (2,548 | ) | — | — | — | (2,548 | ) | ||||||||||||
Foreign exchange translation | (952 | ) | (1,310 | ) | — | (952 | ) | (3,214 | ) | ||||||||||
Balance at December 31, 2015 | $ | 114,109 | $ | 11,056 | $ | — | $ | 24,054 | $ | 149,219 |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
Customer relationships | $ | 115,285 | $ | (61,375 | ) | $ | 53,910 | ||||
Developed technology | 8,854 | (7,673 | ) | 1,181 | |||||||
Other | 16,290 | (679 | ) | 15,611 | |||||||
Balance at December 31, 2015 | $ | 140,429 | $ | (69,727 | ) | $ | 70,702 | ||||
Customer relationships | $ | 133,471 | $ | (59,773 | ) | $ | 73,698 | ||||
Developed technology | 9,252 | (6,842 | ) | 2,410 | |||||||
Other | 6,701 | (500 | ) | 6,201 | |||||||
Balance at December 31, 2014 | $ | 149,424 | $ | (67,115 | ) | $ | 82,309 |
Year | Expense | |||
2016 | $ | 12,789 | ||
2017 | 12,130 | |||
2018 | 11,716 | |||
2019 | 11,632 | |||
2020 | 5,640 |
December 31, | ||||||||
2015 | 2014 | |||||||
Term loan (net of $6,096 and $7,137 unamortized issuance costs, respectively) | $ | 729,841 | $ | 735,765 | ||||
Other borrowings | 48,071 | 42,972 | ||||||
Total debt | $ | 777,912 | $ | 778,737 | ||||
Less current portion (net of $1,161 and $1,158 unamortized issuance costs, respectively) | (45,494 | ) | (35,631 | ) | ||||
Total long-term debt | $ | 732,418 | $ | 743,106 |
Year | Debt and Capital Lease Obligations | |||
2016 | $ | 47,190 | ||
2017 | 9,793 | |||
2018 | 9,633 | |||
2019 | 9,480 | |||
2020 | 9,475 | |||
Thereafter | 701,250 | |||
Total | $ | 786,821 |
• | in the case of borrowings by the U.S. Borrower, LIBOR or the base rate plus, in each case, an applicable margin; |
• | in the case of borrowings by the Canadian Borrower, BA rate, Canadian prime rate or Canadian base rate plus, in each case, an applicable margin; or |
• | in the case of borrowings by the European Borrower, LIBOR plus an applicable margin. |
Year Ended December 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Change in projected benefit obligation: | |||||||||||||||
Projected benefit obligations at beginning of period | $ | 322,330 | $ | 210,720 | $ | 293,488 | $ | 196,495 | |||||||
Service cost | 926 | 3,489 | 850 | 3,367 | |||||||||||
Interest cost | 12,334 | 5,084 | 13,479 | 7,069 | |||||||||||
Actuarial (gain) loss | (12,227 | ) | (4,940 | ) | 47,944 | 36,857 | |||||||||
Benefits paid | (16,603 | ) | (7,315 | ) | (14,331 | ) | (9,588 | ) | |||||||
Foreign currency exchange rate effect | — | (24,548 | ) | — | (23,226 | ) | |||||||||
Settlements | — | (2,919 | ) | (19,100 | ) | (692 | ) | ||||||||
Other | — | 325 | — | 438 | |||||||||||
Projected benefit obligations at end of period | $ | 306,760 | $ | 179,896 | $ | 322,330 | $ | 210,720 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at beginning of period | $ | 268,862 | $ | 74,660 | $ | 269,601 | $ | 70,929 | |||||||
Actual return on plan assets | (10,136 | ) | 1,929 | 22,892 | 9,874 | ||||||||||
Employer contributions | 6,264 | 8,534 | 9,800 | 9,979 | |||||||||||
Benefits paid | (16,603 | ) | (7,315 | ) | (14,331 | ) | (9,588 | ) | |||||||
Foreign currency exchange rate effect | — | (9,949 | ) | — | (5,842 | ) | |||||||||
Settlements | — | (2,919 | ) | (19,100 | ) | (692 | ) | ||||||||
Fair value of plan assets at end of period | $ | 248,387 | $ | 64,940 | $ | 268,862 | $ | 74,660 | |||||||
Funded status of the plans | $ | (58,373 | ) | $ | (114,956 | ) | $ | (53,468 | ) | $ | (136,060 | ) |
Year Ended December 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Amounts recognized in the balance sheets: | |||||||||||||||
Accrued liabilities (current) | $ | (924 | ) | $ | (3,914 | ) | $ | (924 | ) | $ | (4,016 | ) | |||
Pension benefits (long term) | (57,449 | ) | (119,076 | ) | (52,544 | ) | (139,261 | ) | |||||||
Other assets | — | 8,034 | — | 7,217 | |||||||||||
Net amounts recognized at December 31 | $ | (58,373 | ) | $ | (114,956 | ) | $ | (53,468 | ) | $ | (136,060 | ) |
Year Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||
Service cost | $ | 926 | $ | 3,489 | $ | 850 | $ | 3,367 | $ | 1,221 | $ | 3,544 | |||||||||||
Interest cost | 12,334 | 5,084 | 13,479 | 7,069 | 12,207 | 6,816 | |||||||||||||||||
Expected return on plan assets | (17,685 | ) | (3,373 | ) | (19,055 | ) | (3,828 | ) | (17,368 | ) | (3,741 | ) | |||||||||||
Amortization of prior service cost and actuarial loss | 1,110 | 2,666 | 67 | 894 | 1,375 | 1,315 | |||||||||||||||||
Settlements | — | 132 | 3,637 | 444 | 783 | 121 | |||||||||||||||||
Other | — | 221 | — | (1 | ) | — | 1,018 | ||||||||||||||||
Net periodic benefit (income) cost | $ | (3,315 | ) | $ | 8,219 | $ | (1,022 | ) | $ | 7,945 | $ | (1,782 | ) | $ | 9,073 |
2015 | 2014 | ||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||
Discount rate | 4.24 | % | 2.80 | % | 3.94 | % | 2.66 | % | |||
Rate of compensation increase | N/A | 3.15 | % | N/A | 3.11 | % |
2015 | 2014 | 2013 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Discount rate | 3.94 | % | 2.66 | % | 4.68 | % | 3.72 | % | 3.80 | % | 3.55 | % | |||||
Expected return on plan assets | 6.70 | % | 4.80 | % | 7.15 | % | 5.63 | % | 7.00 | % | 5.73 | % | |||||
Rate of compensation increase | N/A | 3.11 | % | N/A | 3.69 | % | N/A | 3.59 | % |
2015 | 2014 | ||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||
Equity securities | 16 | % | 33 | % | 23 | % | 34 | % | |||
Debt securities | 35 | % | 67 | % | 33 | % | 66 | % | |||
Real estate | 5 | % | — | % | 4 | % | — | % | |||
Balanced funds(1) | 39 | % | — | % | 40 | % | — | % | |||
Cash and cash equivalents | 5 | % | — | % | — | % | — | % | |||
100 | % | 100 | % | 100 | % | 100 | % |
2015 | Level One | Level Two | Level Three | Total | ||||||||||||
Equity securities | $ | 27,094 | $ | 29,536 | $ | 4,381 | $ | 61,011 | ||||||||
Debt securities | 39,951 | 89,523 | — | 129,474 | ||||||||||||
Real Estate | — | 12,959 | — | 12,959 | ||||||||||||
Balanced funds | 34,309 | 53,780 | 8,077 | 96,166 | ||||||||||||
Cash and cash equivalents | 13,717 | — | — | 13,717 | ||||||||||||
Total | $ | 115,071 | $ | 185,798 | $ | 12,458 | $ | 313,327 |
2014 | Level One | Level Two | Level Three | Total | ||||||||||||
Equity securities | $ | 29,069 | $ | 47,702 | $ | 10,286 | $ | 87,057 | ||||||||
Debt securities | 36,391 | 99,869 | — | 136,260 | ||||||||||||
Real Estate | — | 11,654 | — | 11,654 | ||||||||||||
Balanced funds | 40,891 | 63,999 | 3,538 | 108,428 | ||||||||||||
Cash and cash equivalents | 123 | — | — | 123 | ||||||||||||
Total | $ | 106,474 | $ | 223,224 | $ | 13,824 | $ | 343,522 |
Beginning balance of assets classified as Level 3 as of January 1, 2014 | $ | 17,133 | |
Purchases, sales and settlements, net | (2,987 | ) | |
Total losses | (136 | ) | |
Transfers out of Level 3 | (186 | ) | |
Ending balance of assets classified as Level 3 as of December 31, 2014 | $ | 13,824 | |
Purchases, sales and settlements, net | (5,222 | ) | |
Total losses | (1,999 | ) | |
Transfers into Level 3 | 5,855 | ||
Ending balance of assets classified as Level 3 as of December 31, 2015 | $ | 12,458 |
Years Ending December 31, | U.S | Non-U.S | Total | ||||||||
2016 | $ | 20,270 | $ | 6,008 | $ | 26,278 | |||||
2017 | 18,232 | 6,244 | 24,476 | ||||||||
2018 | 18,906 | 7,939 | 26,845 | ||||||||
2019 | 18,814 | 9,081 | 27,895 | ||||||||
2020 | 19,048 | 9,514 | 28,562 | ||||||||
2021-2025 | 96,317 | 51,658 | 147,975 |
Year Ended December 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligations at beginning of year | $ | 37,753 | $ | 19,487 | $ | 35,785 | $ | 16,905 | |||||||
Service cost | 434 | 380 | 422 | 545 | |||||||||||
Interest cost | 1,411 | 678 | 1,589 | 752 | |||||||||||
Actuarial loss (gain) | (3,937 | ) | (266 | ) | 2,556 | 3,533 | |||||||||
Benefits paid | (1,731 | ) | (595 | ) | (2,624 | ) | (668 | ) | |||||||
Other | 25 | — | 25 | — | |||||||||||
Foreign currency exchange rate effect | — | (3,229 | ) | — | (1,580 | ) | |||||||||
Benefit obligation at end of year | $ | 33,955 | $ | 16,455 | $ | 37,753 | $ | 19,487 | |||||||
Funded status of the plan | $ | (33,955 | ) | $ | (16,455 | ) | $ | (37,753 | ) | $ | (19,487 | ) | |||
Net amount recognized at December 31 | $ | (33,955 | ) | $ | (16,455 | ) | $ | (37,753 | ) | $ | (19,487 | ) |
Year Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||
Service cost | $ | 434 | $ | 380 | $ | 422 | $ | 545 | $ | 586 | $ | 659 | |||||||||||
Interest cost | 1,411 | 678 | 1,589 | 752 | 1,626 | 738 | |||||||||||||||||
Amortization of prior service credit and recognized actuarial gain | (1,584 | ) | (20 | ) | (1,926 | ) | (286 | ) | (1,125 | ) | (139 | ) | |||||||||||
Other | 25 | — | 25 | — | 25 | — | |||||||||||||||||
Net periodic benefit cost | $ | 286 | $ | 1,038 | $ | 110 | $ | 1,011 | $ | 1,112 | $ | 1,258 |
2015 | 2014 | ||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||
Discount rate | 4.20 | % | 4.00 | % | 3.85 | % | 3.90 | % |
2015 | 2014 | 2013 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Discount rate | 3.85 | % | 3.90 | % | 4.60 | % | 4.70 | % | 3.80 | % | 3.95 | % |
Increase | Decrease | ||||||
Effect on service and interest cost components | $ | 217 | $ | (171 | ) | ||
Effect on projected benefit obligations | 3,067 | (2,491 | ) |
U.S. | Non-U.S. | Total | |||||||||
2016 | $ | 2,063 | $ | 537 | $ | 2,600 | |||||
2017 | 2,144 | 540 | 2,684 | ||||||||
2018 | 2,200 | 541 | 2,741 | ||||||||
2019 | 2,246 | 583 | 2,829 | ||||||||
2020 | 2,251 | 628 | 2,879 | ||||||||
2021 - 2025 | 11,450 | 3,790 | 15,240 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Domestic | $ | 117,388 | $ | 83,577 | $ | 72,720 | |||||
Foreign | 35,600 | 4,706 | 18,133 | ||||||||
$ | 152,988 | $ | 88,283 | $ | 90,853 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Current | |||||||||||
Federal | $ | 26,240 | $ | 10,655 | $ | 1,980 | |||||
State | 1,218 | 1,843 | 400 | ||||||||
Foreign | 16,458 | 21,496 | 15,740 | ||||||||
Deferred | |||||||||||
Federal | 6,410 | 17,528 | 18,706 | ||||||||
State | 281 | 40 | 1,559 | ||||||||
Foreign | (9,389 | ) | (8,752 | ) | 7,214 | ||||||
$ | 41,218 | $ | 42,810 | $ | 45,599 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Tax at U.S. statutory rate | $ | 53,546 | $ | 30,899 | $ | 31,798 | |||||
State and local taxes | 3,441 | 2,203 | 3,196 | ||||||||
Tax credits | (8,139 | ) | (23,956 | ) | (8,269 | ) | |||||
Foreign withholding taxes | — | 28 | 196 | ||||||||
Effect of foreign tax rates | (6,465 | ) | (767 | ) | (4,536 | ) | |||||
Nonrecurring permanent items | (11,300 | ) | — | — | |||||||
Other change in tax reserves | (368 | ) | 2,803 | 243 | |||||||
Valuation allowance | 11,638 | 28,985 | 20,386 | ||||||||
Other, net | (1,135 | ) | 2,615 | 2,585 | |||||||
Income tax provision | $ | 41,218 | $ | 42,810 | $ | 45,599 | |||||
Effective income tax rate | 26.9 | % | 48.5 | % | 50.2 | % |
2015 | 2014 | ||||||
Deferred tax assets: | |||||||
Pension, postretirement and other benefits | $ | 75,690 | $ | 83,003 | |||
Capitalized expenditures | 498 | 1,790 | |||||
Net operating loss and tax credit carryforwards | 127,136 | 130,353 | |||||
All other items | 33,777 | 44,764 | |||||
Total deferred tax assets | 237,101 | 259,910 | |||||
Deferred tax liabilities: | |||||||
Property, plant and equipment | (30,121 | ) | (36,701 | ) | |||
Intangibles | (17,415 | ) | (24,698 | ) | |||
All other items | (8,169 | ) | (6,261 | ) | |||
Total deferred tax liabilities | (55,705 | ) | (67,660 | ) | |||
Valuation allowances | (137,011 | ) | (144,080 | ) | |||
Net deferred tax assets | $ | 44,385 | $ | 48,170 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Balance at beginning of period | $ | 8,738 | $ | 7,012 | $ | 4,900 | |||||
Tax positions related to the current period | |||||||||||
Gross additions | 818 | 1,210 | 908 | ||||||||
Gross reductions | — | — | — | ||||||||
Tax positions related to prior years | |||||||||||
Gross additions | 1,639 | 1,902 | 1,896 | ||||||||
Gross reductions | (405 | ) | (1,106 | ) | (692 | ) | |||||
Settlements | (1,405 | ) | (280 | ) | — | ||||||
Lapses on statutes of limitations | (1,632 | ) | — | — | |||||||
Balance at end of period | $ | 7,753 | $ | 8,738 | $ | 7,012 |
Year | Minimum Future Operating Lease Commitments | |||
2016 | $ | 24,465 | ||
2017 | 16,672 | |||
2018 | 11,317 | |||
2019 | 9,761 | |||
2020 | 8,721 | |||
Thereafter | 14,547 |
Cumulative currency translation adjustment | Benefit plan liabilities | Unrealized gain on investment securities | Fair value change of derivatives | Total | |||||||||||||||
Balance at December 31, 2013 | $ | 5,712 | $ | (33,406 | ) | $ | — | $ | — | $ | (27,694 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (56,083 | ) | (1) | (53,587 | ) | 1,146 | (1,857 | ) | (110,381 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 132 | (2) | (1,146 | ) | (3) | (154 | ) | (4) | (1,168 | ) | ||||||||
Balance at December 31, 2014 | $ | (50,371 | ) | $ | (86,861 | ) | $ | — | $ | (2,011 | ) | $ | (139,243 | ) | |||||
Other comprehensive income (loss) before reclassifications | (78,381 | ) | (1) | 1,152 | — | (1,675 | ) | (78,904 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,909 | ) | (5) | 1,585 | (6) | — | 1,406 | (7) | 1,082 | ||||||||||
Balance at December 31, 2015 | $ | (130,661 | ) | $ | (84,124 | ) | $ | — | $ | (2,280 | ) | $ | (217,065 | ) |
(1) | Includes $18,764 and $16,024 for the years ended December 31, 2015 and 2014, respectively, of other comprehensive loss related to intra-entity foreign currency transactions that are of a long-term investment nature. |
(2) | Includes prior service credits of $364, offset by actuarial losses of $61, net of tax of $435. See Note 8. and Note 9. |
(3) | Amount includes the gain on the sale of investment in affiliate of $1,882, which was recorded in other income (expense), net, less income tax expense of $736. |
(4) | Includes gains related to foreign exchange contracts of $182 included in cost of products sold, net of tax of $28. |
(5) | Includes $300 reclassed to paid-in capital related to the purchase of noncontrolling interests. |
(6) | Includes actuarial losses of $2,511, offset by prior service credits of $339, net of tax of $587. See Note 8. and Note 9. |
(7) | Includes losses related to the interest rate swap of $803 included in interest expense, net of interest income, and losses related to foreign exchange contracts of $1,383 included in cost of products sold, net of tax of $780. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Gain on remeasurement of previously held equity interest | $ | 14,199 | $ | — | $ | — | |||||
Loss on extinguishment of debt | — | (30,488 | ) | — | |||||||
Foreign currency losses | (3,379 | ) | (7,055 | ) | (9,415 | ) | |||||
Loss on sale of receivables | (1,017 | ) | (1,866 | ) | (1,702 | ) | |||||
Gain on sale of investment in affiliate | — | 1,882 | — | ||||||||
Miscellaneous income (expense) | (44 | ) | 869 | 3,680 | |||||||
Other income (expense), net | $ | 9,759 | $ | (36,658 | ) | $ | (7,437 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 111,880 | $ | 42,779 | $ | 47,941 | |||||
Less: 7% Preferred stock dividends (paid or unpaid) | — | — | (5,163 | ) | |||||||
Less: Undistributed earnings allocated to participating securities | — | — | (7,724 | ) | |||||||
Basic net income available to Cooper-Standard Holdings Inc. common stockholders | $ | 111,880 | $ | 42,779 | $ | 35,054 | |||||
Increase in fair value of share-based awards | 48 | — | 205 | ||||||||
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders | $ | 111,928 | $ | 42,779 | $ | 35,259 | |||||
Basic weighted average shares of common stock outstanding | 17,212,607 | 16,695,356 | 14,679,369 | ||||||||
Dilutive effect of: | |||||||||||
Warrants | 750,300 | 950,263 | 832,353 | ||||||||
Restricted common stock | 205,084 | 154,707 | 199,083 | ||||||||
Options | 247,003 | 95,763 | 10,385 | ||||||||
Restricted 7% preferred stock | — | — | 16,374 | ||||||||
Diluted weighted average shares of common stock outstanding | 18,414,994 | 17,896,089 | 15,737,564 | ||||||||
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ | 6.50 | $ | 2.56 | $ | 2.39 | |||||
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ | 6.08 | $ | 2.39 | $ | 2.24 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Number of options | — | 461,454 | 537,543 | ||||||||
Exercise price | — | $25.52-70.20 | $25.52-52.50 | ||||||||
Restricted common stock | — | 14,306 | — | ||||||||
7% Preferred stock, as if converted | — | — | 3,234,449 | ||||||||
7% Preferred stock dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation | $ | — | $ | — | $ | 12,887 |
Preferred Shares | Preferred Stock | |||||
Balance at December 31, 2012 | 958,333 | $ | 121,649 | |||
Stock-based compensation | — | 824 | ||||
Converted preferred stock shares | (952,972 | ) | (121,912 | ) | ||
Repurchased preferred stock shares | (4,363 | ) | (561 | ) | ||
Forfeited shares | (998 | ) | — | |||
Balance at December 31, 2013 | — | $ | — |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||
Outstanding at January 1, 2015 | 1,021,744 | $ | 42.61 | |||||||||
Granted | 202,100 | $ | 56.35 | |||||||||
Exercised | (53,167 | ) | $ | 34.20 | ||||||||
Forfeited | (78,372 | ) | $ | 50.28 | ||||||||
Expired | (2,767 | ) | $ | 66.23 | ||||||||
Outstanding at December 31, 2015 | 1,089,538 | $ | 44.95 | 6.3 | $ | 35,565 | ||||||
Exercisable at December 31, 2015 | 577,227 | $ | 39.15 | 4.8 | $ | 22,187 |
2015 | 2014 | 2013 | ||||||
Expected volatility | 27.95% - 28.00% | 27.96% - 28.32% | 28.43% - 29.03% | |||||
Dividend yield | 0.00 | % | 0.00 | % | 0.00 | % | ||
Expected option life - years | 6.0 | 6.0 | 6.0 | |||||
Risk-free rate | 1.5% - 1.7% | 1.9% - 2.0% | 0.9% - 1.8% |
Restricted Common Stock and Restricted Common Units | Weighted Average Grant Date Fair Value | |||||
Non-vested at January 1, 2015 | 351,888 | $ | 50.24 | |||
Granted | 178,589 | $ | 56.85 | |||
Vested | (95,373 | ) | $ | 42.63 | ||
Forfeited | (56,358 | ) | $ | 55.91 | ||
Non-vested at December 31, 2015 | 378,746 | $ | 53.56 |
Performance Units | Weighted Average Grant Date Fair Value | |||||
Non-vested at January 1, 2015 | 89,800 | $ | 66.33 | |||
Granted | 111,200 | $ | 56.74 | |||
Vested | — | $ | — | |||
Forfeited | (28,600 | ) | $ | 61.35 | ||
Non-vested at December 31, 2015 | 172,400 | $ | 60.97 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Sales to external customers | |||||||||||
North America | $ | 1,778,621 | $ | 1,698,826 | $ | 1,617,981 | |||||
Europe | 1,033,635 | 1,138,428 | 1,076,122 | ||||||||
Asia Pacific | 435,127 | 249,172 | 219,899 | ||||||||
South America | 95,421 | 157,561 | 176,540 | ||||||||
Consolidated | $ | 3,342,804 | $ | 3,243,987 | $ | 3,090,542 | |||||
Intersegment sales | |||||||||||
North America | $ | 14,058 | $ | 14,135 | $ | 11,674 | |||||
Europe | 11,693 | 9,111 | 8,916 | ||||||||
Asia Pacific | 6,166 | 6,380 | 9,457 | ||||||||
South America | 49 | — | — | ||||||||
Eliminations and other | (31,966 | ) | (29,626 | ) | (30,047 | ) | |||||
Consolidated | $ | — | $ | — | $ | — | |||||
Segment profit (loss) | |||||||||||
North America | $ | 215,487 | $ | 136,682 | $ | 134,727 | |||||
Europe | (22,435 | ) | (28,062 | ) | (40,046 | ) | |||||
Asia Pacific | 4,063 | 3,524 | 8,104 | ||||||||
South America | (44,127 | ) | (23,861 | ) | (11,932 | ) | |||||
Income before income taxes | $ | 152,988 | $ | 88,283 | $ | 90,853 | |||||
Net interest expense included in segment profit (loss) | |||||||||||
North America | $ | 12,262 | $ | 15,219 | $ | 21,239 | |||||
Europe | 13,648 | 16,619 | 20,089 | ||||||||
Asia Pacific | 10,227 | 8,068 | 7,891 | ||||||||
South America | 2,194 | 5,698 | 5,702 | ||||||||
Consolidated | $ | 38,331 | $ | 45,604 | $ | 54,921 | |||||
Depreciation and amortization expense | |||||||||||
North America | $ | 54,160 | $ | 54,056 | $ | 56,302 | |||||
Europe | 36,845 | 40,812 | 39,447 | ||||||||
Asia Pacific | 18,856 | 10,067 | 7,899 | ||||||||
South America | 4,566 | 7,645 | 7,380 | ||||||||
Consolidated | $ | 114,427 | $ | 112,580 | $ | 111,028 | |||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Capital expenditures | |||||||||||
North America | $ | 64,933 | $ | 68,077 | $ | 71,616 | |||||
Europe | 46,766 | 76,989 | 72,900 | ||||||||
Asia Pacific | 43,276 | 21,261 | 20,309 | ||||||||
South America | 2,783 | 11,787 | 13,084 | ||||||||
Eliminations and other | 8,509 | 13,975 | 5,427 | ||||||||
Consolidated | $ | 166,267 | $ | 192,089 | $ | 183,336 | |||||
December 31, | |||||||||||
2015 | 2014 | ||||||||||
Segment assets | |||||||||||
North America | $ | 864,647 | $ | 885,242 | |||||||
Europe | 631,309 | 591,743 | |||||||||
Asia Pacific | 508,704 | 300,302 | |||||||||
South America | 39,117 | 105,547 | |||||||||
Eliminations and other | 260,515 | 242,796 | |||||||||
Consolidated | $ | 2,304,292 | $ | 2,125,630 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues | |||||||||||
Sealing systems | $ | 1,783,068 | $ | 1,692,686 | $ | 1,560,701 | |||||
Fuel and brake delivery systems | 675,493 | 660,242 | 700,349 | ||||||||
Fluid transfer systems | 458,699 | 441,532 | 386,152 | ||||||||
Anti-vibration systems | 278,891 | 273,057 | 282,819 | ||||||||
Other | 146,653 | 176,470 | 160,521 | ||||||||
Consolidated | $ | 3,342,804 | $ | 3,243,987 | $ | 3,090,542 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues | |||||||||||
United States | $ | 901,089 | $ | 872,112 | $ | 841,781 | |||||
Mexico | 585,558 | 508,555 | 484,216 | ||||||||
China | 355,141 | 146,258 | 101,654 | ||||||||
Canada | 291,974 | 318,159 | 291,984 | ||||||||
France | 285,384 | 312,706 | 320,626 | ||||||||
Poland | 246,997 | 270,497 | 228,581 | ||||||||
Germany | 226,566 | 254,977 | 243,388 | ||||||||
Other | 450,095 | 560,723 | 578,312 | ||||||||
Consolidated | $ | 3,342,804 | $ | 3,243,987 | $ | 3,090,542 | |||||
December 31, | |||||||||||
2015 | 2014 | ||||||||||
Property, plant and equipment, net | |||||||||||
United States | $ | 151,857 | $ | 158,451 | |||||||
Mexico | 93,166 | 70,885 | |||||||||
China | 139,211 | 54,967 | |||||||||
Canada | 43,000 | 48,871 | |||||||||
France | 62,053 | 59,596 | |||||||||
Poland | 68,833 | 79,362 | |||||||||
Germany | 88,627 | 98,511 | |||||||||
Other | 118,622 | 145,370 | |||||||||
Consolidated | $ | 765,369 | $ | 716,013 |
2015 Percentage of Net Sales | 2014 Percentage of Net Sales | 2013 Percentage of Net Sales | ||||||
Customer | ||||||||
Ford | 26 | % | 24 | % | 25 | % | ||
General Motors | 16 | % | 16 | % | 12 | % | ||
Fiat Chrysler Automobiles | 12 | % | 13 | % | 12 | % |
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. |
December 31, 2015 | December 31, 2014 | Input | ||||||||
Forward foreign exchange contracts - other current assets | $ | 900 | $ | 370 | Level 2 | |||||
Forward foreign exchange contracts - accrued liabilities | (79 | ) | (1,999 | ) | Level 2 | |||||
Interest rate swaps - other current assets | 32 | — | Level 2 | |||||||
Interest rate swaps - other assets | 38 | 19 | Level 2 | |||||||
Interest rate swaps - accrued liabilities | (2,991 | ) | (751 | ) | Level 2 | |||||
Interest rate swaps - other liabilities | (1,739 | ) | (903 | ) | Level 2 |
December 31, 2015 | December 31, 2014 | |||||||
Other current assets: | ||||||||
Forward foreign exchange contracts | $ | 900 | $ | 370 | ||||
Interest rate swaps | 32 | — | ||||||
Other assets: | ||||||||
Interest rate swaps | 38 | 19 | ||||||
Total assets | $ | 970 | $ | 389 | ||||
Accrued liabilities: | ||||||||
Forward foreign exchange contracts | $ | (79 | ) | $ | (1,999 | ) | ||
Interest rate swaps | (2,991 | ) | (751 | ) | ||||
Other liabilities: | ||||||||
Interest rate swaps | (1,739 | ) | (903 | ) | ||||
Total liabilities | $ | (4,809 | ) | $ | (3,653 | ) |
Name | December 31, 2015 | December 31, 2014 | |||
Shenya Sealing (Guangzhou) Company Limited | 51 | % | — | % | |
Sujan Cooper Standard AVS Private Limited | 50 | % | 50 | % | |
Nishikawa Cooper LLC | 40 | % | 40 | % | |
Polyrub Cooper Standard FTS Private Limited | 35 | % | — | % | |
Nishikawa Tachaplalert Cooper Ltd. | 20 | % | 20 | % | |
Huayu-Cooper Standard Sealing Systems Co. Ltd. | — | % | 47.5 | % |
2015 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||
Sales | $ | 800,050 | $ | 860,821 | $ | 827,531 | $ | 854,402 | |||||||
Gross profit | 130,872 | 153,958 | 148,448 | 153,835 | |||||||||||
Net income | 21,128 | 36,534 | 32,518 | 21,590 | |||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | 20,987 | 36,496 | 32,732 | 21,665 | |||||||||||
Net income available to Cooper-Standard Holdings Inc. common stockholders | 20,987 | 36,496 | 32,732 | 21,665 | |||||||||||
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ | 1.23 | $ | 2.14 | $ | 1.89 | $ | 1.24 | |||||||
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ | 1.15 | $ | 1.98 | $ | 1.78 | $ | 1.16 |
2014 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||
Sales | $ | 837,606 | $ | 857,553 | $ | 780,954 | $ | 767,874 | |||||||
Gross profit | 134,259 | 146,109 | 111,253 | 117,808 | |||||||||||
Net income (loss) | 21,357 | 14,252 | 22,230 | (12,366 | ) | ||||||||||
Net income (loss) attributable to Cooper-Standard Holdings Inc. | 19,735 | 13,194 | 22,666 | (12,816 | ) | ||||||||||
Net income (loss) available to Cooper-Standard Holdings Inc. common stockholders | 19,735 | 13,194 | 22,666 | (12,816 | ) | ||||||||||
Basic net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 1.18 | $ | 0.78 | $ | 1.33 | $ | (0.79 | ) | ||||||
Diluted net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 1.10 | $ | 0.72 | $ | 1.23 | $ | (0.79 | ) |
Description | Balance at beginning of period | Charged to Expenses | Charged (credited) to other accounts (1) | Deductions | Balance at end of period | ||||||||||||
Allowance for doubtful accounts deducted from accounts receivable | |||||||||||||||||
Year ended December 31, 2015 | $ | 4.3 | 0.5 | (0.3 | ) | (0.4 | ) | $ | 4.1 | ||||||||
Year ended December 31, 2014 | $ | 6.3 | 1.3 | (0.7 | ) | (2.6 | ) | $ | 4.3 | ||||||||
Year ended December 31, 2013 | $ | 3.7 | 3.9 | (0.3 | ) | (1.0 | ) | $ | 6.3 |
Description | Balance at beginning of period | Additions | Balance at end of period | ||||||||||||||
Charged to Income | Charged to Equity (2) | Deductions | |||||||||||||||
Tax valuation allowance | |||||||||||||||||
Year ended December 31, 2015 | $ | 144.1 | 11.6 | (18.7 | ) | — | $ | 137.0 | |||||||||
Year ended December 31, 2014 | $ | 122.8 | 29.0 | (7.7 | ) | — | $ | 144.1 | |||||||||
Year ended December 31, 2013 | $ | 97.3 | 20.4 | 5.1 | — | $ | 122.8 |
10-K Report page(s) | |
1. Financial Statements: | |
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm | |
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, Internal Control over Financial Reporting | |
Consolidated statements of net income for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated statements of comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated balance sheets as of December 31, 2015 and December 31, 2014 | |
Consolidated statements of changes in equity for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated statements of cash flows for the years ended December 31, 2015, 2014 and 2013 | |
Notes to consolidated financial statements | |
2. Financial Statement Schedules: | |
Schedule II—Valuation and Qualifying Accounts | |
All other financial statement schedules are not required under the related instructions or are inapplicable and therefore have been omitted. | |
3. The Exhibits listed on the “Index to Exhibits” are filed herewith or are incorporated by reference as indicated below. |
Exhibit No. | Description of Exhibit | |
2.1* | Debtors’ Second Amended Joint Chapter 11 Plan of Reorganization, dated March 26, 2010 (incorporated by reference to Exhibit 2.1 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed May 24, 2010). | |
3.1* | Third Amended and Restated Certificate of Incorporation of Cooper-Standard Holdings Inc., dated May 27, 2010 (incorporated by reference to Exhibit 3.1 to Cooper-Standard Holdings Inc.’s Registration Statement on Form S-1 (File No. 333-168316)). | |
3.2* | Amended and Restated Bylaws of Cooper-Standard Holdings Inc. (incorporated by reference to Exhibit 3.2 to Cooper-Standard Holdings Inc.’s Registration Statement on Form S-1 (File No. 333-168316)). | |
3.3* | Cooper-Standard Holdings Inc. Certificate of Designations 7% Cumulative Participating Convertible Preferred Stock (incorporated by reference to Exhibit 3.3 to Cooper-Standard Holdings Inc.’s Registration Statement on Form S-1 (File No. 333-168316)). | |
4.3* | Registration Rights Agreement, dated as of May 11, 2010, by and among CSA Escrow Corporation and Deutsche Bank Securities Inc. (incorporated by reference to Exhibit 4.3 to Cooper-Standard Holdings Inc.’s Registration Statement on Form S-1 (File No. 333-168316)). | |
4.4* | Joinder to Registration Rights Agreement, dated May 27, 2010 (incorporated by reference to Exhibit 4.2 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed June 3, 2010). | |
4.5* | Registration Rights Agreement, dated as of May 27, 2010, by and among Cooper-Standard Holdings Inc., the Backstop Purchasers and the other holders party thereto (incorporated by reference to Exhibit 4.3 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed June 3, 2010). | |
4.6* | Warrant Agreement, dated as of May 27, 2010, between Cooper-Standard Holdings Inc. and Computershare Inc. and Computershare Trust Company, N.A., collectively as Warrant Agent (incorporated by reference to Exhibit 4.4 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed June 3, 2010). | |
10.1* | Credit Agreement, dated as of April 4, 2014, among CS Intermediate HoldCo 2 LLC, CS Intermediate HoldCo 1 LLC, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.'s Current Report on Form 8-K Filed April 8, 2014). | |
10.2* | Second Amended and Restated Loan Agreement, dated as of April 4, 2014, among CS Intermediate HoldCo 1 LLC, CS Intermediate HoldCo 2 LLC, Cooper-Standard Automotive Inc., Cooper-Standard Automotive Canada Limited, Cooper-Standard Automotive International Holdings B.V., the other guarantors party thereto, certain lenders party thereto and Bank of America, N.A., as agent (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.'s Current Report on Form 8-K filed April 8, 2014). | |
10.3* | Amendment No. 1 to Second Amended and Restated Loan Agreement, dated as of June 11, 2014, among CS Intermediate HoldCo 1 LLC, CS Intermediate HoldCo 2 LLC, Cooper-Standard Automotive Inc., Cooper-Standard Automotive Canada Limited, Cooper-Standard Automotive International Holdings B.V., the other guarantors party thereto, certain lenders thereto and Bank of America, N.A., as agent (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.'s Quarterly Report on Form 10-Q for the period ended June 30, 2014). | |
Exhibit No. | Description of Exhibit | |
10.4* | Amended and Restated Loan and Security Agreement, dated April 8, 2013, by and among Cooper-Standard Holdings Inc., Cooper-Standard Automotive Inc., Cooper-Standard Automotive International Holdings B.V., Cooper-Standard Automotive Canada Limited and Bank of America, N.A., individually and as agent (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.'s Current Report on Form 8-K filed with the Commission on April 10, 2013). | |
10.5*† | Employment Agreement, dated as of January 1, 2009, by and among Cooper-Standard Automotive Inc. and Allen J. Campbell (incorporated by reference to Exhibit 10.23 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008), as amended by the Second Amendment to Employment Agreement dated January 26, 2015 (incorporated by reference to Exhibit 10.5 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). | |
10.6*† | Employment Agreement, dated as of January 1, 2009, by and among Cooper-Standard Automotive Inc. and Keith D. Stephenson (incorporated by reference to Exhibit 10.25 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008). | |
10.7*† | Cooper-Standard Automotive Inc. Executive Severance Pay Plan effective January 1, 2011 (incorporated by reference to Exhibit 10.7 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.8*† | Cooper-Standard Automotive Inc. Deferred Compensation Plan, effective January 1, 2005 with Amendments through December 31, 2008 (incorporated by reference to Exhibit 10.33 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008). | |
10.9*† | Cooper-Standard Automotive Inc. Supplemental Executive Retirement Plan, effective January 1, 2011 (incorporated by reference to Exhibit 10.10 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.10*† | Cooper-Standard Automotive Inc. Nonqualified Supplementary Benefit Plan, Amended and Restated as of January 1, 2011 (incorporated by reference to Exhibit 10.12 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.11*† | Cooper-Standard Automotive Inc. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.13 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.12*† | Form of Amendment to Employment Agreement, effective January 1, 2011 (incorporated by reference to Exhibit 10.16 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.13*† | 2011 Cooper-Standard Automotive Inc. Annual Incentive Plan (incorporated by reference to Exhibit 10.17 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.14*† | 2011 Cooper-Standard Holdings Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.22 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.15*† | Amended and Restated 2011 Cooper-Standard Holdings Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.12 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2013). | |
Exhibit No. | Description of Exhibit | |
10.16*† | Form of Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Stock Award Agreement for key employees (incorporated by reference to Exhibit 10.23 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.17*† | Form of Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Nonqualified Stock Option Agreement for key employees (incorporated by reference to Exhibit 10.24 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.18*† | Form of Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement for key employees (incorporated by reference to Exhibit 10.25 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010). | |
10.19*† | Form of 2012 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.21 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012). | |
10.20*† | Form of 2012 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.22 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012). | |
10.21*† | 2010 Cooper-Standard Holdings Inc. Management Incentive Plan (incorporated by reference to Exhibit 10.6 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed June 3, 2010). | |
10.22*† | Form of 2010 Cooper-Standard Holdings Inc. Management Incentive Plan Nonqualified Stock Option Agreement for key employees (incorporated by reference to Exhibit 10.7 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed June 3, 2010). | |
10.23*† | Form of 2010 Cooper-Standard Holdings Inc. Management Incentive Plan Restricted Stock Award Agreement for key employees (incorporated by reference to Exhibit 10.8 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed June 3, 2010). | |
10.24*† | Form of 2010 Cooper-Standard Holdings Inc. Management Incentive Plan Nonqualified Stock Option Agreement for directors (incorporated by reference to Exhibit 10.9 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed June 3, 2010). | |
10.25*† | Form of 2010 Cooper-Standard Holdings Inc. Management Incentive Plan Restricted Stock Award Agreement for directors (incorporated by reference to Exhibit 10.10 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed June 3, 2010). | |
10.26*† | Letter Agreement between Jeffrey S. Edwards, Cooper-Standard Holdings Inc., Cooper-Standard Automotive Inc. dated October 1, 2012 (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012). | |
10.27*† | Letter Agreement between D. William Pumphrey, Jr., Cooper-Standard Holdings Inc. and Cooper-Standard Automotive Inc. dated August 16, 2011 (incorporated by reference to Exhibit 10.30 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012). | |
10.28*† | Form of 2012 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Non-Management Directors) (incorporated by reference to Exhibit 10.31 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012). | |
Exhibit No. | Description of Exhibit | |
10.29*† | Service Contract between CSA Germany Verwaltungs GmbH and Juan Fernando de Miguel Posada dated March 1, 2013 (incorporated by reference to Exhibit 10.26 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2013). | |
10.30*† | International Assignment Agreement between Song Min Lee and Cooper-Standard Automotive Inc. dated December 31, 2012 (incorporated by reference to Exhibit 10.27 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2013). | |
10.31*† | Offer Letter between Matthew W. Hardt and Cooper-Standard Automotive Inc. dated January 26, 2015 (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.'s Current Report on Form 8-K filed on January 27, 2015). | |
10.32*† | Cooper-Standard Automotive Inc. Long-Term Incentive Plan, Amended and Restated effective as of January 1, 2014 (incorporated by reference to Exhibit 10.28 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2013). | |
10.33*† | Cooper-Standard Automotive Inc. Annual Incentive Plan, Amended and Restated effected as of January 1, 2014 (incorporated by reference to Exhibit 10.29 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2013). | |
10.34*† | Form of 2014 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.34 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). | |
10.35*† | Form of 2014 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Performance Units, settled 50% cash / 50% stock) (incorporated by reference to Exhibit 10.35 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). | |
10.36*† | Form of 2014 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.36 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). | |
10.37*† | Form of 2014 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Performance Units, settled 100% cash) (incorporated by reference to Exhibit 10.37 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). | |
10.38*† | Form of 2015 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.38 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). | |
10.39*† | Form of 2015 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Performance Units, settled 50% cash / 50% stock) (incorporated by reference to Exhibit 10.39 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). | |
10.40*† | Form of 2015 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.40 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). | |
10.41*† | Form of 2015 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Performance Units, settled 100% cash) (incorporated by reference to Exhibit 10.41 to Cooper-Standard Holdings Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014). |
Exhibit No. | Description of Exhibit | |
10.42*† | Offer Letter between Jonathan P. Banas and Cooper-Standard Automotive Inc. dated August 17, 2015 (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.'s Current Report on Form 8-K filed on August 28, 2015). | |
10.43*† | Form of Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Non-Employee Directors) (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.'s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2015). | |
21.1** | List of Subsidiaries. | |
23.1** | Consent of Independent Registered Public Accounting Firm. | |
31.1** | Certification of Principal Executive Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002). | |
31.2** | Certification of Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002). | |
32.1** | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 (Section 906 of the Sarbanes-Oxley Act of 2002). | |
32.2** | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 (Section 906 of the Sarbanes-OxleyAct of 2002). | |
101.INS*** | XBRL Instance Document | |
101.SCH*** | XBRL Taxonomy Extension Schema Document | |
101.CAL*** | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF*** | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB*** | XBRL Taxonomy Label Linkbase Document | |
101.PRE*** | XBRL Taxonomy Extension Presentation Linkbase Document |
COOPER-STANDARD HOLDINGS INC. | ||
Date: February 23, 2016 | /s/ Jeffrey S. Edwards | |
Jeffrey S. Edwards | ||
Chairman and Chief Executive Officer | ||
(Principal Executive Officer) |
Signature | Title | |
/s/ Jeffrey S. Edwards | Chairman and Chief Executive Officer (Principal Executive Officer) | |
Jeffrey S. Edwards | ||
/s/ Matthew W. Hardt | Chief Financial Officer (Principal Financial Officer) | |
Matthew W. Hardt | ||
/s/ Jonathan P. Banas | Chief Accounting Officer (Principal Accounting Officer) | |
Jonathan P. Banas | ||
/s/ Glenn R. August | Director | |
Glenn R. August | ||
/s/ Sean O. Mahoney | Director | |
Sean O. Mahoney | ||
/s/ David J. Mastrocola | Director | |
David J. Mastrocola | ||
/s/ Justin E. Mirro | Director | |
Justin E. Mirro | ||
/s/ Robert J. Remenar | Director | |
Robert J. Remenar | ||
/s/ Thomas W. Sidlik | Director | |
Thomas W. Sidlik | ||
/s/ Stephen A. Van Oss | Director | |
Stephen A. Van Oss |
Subsidiary Name | Jurisdiction of Organization |
Cooper-Standard Automotive (Australia) Pty. Ltd. | Australia |
CSA (Barbados) Investment Co. Ltd. | Barbados |
Cooper Nishikawa Brasil Ltda. | Brazil |
Cooper-Standard Automotive Brasil Sealing Ltda. | Brazil |
Itatiaia Standard Industrial Ltda. | Brazil |
Cooper-Standard Automotive Canada Limited | Canada |
Cooper (Wuhu) Automotive Co., Ltd. | China |
Cooper Standard INOAC Automotive (Huai’an) Co. Ltd. | China |
Cooper Standard Sealing (Shanghai) Co., Ltd. | China |
Cooper-Standard Jingda (Jingzhou) Automotive Co., Ltd. (36%) | China |
Cooper-Standard Automotive (Suzhou) Co., Ltd. | China |
Cooper-Standard Automotive (Kunshan) Co., Ltd. | China |
Cooper-Standard Automotive (Changchun) Co., Ltd. | China |
Cooper-Standard Automotive (Chongqing) Co., Ltd. | China |
Shanghai Jyco Sealing Products Co., Ltd. | China |
Shenya Sealing (Guangzhou) Co., Ltd. | China |
Shenya Sealing (Shenyang)_ Co., Ltd. | China |
Sheyna Sealing (Huai’an) Co., Ltd. (70%) | China |
Cooper-Standard Automotive Ceská republika s.r.o. | Czech Republic |
Cooper-Standard Automotive FHS Ceska republika s.r.o. | Czech Republic |
Cooper Standard France SAS | France |
Cooper-Standard Automotive France S.A.S. | France |
Cooper Standard GmbH | Germany |
Cooper Standard Technical Rubber GmbH | Germany |
Cooper-Standard Automotive (Deutschland) GmbH | Germany |
CSA Germany GmbH & Co. KG | Germany |
CSA Germany Verwaltungs GmbH | Germany |
CSA Holding (Deutschland) GmbH | Germany |
Metzeler Kautschuk Unterstuetzungskasse GmbH | Germany |
Cooper-Standard Automotive India Private Limited | India |
Cooper-Standard India Private Ltd. | India |
Sujan Cooper Standard AVS Private Limited (50%) | India |
Cooper-Standard Automotive Italy SpA | Italy |
Cooper Standard Automotive Japan K.K. | Japan |
Cooper-Standard Automotive Korea Inc. | Korea |
Coopermex, S.A. de C.V. | Mexico |
Cooper-Standard Automotive de Mexico S.A. de C.V. | Mexico |
Cooper-Standard Automotive FHS, S. de R.L. de C.V. | Mexico |
Cooper-Standard Automotive Fluid Systems de Mexico, S. de R.L. de C.V. | Mexico |
Cooper-Standard Automotive Sealing de Mexico, S.A. de C.V. | Mexico |
Cooper-Standard Automotive Services, S. de R.L. de C.V. | Mexico |
Cooper-Standard de Mexico S de RL de CV | Mexico |
Manufacturera El Jarudo, S. de R.L. de C.V. | Mexico |
Cooper-Standard Automotive Piotrkow sp zoo | Poland |
Cooper-Standard Polska sp z o.o. | Poland |
Subsidiary Name | Jurisdiction of Organization |
CSF Poland z o.o. | Poland |
Cooper-Standard Romania SRL | Romania |
Cooper Standard Srbija DOO Sremska Mitrovica | Serbia |
Cooper-Standard Holdings Singapore Pte. Ltd. | Singapore |
Cooper-Standard INOAC Pte. Ltd. (51%) | Singapore |
Cooper-Standard Automotive España, S.L. | Spain |
Cooper Standard Sweden (2) | Sweden |
Nishikawa Tachaplalert Cooper Ltd. (20%) | Thailand |
Cooper-Standard Automotive International Holdings B.V. | The Netherlands |
Cooper-Standard Latin America BV | The Netherlands |
CSA International Holdings C.V. | The Netherlands |
CSA International Holdings Coöperatief U.A. | The Netherlands |
Cooper-Standard Automotive (UK) Pension Trust Limited | United Kingdom |
Cooper-Standard Automotive UK Limited | United Kingdom |
Cooper-Standard Automotive Fluid Systems Mexico Holding LLC | United States (Delaware) |
Cooper-Standard Canada Holdings LLC | United States (Delaware) |
Cooper-Standard FHS LLC | United States (Delaware) |
CS Intermediate HoldCo 1 LLC | United States (Delaware) |
CS Mexico Holdings. LLC | United States (Delaware) |
NISCO Holding Company | United States (Delaware) |
Nishikawa Cooper LLC (40%) | United States (Delaware) |
Cooper-Standard Foundation Inc. (3) | United States (Michigan) |
Cooper-Standard Automotive NC L.L.C. | United States (North Carolina) |
Cooper-Standard Automotive Inc. | United States (Ohio) |
Cooper-Standard Automotive OH, LLC | United States (Ohio) |
CSA Services Inc. | United States (Ohio) |
(1) Subsidiaries as of February 18, 2016; wholly-owned except as otherwise indicated | |
(2) This is a branch office of Cooper-Standard Automotive International Holdings B.V. | |
(3) This is a Michigan non-profit corporation |
(1) | Registration Statement (Form S-3 File No. 333.175637) of Cooper-Standard Holdings Inc., |
(2) | Registration Statement (Form S-8 File No. 333-188516) pertaining to the registration of common stock of Cooper-Standard Holdings Inc., |
(3) | Registration Statement (Form S-3 File No. 333-189981) of Cooper-Standard Holdings Inc.; |
1. | I have reviewed this annual report on Form 10-K of Cooper-Standard Holdings Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably like to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Dated: February 23, 2016 | /s/ Jeffrey S. Edwards | |
Jeffrey S. Edwards | ||
Chairman and Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this annual report on Form 10-K of Cooper-Standard Holdings Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably like to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Dated: February 23, 2016 | /s/ Matthew W. Hardt | |
Matthew W. Hardt | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
Dated: February 23, 2016 | /s/ Jeffrey S. Edwards | |
Jeffrey S. Edwards | ||
Chief Executive Officer | ||
(Principal Executive Officer) |
Dated: February 23, 2016 | /s/ Matthew W. Hardt | |
Matthew W. Hardt | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
'WGTOXE>+[=FTWX ^$=1NDOA<^/-1L=*L?V!^
M"/[.OP2_9Q^$_@3X'_!3X:>$_A[\+?AMH-KX;\'>$="TJW6QTK3;;=)(\EQ<
MI/?ZIJFHW
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 17, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CPS | ||
Entity Registrant Name | Cooper-Standard Holdings Inc. | ||
Entity Central Index Key | 0001320461 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 17,532,935 | ||
Entity Public Float | $ 403,150,257 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net income | $ 111,770 | $ 45,473 | $ 45,254 | |||||
Other comprehensive income (loss): | ||||||||
Currency translation adjustment | (80,331) | (56,162) | (12,550) | |||||
Benefit plan liabilities, net of tax | [1] | 2,737 | (53,455) | 30,612 | ||||
Fair value change of derivatives, net of tax | [2] | (269) | (2,011) | (250) | ||||
Other comprehensive (loss) income, net of tax | (77,863) | (111,628) | 17,812 | |||||
Comprehensive income (loss) | 33,907 | (66,155) | 63,066 | |||||
Comprehensive loss (income) attributable to noncontrolling interests | 451 | (2,615) | 2,629 | |||||
Comprehensive income (loss) attributable to Cooper-Standard Holdings Inc. | $ 34,358 | $ (68,770) | $ 65,695 | |||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income (loss) Benefit plan liability, Tax | $ 2,051 | $ 19,096 | $ (17,224) |
Other comprehensive income (loss) Fair value change of derivatives, Tax | $ 299 | $ 1,253 | $ 99 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Cumulative participating convertible preferred stock, dividend rate percentage | 7.00% | 7.00% |
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 | 19,105,251 | 18,685,634 |
Common stock, shares outstanding | 17,458,945 | 17,039,328 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands |
Total |
Redeemable Noncontrolling Interests |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated other comprehensive income (loss) [Member] |
Cooper Standard Holdings Inc Equity Deficit [Member] |
Noncontrolling Interest [Member] |
---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2012 | $ 629,231 | $ 14,194 | $ 16 | $ 471,851 | $ 201,907 | $ (45,448) | $ 628,326 | $ 905 |
Beginning Balance (in shares) at Dec. 31, 2012 | 17,275,852 | |||||||
Shares issued under stock option plans | (702) | (702) | (702) | |||||
Shares issued under stock option plans (in shares) | 32,176 | |||||||
Repurchase of common stock | (217,549) | $ (5) | (122,067) | (95,477) | (217,549) | |||
Repurchase of common stock (in shares) | (5,044,109) | |||||||
Converted preferred stock shares | 121,912 | $ 4 | 121,908 | 121,912 | ||||
Converted preferred stock shares (in shares) | 4,130,742 | |||||||
Warrant exercise | 11,253 | $ 1 | 11,252 | 11,253 | ||||
Warrant exercise (in shares) | 419,124 | |||||||
Stock based compensation, net | 5,685 | $ 1 | 7,695 | (2,011) | 5,685 | |||
Stock based compensation, net (in shares) | (137,246) | |||||||
Preferred stock dividends | (4,454) | (4,454) | (4,454) | |||||
Remeasurement of redeemable noncontrolling interest | 8,249 | (8,249) | 8,869 | 8,869 | (620) | |||
Purchase of noncontrolling interest | (1,911) | (885) | (885) | (1,026) | ||||
Net income (loss) | 45,380 | (126) | 47,941 | 47,941 | (2,561) | |||
Other comprehensive income (loss) | 18,478 | (666) | 17,754 | 17,754 | 724 | |||
Ending Balance at Dec. 31, 2013 | 615,572 | 5,153 | $ 17 | 489,052 | 156,775 | (27,694) | 618,150 | (2,578) |
Ending Balance (in shares) at Dec. 31, 2013 | 16,676,539 | |||||||
Shares issued under stock option plans | (1,307) | (1,307) | (1,307) | |||||
Shares issued under stock option plans (in shares) | 42,014 | |||||||
Repurchase of common stock | (5,162) | $ 0 | (2,338) | (2,824) | (5,162) | |||
Repurchase of common stock (in shares) | (96,622) | |||||||
Warrant exercise | 9,022 | $ 0 | 9,022 | 9,022 | ||||
Warrant exercise (in shares) | 425,886 | |||||||
Stock based compensation, net | 9,961 | $ 0 | 11,458 | (1,497) | 9,961 | |||
Excess tax benefit on stock options | 4,098 | 4,098 | 0 | 4,098 | ||||
Stock based compensation, net (in shares) | (8,489) | |||||||
Purchase of noncontrolling interest | (18,487) | (17,026) | (17,026) | (1,461) | ||||
Net income (loss) | 46,583 | (1,110) | 42,779 | 42,779 | 3,804 | |||
Other comprehensive income (loss) | (111,566) | (62) | (111,549) | (111,549) | (17) | |||
Ending Balance at Dec. 31, 2014 | $ 548,714 | 3,981 | $ 17 | 492,959 | 195,233 | (139,243) | 548,966 | (252) |
Ending Balance (in shares) at Dec. 31, 2014 | 17,039,328 | 17,039,328 | ||||||
Shares issued under stock option plans | $ (289) | (289) | (289) | |||||
Shares issued under stock option plans (in shares) | 20,960 | |||||||
Warrant exercise | 9,277 | 9,277 | 9,277 | |||||
Warrant exercise (in shares) | 344,159 | |||||||
Stock based compensation, net | 8,235 | 8,635 | (400) | 8,235 | ||||
Excess tax benefit on stock options | 320 | 320 | 320 | |||||
Acquisition | 11,836 | 11,836 | ||||||
Stock based compensation, net (in shares) | 54,498 | |||||||
Purchase of noncontrolling interest | 2,754 | (3,936) | 2,862 | (300) | 2,562 | 192 | ||
Net income (loss) | 111,815 | (45) | 111,880 | 111,880 | (65) | |||
Other comprehensive income (loss) | (77,863) | 0 | (77,522) | (77,522) | (341) | |||
Ending Balance at Dec. 31, 2015 | $ 614,799 | $ 0 | $ 17 | $ 513,764 | $ 306,713 | $ (217,065) | $ 603,429 | $ 11,370 |
Ending Balance (in shares) at Dec. 31, 2015 | 17,458,945 | 17,458,945 |
Description of Business |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
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, fluid transfer, and anti-vibration 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 that it is the largest global producer of sealing systems, the second largest global producer of the types of fuel and brake delivery products that they manufacture, the third largest global producer of fluid transfer systems, and one of the largest North American producers of anti-vibration 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 79 manufacturing locations and 19 design, engineering, administrative and logistics locations in 20 countries around the world. |
Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statement are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Summary of Significant Accounting Policies Principles of consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and 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. 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%. The cost method is followed in those situations where the Company does not have the ability to exercise significant influence over operating and financial policies, generally when ownership is less than 20%. Foreign currency – The financial statements of foreign subsidiaries are translated to 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. 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. 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 – An allowance for doubtful accounts is established through charges to the provision for bad debts when it is probable that the outstanding receivable will not be collected. The Company evaluates the adequacy of the allowance for doubtful accounts 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 doubtful accounts was $4,087 and $4,331 at December 31, 2015 and 2014, respectively. Advertising expense – Expenses incurred for advertising are generally expensed when incurred. Advertising expense was $3,418, $3,846 and $3,059 for the years ended December 31, 2015, 2014 and 2013, respectively. Inventories – Inventories are valued at lower of cost or market. 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.
Derivative financial instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange and interest rate risks. 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 their 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 their 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 a discounted cash flow analysis or estimated salvage value. Discounted cash flows are estimated using internal budgets and assumptions regarding discount rates and other factors. 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 years or the term of the related supply agreement. The amounts capitalized were $5,104 and $2,955 as of December 31, 2015 and 2014, respectively. The Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer. Reimbursable tooling costs are recorded in tooling receivable in the accompanying consolidated balance sheets if considered a receivable in the next twelve months. Tooling receivable for customer-owned tooling as of December 31, 2015 and 2014 was $102,877 and $124,015, respectively, of which $71,943 and $92,787, respectively, was not yet invoiced to the customer. Reimbursable tooling costs included in other assets in the accompanying consolidated balance sheets were $12,969 and $12,500 as of December 31, 2015 and 2014, respectively. Goodwill – Goodwill is tested for impairment by reporting unit, either annually or when events or circumstances indicate that impairment may exist. The Company utilizes an income approach to estimate the fair value of each of its reporting units. The income approach is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of cash flows. The Company believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Fair value is estimated using recent automotive industry and specific platform production volume projections, which are based on both third-party and internally-developed forecasts, as well as commercial, wage and benefit, inflation and discount rate assumptions. Other significant assumptions include the weighted average cost of capital, terminal value growth rate, terminal value margin rates, future capital expenditures and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions to this analysis, the Company believes that the income approach provides a reasonable estimate of the fair value of its reporting units. The guideline public company method, a form of the market approach, was used to corroborate the results of the Company’s income approach conclusions. The Company conducts its annual goodwill impairment analysis as of October 1st of each year. The Company may first assess qualitative factors to determine if it is necessary to perform the two-step goodwill impairment test. The Company also has the option to bypass the qualitative assessment and proceed directly to the first step of the goodwill test. For 2015, the Company decided to bypass the qualitative assessment and proceed directly to the first step of the goodwill impairment test. The first step of the goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value exceeds the carrying value, then the Company concludes that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, the Company would recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. The 2015, 2014 and 2013 annual goodwill impairment analyses resulted in no impairment. 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 is recognized when there is persuasive evidence of a sales agreement, the delivery of the goods has occurred, the sales price is fixed and determinable and collectability is reasonably assured. The Company generally enters into agreements with its customers to produce products at the beginning of a vehicle’s life. Although such agreements do not generally provide for minimum quantities, once the Company enters into such agreements, fulfillment of its customers’ purchasing requirements can be the Company's obligation for an extended period or the entire production life of the vehicle. These agreements generally may be terminated by the customer at any time. Historically, terminations of these agreements have been minimal. In certain limited instances, the Company may be committed under existing agreements to supply products to its customers at selling prices which are not sufficient to cover the direct cost to produce such products. In such situations, the Company recognize losses as they are incurred. The Company receives blanket purchase orders from many of its customers on an annual basis. Generally, such purchase orders and related documents set forth the annual terms, including pricing, related to a particular vehicle model. Such purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in the annual purchase orders as products are shipped to the customers. As part of certain agreements, the Company is asked to provide its customers with annual cost reductions. The Company accrues for such amounts as a reduction of revenue as products are shipped to the customers. In addition, the Company generally has ongoing adjustments to pricing arrangements with its customers based on the related content and cost of the products. Such pricing adjustments are recorded when probable and estimable. Shipping and handling – Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of net income. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of net income. Research and development – Costs are charged to selling, administration and engineering expenses as incurred and totaled $108,764, $101,982 and $103,475 for the years ended December 31, 2015, 2014 and 2013, respectively. Stock-based compensation – The Company measures stock-based compensation expense at fair value and recognizes such expenses on a straight-line basis over the vesting period of the stock-based employee awards. See Note 18. “Stock-Based Compensation” for additional information. Use of estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of revenues and expenses during the reporting period and assets and liabilities, as well as disclosure of contingent assets and liabilities, at the date of the financial statements. 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. Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. The guidance revises existing U.S. GAAP by requiring equity investments (excluding those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requiring entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset and requiring separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption of certain provisions is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU requires companies to present deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This guidance is effective for annual and interim reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company adopted this guidance prospectively as of December 31, 2015, the impact of which is reflected in the consolidated balance sheet as of that date. As of December 31, 2014, the Company had $15,176 of deferred tax assets and $3,064 of deferred tax liabilities which remain classified as current in the consolidated balance sheet. In July 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires an acquirer to recognize adjustments to estimated amounts identified during the measurement period in the reporting period in which the adjustment is determined and not restate prior amounts disclosed. This guidance is effective for annual and interim reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU requires entities to measure most inventory at the lower of cost and net realizable value. This guidance is effective for annual and interim reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest: Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires the presentation of debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as a deferred charge. In August 2015, the FASB issued ASU 2015-15, Interest: Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which allows the presentation of debt issuance costs related to a line-of-credit arrangement as an asset, regardless of whether there are outstanding borrowings under the line-of-credit arrangement. This guidance is effective for annual and interim reporting periods beginning after December 15, 2015. Retrospective adoption is required. As permitted, the Company elected to early adopt this guidance as of December 31, 2015 and has reclassified debt issuance costs of $6,096 and $7,137 from other long-term assets to debt as of December 31, 2015 and 2014, respectively. Debt issuance costs related to the Company’s revolving credit facility of $1,634 and $2,321 as of December 31, 2015 and 2014, respectively, remain classified within other long-term assets. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. This ASU amends the consolidation guidance under U.S. GAAP. This guidance is effective for annual and interim reporting periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements: Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This ASU requires management to perform interim and annual assessments of an entity's ability to continue as a going concern. This guidance is effective for annual and interim reporting periods ending after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of this guidance is that a company should recognize revenue to depict the transfer of promised goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In July 2015, the FASB issued ASU 2015-14, which delays the effective date of this guidance to annual and interim reporting periods beginning after December 15, 2017. Early adoption will be permitted as of the original effective date of annual and interim reporting periods beginning after December 15, 2016. The guidance allows for companies to use either a full retrospective or a modified retrospective approach when adopting. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. |
Acquisitions and Divestitures |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions and Divestitures Shenya Acquisition In the first quarter of 2015, the Company completed the acquisition of an additional 47.5% of Huayu-Cooper Standard Sealing Systems Co. (“Shenya”), increasing its ownership to 95%, for cash consideration of $59,320, of which $41,474 was paid in 2015 and $17,846 was paid in 2014. The acquisition was accounted for as a business combination. The business acquired in the transaction is included in the Company's Asia Pacific segment and is operated from Shenya’s manufacturing locations in China. Shenya primarily supplies sealing systems and components to the automotive industry. This acquisition is directly aligned with the Company’s growth strategy by strengthening important customer relationships in the automotive sealing systems market. The results of operations of Shenya are included in the Company’s consolidated financial statements from the date of acquisition, February 27, 2015. The pro forma effect of this acquisition would not materially impact the Company's reported results for any periods presented, and as a result no pro forma information has been presented. Prior to the acquisition, the Company held a 47.5% unconsolidated equity interest in Shenya. The estimated fair value of the equity interest at the date of acquisition was $41,378, resulting in a gain of $14,199 recorded in other income (expense), net for the year ended December 31, 2015. The fair value of the Company's previous 47.5% equity interest, 47.5% purchased and 5% noncontrolling interest in Shenya were estimated using income and market approaches based on financial analysis methodologies (including the discounted cash flow analysis), projected financial information, management's estimates, available information, and reasonable and supportable assumptions. These fair value measurements are classified within Level 3 of the fair value hierarchy. The following table summarizes the estimated fair value of Shenya assets acquired and liabilities assumed at the date of acquisition, updated as of December 31, 2015:
Cash and cash equivalents, accounts receivable, prepaid expenses, other current assets, accounts payable and other current liabilities were stated at historical carrying values, which management believes approximates fair value given the short-term nature of these assets and liabilities. Inventories were recorded at fair value which is estimated for finished goods and work-in-process based upon the expected selling price less costs to complete, selling, and disposal costs, and a normal profit margin. Raw material inventory was recorded at historical carrying value as such value approximates the replacement cost. Deferred income taxes have been provided in the consolidated balance sheet based on the Company's estimates of the tax versus book basis of the estimated fair value of the assets acquired and liabilities assumed. The Company has estimated the fair value of property, plant and equipment, intangibles, certain other assets, certain liabilities and noncontrolling interest based upon third party valuations, management's estimates, available information and reasonable and supportable assumptions. Goodwill represents the excess of the acquisition price over the fair value of the identifiable assets acquired and liabilities assumed. Other Acquisitions In the first quarter of 2015, the Company acquired the remaining equity interests of Metzler Automotive Profiles India Private Limited (26%) and Cooper Standard Jingda Changchun Automotive Co., Ltd. (20%) for a combined cash consideration of $1,262. These acquisitions were accounted for as equity transactions. In the third quarter of 2015, the Company contributed cash of $1,750 to establish a joint venture with Polyrub Extrusions (India) Private Limited. The joint venture, Polyrub Cooper Standard FTS Private Limited, is expected to increase market share and open new opportunities in the Company's fluid transfer business. The Company owns 35% of the joint venture with the remaining 65% of the joint venture owned by Polyrub Extrusions (India) Private Limited. This investment is accounted for under the equity method and is included in other assets in the accompanying consolidated balance sheets. Also in the third quarter of 2015, the Company contributed cash of $2,550 to establish a joint venture with Polyfoam Asia Pte. Ltd. The joint venture, Cooper-Standard INOAC Pte. Ltd., is expected to accelerate the Company's fluid transfer systems strategy and provide better access to Japanese OEMs and add further support to global platforms. The Company owns 51% of the joint venture with the remaining 49% of the joint venture owned by Polyfoam Asia Pte. Ltd. The operating results of this joint venture are included in the Company's consolidated financial statements from the date of formation. In the fourth quarter of 2014, the Company acquired the remaining 49% equity interests of Fonds de Modernisation des Equipementiers Automobiles interest in Cooper Standard France, a body sealing, anti-vibration systems and low pressure hoses joint venture for cash consideration of $18,487. This acquisition was accounted for as an equity transaction. In the fourth quarter of 2014, the Company acquired Cikautxo Borja, S.L.U, a manufacturer of heating and cooling hoses, for cash consideration of $3,371. Divestitures In the fourth quarter of 2015, the Company completed the sale of its hard coat plastic exterior trim business, a non-core operation, to allow the Company to focus resources on its core product groups. The Company received proceeds of $33,500 and recognized a gain of $8,033, which is recorded in other operating profit in the consolidated statements of net income for the year ended December 31, 2015. This divestiture did not meet the discontinued operations criteria. In the third quarter of 2014, the Company completed the sale of its thermal and emissions product line, a non-core product line, to Halla Visteon Climate Control Corp. The Company received proceeds of $44,937 and recognized a gain of $16,036, which is recorded in other operating profit in the consolidated statements of net income for the year ended December 31, 2014. This divestiture did not meet the discontinued operations criteria. In the fourth quarter of 2014, the Company completed the sale of its non-core Australian business. The Company received proceeds of $2,449 and recognized a gain of $891, which is recorded in other operating profit in the consolidated statements of net income for the year ended December 31, 2014. This divestiture did not meet the discontinued operations criteria. |
Restructuring |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 initiated certain restructuring initiatives, including plant rationalizations and targeted workforce reduction efforts, as deemed appropriate. In addition to previously initiated actions, in January 2015, the Company announced its intention to further restructure its European manufacturing footprint based on current and anticipated market demands. The total estimated cost of this initiative, which is expected to be completed by 2017, is approximately $125,000, of which approximately $48,000 has been incurred to date. The Company previously implemented several other restructuring initiatives, including the closure or consolidation of facilities throughout the world, the establishment of a centralized shared services function in Europe and the reorganization of the Company's operating structure. While substantially complete, the Company continues to incur costs on some of these initiatives, primarily related to the disposal of the respective facilities. The Company's restructuring charges consist of severance, retention and outplacement services and severance-related postemployment benefits (collectively, “employee separation costs”), other related exit costs and asset impairments related to restructuring activities. The following table summarizes the restructuring expense by segment for the years ended December 31, 2015, 2014 and 2013:
The following table summarizes the activity for all restructuring initiatives for the years ended December 31, 2015 and 2014:
|
Property, Plant and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is comprised of the following:
Due to the deterioration of financial results at certain of its facilities, the Company impaired property, plant and equipment at one of its European facilities and two of its South American facilities during 2015 and at two of its European facilities and two of its North American facilities during 2014. Fair value was determined using the estimated salvage value, which was deemed the highest and best use of the assets. A summary of these asset impairment charges is as follows:
Depreciation expense totaled $100,535, $96,143 and $95,597 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Goodwill and Intangibles |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangibles | Goodwill and Intangibles Goodwill The changes in the carrying amount of goodwill by reportable operating segment for the years ended December 31, 2015 and 2014 are summarized as follows:
Intangible Assets The following table presents intangible assets and accumulated amortization balances of the Company as of December 31, 2015 and 2014, respectively:
During 2015, the Company acquired intangible assets of $15,340 with a weighted average useful life of 24.8 years as a result of the Shenya acquisition. This consisted of $5,110 of customer relationships, $180 of patents and $10,050 of land-use rights with weighted average amortization periods of 14.8, 3.3 and 30.2 years, respectively. During the fourth quarter of 2015, the customer relationship intangible asset related to the Company's South America segment was determined to be fully impaired as a result of the deterioration of the economic conditions in the region, resulting in an impairment charge of $7,981. Fair value was determined using the excess earnings method, based on the reporting unit’s cash flow expectations and consideration of the discount rate. During the fourth quarter of 2014, certain patents in the Company's North America segment were written down to their estimated fair values, resulting in an impairment charge of $1,700. Amortization expense totaled $13,892, $16,437 and $15,431 for the years ended December 31, 2015, 2014 and 2013, respectively. Estimated amortization expense for the next five years is shown in the table below:
|
Debt |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Outstanding debt consisted of the following at December 31, 2015 and 2014:
The principal maturities of debt, at nominal value, at December 31, 2015 are as follows:
Term Loan Facility On April 4, 2014, certain subsidiaries of the Company entered into a Term Loan Facility (the “Term Loan Facility”) in order to (i) refinance the Senior Notes and Senior PIK Toggle Notes, including applicable call premiums and accrued and unpaid interest, (ii) pay related fees and expenses and (iii) provide for working capital and other general corporate purposes. The Term Loan Facility provides for loans in an aggregate principal amount of $750,000 and may be increased (or a new term loan facility added) by an amount that will not cause the consolidated first lien debt ratio to exceed 2.25 to 1.00 plus $300,000. All obligations of the borrower are guaranteed jointly and severally on a senior secured basis by the direct parent company of the borrower and each existing and subsequently acquired direct or indirect wholly-owned U.S. restricted subsidiary of the borrower. The obligations are secured by amongst other items (a) a first priority security interest (subject to permitted liens and other customary exceptions) on (i) all the capital stock in restricted subsidiaries directly held by the borrower and each of the guarantors (limited to 65% of the capital stock of any foreign subsidiaries), (ii) substantially all plant, material owned real property located in the U.S. and equipment of the borrower and the guarantors and (iii) all other personal property of the borrower and the guarantors, and (b) a second priority security interest (subject to permitted liens and other customary exceptions) in accounts receivable of the borrowers and the guarantors arising from the sale of goods and services, inventory, excluding certain collateral and subject to certain limitations. Loans under the Term Loan Facility bear interest at a rate equal to, at the Borrower’s option, LIBOR, subject to a 1.00% LIBOR Floor plus an applicable margin of 3.00% or the base rate option (the highest of the Federal Funds rate plus 0.50%, prime rate, or one-month Eurodollar rate plus 1.00%), plus an applicable margin of 2.00%. The Term Loan Facility matures on April 4, 2021. On April 4, 2014, the aggregate principal amount of $750,000 was fully drawn to extinguish the Senior Notes and the Senior PIK Toggle Notes and to pay related fees and expenses. Debt issuance costs of approximately $7,900 were incurred on this transaction, along with the original issue discount of $3,750. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility. As of December 31, 2015, the principal amount of $738,750 was outstanding. As of December 31, 2015, the Company had $2,813 of unamortized original issue discount. Senior ABL Facility On April 4, 2014, CS Intermediate Holdco 1 LLC (“Parent”), CSA U.S. (the “U.S. Borrower”), Cooper-Standard Automotive Canada Limited (the “Canadian Borrower”), Cooper-Standard Automotive International Holdings BV (the “European Borrower” and, together with the U.S. Borrower and Canadian Borrower, the “Borrowers”), and certain subsidiaries of the U.S. Borrower entered into the Second Amended and Restated Loan Agreement (the “Senior ABL Facility”), which amended and restated the then existing senior secured asset based revolving agreement dated May 27, 2010, in order to permit the Term Loan Facility and other related transactions. The Senior ABL Facility provided for an aggregate revolving loan availability of up to $150,000, subject to borrowing base availability, including a $60,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The Senior ABL Facility also provided for an uncommitted $105,000 incremental loan facility, for a potential total Senior ABL Facility of $255,000 (if requested by the Borrowers and the lenders agree to fund such increase). On June 11, 2014, the same parties entered into Amendment No. 1 to the Senior ABL Facility, which increased the aggregate revolving loan availability to $180,000, subject to borrowing base availability, principally by expanding a tooling receivable category of eligible borrowing base availability for the U.S. borrower and Canadian borrower. The Senior ABL Facility, as amended, also now provides for an uncommitted $75,000 incremental loan facility, for a potential total Senior ABL Facility of $255,000 (if requested by the Company and one or more new or existing 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. As of December 31, 2015, there were no borrowings under the Senior ABL Facility. As of December 31, 2015, subject to borrowing base availability, the Company had $180,000 in availability less outstanding letters of credit of $42,593. Any borrowings under the Senior ABL Facility will mature, and the commitments of the lenders under the Senior ABL Facility will terminate, on March 1, 2018. Proceeds of the Senior ABL Facility may be used to issue commercial and standby letters of credit, to finance ongoing working capital needs and for general corporate purposes. Loan (and letter of credit) availability under the Senior 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) 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; 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 Senior ABL Facility is apportioned to the Borrowers as follows: $150,000 to the U.S. Borrower which includes a $60,000 sublimit to the European Borrower and $30,000 to the Canadian Borrower. Obligations under the Senior ABL Facility and cash management arrangements and hedging arrangements, in each case with the lenders and their affiliates (collectively “Additional ABL Secured Obligations”) entered into by the U.S. Borrower are guaranteed on a senior secured basis by the Company and all of our U.S. subsidiaries. Obligations of the Canadian Borrower under the Senior ABL Facility and Additional ABL Secured Obligations of the Canadian Borrower and its Canadian subsidiaries are guaranteed on a senior secured basis by the Parent, its U.S. subsidiaries and the Canadian Borrower and Canadian subsidiaries. Obligations of the European Borrower under the Senior ABL Facility are guaranteed on a senior secured basis by the Parent and all of its U.S. subsidiaries. The obligations under the Senior ABL Facility are secured by amongst other items (a) a first priority security interest in accounts receivable of the U.S. borrower and the U.S. guarantors arising from the sale of goods and services, and inventory, excluding certain property and subject to certain limitations (with obligations of the Canadian borrower secured also by comparable assets of the Canadian borrower and Canadian guarantors) and (b) a second priority security interest (subject to permitted liens and other customary exceptions) on (i) all the capital stock in restricted subsidiaries directly held by the U.S. borrower and each of the U.S. guarantors, (ii) substantially all material owned real property located in the U.S. and equipment of the U.S. borrower and the U.S. guarantors and (iii) all other material personal property of the U.S. borrower and the U.S. guarantors. Borrowings under the Senior ABL Facility bear interest at a rate equal to, at the Borrowers’ option:
The applicable margin may vary between 1.50% and 2.00% with respect to the LIBOR or BA-based borrowings and between 0.50% and 1.00% with respect to base rate, Canadian prime rate and Canadian base rate borrowings. The applicable margin is subject, in each case, to quarterly pricing adjustments based on usage over the immediately preceding quarter. In addition to paying interest on outstanding principal under the Senior ABL Facility, the Borrowers are required to pay a fee in respect of committed but unutilized commitments. The Borrowers are also required to pay a fee on outstanding letters of credit under the Senior ABL Facility, together with customary issuance and other letter of credit fees. The Senior ABL Facility also requires the payment of customary agency and administrative fees. 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 outstanding borrowings). Prepayment of the Notes In 2014, the Company and Cooper-Standard Automotive Inc. commenced cash tender offers for any and all of the previously outstanding 8 ½% Senior Notes due 2018 (“Senior Notes”) and 7 3/8% Senior PIK Toggle Notes due 2018 (“Senior PIK Toggle Notes”). Approximately 49% of the Senior Notes and 99% of the Senior PIK Toggle Notes were tendered and purchased on April 4, 2014, and the funds to redeem the remainder were deposited with the Trustee. The remaining redemptions were completed on April 21, 2014 for the Senior Notes and May 5, 2014 for the Senior PIK Toggle Notes. As a result of the purchases and redemptions, the Company recognized a loss on extinguishment of $30,488, which was primarily due to call and make-whole premiums and the write off of approximately $4,500 in original issue discount and debt issuance costs. The Company used borrowings under the Term Loan Facility, together with cash on hand, to finance the repurchase and redemption of the Senior Notes and the Senior PIK Toggle Notes. Debt Covenants The Senior ABL Facility includes affirmative and negative covenants that impose substantial restrictions on the Company’s financial and business operations, including their ability to incur and secure debt, make investments, sell assets, pay dividends or make acquisitions. The Senior 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 Senior ABL Facility is less than specified levels or an event of default has occurred. The Senior ABL Facility also contains various events of default that are customary for comparable facilities. The Company was in compliance with all covenants of the Senior ABL Facility and Term Loan Facility as of December 31, 2015. Other Other borrowings at December 31, 2015 and 2014 reflect borrowings under capital leases, local bank lines and accounts receivable factoring sold with recourse classified in debt payable within one year on the consolidated balance sheet. Interest paid was $39,192, $56,488 and $52,925 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Pensions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions | Pensions 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. 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 based on its profitability, in substantially all plans. The Company also sponsors a retirement plan that includes Company non-elective contributions. Non-elective and matching contributions under these plans totaled $16,296, $14,489 and $13,609 for the years ended December 31, 2015, 2014 and 2013, respectively. The following tables disclose information related to the Company’s defined benefit pension plans:
In September 2014, the Company announced a one-time voluntary program allowing eligible deferred vested U.S. pension participants the ability to elect to receive the value of their pension benefit, either as a lump sum payment or a monthly annuity payment. Such election settled the Company's obligation to the electing participants. The voluntary program resulted in lump sum payments of $16,287. In addition, lump sum payments made outside of this program to certain vested U.S. participants totaled $2,813. The total of $19,100 lump sum payments were paid from plan assets. As a result of these lump sum payments, the Company recorded settlement losses of $3,637 in 2014, reflecting the accelerated recognition of unamortized losses in the plans proportionate to the obligation that was settled.
Included in accumulated other comprehensive loss at December 31, 2015 are amounts that have not yet been recognized in net periodic benefit cost, including unrecognized prior service costs of $1,703 ($1,696 net of tax) and unrecognized actuarial losses of $114,951 ($99,713 net of tax). The amounts included in accumulated other comprehensive loss and expected to be recognized in net periodic benefit cost during the fiscal year ended December 31, 2016 are $238 and $3,631, respectively. The accumulated benefit obligation for all domestic and international defined benefit pension plans was $306,760 and $170,430 at December 31, 2015 and $322,330 and $200,289 at December 31, 2014, respectively. As of December 31, 2015, the fair value of plan assets for two of the Company’s defined benefit plans exceeded the projected benefit obligation of $31,226 by $8,034. As of December 31, 2014, the fair value of plan assets for two of the Company’s defined benefit plans exceeded the projected benefit obligation of $37,224 by $7,217. The following table provides the components of net periodic benefit (income) cost for the plans:
Plan Assumptions Weighted average assumptions used to determine benefit obligations at December 31, 2015 and 2014:
The following table provides weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2015, 2014 and 2013:
To develop the expected return on assets assumption, the Company considered the historical returns and the future expectations for 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 weighted average asset allocations for the Company’s pension plans at December 31, 2015 and 2014 by asset category are approximately as follows:
(1) Invested primarily in equity, fixed income and cash instruments. Equity security investments are structured to achieve an equal balance between growth and value stocks. The Company determines the annual rate of return on pension assets by first analyzing the composition of its asset portfolio. Historical rates of return are applied to the portfolio. This computed rate of return is reviewed by the Company’s investment advisors and actuaries. Industry comparables and other outside guidance are also considered in the annual selection of the expected rates of return on pension assets. 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 following table sets forth the fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 20. “Fair Value Measurements and Financial Instruments”) as of December 31, 2015 and December 31, 2014:
The following is a reconciliation for which Level 3 inputs were used in determining fair value:
Expected Future Benefit Payments The Company estimates its benefit payments for its domestic and foreign pension plans during the next ten years to be as follows:
Contributions The Company estimates it will make funding cash contributions of approximately $6,200 to its non-U.S. pension plans in 2016. The Company expects to make no contributions to its U.S. pension plans in 2016. |
Postretirement Benefits Other Than Pensions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions The 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. The following table discloses information related to the Company’s postretirement benefit plans:
Included in accumulated other comprehensive loss at December 31, 2015 are amounts that have not yet been recognized in net periodic benefit cost, including unrecognized prior service credits of $2,438 ($2,133 net of tax) and unrecognized actuarial gains of $14,326 ($15,179 net of tax). The amount included in accumulated other comprehensive loss and expected to be recognized in net periodic benefit cost during the fiscal year ended December 31, 2016 is ($2,086). The following table provides the components of net periodic benefit costs for the plans:
Plan Assumptions The following table provides weighted average assumptions used to determine benefit obligations at December 31, 2015 and 2014:
The following table provides weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2015, 2014 and 2013:
At December 31, 2015, the weighted average assumed annual rate of increase in the cost of health care benefits (health care cost trend rate) for 2016 was 5.96% for the U.S. and 6.00% for Non-U.S., both declining over time to 5.00% in 2018. A one-percentage point change in the assumed health care cost trend rate would have had the following effects:
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:
Other Other postretirement benefits recorded in the Company’s consolidated balance sheets include $5,102 and $5,836 as of December 31, 2015 and 2014, respectively, for termination indemnity plans for two of the Company’s European locations. |
Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Components of the Company’s income before income taxes and adjustment for noncontrolling interests are as follows:
The Company’s income tax expense consists of the following:
The following schedule reconciles the U.S. statutory federal rate to the income tax provision:
Nonrecurring permanent items relate to the impact of the gain on the Shenya acquisition and realized exchange losses. Payments, net of refunds, for income taxes for the years ended December 31, 2015, 2014 and 2013 were $55,547, $19,152 and $7,110, respectively. 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 at December 31, 2015 and 2014 were as follows:
At December 31, 2015, the Company’s foreign subsidiaries, primarily in France, Brazil, Italy and Germany, have operating loss carryforwards aggregating $254,000, with indefinite expiration periods. Other foreign subsidiaries in China, Mexico, Netherlands, Poland, Spain, India and Korea have operating losses aggregating $93,000, with expiration dates beginning in 2016. The Company has tax credit carryforwards totaling $15,700 in Poland with expiration dates beginning in 2017. The Company and its domestic subsidiaries have anticipated tax benefits of state net operating losses and credit carryforwards of $13,700 with expiration dates beginning in 2016. The Company continues to maintain a valuation allowance related to our net deferred tax assets in several foreign jurisdictions. As of December 31, 2015, the Company had valuation allowances of $137,011 related to tax loss and credit carryforwards and other deferred tax assets in several foreign jurisdictions. The Company's valuation allowance decreased in 2015 primarily as a result of foreign currency, as well as the release of valuation allowances against the net deferred tax asset in certain foreign jurisdictions, partially offset by current year losses with no benefit in certain foreign jurisdictions. The effective tax rate in the year ended December 31, 2015 was impacted by a tax benefit of $14,886 resulting from changes in judgment related to deferred tax asset valuation allowances. The Company's 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. The Company's 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. Deferred income taxes have not been provided on approximately $337,000 of undistributed earnings of foreign subsidiaries as such amounts are considered indefinitely reinvested. It is not practical to estimate any additional income taxes and applicable withholding taxes that would be payable on remittance of such undistributed earnings. At December 31, 2015, the Company had $7,753 ($8,580 including interest and penalties) of total unrecognized tax benefits. Of this total, $6,838 represented the amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
The Company, or one of its subsidiaries, files income tax returns in the United States and other foreign jurisdictions. The Internal Revenue Service completed an examination of the Company’s U.S. income tax returns through 2011. The statute of limitations for U.S. state and local jurisdictions is closed for taxable years ending prior to 2010. 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 2010. During the next twelve months, it is reasonably possible that, as a result of audit settlements and the conclusion of current examinations, the Company may decrease the amount of its gross unrecognized tax benefits by approximately $915, of which an immaterial amount, if recognized, could impact the effective tax rate. The Company classifies all tax related interest and penalties as income tax expense. The Company has recorded in liabilities $827 and $1,138 as of December 31, 2015 and 2014, respectively, for tax related interest and penalties on its consolidated balance sheet. |
Lease Commitments |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Lease Commitments | Lease Commitments The Company leases certain manufacturing facilities and equipment under long-term leases expiring at various dates. Rental expense for operating leases was $33,564, $31,693 and $26,853 for the years ended December 31, 2015, 2014 and 2013, respectively. Future minimum payments for all non-cancelable operating leases are as follows:
|
Accumulated Other Comprehensive Income (Loss) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component, net of related tax, are as follows:
|
Contingent Liabilities |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities Legal and Other Claims The Company is periodically involved in claims, litigation, and various legal matters that arise in the ordinary course of business. Each of these matters is subject to various uncertainties, and some of these matters may be resolved unfavorably with respect to the Company. If appropriate, the Company establishes a reserve estimate for each matter and updates such estimate as additional information becomes available. Based on the information currently known to the Company, management does not believe that the ultimate resolution of any of these matters will have a material adverse effect on the Company's financial condition, results of operations, or cash flows. 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, 2015, the Company has $6,384 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 be material, such costs may be material in the future. Employment Contracts The Company has employment arrangements with certain key executives that provide for continuity of management. These arrangements include payments of multiples of annual salary, certain incentives, and continuation of benefits upon the occurrence of specified events in a manner that is believed to be consistent with comparable companies. |
Other Income (Expense), net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense), net | Other Income (Expense), net The components of other income (expense), net consist of:
|
Related Party Transactions |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Sales to NISCO, a 40%-owned joint venture accounted for as an investment under the equity method, totaled $35,843, $33,195 and $47,175 for the years ended December 31, 2015, 2014 and 2013, respectively. In March 2015, the Company received from NISCO a dividend of $680, all of which was related to earnings. In March 2014, the Company received from NISCO a dividend of $1,760, consisting of $809 related to earnings and a $951 return of capital. In March 2013, the Company received from NISCO a dividend of $4,000, consisting of $1,880 relating to earnings and a $2,120 return of capital. Sales to Shenya Sealing (Guangzhou) Company Limited (“Guangzhou”), a 51%-owned joint venture accounted for as an investment under the equity method, totaled $4,261 for the year ended December 31, 2015. There were no sales to Guangzhou for the year ended December 31, 2014. |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | Net Income Per Share Attributable to Cooper-Standard Holdings Inc. For the years ended December 31, 2015 and 2014, basic net income per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net income attributable to Cooper-Standard Holdings Inc. by the weighted average number of ordinary shares outstanding during the period. Diluted net income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net 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. For the year ended December 31, 2013, basic net income per share attributable to Cooper-Standard Holdings Inc. was computed using the two-class method by dividing net income attributable to Cooper-Standard Holdings Inc., after deducting dividends on the Company’s 7% cumulative participating convertible preferred stock (“7% preferred stock”), premium paid for redemption of 7% preferred stock and undistributed earnings allocated to participating securities, by the weighted average number of shares of common stock outstanding during the period excluding unvested restricted shares. The Company’s shares of 7% preferred stock outstanding were considered participating securities. Diluted net income per share attributable to Cooper-Standard Holdings Inc. computed using the two-class method was antidilutive. A summary of information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. is shown below:
The effect of certain common stock equivalents, including the 7% preferred stock and options, were excluded from the computation of weighted average diluted shares outstanding for years ended December 31, 2015, 2014 and 2013, as inclusion would have resulted in antidilution. A summary of these 7% preferred shares (as if converted) and options are shown below:
|
Equity and 7% Preferred Stock |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and 7% Preferred Stock | Equity and 7% Preferred Stock 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, 2015, an aggregate of 19,105,251 shares of its common stock were issued, and 17,458,945 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 Company’s board of directors out of assets or funds legally available therefore. The Term Loan Facility and the Senior ABL Facility 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. Warrants As of December 31, 2015, there were 1,137,780 warrants outstanding, exercisable into 1,141,193 shares of common stock. The warrants are exercisable into shares of common stock at an exercise price of $27.25 per share or on a cashless (net share settlement) basis and are subject to certain customary anti-dilution protections. The warrants may be exercised at any time prior to the close of business on November 27, 2017. The warrants are not redeemable. Warrant holders do not have any rights or privileges of holders of common stock until they exercise their warrants and receive shares of common stock. 7% Preferred Stock On October 18, 2013, the Company gave notice to the holders of its 7% preferred stock that the Company had elected to cause the mandatory conversion of all 810,382 shares of issued and outstanding shares of 7% preferred stock on November 15, 2013. The 7% preferred stock was converted at the rate of 4.34164 shares of the Company’s common stock for each share of 7% preferred stock or into an aggregate of 3,518,366 shares of common stock. On the conversion date, the shares of common stock were issued, the shares of 7% preferred stock were canceled, and all rights of holders of 7% preferred stock were terminated. Shares of 7% preferred stock that were converted and canceled were restored to the status of authorized but unissued preferred stock of the Company. The following table summarizes the Company’s 7% preferred stock activity for the year ended December 31, 2013:
There was no activity in the Company's 7% preferred stock during 2014 or 2015. |
Stock-Based Compensation |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company measures stock-based compensation expense at fair value and recognizes such expense on a straight-line basis over the vesting period of the stock-based employee awards. In 2010, the Company adopted the 2010 Cooper-Standard Holdings Inc. Management Incentive Plan (the “Management Incentive Plan”). In 2011, the Company’s Board of Directors approved adoption of the 2011 Cooper-Standard Holdings Inc. Omnibus Incentive Plan (the “Omnibus Plan”). Under the Omnibus Plan, 3,450,000 shares of common stock are authorized for awards granted under the plan. The Omnibus Plan replaced the Management Incentive Plan and provides for the grant of stock options, stock appreciation rights, shares of common stock, restricted stock, restricted stock units, restricted preferred stock, incentive awards and certain other types of awards to key employees and directors of the Company and its affiliates. In accordance with the Management Incentive Plan and the Omnibus Plan, stock 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. 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. 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 7 or 10 year term. The stock option grants vest over three, four or five years from the date of grant. A summary of stock option transactions and related information for the year ended December 31, 2015 is presented below:
The weighted-average grant date fair value of stock options granted during the years ended December 31, 2015, 2014 and 2013 was $17.28, $20.91 and $13.95, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2015, 2014 and 2013 was $2,307, $3,448 and $2,588, respectively. The aggregate intrinsic value in the table above represents the total excess of the $77.59 closing price of Cooper-Standard Holdings Inc. common stock on the last trading day of 2015 over the exercise price of the stock option, multiplied by the related number of options exercised, outstanding and exercisable. The aggregate intrinsic value is not recognized for financial accounting purposes and the value changes based on the daily changes in fair market value of the Company’s common stock. Total compensation expense recognized for stock options amounted to $3,024, $4,354 and $3,815 for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, unrecognized compensation expense for stock options amounted to $4,765. Such cost is expected to be recognized over a weighted average period of approximately 1.5 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:
Restricted Common Stock and Restricted Common Units. The fair value of the restricted common stock and restricted common units is determined based on the closing price of the common stock on the date of grant. The restricted common stock and restricted common units vest over three or four years. A summary of restricted common stock and restricted common units transactions and related information for the year ended December 31, 2015 is presented below:
The weighted-average grant date fair value of restricted common stock and restricted common units granted during the years ended December 31, 2015, 2014 and 2013 was $56.85, $66.34 and $43.46, respectively. The total fair value of restricted common stock and restricted common units vested during the years ended December 31, 2015, 2014 and 2013 was $4,146, $4,740 and $7,343, respectively. Total compensation expense recognized for restricted common stock and restricted common units amounted to $6,032, $7,311 and $6,967 for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, unrecognized compensation expense for restricted common stock and restricted common units amounted to $9,320. Such cost is expected to be recognized over a weighted-average period of approximately 1.9 years. Performance Units. The fair value of the performance units is determined based on the closing price of the common stock on the date of grant. The actual number of performance units that will vest depends on the Company's achievement of target performance goals related to the Company's return on invested capital (“ROIC”) over a three-year period, which may range from 0% to 200% of the target award amount. A summary of performance units transactions and related information for the year ended December 31, 2015 is presented below:
The weighted-average grant date fair value of performance units granted during the years ended December 31, 2015 and 2014 was $56.74 and $66.33, respectively. There were no performance units granted during the year ended December 31, 2013. No performance units vested during the years ended December 31, 2015, 2014 and 2013. Total compensation expense recognized for performance units was $4,899 and $922 for the years ended December 31, 2015 and 2014, respectively. There was no compensation expense recognized for performance units for the year ended December 31, 2013. As of December 31, 2015, unrecognized compensation expense for the performance units was $10,499. Such cost is expected to be recognized over a weighted-average period of approximately 1.9 years. Restricted Preferred Stock. Restricted preferred stock vest over three or four years from the date of grant. The fair value of the restricted preferred stock is determined based on the fair market value of the 7% preferred stock on the date of grant. In the fourth quarter of 2013, all non-vested restricted shares of preferred stock were converted to non-vested restricted shares of common stock. There were no restricted shares of preferred stock granted during the years ended December 31, 2015, 2014 and 2013. No shares of restricted preferred stock vested during 2015 or 2014. The total fair value of restricted preferred stock vested during the year ended December 31, 2013 was $1,462. There was no recognized compensation expense for restricted preferred stock for the years ended December 31, 2015 and 2014. Total compensation expense recognized for restricted preferred stock was $794 for the year ended December 31, 2013. As of December 31, 2015, there was no unrecognized compensation expense for restricted preferred stock. |
Business Segments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company has determined that it operates in four reportable segments: North America, Europe, Asia Pacific and South America. The Company’s principal products within each of these segments are sealing, fuel and brake delivery, fluid transfer, and anti-vibration systems. The Company evaluates segment performance based on segment profit before tax. The results of each segment include certain allocations for general, administrative, interest, and other shared costs. The accounting policies of the Company’s segments are consistent with those described in Note 2. “Significant Accounting Policies.” The following table details information on the Company’s segments:
Product Line Information Product line information for revenues is as follows:
Geographic Information Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows:
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 2015, 2014 and 2013 are as follows:
|
Fair Value of Financial Instruments |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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, 2015 and 2014, are shown below:
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. “Significant Accounting Policies,” Note 3. “Acquisitions and Divestitures,” Note 4. “Restructuring,” Note 5. “Property, Plant and Equipment,” and Note 6. “Goodwill and Intangibles.” Items Not Carried At Fair Value Fair values of the Term Loan Facility approximated $714,332 and $716,451 at December 31, 2015 and 2014, respectively, based on quoted market prices, compared to the recorded value of $729,841 and $735,765. This fair value measurement was classified within Level 1 of the fair value hierarchy. Derivative Instruments and Hedging Activities The Company uses derivative financial instruments, including forwards and swap contracts, to manage its exposures to fluctuations in foreign exchange and interest rates. For a fair value hedge, both the effective and ineffective, if significant, portions are recorded in earnings and reflected in the consolidated statements of net income. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in accumulated other comprehensive loss in the consolidated balance sheet. The ineffective portion, if significant, is recorded in other income or expense. When the underlying hedged transaction is realized or the hedged transaction is no longer probable, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in the consolidated statements of net income on the same line as the gain or loss on the hedged item attributable to the hedged risk. 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, accrued liabilities and other long-term liabilities. 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 enters into forward contracts to hedge currency risk of the U.S. Dollar against the Canadian Dollar and Brazilian Real and the Euro against the Czech Koruna, the Polish Zloty, the Romanian Leu, and the U.S. Dollar. The forward contracts are used 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. As of December 31, 2015, the notional amount of these contracts was $29,337. The amount reclassified from accumulated other comprehensive loss into cost of products sold was $1,383 for the year ended December 31, 2015. These foreign currency derivative contracts consist of hedges of transactions up to September 2016. Interest rate swaps – In August 2014, the Company entered into interest rate swap transactions to manage cash flow variability associated with its variable rate Term Loan Facility. The interest rate swap contracts, which fix the interest payments of variable rate debt instruments, are used to manage exposure to fluctuations in interest rates. As of December 31, 2015, the notional amount of these contracts was $300,000 with maturities through September 2018. The fair market value of all outstanding interest rate swap and other derivative contracts is subject to changes in value due to changes in interest rates. The amount reclassified from accumulated other comprehensive loss into interest expense, net of interest income was $803 for the year ended December 31, 2015. The amount to be reclassified in the next twelve months is expected to be approximately $2,959. The location and fair value of the Company's derivative instruments qualifying as cash flow hedges as of December 31, 2015 and 2014 are as follows:
|
Accounts Receivable Factoring |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | Accounts Receivable Factoring As a part of its working capital management, the Company sells certain receivables through third party financial institutions with and without recourse. The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. The Company continues to service the receivables. These are permitted transactions under the Company’s credit agreement governing the Senior ABL Facility and the Term Loan Facility. At December 31, 2015 and 2014, the Company had $63,473 and $95,951, respectively, outstanding under receivable transfer agreements without recourse entered into by various locations. The total amount of accounts receivable factored were $264,764 and $509,308 for the years ended December 31, 2015 and 2014. Costs incurred on the sale of receivables were $2,144, $3,322 and $2,876 for the years ended December 31, 2015, 2014 and 2013, respectively. These amounts are recorded in other income (expense), net and interest expense, net of interest income in the consolidated statements of net income. At December 31, 2015 and 2014, the Company had $3,433 and $8,292, respectively, outstanding under receivable transfer agreements with recourse. The secured borrowings are recorded in debt payable within one year, and receivables are pledged equal to the balance of the borrowings. The total amount of accounts receivable factored was $42,126 and $58,837 for the years ended December 31, 2015 and 2014, respectively. Costs incurred on the sale of receivables were $179, $417 and $432 for the years ended December 31, 2015, 2014 and 2013, respectively. These amounts are recorded in other income (expense), net and interest expense, net of interest income in the consolidated statements of net income. |
Investments in Affiliates (Notes) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Investments in Affiliates The Company's beneficial ownership in affiliates accounted for under the equity method is as follows:
The Company's aggregate investment in unconsolidated affiliates was $52,201 and $66,843 as of December 31, 2015 and 2014, respectively. The Company received dividends from unconsolidated affiliates of $1,917, $2,996 and $7,468 for the years ended December 31, 2015, 2014 and 2013, respectively. In the second quarter of 2014, the Company sold the remaining 17% of the common stock in Guyoung Technology Co. Ltd. for $3,216 and recorded a gain on investment of $1,882. The gain is recorded in other income (expense), net on the Company's consolidated statements of net income. |
Selected Quarterly Information (Unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Information (Unaudited) | Selected Quarterly Information (Unaudited)
|
Schedule II - Valuation and Qualifying Accounts |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Valuation and Qualifying Accounts (dollars in millions)
(1) Primarily foreign currency translation.
(2) Includes foreign currency translation. |
Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of presentation | The consolidated financial statement are prepared in accordance with United States generally accepted accounting principles (“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 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. 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%. The cost method is followed in those situations where the Company does not have the ability to exercise significant influence over operating and financial policies, generally when ownership is less than 20%. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency | Foreign currency – The financial statements of foreign subsidiaries are translated to 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. 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. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 doubtful accounts – An allowance for doubtful accounts is established through charges to the provision for bad debts when it is probable that the outstanding receivable will not be collected. The Company evaluates the adequacy of the allowance for doubtful accounts 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 doubtful accounts was $4,087 and $4,331 at December 31, 2015 and 2014, respectively. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising expense | Advertising expense – Expenses incurred for advertising are generally expensed when incurred. Advertising expense was $3,418, $3,846 and $3,059 for the years ended December 31, 2015, 2014 and 2013, respectively. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories – Inventories are valued at lower of cost or market. 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange and interest rate risks. 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 their 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 their 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 a discounted cash flow analysis or estimated salvage value. Discounted cash flows are estimated using internal budgets and assumptions regarding discount rates and other factors. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 years or the term of the related supply agreement. The amounts capitalized were $5,104 and $2,955 as of December 31, 2015 and 2014, respectively. The Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer. Reimbursable tooling costs are recorded in tooling receivable in the accompanying consolidated balance sheets if considered a receivable in the next twelve months. Tooling receivable for customer-owned tooling as of December 31, 2015 and 2014 was $102,877 and $124,015, respectively, of which $71,943 and $92,787, respectively, was not yet invoiced to the customer. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill – Goodwill is tested for impairment by reporting unit, either annually or when events or circumstances indicate that impairment may exist. The Company utilizes an income approach to estimate the fair value of each of its reporting units. The income approach is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of cash flows. The Company believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Fair value is estimated using recent automotive industry and specific platform production volume projections, which are based on both third-party and internally-developed forecasts, as well as commercial, wage and benefit, inflation and discount rate assumptions. Other significant assumptions include the weighted average cost of capital, terminal value growth rate, terminal value margin rates, future capital expenditures and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions to this analysis, the Company believes that the income approach provides a reasonable estimate of the fair value of its reporting units. The guideline public company method, a form of the market approach, was used to corroborate the results of the Company’s income approach conclusions. The Company conducts its annual goodwill impairment analysis as of October 1st of each year. The Company may first assess qualitative factors to determine if it is necessary to perform the two-step goodwill impairment test. The Company also has the option to bypass the qualitative assessment and proceed directly to the first step of the goodwill test. For 2015, the Company decided to bypass the qualitative assessment and proceed directly to the first step of the goodwill impairment test. The first step of the goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value exceeds the carrying value, then the Company concludes that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, the Company would recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. The 2015, 2014 and 2013 annual goodwill impairment analyses resulted in no impairment. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 – Revenue is recognized when there is persuasive evidence of a sales agreement, the delivery of the goods has occurred, the sales price is fixed and determinable and collectability is reasonably assured. The Company generally enters into agreements with its customers to produce products at the beginning of a vehicle’s life. Although such agreements do not generally provide for minimum quantities, once the Company enters into such agreements, fulfillment of its customers’ purchasing requirements can be the Company's obligation for an extended period or the entire production life of the vehicle. These agreements generally may be terminated by the customer at any time. Historically, terminations of these agreements have been minimal. In certain limited instances, the Company may be committed under existing agreements to supply products to its customers at selling prices which are not sufficient to cover the direct cost to produce such products. In such situations, the Company recognize losses as they are incurred. The Company receives blanket purchase orders from many of its customers on an annual basis. Generally, such purchase orders and related documents set forth the annual terms, including pricing, related to a particular vehicle model. Such purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in the annual purchase orders as products are shipped to the customers. As part of certain agreements, the Company is asked to provide its customers with annual cost reductions. The Company accrues for such amounts as a reduction of revenue as products are shipped to the customers. In addition, the Company generally has ongoing adjustments to pricing arrangements with its customers based on the related content and cost of the products. Such pricing adjustments are recorded when probable and estimable. Shipping and handling – Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of net income. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of net income. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | Research and development – Costs are charged to selling, administration and engineering expenses as incurred and totaled $108,764, $101,982 and $103,475 for the years ended December 31, 2015, 2014 and 2013, respectively. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation – The Company measures stock-based compensation expense at fair value and recognizes such expenses on a straight-line basis over the vesting period of the stock-based employee awards. See Note 18. “Stock-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 assumptions that affect reported amounts of revenues and expenses during the reporting period and assets and liabilities, as well as disclosure of contingent assets and liabilities, at the date of the financial statements. 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. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent accounting pronouncements | Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. The guidance revises existing U.S. GAAP by requiring equity investments (excluding those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requiring entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset and requiring separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption of certain provisions is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU requires companies to present deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This guidance is effective for annual and interim reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company adopted this guidance prospectively as of December 31, 2015, the impact of which is reflected in the consolidated balance sheet as of that date. As of December 31, 2014, the Company had $15,176 of deferred tax assets and $3,064 of deferred tax liabilities which remain classified as current in the consolidated balance sheet. In July 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires an acquirer to recognize adjustments to estimated amounts identified during the measurement period in the reporting period in which the adjustment is determined and not restate prior amounts disclosed. This guidance is effective for annual and interim reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU requires entities to measure most inventory at the lower of cost and net realizable value. This guidance is effective for annual and interim reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest: Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires the presentation of debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as a deferred charge. In August 2015, the FASB issued ASU 2015-15, Interest: Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which allows the presentation of debt issuance costs related to a line-of-credit arrangement as an asset, regardless of whether there are outstanding borrowings under the line-of-credit arrangement. This guidance is effective for annual and interim reporting periods beginning after December 15, 2015. Retrospective adoption is required. As permitted, the Company elected to early adopt this guidance as of December 31, 2015 and has reclassified debt issuance costs of $6,096 and $7,137 from other long-term assets to debt as of December 31, 2015 and 2014, respectively. Debt issuance costs related to the Company’s revolving credit facility of $1,634 and $2,321 as of December 31, 2015 and 2014, respectively, remain classified within other long-term assets. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. This ASU amends the consolidation guidance under U.S. GAAP. This guidance is effective for annual and interim reporting periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements: Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This ASU requires management to perform interim and annual assessments of an entity's ability to continue as a going concern. This guidance is effective for annual and interim reporting periods ending after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of this guidance is that a company should recognize revenue to depict the transfer of promised goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In July 2015, the FASB issued ASU 2015-14, which delays the effective date of this guidance to annual and interim reporting periods beginning after December 15, 2017. Early adoption will be permitted as of the original effective date of annual and interim reporting periods beginning after December 15, 2016. The guidance allows for companies to use either a full retrospective or a modified retrospective approach when adopting. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. |
Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories |
|
Acquisitions and Divestitures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition | The following table summarizes the estimated fair value of Shenya assets acquired and liabilities assumed at the date of acquisition, updated as of December 31, 2015:
|
Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Expense | The following table summarizes the restructuring expense by segment for the years ended December 31, 2015, 2014 and 2013:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity of Restructuring | The following table summarizes the activity for all restructuring initiatives for the years ended December 31, 2015 and 2014:
|
Property, Plant and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property Plant and Equipment | Property, plant and equipment is comprised of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Goodwill and Intangibles (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount of Goodwill by Reportable Operating Segment | The changes in the carrying amount of goodwill by reportable operating segment for the years ended December 31, 2015 and 2014 are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Accumulated Amortization Balances | The following table presents intangible assets and accumulated amortization balances of the Company as of December 31, 2015 and 2014, respectively:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Amortization Expense | Estimated amortization expense for the next five years is shown in the table below:
|
Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Debt | Outstanding debt consisted of the following at December 31, 2015 and 2014:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of Debt | The principal maturities of debt, at nominal value, at December 31, 2015 are as follows:
|
Pensions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Pension Plans | The following tables disclose information related to the Company’s defined benefit pension plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Recognized in Balance Sheet |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations at December 31, 2015 and 2014:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | The following table provides weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2015, 2014 and 2013:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Asset Allocations for Pension Plans | The weighted average asset allocations for the Company’s pension plans at December 31, 2015 and 2014 by asset category are approximately as follows:
(1) Invested primarily in equity, fixed income and cash instruments. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan Assets at Fair Value | The following table sets forth the fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 20. “Fair Value Measurements and Financial Instruments”) as of December 31, 2015 and December 31, 2014:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation for Level 3 Inputs Used in Determining Fair Value | The following is a reconciliation for which Level 3 inputs were used in determining fair value:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Benefit Payments for Domestic and Foreign Pension Plans | The Company estimates its benefit payments for its domestic and foreign pension plans during the next ten years to be as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit (income) cost for the plans:
|
Postretirement Benefits Other Than Pensions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Postretirement Benefit Plans | The following table discloses information related to the Company’s postretirement benefit plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations | The following table provides weighted average assumptions used to determine benefit obligations at December 31, 2015 and 2014:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | The following table provides weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2015, 2014 and 2013:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Assumed Annual Rate of Increase in Cost of Health Care Benefits | A one-percentage point change in the assumed health care cost trend rate would have had the following effects:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Benefit Payments for Domestic and Foreign Pension Plans | The Company estimates its benefit payments for its domestic and foreign pension plans during the next ten years to be as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefit Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit costs for the plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests | Components of the Company’s income before income taxes and adjustment for noncontrolling interests are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Expense (Benefit) | The Company’s income tax expense consists of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Reconciles United States Statutory Federal Rate to Income Tax Provision | The following schedule reconciles the U.S. statutory federal rate to the income tax provision:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|
Lease Commitments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Payments for All Non-Cancelable Operating Leases | Future minimum payments for all non-cancelable operating leases are as follows:
|
Accumulated Other Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component, net of related tax, are as follows:
|
Other Income (Expense), net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Components of Other Income (Expense), Net | The components of other income (expense), net consist of:
|
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Net Income Per Share Attributable | A summary of information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. is shown below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares (as if Converted) and Options | A summary of these 7% preferred shares (as if converted) and options are shown below:
|
Equity and 7% Preferred Stock (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Company's 7% Preferred Stock Activity | The following table summarizes the Company’s 7% preferred stock activity for the year ended December 31, 2013:
|
Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Transactions and Related Information | A summary of stock option transactions and related information for the year ended December 31, 2015 is presented below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions Used Under Black-Scholes Option Pricing Model |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Common Shares | A summary of restricted common stock and restricted common units transactions and related information for the year ended December 31, 2015 is presented below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | A summary of performance units transactions and related information for the year ended December 31, 2015 is presented below:
|
Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on Company's Business Segments | The following table details information on the Company’s segments:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | Product line information for revenues is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Information for Revenues | Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 2015, 2014 and 2013 are as follows:
|
Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2015 and 2014, are shown below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Location and Fair Value of Derivative Instruments Qualifying as Cash Flow Hedges | The location and fair value of the Company's derivative instruments qualifying as cash flow hedges as of December 31, 2015 and 2014 are as follows:
|
Investments in Affiliates (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | The Company's beneficial ownership in affiliates accounted for under the equity method is as follows:
|
Selected Quarterly Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Information | Selected Quarterly Information (Unaudited)
|
Description of Business - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2015
Location
Country
| |
Collaboration Arrangement Disclosure [Abstract] | |
Number of operate company manufacturing locations | 79 |
Number of design, engineering, and administrative locations | 19 |
Number of countries | Country | 20 |
Significant Accounting Policies - Summary of Inventories (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Regulatory Assets [Abstract] | ||
Finished goods | $ 43,031 | $ 45,485 |
Work in process | 32,863 | 36,498 |
Raw materials and supplies | 73,751 | 84,548 |
Total Inventory | $ 149,645 | $ 166,531 |
Acquisitions and Divestitures -Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Feb. 27, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 149,219 | $ 135,169 | $ 139,701 | |
Huayu-Cooper Standard Sealing Systems Co., Ltd. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 7,079 | |||
Accounts receivable | 24,197 | |||
Inventories | 12,708 | |||
Prepaid expenses | 11,624 | |||
Other current assets | 23,396 | |||
Property, plant, and equipment | 70,082 | |||
Goodwill | 19,812 | |||
Intangibles | 15,340 | |||
Other assets | 14,834 | |||
Total assets acquired | 199,072 | |||
Debt payable within one year | 19,164 | |||
Accounts payable | 45,159 | |||
Other current liabilities | 15,877 | |||
Other liabilities | 9,005 | |||
Total liabilities assumed | 89,205 | |||
Noncontrolling interest | 9,386 | |||
Net assets acquired including noncontrolling interest | $ 100,481 |
- Additional Information (Detail) - Europe Facilities [Member] $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Restructuring Cost and Reserve [Line Items] | |
Estimated restructuring cost for initiative | $ 125,000 |
Restructuring and Related Cost, Cost Incurred to Date | $ 48,000 |
Property, Plant and Equipment Summary of Impairment charges (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Tangible Asset Impairment Charges | $ 13,630 | $ 24,573 |
Europe [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Tangible Asset Impairment Charges | 2,285 | 6,107 |
South America [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Tangible Asset Impairment Charges | 11,345 | 0 |
North America [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Tangible Asset Impairment Charges | $ 0 | $ 18,466 |
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Additional Information [Abstract] | |||
Depreciation | $ 100,535 | $ 96,143 | $ 95,597 |
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 140,429 | $ 149,424 |
Accumulated Amortization | (69,727) | (67,115) |
Net Carrying Amount | 70,702 | 82,309 |
Customer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 115,285 | 133,471 |
Accumulated Amortization | (61,375) | (59,773) |
Net Carrying Amount | 53,910 | 73,698 |
Developed technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,854 | 9,252 |
Accumulated Amortization | (7,673) | (6,842) |
Net Carrying Amount | 1,181 | 2,410 |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,290 | 6,701 |
Accumulated Amortization | (679) | (500) |
Net Carrying Amount | $ 15,611 | $ 6,201 |
Goodwill and Intangibles - Estimated Amortization Expense (Detail) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2016 | $ 12,789 |
2017 | 12,130 |
2018 | 11,716 |
2019 | 11,632 |
2020 | $ 5,640 |
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
Medium-term Notes | $ 729,841 | $ 735,765 |
Other borrowings | 48,071 | 42,972 |
Total debt | 777,912 | 778,737 |
Less current portion | (45,494) | (35,631) |
Total long-term debt | 732,418 | 743,106 |
Medium-term Notes [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | 6,096 | 7,137 |
Medium-term Notes [Member] | Short-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | $ 1,161 | $ 1,158 |
Debt - Maturities of Debt (Detail) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2016 | $ 47,190 |
2017 | 9,793 |
2018 | 9,633 |
2019 | 9,480 |
2020 | 9,475 |
Thereafter | 701,250 |
Total | $ 786,821 |
Pensions - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
U.S. [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | $ 926 | $ 850 | $ 1,221 |
Interest cost | 12,334 | 13,479 | 12,207 |
Expected return on plan assets | (17,685) | (19,055) | (17,368) |
Amortization of prior service cost and actuarial loss | 1,110 | 67 | 1,375 |
Settlements | 0 | 3,637 | 783 |
Other | 0 | 0 | 0 |
Net periodic benefit cost (income) | (3,315) | (1,022) | (1,782) |
Non-U.S. [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 3,489 | 3,367 | 3,544 |
Interest cost | 5,084 | 7,069 | 6,816 |
Expected return on plan assets | (3,373) | (3,828) | (3,741) |
Amortization of prior service cost and actuarial loss | 2,666 | 894 | 1,315 |
Settlements | 132 | 444 | 121 |
Other | 221 | (1) | 1,018 |
Net periodic benefit cost (income) | $ 8,219 | $ 7,945 | $ 9,073 |
Pensions - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
U.S. [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 4.24% | 3.94% |
Non-U.S. [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 2.80% | 2.66% |
Rate of compensation increase | 3.15% | 3.11% |
Pensions - Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
U.S. [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.94% | 4.68% | 3.80% |
Expected return on plan assets | 6.70% | 7.15% | 7.00% |
Non-U.S. [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 2.66% | 3.72% | 3.55% |
Expected return on plan assets | 4.80% | 5.63% | 5.73% |
Rate of compensation increase | 3.11% | 3.69% | 3.59% |
Pensions - Reconciliation for Level 3 Inputs Used in Determining Fair Value (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance of assets classified as Level 3 | $ 13,824 | $ 17,133 |
Purchases, sales and settlements, net | (5,222) | (2,987) |
Total losses | (1,999) | (136) |
Transfers into (out of) Level 3 | 5,855 | (186) |
Ending balance of assets classified as Level 3 | $ 12,458 | $ 13,824 |
Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
2016 | $ 26,278 |
2017 | 24,476 |
2018 | 26,845 |
2019 | 27,895 |
2020 | 28,562 |
2021-2025 | 147,975 |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2016 | 20,270 |
2017 | 18,232 |
2018 | 18,906 |
2019 | 18,814 |
2020 | 19,048 |
2021-2025 | 96,317 |
Non-U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2016 | 6,008 |
2017 | 6,244 |
2018 | 7,939 |
2019 | 9,081 |
2020 | 9,514 |
2021-2025 | $ 51,658 |
Postretirement Benefits Other Than Pensions - Schedule of Net Periodic Benefit Costs for Plans (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
U.S. Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 434 | $ 422 | $ 586 |
Interest cost | 1,411 | 1,589 | 1,626 |
Amortization of prior service credit and recognized actuarial gain | (1,584) | (1,926) | (1,125) |
Other | 25 | 25 | 25 |
Net periodic benefit cost (income) | 286 | 110 | 1,112 |
Non-U.S. Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 380 | 545 | 659 |
Interest cost | 678 | 752 | 738 |
Amortization of prior service credit and recognized actuarial gain | (20) | (286) | (139) |
Other | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ 1,038 | $ 1,011 | $ 1,258 |
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
U.S. Other Postretirement Benefits [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 4.20% | 3.85% |
Non-U.S. Other Postretirement Benefits [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 4.00% | 3.90% |
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
U.S. Other Postretirement Benefits [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.85% | 4.60% | 3.80% |
Non-U.S. Other Postretirement Benefits [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.90% | 4.70% | 3.95% |
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumed Annual Rate of Increase in Cost of Health Care Benefits (Detail) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Increase on service and interest cost components | $ 217 |
Increase on projected benefit obligations | 3,067 |
Decrease on service and interest cost components | 171 |
Decrease on projected benefit obligations | $ 2,491 |
Postretirement Benefits Other Than Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2016 | $ 26,278 |
2017 | 24,476 |
2018 | 26,845 |
2019 | 27,895 |
2020 | 28,562 |
2021-2025 | 147,975 |
U.S. Other Postretirement Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2016 | 2,063 |
2017 | 2,144 |
2018 | 2,200 |
2019 | 2,246 |
2020 | 2,251 |
2021-2025 | 11,450 |
Non-U.S. Other Postretirement Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2016 | 537 |
2017 | 540 |
2018 | 541 |
2019 | 583 |
2020 | 628 |
2021-2025 | 3,790 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2016 | 2,600 |
2017 | 2,684 |
2018 | 2,741 |
2019 | 2,829 |
2020 | 2,879 |
2021-2025 | $ 15,240 |
Income Taxes - Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ 117,388 | $ 83,577 | $ 72,720 |
Foreign | 35,600 | 4,706 | 18,133 |
Income before income taxes | $ 152,988 | $ 88,283 | $ 90,853 |
Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Current | |||
Federal | $ 26,240 | $ 10,655 | $ 1,980 |
State | 1,218 | 1,843 | 400 |
Foreign | 16,458 | 21,496 | 15,740 |
Deferred | |||
Federal | 6,410 | 17,528 | 18,706 |
State | 281 | 40 | 1,559 |
Foreign | (9,389) | (8,752) | 7,214 |
Income tax provision | $ 41,218 | $ 42,810 | $ 45,599 |
Income Taxes - Schedule Reconciles United States Statutory Federal Rate to Income Tax Provision (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at U.S. statutory rate | $ 53,546 | $ 30,899 | $ 31,798 |
State and local taxes | 3,441 | 2,203 | 3,196 |
Tax credits | (8,139) | (23,956) | (8,269) |
Foreign withholding taxes | 0 | 28 | 196 |
Effect of foreign tax rates | (6,465) | (767) | (4,536) |
Nonrecurring permanent items | (11,300) | 0 | 0 |
Other changes in tax reserves | (368) | 2,803 | 243 |
Valuation allowance | 11,638 | 28,985 | 20,386 |
Other, net | (1,135) | 2,615 | 2,585 |
Income tax provision | $ 41,218 | $ 42,810 | $ 45,599 |
Effective income tax rate | 26.90% | 48.50% | 50.20% |
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred tax assets: | ||
Pension, postretirement and other benefits | $ 75,690 | $ 83,003 |
Capitalized expenditures | 498 | 1,790 |
Net operating loss and tax credit carryforwards | 127,136 | 130,353 |
All other items | 33,777 | 44,764 |
Total deferred tax assets | 237,101 | 259,910 |
Deferred tax liabilities: | ||
Property, plant and equipment | (30,121) | (36,701) |
Intangibles | (17,415) | (24,698) |
All other items | (8,169) | (6,261) |
Total deferred tax liabilities | (55,705) | (67,660) |
Valuation allowances | (137,011) | (144,080) |
Net deferred tax assets | $ 44,385 | $ 48,170 |
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 8,738 | $ 7,012 | $ 4,900 |
Tax positions related to the current period | |||
Gross additions | 818 | 1,210 | 908 |
Gross reductions | 0 | 0 | 0 |
Tax positions related to prior years | |||
Gross additions | 1,639 | 1,902 | 1,896 |
Gross reductions | (405) | (1,106) | (692) |
Settlements | (1,405) | (280) | 0 |
Lapses on statutes of limitations | (1,632) | 0 | 0 |
Balance at end of period | $ 7,753 | $ 8,738 | $ 7,012 |
Lease Commitments - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Leases [Abstract] | |||
Rental expense for operating lease | $ 33,564 | $ 31,693 | $ 26,853 |
Lease Commitments - Future Minimum Payments for All Non-Cancelable Operating Leases (Detail) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Leases [Abstract] | |
2016 | $ 24,465 |
2017 | 16,672 |
2018 | 11,317 |
2019 | 9,761 |
2020 | 8,721 |
Thereafter | $ 14,547 |
Contingent Liabilities - Additional Information (Detail) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Reserved in accrued liabilities and other liabilities | $ 6,384 |
Other Income (Expense), net - Details of Components of Other Income (Expense), Net (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Income and Expenses [Abstract] | |||
Gain on remeasurement of previously held equity interest | $ 14,199 | $ 0 | $ 0 |
Loss on extinguishment of debt | 0 | (30,488) | 0 |
Foreign currency losses | (3,379) | (7,055) | (9,415) |
Loss on sale of receivables | (1,017) | (1,866) | (1,702) |
Gain on sale of investment in affiliate | 0 | 1,882 | 0 |
Miscellaneous income (expense) | (44) | 869 | 3,680 |
Other income (expense), net | $ 9,759 | $ (36,658) | $ (7,437) |
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2015 |
Mar. 31, 2014 |
Mar. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction Due From To Related Party [Line Items] | ||||||
Dividend received from joint venture as return of capital | $ 2,120 | $ 0 | $ 951 | $ 2,120 | ||
Corporate Joint Venture [Member] | ||||||
Related Party Transaction Due From To Related Party [Line Items] | ||||||
Percentage of share owned in joint venture | 40.00% | 40.00% | ||||
Nisco [Member] | ||||||
Related Party Transaction Due From To Related Party [Line Items] | ||||||
Sales to related party | $ 35,843 | $ 33,195 | $ 47,175 | |||
Dividend received | $ 680 | $ 1,760 | 4,000 | |||
Receipt from NISCO related to earnings | 809 | 1,880 | ||||
Dividend received from joint venture as return of capital | $ 951 | $ 2,120 | ||||
Shenya Sealing (Guangzhou) Company Limited [Member] | ||||||
Related Party Transaction Due From To Related Party [Line Items] | ||||||
Percentage of share owned in joint venture | 51.00% | |||||
Sales to related party | $ 4,261 | $ 0 |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||
Preferred stock dividend rate, percentage | 7.00% | 7.00% | 7.00% |
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 |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ 21,665 | $ 32,732 | $ 36,496 | $ 20,987 | $ (12,816) | $ 22,666 | $ 13,194 | $ 19,735 | $ 111,880 | $ 42,779 | $ 47,941 |
Less: 7% Preferred stock dividends (paid or unpaid) | 0 | 0 | (5,163) | ||||||||
Less: Undistributed earnings allocated to participating securities | 0 | 0 | (7,724) | ||||||||
Basic net income available to Cooper-Standard Holdings Inc. common stockholders | $ 21,665 | $ 32,732 | $ 36,496 | $ 20,987 | $ (12,816) | $ 22,666 | $ 13,194 | $ 19,735 | 111,880 | 42,779 | 35,054 |
Increase in fair value of share-based awards | 48 | 0 | 205 | ||||||||
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders | $ 111,928 | $ 42,779 | $ 35,259 | ||||||||
Basic weighted average shares of common stock outstanding | 17,212,607 | 16,695,356 | 14,679,369 | ||||||||
Dilutive effect of: | |||||||||||
Warrants | 750,300 | 950,263 | 832,353 | ||||||||
Restricted common stock | 205,084 | 154,707 | 199,083 | ||||||||
Options | 247,003 | 95,763 | 10,385 | ||||||||
Restricted 7% preferred stock | 0 | 0 | 16,374 | ||||||||
Diluted weighted average shares of common stock outstanding | 18,414,994 | 17,896,089 | 15,737,564 | ||||||||
Basic net income (loss) per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | $ 1.24 | $ 1.89 | $ 2.14 | $ 1.23 | $ (0.79) | $ 1.33 | $ 0.78 | $ 1.18 | $ 6.50 | $ 2.56 | $ 2.39 |
Diluted net income (loss) per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | $ 1.16 | $ 1.78 | $ 1.98 | $ 1.15 | $ (0.79) | $ 1.23 | $ 0.72 | $ 1.10 | $ 6.08 | $ 2.39 | $ 2.24 |
Equity and 7% Preferred Stock - Additional Information (Detail) |
12 Months Ended | |||
---|---|---|---|---|
Oct. 18, 2013
shares
|
Dec. 31, 2015
vote_per_share
$ / shares
shares
|
Dec. 31, 2014
$ / shares
shares
|
Dec. 31, 2013 |
|
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 | 19,105,251 | 18,685,634 | ||
Common stock, shares outstanding | 17,458,945 | 17,039,328 | ||
Common stock, number of vote per share | vote_per_share | 1 | |||
Number of warrants outstanding | 1,137,780 | |||
Warrants, number of shares of common stock that may be exercised | 1,141,193 | |||
Common stock, warrants exercise price per share | $ / shares | $ 27.25 | |||
Conversion of preferred stock | 810,382 | |||
Convertible preferred stock issued upon conversion | 4.34164 | |||
Conversion of shares issued | 3,518,366 | |||
Preferred stock dividend rate, percentage | 7.00% | 7.00% | 7.00% |
Equity and 7% Preferred Stock - Reconciliation of Company's 7% Preferred Stock Activity (Detail) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2013
USD ($)
shares
| |
Temporary Equity [Roll Forward] | |
Beginning balance, Shares | shares | 958,333 |
Beginning balance, Value | $ | $ 121,649 |
Stock-based compensation, Shares | shares | 0 |
Stock-based compensation, Value | $ | $ 824 |
Converted preferred stock, Shares | shares | (952,972) |
Converted preferred stock, Value | $ | $ (121,912) |
Repurchased preferred stock, shares | shares | (4,363) |
Repurchased preferred stock, Value | $ | $ (561) |
Forfeited, Shares | shares | (998) |
Forfeited, Value | $ | $ 0 |
Ending balance, Shares | shares | 0 |
Ending balance, Value | $ | $ 0 |
Stock-Based Compensation - Assumptions Used Under Black-Scholes Option Pricing Model (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected option life - years, Maximum | 6 years | 6 years | 6 years |
Risk-free rate, Minimum | 1.50% | 1.90% | 0.90% |
Risk-free rate, Maximum | 1.70% | 2.00% | 1.80% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 27.95% | 27.96% | 28.43% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 28.00% | 28.32% | 29.03% |
Stock-Based Compensation - Summary of Restricted Common Shares (Detail) - Restricted Stock And Units [Member] |
12 Months Ended |
---|---|
Dec. 31, 2015
$ / 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 | 351,888 |
Granted (in shares) | shares | 178,589 |
Vested (in shares) | shares | (95,373) |
Forfeited (in shares) | shares | (56,358) |
Non-vested Number, Ending Balance (in shares) | shares | 378,746 |
Non-vested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ / shares | $ 50.24 |
Granted (in dollars per share) | $ / shares | 56.85 |
Vested (in dollars per share) | $ / shares | 42.63 |
Forfeited (in dollars per share) | $ / shares | 55.91 |
Non-vested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 53.56 |
Stock-Based Compensation - Summary of Performance Units (Details) - Performance Shares [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2013 |
Dec. 31, 2014 |
|
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 | 172,400 | 89,800 | |
Granted (in shares) | 111,200 | 0 | |
Vested (in shares) | 0 | ||
Forfeited (in shares) | (28,600) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 60.97 | $ 66.33 | |
Granted (in dollars per share) | 56.74 | ||
Vested (in dollars per share) | 0.00 | ||
Forfeited (in dollars per share) | $ 61.35 |
Business Segments - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2015
Segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Business Segments - Product line information (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 854,402 | $ 827,531 | $ 860,821 | $ 800,050 | $ 767,874 | $ 780,954 | $ 857,553 | $ 837,606 | $ 3,342,804 | $ 3,243,987 | $ 3,090,542 |
Sealing systems [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,783,068 | 1,692,686 | 1,560,701 | ||||||||
Fuel and brake delivery systems [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 675,493 | 660,242 | 700,349 | ||||||||
Fluid transfer systems [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 458,699 | 441,532 | 386,152 | ||||||||
Anti-vibration systems [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 278,891 | 273,057 | 282,819 | ||||||||
Other products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 146,653 | $ 176,470 | $ 160,521 |
Business Segments - Geographic Information for Revenues (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 854,402 | $ 827,531 | $ 860,821 | $ 800,050 | $ 767,874 | $ 780,954 | $ 857,553 | $ 837,606 | $ 3,342,804 | $ 3,243,987 | $ 3,090,542 |
Property, plant and equipment, net | 765,369 | 716,013 | 765,369 | 716,013 | |||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 901,089 | 872,112 | 841,781 | ||||||||
Property, plant and equipment, net | 151,857 | 158,451 | 151,857 | 158,451 | |||||||
Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 585,558 | 508,555 | 484,216 | ||||||||
Property, plant and equipment, net | 93,166 | 70,885 | 93,166 | 70,885 | |||||||
China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 355,141 | 146,258 | 101,654 | ||||||||
Property, plant and equipment, net | 139,211 | 54,967 | 139,211 | 54,967 | |||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 291,974 | 318,159 | 291,984 | ||||||||
Property, plant and equipment, net | 43,000 | 48,871 | 43,000 | 48,871 | |||||||
France [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 285,384 | 312,706 | 320,626 | ||||||||
Property, plant and equipment, net | 62,053 | 59,596 | 62,053 | 59,596 | |||||||
Poland [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 246,997 | 270,497 | 228,581 | ||||||||
Property, plant and equipment, net | 68,833 | 79,362 | 68,833 | 79,362 | |||||||
Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 226,566 | 254,977 | 243,388 | ||||||||
Property, plant and equipment, net | 88,627 | 98,511 | 88,627 | 98,511 | |||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 450,095 | 560,723 | $ 578,312 | ||||||||
Property, plant and equipment, net | $ 118,622 | $ 145,370 | $ 118,622 | $ 145,370 |
Business Segments - Sales to Customers Contributing Ten Percent or More of Consolidated Sales (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Ford [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 26.00% | 24.00% | 25.00% |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 16.00% | 16.00% | 12.00% |
Fiat Chrysler Automobiles [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 12.00% | 13.00% | 12.00% |
Accounts Receivable Factoring - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Receivables [Abstract] | |||
Amount outstanding under accounts receivable transfer agreements without recourse | $ 63,473 | $ 95,951 | |
Total amount of accounts receivable without recourse | 264,764 | 509,308 | |
Costs incurred on sale of receivables | 2,144 | 3,322 | $ 2,876 |
Amount outstanding under accounts receivable transfer agreements with recourse | $ 3,433 | 8,292 | |
Secured debt maturity period | 1 year | ||
Total amount of accounts receivable with recourse | $ 42,126 | 58,837 | |
Costs incurred on sale of receivables | $ 179 | $ 417 | $ 432 |
Selected Quarterly Information - Selected Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Selected Quarterly Financial Information [Abstract] | |||||||||||
Sales | $ 854,402 | $ 827,531 | $ 860,821 | $ 800,050 | $ 767,874 | $ 780,954 | $ 857,553 | $ 837,606 | $ 3,342,804 | $ 3,243,987 | $ 3,090,542 |
Gross profit | 153,835 | 148,448 | 153,958 | 130,872 | 117,808 | 111,253 | 146,109 | 134,259 | 587,113 | 509,429 | 472,738 |
Net income (loss) | 21,590 | 32,518 | 36,534 | 21,128 | (12,366) | 22,230 | 14,252 | 21,357 | 111,770 | 45,473 | 45,254 |
Net income (loss) attributable to Cooper-Standard Holdings Inc. | 21,665 | 32,732 | 36,496 | 20,987 | (12,816) | 22,666 | 13,194 | 19,735 | 111,880 | 42,779 | 47,941 |
Net income (loss) available to Cooper-Standard Holdings Inc. common stockholders | $ 21,665 | $ 32,732 | $ 36,496 | $ 20,987 | $ (12,816) | $ 22,666 | $ 13,194 | $ 19,735 | $ 111,880 | $ 42,779 | $ 35,054 |
Basic net income (loss) per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | $ 1.24 | $ 1.89 | $ 2.14 | $ 1.23 | $ (0.79) | $ 1.33 | $ 0.78 | $ 1.18 | $ 6.50 | $ 2.56 | $ 2.39 |
Diluted net income (loss) per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | $ 1.16 | $ 1.78 | $ 1.98 | $ 1.15 | $ (0.79) | $ 1.23 | $ 0.72 | $ 1.10 | $ 6.08 | $ 2.39 | $ 2.24 |
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning Balance | $ 4.3 | $ 6.3 | $ 3.7 |
Charge to Expenses | 0.5 | 1.3 | 3.9 |
Charged (credited) to other accounts | (0.3) | (0.7) | (0.3) |
Deductions | (0.4) | (2.6) | (1.0) |
Balance at end of period | 4.1 | 4.3 | 6.3 |
Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning Balance | 144.1 | 122.8 | 97.3 |
Additions Charged to Income | 11.6 | 29.0 | 20.4 |
Additions Charged to Equity | (18.7) | (7.7) | 5.1 |
Deductions | 0.0 | 0.0 | 0.0 |
Balance at end of period | $ 137.0 | $ 144.1 | $ 122.8 |
F\^<$'0W5;0:=*'8*7_8S(E2BEN".DF%*\>=* L('"
M2M"!5;-VO'64X29P1PR<( UE!.9(T*6.G3F_=21#%) [,M01\KHKIQC/N
M\W#QG_"J'%@'OYCNN#+DC-8]GW#)+:(%9R6] 5\RME *[/,_MCK-:K/W,+]RA_
MB]IU7FQ"20T-'Z1[P_$)KB7L V&%TL:55(-UJ&8()8I_3KO0<1^GFWR&;0.R
M*R!; #^3*'Q*%&4^<,?+PN!(S-3:GH<73 ^9;T05G+'N>.>%6N^]E'F:%^P2
MB*XQIRDF6\6D2P3S[$N*;"O%*?L/GFW#=YL*=Q&^6\/WM]L$^29!'@GR?TK<
M?RMQ*^9[$K;JJ0+3QM&QI,)!QT%=>9?IO,OBFWR%ET7/6WCAIA7:DC,Z_[*Q
M_PVB R\EN=E3TOG_LQ@2&A>./_S93",U&0[[^8,LO[3\"U!+ P04 " !O
M55=(^H\UT:0! "Q P &0 'AL+W=O @P%7/O"ECS/ONL) -<@& T"RP ,9":O;T22(N>L
M]_CP,#JBGSEZ"=3.;?6DV2BSIC(3:O94((1R<-*.1LUJT. K#9XJUG-%\"4!
M"N!"@9T4V-@'$XH;#@*G@\ X""<. BL-ER:T$KFOF8"$3I#0X2"R0 9-9C2M
MT< %A-:NKQ^I)C"1$R9RP,06S*")K\(@./PLGB>$$Z38B10[D!(+*9Y%LEGN
M*280B1,B<4"D%D3R$.*>8@*1.B%2!T1F0:1/G91'J@E,YH3)YC#8RG>5S0]
MYCXJSR@G4+K2NHH3=-JA-T1$,PPI&]3RYE&J=1'-QXQ=&-FHD<6-C&0O-@
M21BE61C96"XE#+( IQ86N*KJ'3G07X0?JE9X&R;5!6'*^)XQ2957N%#O:ZDN
M[LN@IGNINXGJ\^$J&P:2=>>;^?)Y4/P'4$L#!!0 ( &Y55TC9>PUJ-@<
M -XH 8 >&PO=V]R:W-H965T&UL?5/!;MP@
M$/T5Q <$+^MMHY774C91U1XJ13FT9]8>VRC .(#7Z=\7L-=Q6ZL78(9Y;]X,
M0S&B?74=@"?O6AEWHIWW_9$Q5W6@A;O#'DRX:=!JX8-I6^9Z"Z).(*T8S[)/
M3 MI:%DDW[,M"QR\D@:>+7UL+^.H/"\41W].9XD6WGHX.5!5MPM=1@G$1#
M+#0G^K [GO,8D0)^2!C=ZDRB]@OB:S2^U2>:10F@H/*1083M"H^@5"0*B=]F
MSH^4$;@^W]B_I&J#^HMP\(CJIZQ]%\1FE-30B$'Y%QR_PES"(1)6J%Q:234X
MC_H&H42+]VF7)NWC=)/?S[!M )\!? '<9TGXE"C)?!)>E(7%D=BIM;V(+[@[
M\M"(*CI3W>DN"'7!>RUYMB_8-1+-,>
$NN"]E/R.%^P2B>:8TQ3#
M5S&[)8(%]B4%WTIQXO_ ^39\OZEPG^#[3PKWVP3Y)D&>"/+_EK@5D_^5A*UZ
MJL&V:70H7/YICDOH4@$-MO0)UPP4>@7,OY(S?%LT/2T_L^,Y#Q$QX+> T:[.)&B_(+X&XV=]2M(@ 214+C!POUWA":0,
M1#[QWYGS/64 KL\W]N^Q6J_^PBT\H?PC:M=YL6E":FCX(-T+CC]@+F$?""N4
M-JZD&JQ#=8,D1/&W:1 @0 !D !X
M;"]W;W)K
&ULC5;;;MLP#/T5PQ\PZVI)11)@
M33ML#P.*/FS/;J(D1FTKLYVF^_O)EV2.2&]]B27YD(>DR1,MSJY^;0[6MM%[
M653-,CZT[?$N29K-P999\\D=;>7?[%Q=9JW?UOND.=8VV_9&99$P0M*DS/(J
M7BWZLZ=ZM7"GML@K^U1'S:DLL_KWO2W<>1G3^'+PG.\/;7>0K!;)U6Z;E[9J
M