ý | QUARTERLY 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.) |
Large accelerated filer | ý | Accelerated filer | ¨ | |
Non-accelerated filer | ¨ | (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Emerging growth company | ¨ |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 2. | ||
Item 6. | ||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Sales | $ | 909,145 | $ | 879,304 | $ | 1,811,196 | $ | 1,741,801 | |||||||
Cost of products sold | 736,905 | 707,343 | 1,468,871 | 1,410,016 | |||||||||||
Gross profit | 172,240 | 171,961 | 342,325 | 331,785 | |||||||||||
Selling, administration & engineering expenses | 86,104 | 92,672 | 173,738 | 176,130 | |||||||||||
Amortization of intangibles | 3,536 | 3,239 | 7,131 | 6,517 | |||||||||||
Impairment charges | — | — | 4,270 | — | |||||||||||
Restructuring charges | 8,323 | 12,206 | 18,311 | 23,038 | |||||||||||
Other operating loss | — | — | — | 155 | |||||||||||
Operating profit | 74,277 | 63,844 | 138,875 | 125,945 | |||||||||||
Interest expense, net of interest income | (10,293 | ) | (9,995 | ) | (21,532 | ) | (19,747 | ) | |||||||
Equity in earnings of affiliates | 1,400 | 2,667 | 3,075 | 4,437 | |||||||||||
Loss on refinancing and extinguishment of debt | (1,020 | ) | — | (1,020 | ) | — | |||||||||
Other expense, net | (2,184 | ) | (255 | ) | (2,824 | ) | (8,071 | ) | |||||||
Income before income taxes | 62,180 | 56,261 | 116,574 | 102,564 | |||||||||||
Income tax expense | 20,530 | 16,021 | 32,420 | 30,787 | |||||||||||
Net income | 41,650 | 40,240 | 84,154 | 71,777 | |||||||||||
Net income attributable to noncontrolling interests | (1,194 | ) | (51 | ) | (1,992 | ) | (265 | ) | |||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 40,456 | $ | 40,189 | $ | 82,162 | $ | 71,512 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 2.26 | $ | 2.33 | $ | 4.61 | $ | 4.12 | |||||||
Diluted | $ | 2.14 | $ | 2.16 | $ | 4.34 | $ | 3.83 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 41,650 | $ | 40,240 | $ | 84,154 | $ | 71,777 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Currency translation adjustment | 14,378 | (8,661 | ) | 24,669 | 9,666 | ||||||||||
Benefit plan liabilities adjustment, net of tax | (2,535 | ) | 1,253 | (2,728 | ) | (471 | ) | ||||||||
Fair value change of derivatives, net of tax | 490 | (410 | ) | 1,583 | (2,485 | ) | |||||||||
Other comprehensive income (loss), net of tax | 12,333 | (7,818 | ) | 23,524 | 6,710 | ||||||||||
Comprehensive income | 53,983 | 32,422 | 107,678 | 78,487 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | (1,604 | ) | 224 | (2,585 | ) | (51 | ) | ||||||||
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $ | 52,379 | $ | 32,646 | $ | 105,093 | $ | 78,436 |
June 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 400,186 | $ | 480,092 | |||
Accounts receivable, net | 546,522 | 460,503 | |||||
Tooling receivable | 108,155 | 90,974 | |||||
Inventories | 168,397 | 146,449 | |||||
Prepaid expenses | 39,392 | 37,142 | |||||
Other current assets | 89,895 | 81,021 | |||||
Total current assets | 1,352,547 | 1,296,181 | |||||
Property, plant and equipment, net | 886,975 | 832,269 | |||||
Goodwill | 169,304 | 167,441 | |||||
Intangible assets, net | 75,132 | 81,363 | |||||
Other assets | 103,579 | 114,448 | |||||
Total assets | $ | 2,587,537 | $ | 2,491,702 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Debt payable within one year | $ | 29,817 | $ | 33,439 | |||
Accounts payable | 496,162 | 475,426 | |||||
Payroll liabilities | 130,501 | 144,812 | |||||
Accrued liabilities | 108,927 | 105,665 | |||||
Total current liabilities | 765,407 | 759,342 | |||||
Long-term debt | 722,988 | 729,480 | |||||
Pension benefits | 179,922 | 172,950 | |||||
Postretirement benefits other than pensions | 55,300 | 54,225 | |||||
Other liabilities | 46,174 | 53,914 | |||||
Total liabilities | 1,769,791 | 1,769,911 | |||||
7% Cumulative participating convertible preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | — | — | |||||
Equity: | |||||||
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,870,559 shares issued and 17,781,844 shares outstanding as of June 30, 2017, and 19,686,917 shares issued and 17,690,611 outstanding as of December 31, 2016 | 18 | 17 | |||||
Additional paid-in capital | 515,154 | 513,934 | |||||
Retained earnings | 495,190 | 425,972 | |||||
Accumulated other comprehensive loss | (219,632 | ) | (242,563 | ) | |||
Total Cooper-Standard Holdings Inc. equity | 790,730 | 697,360 | |||||
Noncontrolling interests | 27,016 | 24,431 | |||||
Total equity | 817,746 | 721,791 | |||||
Total liabilities and equity | $ | 2,587,537 | $ | 2,491,702 |
Total Equity | ||||||||||||||||||||||||||||||
Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Cooper-Standard Holdings Inc. Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||
Balance as of December 31, 2016 | 17,690,611 | $ | 17 | $ | 513,934 | $ | 425,972 | $ | (242,563 | ) | $ | 697,360 | $ | 24,431 | $ | 721,791 | ||||||||||||||
Repurchase of common stock | (92,409 | ) | — | (2,236 | ) | (7,083 | ) | — | (9,319 | ) | — | (9,319 | ) | |||||||||||||||||
Warrant exercises | 25,949 | — | 707 | — | — | 707 | — | 707 | ||||||||||||||||||||||
Share-based compensation, net | 157,693 | 1 | 2,749 | (5,861 | ) | — | (3,111 | ) | — | (3,111 | ) | |||||||||||||||||||
Net income | — | — | — | 82,162 | — | 82,162 | 1,992 | 84,154 | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 22,931 | 22,931 | 593 | 23,524 | ||||||||||||||||||||||
Balance as of June 30, 2017 | 17,781,844 | $ | 18 | $ | 515,154 | $ | 495,190 | $ | (219,632 | ) | $ | 790,730 | $ | 27,016 | $ | 817,746 |
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Operating Activities: | |||||||
Net income | $ | 84,154 | $ | 71,777 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 57,914 | 53,856 | |||||
Amortization of intangibles | 7,131 | 6,517 | |||||
Impairment charges | 4,270 | — | |||||
Share-based compensation expense | 11,694 | 10,909 | |||||
Equity in earnings of affiliates, net of dividends related to earnings | 2,307 | (1,415 | ) | ||||
Loss on refinancing and extinguishment of debt | 1,020 | — | |||||
Other | 9,829 | 947 | |||||
Changes in operating assets and liabilities | (114,141 | ) | (27,350 | ) | |||
Net cash provided by operating activities | 64,178 | 115,241 | |||||
Investing activities: | |||||||
Capital expenditures | (98,149 | ) | (81,429 | ) | |||
Loan to affiliate | — | (4,906 | ) | ||||
Acquisition of businesses, net of cash acquired | — | (3,020 | ) | ||||
Proceeds from sale of fixed assets and other | 348 | 73 | |||||
Net cash used in investing activities | (97,801 | ) | (89,282 | ) | |||
Financing activities: | |||||||
Principal payments on long-term debt | (11,297 | ) | (4,886 | ) | |||
Increase in short-term debt, net | 541 | 1,331 | |||||
Restricted cash deposit for overdraft facility | — | (25,000 | ) | ||||
Repurchase of common stock | (7,514 | ) | (23,800 | ) | |||
Proceeds from exercise of warrants | 707 | 413 | |||||
Taxes withheld and paid on employees' share based payment awards | (11,671 | ) | (4,896 | ) | |||
Other | (792 | ) | 43 | ||||
Net cash used in financing activities | (30,026 | ) | (56,795 | ) | |||
Effects of exchange rate changes on cash and cash equivalents | (16,257 | ) | (7,861 | ) | |||
Changes in cash and cash equivalents | (79,906 | ) | (38,697 | ) | |||
Cash and cash equivalents at beginning of period | 480,092 | 378,243 | |||||
Cash and cash equivalents at end of period | $ | 400,186 | $ | 339,546 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
North America | $ | 817 | $ | 395 | $ | 817 | $ | 1,355 | |||||||
Europe | 6,816 | 11,658 | 16,105 | 20,493 | |||||||||||
Asia Pacific | 690 | 153 | 1,389 | 1,190 | |||||||||||
Total | $ | 8,323 | $ | 12,206 | $ | 18,311 | $ | 23,038 |
Employee Separation Costs | Other Exit Costs | Total | |||||||||
Balance as of December 31, 2016 | $ | 21,927 | $ | 2,311 | $ | 24,238 | |||||
Expense | 10,861 | 7,450 | 18,311 | ||||||||
Cash payments | (19,258 | ) | (6,927 | ) | (26,185 | ) | |||||
Foreign exchange translation and other | 1,529 | 68 | 1,597 | ||||||||
Balance as of June 30, 2017 | $ | 15,059 | $ | 2,902 | $ | 17,961 |
June 30, 2017 | December 31, 2016 | ||||||
Finished goods | $ | 51,328 | $ | 43,511 | |||
Work in process | 37,244 | 32,839 | |||||
Raw materials and supplies | 79,825 | 70,099 | |||||
$ | 168,397 | $ | 146,449 |
June 30, 2017 | December 31, 2016 | ||||||
Land and improvements | $ | 70,889 | $ | 71,002 | |||
Buildings and improvements | 282,792 | 265,824 | |||||
Machinery and equipment | 950,951 | 864,337 | |||||
Construction in progress | 176,643 | 153,924 | |||||
1,481,275 | 1,355,087 | ||||||
Accumulated depreciation | (594,300 | ) | (522,818 | ) | |||
Property, plant and equipment, net | $ | 886,975 | $ | 832,269 |
North America | Europe | Asia Pacific | Total | ||||||||||||
Balance as of December 31, 2016 | $ | 121,996 | $ | 10,753 | $ | 34,692 | $ | 167,441 | |||||||
Foreign exchange translation | 108 | 864 | 891 | 1,863 | |||||||||||
Balance as of June 30, 2017 | $ | 122,104 | $ | 11,617 | $ | 35,583 | $ | 169,304 |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
Customer relationships | $ | 135,387 | $ | (79,731 | ) | $ | 55,656 | ||||
Developed technology | 9,025 | (8,899 | ) | 126 | |||||||
Other | 21,639 | (2,289 | ) | 19,350 | |||||||
Balance as of June 30, 2017 | $ | 166,051 | $ | (90,919 | ) | $ | 75,132 | ||||
Customer relationships | $ | 134,918 | $ | (73,088 | ) | $ | 61,830 | ||||
Developed technology | 8,762 | (8,386 | ) | 376 | |||||||
Other | 20,965 | (1,808 | ) | 19,157 | |||||||
Balance as of December 31, 2016 | $ | 164,645 | $ | (83,282 | ) | $ | 81,363 |
June 30, 2017 | December 31, 2016 | ||||||
Senior Notes | $ | 393,326 | $ | 393,060 | |||
Term Loan | 331,982 | 332,827 | |||||
Other borrowings | 27,497 | 37,032 | |||||
Total debt | 752,805 | 762,919 | |||||
Less current portion | (29,817 | ) | (33,439 | ) | |||
Total long-term debt | $ | 722,988 | $ | 729,480 |
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. |
June 30, 2017 | December 31, 2016 | Input | |||||||
Forward foreign exchange contracts - other current assets | $ | 2,022 | $ | 764 | Level 2 | ||||
Forward foreign exchange contracts - accrued liabilities | (594 | ) | (535 | ) | Level 2 | ||||
Interest rate swaps - accrued liabilities | (1,452 | ) | (2,458 | ) | Level 2 | ||||
Interest rate swaps - other liabilities | (231 | ) | (661 | ) | Level 2 |
June 30, 2017 | December 31, 2016 | ||||||
Aggregate fair value | $ | 739,873 | $ | 735,850 | |||
Aggregate carrying value (1) | 738,300 | 740,000 |
Gain (loss) recognized in AOCI | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Foreign currency derivatives | $ | 1,682 | $ | (2,006 | ) | $ | 2,623 | $ | (4,238 | ) | |||||
Interest rate swaps | (175 | ) | (596 | ) | (49 | ) | (2,254 | ) | |||||||
Total | $ | 1,507 | $ | (2,602 | ) | $ | 2,574 | $ | (6,492 | ) |
Gain (loss) reclassified from AOCI to income (effective portion) | Gain (loss) reclassified from AOCI to income (ineffective portion) | ||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||
Location | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Foreign currency derivatives | Cost of products sold | $ | 1,335 | $ | (1,402 | ) | $ | — | $ | — | |||||||
Interest rate swaps | Interest expense, net of interest income | (684 | ) | (795 | ) | 92 | — | ||||||||||
Total | $ | 651 | $ | (2,197 | ) | $ | 92 | $ | — |
Gain (loss) reclassified from AOCI to income (effective portion) | Gain (loss) reclassified from AOCI to income (ineffective portion) | ||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
Location | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Foreign currency derivatives | Cost of products sold | $ | 1,456 | $ | (1,611 | ) | $ | — | $ | — | |||||||
Interest rate swaps | Interest expense, net of interest income | (1,478 | ) | (1,590 | ) | 177 | — | ||||||||||
Total | $ | (22 | ) | $ | (3,201 | ) | $ | 177 | $ | — |
June 30, 2017 | December 31, 2016 | ||||||
Without recourse | $ | 79,837 | $ | 56,936 | |||
With recourse | 4,893 | 5,258 |
Without Recourse | With Recourse | ||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Accounts receivable factored | $ | 143,186 | $ | 135,653 | $ | 292,110 | $ | 260,970 | $ | 6,455 | $ | 4,572 | $ | 14,106 | $ | 10,528 | |||||||||||||||
Costs | 610 | 511 | 1,065 | 990 | 19 | 14 | 45 | 35 |
Pension Benefits | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Service cost | $ | 204 | $ | 969 | $ | 202 | $ | 867 | |||||||
Interest cost | 2,925 | 1,072 | 3,145 | 1,291 | |||||||||||
Expected return on plan assets | (4,003 | ) | (650 | ) | (3,959 | ) | (810 | ) | |||||||
Amortization of prior service cost and actuarial loss | 468 | 715 | 429 | 562 | |||||||||||
Net periodic benefit (income) cost | $ | (406 | ) | $ | 2,106 | $ | (183 | ) | $ | 1,910 | |||||
Pension Benefits | |||||||||||||||
Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Service cost | $ | 408 | $ | 1,908 | $ | 404 | $ | 1,714 | |||||||
Interest cost | 5,850 | 2,128 | 6,290 | 2,538 | |||||||||||
Expected return on plan assets | (8,006 | ) | (1,307 | ) | (7,918 | ) | (1,579 | ) | |||||||
Amortization of prior service cost and actuarial loss | 936 | 1,411 | 858 | 1,109 | |||||||||||
Net periodic benefit (income) cost | $ | (812 | ) | $ | 4,140 | $ | (366 | ) | $ | 3,782 |
Other Postretirement Benefits | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Service cost | $ | 79 | $ | 102 | $ | 90 | $ | 96 | |||||||
Interest cost | 324 | 167 | 346 | 174 | |||||||||||
Amortization of prior service credit and actuarial gain | (479 | ) | (4 | ) | (507 | ) | (16 | ) | |||||||
Other | 1 | — | 1 | — | |||||||||||
Net periodic benefit (income) cost | $ | (75 | ) | $ | 265 | $ | (70 | ) | $ | 254 | |||||
Other Postretirement Benefits | |||||||||||||||
Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Service cost | $ | 158 | $ | 206 | $ | 180 | $ | 186 | |||||||
Interest cost | 648 | 337 | 692 | 338 | |||||||||||
Amortization of prior service credit and actuarial gain | (958 | ) | (8 | ) | (1,014 | ) | (31 | ) | |||||||
Other | 2 | — | 2 | — | |||||||||||
Net periodic benefit (income) cost | $ | (150 | ) | $ | 535 | $ | (140 | ) | $ | 493 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Foreign currency losses | $ | (1,906 | ) | $ | (15 | ) | $ | (2,578 | ) | $ | (1,704 | ) | |||
Secondary offering underwriting fees | — | — | — | (5,900 | ) | ||||||||||
Losses on sales of receivables | (342 | ) | (240 | ) | (560 | ) | (467 | ) | |||||||
Miscellaneous income | 64 | — | 314 | — | |||||||||||
Other expense, net | $ | (2,184 | ) | $ | (255 | ) | $ | (2,824 | ) | $ | (8,071 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Income tax expense | $ | 20,530 | $ | 16,021 | (1) | $ | 32,420 | $ | 30,787 | ||||||
Income before income taxes | 62,180 | 56,261 | (1) | 116,574 | 102,564 | ||||||||||
Effective tax rate | 33 | % | 28 | % | (1) | 28 | % | 30 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 40,456 | $ | 40,189 | (1) | $ | 82,162 | $ | 71,512 | ||||||
(Decrease) increase in fair value of share-based awards | (24 | ) | 12 | (6 | ) | 12 | |||||||||
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders | $ | 40,432 | $ | 40,201 | (1) | $ | 82,156 | $ | 71,524 | ||||||
Basic weighted average shares of common stock outstanding | 17,863,203 | 17,242,277 | 17,803,430 | 17,342,321 | |||||||||||
Dilutive effect of common stock equivalents | 1,002,764 | 1,349,370 | 1,116,161 | 1,326,802 | |||||||||||
Diluted weighted average shares of common stock outstanding | 18,865,967 | 18,591,647 | 18,919,591 | 18,669,123 | |||||||||||
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ | 2.26 | $ | 2.33 | (1) | $ | 4.61 | $ | 4.12 | ||||||
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ | 2.14 | $ | 2.16 | (1) | $ | 4.34 | $ | 3.83 |
Three Months Ended June 30, 2017 | |||||||||||||||
Cumulative currency translation adjustment | Benefit plan liabilities | Fair value change of derivatives | Total | ||||||||||||
Balance as of March 31, 2017 | $ | (133,373 | ) | $ | (97,805 | ) | $ | (377 | ) | $ | (231,555 | ) | |||
Other comprehensive income (loss) before reclassifications | 13,968 | (1) | (3,057 | ) | (2) | 1,135 | (3) | 12,046 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 522 | (4) | (645 | ) | (5) | (123 | ) | |||||||
Balance as of June 30, 2017 | $ | (119,405 | ) | $ | (100,340 | ) | $ | 113 | $ | (219,632 | ) |
(1) | Includes $1,928 of other comprehensive income related to intra-entity foreign currency balances that are of a long-term investment nature. |
(2) | Net of tax benefit of $30. |
(3) | Net of tax expense of $372. See Note 8. |
(4) | Includes actuarial losses of $810, offset by prior service credits of $80, net of tax of $208. See Note 10. |
(5) | Net of tax expense of $98. See Note 8. |
Three Months Ended June 30, 2016 | |||||||||||||||
Cumulative currency translation adjustment | Benefit plan liabilities | Fair value change of derivatives | Total | ||||||||||||
Balance as of March 31, 2016 | $ | (112,395 | ) | $ | (85,848 | ) | $ | (4,355 | ) | $ | (202,598 | ) | |||
Other comprehensive income (loss) before reclassifications | (8,385 | ) | (1) | 928 | (2) | (1,883 | ) | (3) | (9,340 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 325 | (4) | 1,472 | (5) | 1,797 | |||||||||
Balance as of June 30, 2016 | $ | (120,780 | ) | $ | (84,595 | ) | $ | (4,766 | ) | $ | (210,141 | ) |
(1) | Includes $169 of other comprehensive income related to intra-entity foreign currency balances that are of a long-term investment nature. |
(2) | Net of tax expense of $47. |
(3) | Net of tax benefit of $719. See Note 8. |
(4) | Includes actuarial losses of $528, offset by prior service credits of $85, net of tax of $118. See Note 10. |
(5) | Net of tax benefit of $725. See Note 8. |
Six Months Ended June 30, 2017 | |||||||||||||||
Cumulative currency translation adjustment | Benefit plan liabilities | Fair value change of derivatives | Total | ||||||||||||
Balance as of December 31, 2016 | $ | (143,481 | ) | $ | (97,612 | ) | $ | (1,470 | ) | $ | (242,563 | ) | |||
Other comprehensive income (loss) before reclassifications | 24,076 | (1) | (3,714 | ) | (2) | 1,861 | (3) | 22,223 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 986 | (4) | (278 | ) | (5) | 708 | ||||||||
Balance as of June 30, 2017 | $ | (119,405 | ) | $ | (100,340 | ) | $ | 113 | $ | (219,632 | ) |
(1) | Includes $6,170 of other comprehensive income related to intra-entity foreign currency balances that are of a long-term investment nature. |
(2) | Net of tax benefit of $59. |
(3) | Net of tax expense of $713. See Note 8. |
(4) | Includes actuarial losses of $1,542, offset by prior service credits of $164, net of tax of $392. See Note 10. |
(5) | Net of tax benefit of $123. See Note 8. |
Six Months Ended June 30, 2016 | |||||||||||||||
Cumulative currency translation adjustment | Benefit plan liabilities | Fair value change of derivatives | Total | ||||||||||||
Balance as of December 31, 2015 | $ | (130,660 | ) | $ | (84,124 | ) | $ | (2,281 | ) | $ | (217,065 | ) | |||
Other comprehensive income (loss) before reclassifications | 9,880 | (1) | (1,142 | ) | (2) | (4,630 | ) | (3) | 4,108 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 671 | (4) | 2,145 | (5) | 2,816 | |||||||||
Balance as of June 30, 2016 | $ | (120,780 | ) | $ | (84,595 | ) | $ | (4,766 | ) | $ | (210,141 | ) |
(1) | Includes $9,187 of other comprehensive income related to intra-entity foreign currency balances that are of a long-term investment nature. |
(2) | Net of tax benefit of $168. |
(3) | Net of tax benefit of $1,862. See Note 8. |
(4) | Includes actuarial losses of $1,082 offset by prior service credits of $167, net of tax of $244. See Note 10. |
(5) | Net of tax benefit of $1,056. See Note 8. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
RSUs | $ | 2,479 | $ | 2,186 | $ | 4,844 | $ | 3,753 | |||||||
PUs | 1,444 | 3,459 | 4,844 | 5,334 | |||||||||||
Stock options | 967 | 830 | 2,006 | 1,822 | |||||||||||
Total | $ | 4,890 | $ | 6,475 | $ | 11,694 | $ | 10,909 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Sales(1) | $ | 8,524 | $ | 8,434 | $ | 17,836 | $ | 16,998 | |||||||
Purchases(1) | 204 | 119 | 394 | 195 | |||||||||||
Dividends received(2) | 2,742 | — | 5,382 | 3,022 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Sales to external customers | |||||||||||||||
North America | $ | 481,626 | $ | 460,687 | $ | 965,864 | $ | 910,388 | |||||||
Europe | 260,441 | 282,312 | 521,947 | 551,638 | |||||||||||
Asia Pacific | 140,842 | 116,230 | 273,433 | 243,309 | |||||||||||
South America | 26,236 | 20,075 | 49,952 | 36,466 | |||||||||||
Consolidated | $ | 909,145 | $ | 879,304 | $ | 1,811,196 | $ | 1,741,801 | |||||||
Intersegment sales | |||||||||||||||
North America | $ | 3,225 | $ | 2,850 | $ | 6,823 | $ | 6,499 | |||||||
Europe | 3,746 | 3,130 | 7,327 | 6,481 | |||||||||||
Asia Pacific | 1,479 | 1,180 | 2,310 | 2,499 | |||||||||||
South America | 7 | 2 | 9 | 4 | |||||||||||
Eliminations | (8,457 | ) | (7,162 | ) | (16,469 | ) | (15,483 | ) | |||||||
Consolidated | $ | — | $ | — | $ | — | $ | — | |||||||
Segment profit (loss) | |||||||||||||||
North America | $ | 64,476 | $ | 60,593 | (1) | $ | 126,757 | $ | 114,826 | ||||||
Europe | (3,050 | ) | 730 | (1) | (11,609 | ) | (1,878 | ) | |||||||
Asia Pacific | 4,509 | 536 | (1) | 7,986 | 3,036 | ||||||||||
South America | (3,755 | ) | (5,598 | ) | (1) | (6,560 | ) | (13,420 | ) | ||||||
Consolidated income before income taxes | $ | 62,180 | $ | 56,261 | (1) | $ | 116,574 | $ | 102,564 |
June 30, 2017 | December 31, 2016 | ||||||
Segment assets | |||||||
North America | $ | 1,038,979 | $ | 985,809 | |||
Europe | 562,756 | 582,385 | |||||
Asia Pacific | 594,592 | 611,849 | |||||
South America | 48,978 | 46,125 | |||||
Eliminations and other | 342,232 | 265,534 | |||||
Consolidated | $ | 2,587,537 | $ | 2,491,702 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions of units) | 2017(1) | 2016(1) | % Change | 2017(1) | 2016(1) | % Change | |||||||||
North America | 4.5 | 4.6 | (3.0)% | 9.0 | 9.1 | (0.7)% | |||||||||
Europe | 5.7 | 5.9 | (3.0)% | 11.6 | 11.4 | 1.3% | |||||||||
Asia Pacific(2) | 11.4 | 11.3 | 1.4% | 24.0 | 23.2 | 3.6% | |||||||||
South America | 0.8 | 0.7 | 15.9% | 1.5 | 1.3 | 16.8% |
(1) | Production data based on IHS Automotive, July 2017. |
(2) | Includes Greater China units of 6.1 for both the three months ended June 30, 2017 and 2016, and 13.0 and 12.6 for the six months ended June 30, 2017 and 2016, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Sales | $ | 909,145 | $ | 879,304 | $ | 29,841 | $ | 1,811,196 | $ | 1,741,801 | $ | 69,395 | |||||||||||
Cost of products sold | 736,905 | 707,343 | 29,562 | 1,468,871 | 1,410,016 | 58,855 | |||||||||||||||||
Gross profit | 172,240 | 171,961 | 279 | 342,325 | 331,785 | 10,540 | |||||||||||||||||
Selling, administration & engineering expenses | 86,104 | 92,672 | (6,568 | ) | 173,738 | 176,130 | (2,392 | ) | |||||||||||||||
Amortization of intangibles | 3,536 | 3,239 | 297 | 7,131 | 6,517 | 614 | |||||||||||||||||
Impairment charges | — | — | — | 4,270 | — | 4,270 | |||||||||||||||||
Restructuring charges | 8,323 | 12,206 | (3,883 | ) | 18,311 | 23,038 | (4,727 | ) | |||||||||||||||
Other operating loss | — | — | — | — | 155 | (155 | ) | ||||||||||||||||
Operating profit | 74,277 | 63,844 | 10,433 | 138,875 | 125,945 | 12,930 | |||||||||||||||||
Interest expense, net of interest income | (10,293 | ) | (9,995 | ) | (298 | ) | (21,532 | ) | (19,747 | ) | (1,785 | ) | |||||||||||
Equity in earnings of affiliates | 1,400 | 2,667 | (1,267 | ) | 3,075 | 4,437 | (1,362 | ) | |||||||||||||||
Loss on refinancing and extinguishment of debt | (1,020 | ) | — | (1,020 | ) | (1,020 | ) | — | (1,020 | ) | |||||||||||||
Other expense, net | (2,184 | ) | (255 | ) | (1,929 | ) | (2,824 | ) | (8,071 | ) | 5,247 | ||||||||||||
Income before income taxes | 62,180 | 56,261 | 5,919 | 116,574 | 102,564 | 14,010 | |||||||||||||||||
Income tax expense | 20,530 | 16,021 | 4,509 | 32,420 | 30,787 | 1,633 | |||||||||||||||||
Net income | 41,650 | 40,240 | 1,410 | 84,154 | 71,777 | 12,377 | |||||||||||||||||
Net income attributable to noncontrolling interests | (1,194 | ) | (51 | ) | (1,143 | ) | (1,992 | ) | (265 | ) | (1,727 | ) | |||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 40,456 | $ | 40,189 | $ | 267 | $ | 82,162 | $ | 71,512 | $ | 10,650 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Sales to external customers | |||||||||||||||||||||||
North America | $ | 481,626 | $ | 460,687 | $ | 20,939 | $ | 965,864 | $ | 910,388 | $ | 55,476 | |||||||||||
Europe | 260,441 | 282,312 | (21,871 | ) | 521,947 | 551,638 | (29,691 | ) | |||||||||||||||
Asia Pacific | 140,842 | 116,230 | 24,612 | 273,433 | 243,309 | 30,124 | |||||||||||||||||
South America | 26,236 | 20,075 | 6,161 | 49,952 | 36,466 | 13,486 | |||||||||||||||||
Consolidated | $ | 909,145 | $ | 879,304 | $ | 29,841 | $ | 1,811,196 | $ | 1,741,801 | $ | 69,395 | |||||||||||
Segment profit (loss) | |||||||||||||||||||||||
North America | $ | 64,476 | $ | 60,593 | $ | 3,883 | $ | 126,757 | $ | 114,826 | $ | 11,931 | |||||||||||
Europe | (3,050 | ) | 730 | (3,780 | ) | (11,609 | ) | (1,878 | ) | (9,731 | ) | ||||||||||||
Asia Pacific | 4,509 | 536 | 3,973 | 7,986 | 3,036 | 4,950 | |||||||||||||||||
South America | (3,755 | ) | (5,598 | ) | 1,843 | (6,560 | ) | (13,420 | ) | 6,860 | |||||||||||||
Consolidated income before income taxes | $ | 62,180 | $ | 56,261 | $ | 5,919 | $ | 116,574 | $ | 102,564 | $ | 14,010 |
• | 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 ABL Facility, Term Loan Facility and Senior Notes; |
• | 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. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(dollar amounts in thousands) | |||||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 40,456 | $ | 40,189 | $ | 82,162 | $ | 71,512 | |||||||
Income tax expense | 20,530 | 16,021 | 32,420 | 30,787 | |||||||||||
Interest expense, net of interest income | 10,293 | 9,995 | 21,532 | 19,747 | |||||||||||
Depreciation and amortization | 33,188 | 30,169 | 65,045 | 60,374 | |||||||||||
EBITDA | $ | 104,467 | $ | 96,374 | $ | 201,159 | $ | 182,420 | |||||||
Restructuring charges | 8,323 | 12,206 | 18,311 | 23,038 | |||||||||||
Impairment charges (1) | — | — | 4,270 | — | |||||||||||
Loss on refinancing and extinguishment of debt (2) | 1,020 | — | 1,020 | — | |||||||||||
Secondary offering underwriting fees and other expenses (3) | — | — | — | 6,500 | |||||||||||
Other | — | — | — | 155 | |||||||||||
Adjusted EBITDA | $ | 113,810 | $ | 108,580 | $ | 224,760 | $ | 212,113 |
(1) | Impairment charges related to fixed assets. |
(2) | Loss on refinancing and extinguishment of debt related to the May 2017 amendment of the Term Loan Facility. |
(3) | Fees and other expenses associated with the March 2016 secondary offering. |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Program (in millions) | ||||||||||
April 1, 2017 through April 30, 2017 | — | $ | — | — | $ | 101.2 | ||||||||
May 1, 2017 through May 31, 2017 | — | $ | — | — | $ | 101.2 | ||||||||
June 1, 2017 through June 30, 2017 | 92,412 | $ | 100.85 | 92,409 | $ | 91.9 | ||||||||
Total | 92,412 | $ | 100.85 | 92,409 | $ | 91.9 |
(1) | Includes 3 shares repurchased by the Company to satisfy employee tax withholding requirements due upon the vesting of restricted stock awards. |
Exhibit No. | Description of Exhibit | |
10.1* | Amended and Restated Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan | |
10.2 * | Amendment No. 2, dated as of May 2, 2017 to the Term Loan Credit Agreement, among Cooper-Standard Automotive Inc., as the borrower, certain subsidiaries of Cooper-Standard Automotive Inc., as guarantors, CS Intermediate Holdco 1 LLC, as Holdings, Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent and the other lenders party thereto. | |
10.3 * | Transitional Services Agreement between Matthew W. Hardt and Cooper-Standard Holdings Inc. dated June 5, 2017. | |
10.4 * | Form of Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Restricted Stock Unit Award Agreement. | |
10.5 * | Form of Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Nonqualified Stock Option Agreement. | |
10.6 * | Form of 2017 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Performance Unit Award Agreement (stock-settled award). | |
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** | Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act 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 |
* | Filed with this Report. |
** | Furnished with this Report. |
*** | Submitted electronically with this Report in accordance with the provisions of Regulation S-T. |
COOPER-STANDARD HOLDINGS INC. | ||||
August 4, 2017 | /S/ JONATHAN P. BANAS | |||
Date | Jonathan P. Banas Chief Financial Officer (Principal Financial Officer) |
Exhibit No. | Description of Exhibit | |
10.1* | ||
10.2 * | ||
10.3 * | ||
10.4 * | ||
10.5 * | ||
10.6 * | ||
31.1* | ||
31.2* | ||
32** | ||
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 |
* | Filed with this Report. |
** | Furnished with this Report. |
*** | Submitted electronically with this Report in accordance with the provisions of Regulation S-T. |
(a) | receiving, during any fiscal year of the Company, Options for, and/or SARs with respect to, more than 400,000 Shares; |
(b) | receiving, during any fiscal year of the Company, Awards of Restricted Stock and/or Restricted Stock Units relating to more than 200,000 Shares; |
(c) | receiving, with respect to Annual Incentive Award(s) granted in respect of any single fiscal year of the Company, a cash payment (or a grant of Shares of Common Stock, Restricted Stock or Restricted Stock Units having a Fair Market Value at the time of grant) of more than $10,000,000; |
(d) | receiving, with respect to Long-Term Incentive Award(s) granted in respect of any period greater than one year, for each 12-month period during a performance period, a cash payment (or a grant of Shares of Common Stock, Restricted Stock or Restricted Stock Units having a Fair Market Value at the time of grant) of more than $10,000,000. |
(a) | The Plan shall be administered by the Committee, which may delegate its duties and powers in whole or in part to any subcommittee thereof; provided, however, that, on and after the first day on which a registration statement registering the Common Stock under Section 12 of the Act becomes effective, no such delegation is permitted with respect to Awards made to Section 16 Participants at the time any such delegated authority or responsibility is exercised unless the delegation is to another committee of the Board consisting entirely of two or more “non-employee directors” within the meaning of Rule 16b-3 promulgated under the Exchange Act or does not relate to awards intended to qualify as performance-based compensation under Code Section 162(m). The Committee is authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the |
(b) | The Committee shall require payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of the exercise, grant or vesting of an Award, and the Company shall have no obligation to deliver Shares under an Award unless and until such amount is so paid. Unless the Committee specifies in an Agreement or otherwise, the Participant may elect to satisfy a portion or all of the Company’s withholding tax obligations by (a) delivery of Shares or (b) having Shares withheld by the Company from any Shares that would have otherwise been received by the Participant under the Award, in each case having a Fair Market Value equal to such withholding tax amount, provided that from and after the Second Restatement Effective Date, the withholding tax amount may not exceed the total maximum statutory tax rates associated with the transaction. |
(a) | Option Price. |
(b) | Vesting. Subject to Section 12(b), each Option shall become vested at such times as may be designated by the Committee and set forth in the applicable Agreement. |
(c) | Exercisability. Options shall be exercisable at such time and upon such terms and conditions as may be determined by the Committee and set forth in the applicable Agreement, but in no event shall an Option be exercisable more than ten years after the date it is granted. |
(d) | Exercise of Options. Except as otherwise provided in the Plan or in an Agreement, an Option may be exercised for all, or from time to time, any part, of the Shares for which it is then exercisable. For purposes of this Section 6, the exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the date payment is received by the Company pursuant to clauses (i), (ii), (iii), (iv) or (v) of the following sentence. Except as otherwise provided for in the Agreement, the Option Price for the Shares as to which an Option is exercised shall be paid to the Company in full at the time of exercise at the election of the Participant (i) in cash or its equivalent (e.g., by check), (ii) in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Committee; provided, that such Shares are not subject to a security interest or pledge, (iii) partly in cash and partly in such Shares, (iv) subject to such rules as the Committee prescribes, by having the Company withhold a number of Shares otherwise deliverable upon exercise of the Option having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased, or (v) if there is a public market for the Shares at such time and if the Committee has authorized or established any required plan or program, through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate Option Price for the Shares being purchased. No Participant shall have any rights to dividends or other rights of a shareholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan. |
(e) | Attestation. Wherever in this Plan or any Agreement a Participant is permitted to pay the Option Price of an Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares, in which case the Company shall treat the Option as exercised without further payment and shall withhold such number of Shares from the Shares acquired by the exercise of the Option. |
(a) | Grant. The Committee shall grant Restricted Stock Awards and Restricted Stock Unit Awards to any Participant it selects, which shall be evidenced by an Agreement between the Company and the Participant. Each Agreement shall contain such restrictions, terms and conditions as the Committee may, in its discretion, determine and (without limiting the generality of the foregoing) such Agreement may require that an appropriate legend be placed on Share certificates. Awards of Restricted Stock and Restricted Stock Units shall be subject to the terms and provisions set forth below in this Section 8. |
(b) | Rights of Participant. A stock certificate or certificates with respect to the Shares of Restricted Stock shall be issued in the name of the Participant as soon as reasonably practicable after the Award is granted provided that the Participant has executed an Agreement evidencing the Award, the appropriate blank stock powers and, in the discretion of the Committee, an escrow agreement and any other documents which the Committee may require as a condition to the issuance of such Shares; provided that the Committee may determine instead that such Shares shall be evidenced by book-entry registration. If a Restricted Stock Unit is settled in Shares, a stock certificate or certificates with respect to such Shares shall be issued in the name of the Participant as soon as reasonably practicable after, and to the extent of, such settlement. If a Participant shall fail to execute the Agreement evidencing a Restricted Stock Award or Restricted Stock Unit, or any documents which the Committee may require within the time period prescribed by the Committee at the time the Award is granted, the Award shall be null and void. At the discretion of the Committee, any certificates issued in connection with a Restricted Stock Award or settlement of a Restricted Stock Unit shall be deposited together with the stock powers with an escrow agent (which may be the Company) designated by the Committee. Unless the Committee determines otherwise and as set forth in the applicable Agreement, upon delivery of the certificates to the escrow agent or the book-entry registration, as applicable, the Participant shall have all of the rights of a shareholder with respect to such Shares, including the right to vote the Shares and subject to Section 8(e), to receive all dividends or other distributions paid or made with respect to such Shares. |
(c) | Non-transferability. Until all restrictions upon the Shares of Restricted Stock or Restricted Stock Units awarded to a Participant shall have lapsed in the manner set forth in Section 8(d), such Shares or such Restricted Stock Unit, as applicable, shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated. |
(d) | Lapse of Restrictions. Except as set forth in Section 12(b), restrictions upon Shares of Restricted Stock or upon Restricted Stock Units awarded hereunder shall lapse at such time or times and on such terms and conditions as the Committee may determine. The applicable Agreement shall set forth any such restrictions. |
(e) | Treatment of Dividends. The payment to the Participant of any dividends or distributions declared or paid on such Shares of Restricted Stock or on Shares underlying a Restricted Stock Unit, awarded to the Participant shall be deferred until the lapsing of the restrictions imposed upon such Shares or the settlement of such Restricted Stock Unit, as applicable. Any such deferred dividends or distributions may be credited during the deferral period with interest at a rate per annum as the Committee, in its discretion, may determine. Payment of any such deferred dividends or distributions, together with any interest accrued thereon, shall be made upon the lapsing of the restrictions imposed on such Shares or the settlement of such Restricted Stock Units and any such deferred dividends or distributions (together with any interest accrued thereon) shall be forfeited upon the forfeiture of such Shares or such Restricted Stock Units. |
(a) | Generally. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange of Shares or other corporate exchange, or any distribution to shareholders of Shares other than regular cash dividends, or any other transaction |
(b) | Change of Control. |
(a) | Authority to Amend or Terminate. The Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made, (i) without the approval of the shareholders of the Company, if such action would (except as is provided in Section 12 of the Plan), increase the total number of Shares reserved for the purposes of the Plan or (ii) without the consent of a Participant, if such action would diminish any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Board may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the requirements of the Code or other applicable laws. Notwithstanding the foregoing, the Board may not amend the provisions of the last paragraph of Sections 6(a) and 7 that restrict the repricing of Options and SARs. |
(b) | Survival of Authority and Awards. To the extent provided in the Plan, the authority of (i) the Committee to amend, alter, adjust, suspend, discontinue or terminate any Award, waive any conditions or restrictions with respect to any |
COOPER STANDARD AUTOMOTIVE INC., as the Borrower | ||||
By: | /S/ MATTHEW HARDT | |||
Name: Matthew Hardt | ||||
Title: Executive Vice President and CFO |
DEUTSCHE BANK AG NEW YORK BRANCH as Administrative Agent and Collateral Agent | ||||
By: | /S/ DUSAN LAZAROV | |||
Name: Dusan Lazarov | ||||
Title: Director | ||||
By: | /S/ PETER CUCCHIARA | |||
Name: Peter Cucchiara | ||||
Title: Vice President |
(Name of Institution) | ||||
By: | ||||
Name: | ||||
Title: | ||||
If a second signature is necessary: | ||||
By: | ||||
Name: | ||||
Title: |
COOPER-STANDARD HOLDINGS INC. | ||
By: | ||
Larry E. Ott Senior Vice President and Chief Human Resources Officer |
Agreed and acknowledged as of the date first above written: |
Participant: _______________ |
1. | Grant of the Options. The Company hereby grants to the Participant Options to purchase _______ Shares on the terms and conditions set forth in this Agreement. The purchase price of the Shares subject to the Options shall be US $_______ per Share (the “Option Price”). The Options are not intended to be treated as incentive stock options that comply with Section 422 of the Code. |
2. | Vesting. |
3. | Exercise and Expiration of Option. |
4. | No Right to Continued Employment or Future Awards. The granting of the Options shall impose no obligation on the Company or any of its Affiliates to continue the Employment of the Participant and shall not lessen or affect the Company’s or its Affiliate’s right to terminate the Employment of the Participant. In addition, the granting of the Options shall impose no obligation on the Company or any of its Affiliates to make awards under the Plan to the Participant in the future. |
5. | Transferability. The Options may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. No such permitted transfer of an Option to heirs or legatees of the Participant shall be effective to bind the Company unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions hereof. During the Participant’s lifetime, the Options are exercisable only by the Participant. |
6. | Taxes. The Company and its Affiliates shall have the right and are hereby authorized to withhold, any applicable withholding taxes in respect of the Options, their exercise or any |
7. | Securities Laws. Upon the acquisition of any Shares pursuant to the exercise of the Options, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement. |
8. | Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for the Participant or to either party at such other address as either party may designate in writing to the other. Any such notice shall be deemed effective upon receipt by the addressee. |
9. | Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAWS. |
10. | Options Subject to Plan. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The Options are subject to the Plan. The terms and provisions of the Plan as they may be amended from time to time are incorporated herein by reference. In the event of a conflict between any term or provision in this Agreement and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern. |
11. | Recoupment. This Award, and any Shares issued or other compensation received by the Participant under this Award, shall be subject to the provisions of any recoupment or clawback policy that may be adopted by the Company from time to time and to any requirement of applicable law, regulation or listing standard that requires the Company to recoup or clawback compensation paid under this Award. |
12. | Amendments. The Company may amend this Award at any time, provided that the Participant’s consent to any amendment is required to the extent the amendment materially diminishes the rights of the Participant or cancels the Award. Notwithstanding the foregoing, the Company need not obtain Participant (or other interested party) consent for: (a) the adjustment or cancellation of an Award pursuant to the adjustment provisions of the Plan; (b) the modification of the Award to the extent deemed necessary to comply with any applicable law, the listing requirements of any principal securities exchange or market on which the Shares are then traded; (c) the modification of the Award to preserve favorable accounting or tax treatment of the Award for the Company; or (d) the modification of the Award to the extent the Committee determines that such action does not materially and adversely affect the |
13. | Committee Interpretation. As a condition to the grant of this Award, the Participant agrees (with such agreement being binding upon the Participant’s legal representatives, guardians, legatees or beneficiaries) that this Agreement will be interpreted by the Committee and that any interpretation by the Committee of the terms of this Agreement or the Plan, and any determination made by the Committee under this Agreement or the Plan, will be final, binding and conclusive. |
14. | Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures were upon the same instrument. |
COOPER-STANDARD HOLDINGS INC. | ||
By: | ||
Larry E. Ott Senior Vice President and Chief Human Resources Officer |
Agreed and acknowledged as of the date first above written: |
Participant: ______________ |
If Performance Goal is Met at*: | Target PUs Potential Vesting is: |
Threshold (80% of Target) | 50% |
Target | 100% |
Maximum (120% of Target) | 200% |
COOPER-STANDARD HOLDINGS INC. | ||
By: | ||
Larry E. Ott Senior Vice President and Chief Human Resources Officer |
Agreed and acknowledged as of the date first above written: |
Participant: ______________ |
I, Jeffrey S. Edwards, certify that: |
1. | I have reviewed this Quarterly Report on Form 10-Q 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(s) 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 likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) 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 control 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. |
Date: August 4, 2017 | By: | /S/ JEFFREY S. EDWARDS | ||||
Jeffrey S. Edwards | ||||||
Chairman and Chief Executive Officer | ||||||
(Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q 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(s) 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 likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) 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 control 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. |
Date: August 4, 2017 | By: | /S/ JONATHAN P. BANAS | ||||
Jonathan P. Banas | ||||||
Chief Financial Officer | ||||||
(Principal Financial Officer) |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 4, 2017 | By: | /S/ JEFFREY S. EDWARDS | ||||
Jeffrey S. Edwards | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
/S/ JONATHAN P. BANAS | ||||||
Jonathan P. Banas | ||||||
Chief Financial Officer | ||||||
(Principal Financial Officer) |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jul. 28, 2017 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CPS | |
Entity Registrant Name | Cooper-Standard Holdings Inc. | |
Entity Central Index Key | 0001320461 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,734,153 |
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Statement [Abstract] | ||||
Sales | $ 909,145 | $ 879,304 | $ 1,811,196 | $ 1,741,801 |
Cost of products sold | 736,905 | 707,343 | 1,468,871 | 1,410,016 |
Gross profit | 172,240 | 171,961 | 342,325 | 331,785 |
Selling, administration & engineering expenses | 86,104 | 92,672 | 173,738 | 176,130 |
Amortization of intangibles | 3,536 | 3,239 | 7,131 | 6,517 |
Impairment charges | 0 | 0 | 4,270 | 0 |
Restructuring charges | 8,323 | 12,206 | 18,311 | 23,038 |
Other operating loss | 0 | 0 | 0 | 155 |
Operating profit | 74,277 | 63,844 | 138,875 | 125,945 |
Interest expense, net of interest income | (10,293) | (9,995) | (21,532) | (19,747) |
Equity in earnings of affiliates | 1,400 | 2,667 | 3,075 | 4,437 |
Loss on refinancing and extinguishment of debt | (1,020) | 0 | (1,020) | 0 |
Other expense, net | (2,184) | (255) | (2,824) | (8,071) |
Income before income taxes | 62,180 | 56,261 | 116,574 | 102,564 |
Income tax expense | 20,530 | 16,021 | 32,420 | 30,787 |
Net income | 41,650 | 40,240 | 84,154 | 71,777 |
Net income attributable to noncontrolling interests | (1,194) | (51) | (1,992) | (265) |
Net income attributable to Cooper-Standard Holdings Inc. | $ 40,456 | $ 40,189 | $ 82,162 | $ 71,512 |
Earnings per share | ||||
Basic (usd per share) | $ 2.26 | $ 2.33 | $ 4.61 | $ 4.12 |
Diluted (usd per share) | $ 2.14 | $ 2.16 | $ 4.34 | $ 3.83 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Net income | $ 41,650 | $ 40,240 | $ 84,154 | $ 71,777 |
Currency translation adjustment | 14,378 | (8,661) | 24,669 | 9,666 |
Benefit plan liabilities adjustment, net of tax | (2,535) | 1,253 | (2,728) | (471) |
Fair value change of derivatives, net of tax | 490 | (410) | 1,583 | (2,485) |
Other comprehensive income (loss), net of tax | 12,333 | (7,818) | 23,524 | 6,710 |
Comprehensive income | 53,983 | 32,422 | 107,678 | 78,487 |
Comprehensive (income) loss attributable to noncontrolling interests | (1,604) | 224 | (2,585) | (51) |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $ 52,379 | $ 32,646 | $ 105,093 | $ 78,436 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Cumulative participating preferred stock | 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 | 19,870,559 | 19,686,917 |
Common stock, shares outstanding | 17,781,844 | 17,690,611 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Cooper Standard Holdings Inc Equity [Member] |
Noncontrolling Interest [Member] |
---|---|---|---|---|---|---|---|
Beginning balance (shares) at Dec. 31, 2016 | 17,690,611 | 17,690,611 | |||||
Beginning balance at Dec. 31, 2016 | $ 721,791 | $ 17 | $ 513,934 | $ 425,972 | $ (242,563) | $ 697,360 | $ 24,431 |
Repurchase of common stock (shares) | (92,409) | (92,409) | |||||
Repurchase of common stock | $ (9,319) | (2,236) | (7,083) | (9,319) | |||
Warrant exercises | 707 | 707 | 707 | ||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 157,693 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 1 | ||||||
Share-based compensation, net | (3,111) | 2,749 | (5,861) | (3,111) | |||
Net income | 84,154 | 82,162 | 82,162 | 1,992 | |||
Other Comprehensive Income, Net of Tax | $ 23,524 | 22,931 | 22,931 | 593 | |||
Ending balance (shares) at Jun. 30, 2017 | 17,781,844 | 17,781,844 | |||||
Ending balance at Jun. 30, 2017 | $ 817,746 | $ 18 | $ 515,154 | $ 495,190 | $ (219,632) | $ 790,730 | $ 27,016 |
Warrant exercises (shares) | 25,949 |
Overview |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Overview | Overview Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, 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 accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “2016 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended June 30, 2017 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Company’s financial statements for the three months ended June 30, 2016 have been recast to reflect the effects of the Company’s adoption of Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which was adopted in the second quarter of 2016. The financial statement line items affected were selling, administration & engineering expenses, income tax expense, net income and basic and diluted earnings per share. Recently Adopted Accounting Pronouncements In the first quarter of 2017, the Company adopted ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU amended the guidelines for the measurement of inventory from lower of cost or market to the lower of cost and net realizable value. This new guidance has been adopted prospectively and had an immaterial impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope Modification Accounting. This guidance clarifies that modification accounting is required only if the fair value, vesting conditions, or classification (as equity or liability) of share-based payment award changes due to changes in the terms or conditions. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017. 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 March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This guidance requires the service cost component of net periodic benefit cost to be recorded in the same income statement line item as other employee compensation costs arising from services rendered during the period. Other components of the net periodic benefit cost must be presented separately outside of operating income. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017. 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 January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This guidance eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. This guidance is effective for annual and interim reporting periods beginning after December 15, 2019. 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 November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated statement of cash flows. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This guidance will require companies to recognize the income tax effects of intercompany sales and transfers of assets other than inventory in the period in which the transfer occurs. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017, and should be applied on a modified retrospective approach with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. Early adoption is permitted at the beginning of an annual period. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The amendments provide guidance on eight specific cash flow issues, thereby reducing diversity in practice. The amendments are effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The guidance requires companies to use a retrospective transition method upon adoption. The Company’s current accounting practices are consistent with the issues addressed by this guidance. Therefore, this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance revises existing U.S. GAAP by requiring lessees to recognize right-of-use assets and lease liabilities for all leases (with the exception of short-term leases). The standard also requires additional disclosures to help financial statement users better understand the amount, timing and uncertainty of cash flows arising from lease transactions. This guidance is effective for annual and interim reporting periods beginning after December 15, 2018. A modified retrospective transition approach is required with certain practical expedients available. The Company continues to perform a comprehensive evaluation on the impacts of adopting this standard and plans on adopting this ASU effective January 1, 2019. The Company believes this standard will primarily result in an increase in the assets and liabilities on its consolidated balance sheet and will not have a material impact on its consolidated income statement. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance prescribes a single, common revenue standard that replaces most existing revenue recognition guidance in U.S. GAAP. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. The standard also requires new, expanded revenue disclosures. Several ASUs have been issued since the issuance of ASU 2014-09. These ASUs, which modify certain sections of ASU 2014-09, are intended to promote a more consistent interpretation and application of the principles outlined in the standard. The Company will adopt the guidance effective January 1, 2018, the standard’s effective date, using the modified retrospective method. Under this method, the cumulative effect of adopting the standard is recognized in equity at the date of initial application. To assess the impact of the new standard, the Company developed a comprehensive project plan. This project plan includes analyzing the standard’s impact on customer contracts across the Company’s business segments, comparing its historical accounting policies and practices to the requirements of the new standard, and identifying potential differences from applying the new standard’s requirements. The Company has yet to determine the effect on its consolidated financial statements, but expects this determination will near completion by the third quarter of 2017. The new standard could impact how the Company accounts for pre-production costs related to long-term supply arrangements, such as reimbursable tooling. Under current guidance, such reimbursements from customers are recorded as cost offsets. Under the new guidance, revenue could potentially be recognized for pre-production activities that are transferred to the customer. Since final clarification on the accounting treatment is still outstanding, the Company’s evaluation of pre-production costs is ongoing. In addition, the Company’s internal control framework is not expected to significantly change. Instead, existing internal controls will be modified and augmented, as necessary. While implementing the new standard, the Company will continue to monitor FASB activities and interpretations of various non-authoritative industry groups for any possible impact on the Company’s findings. |
Acqusitions |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions AMI Acquisition In 2016, the Company acquired the North American fuel and brake business of AMI Industries (the “AMI Business”) for cash consideration of $32,000 (the “AMI Acquisition”). This acquisition directly aligns with the Company’s growth strategy by expanding the Company’s fuel and brake business. The results of operations of the AMI Business are included in the Company’s condensed consolidated financial statements from the date of acquisition, August 15, 2016, and reported within the North America segment. This acquisition was accounted for as a business combination, resulting in the recognition of intangible assets of $19,410 and goodwill of $7,175 in 2016. In the second quarter of 2017, the Company agreed to purchase the China fuel and brake business of AMI Industries, which is subject to regulatory approval and is expected to close in the second half of 2017. Other Acquisitions In 2016, the Company acquired a business in furtherance of the Company’s China operations. The total purchase price of the acquisition was $5,478, of which $3,020 was paid during the first quarter of 2016 and $2,458 was paid in the third quarter of 2016. The Company recognized $2,972 of goodwill in 2016 as a result of this acquisition. Also in 2016, the Company obtained control of its 51%-owned joint venture, Shenya Sealing (Guangzhou) Company Limited (“Guangzhou”) through an amendment of the joint venture governing document. This joint venture was previously accounted for as an investment under the equity method. The results of operations of Guangzhou are included in the Company’s consolidated financial statements from the date of consolidation, August 4, 2016, and reported within the Asia Pacific segment. Business combination accounting was completed, resulting in the recognition of intangible assets of $6,605 and goodwill of $9,741 in 2016. There was no gain or loss recognized on the remeasurement of the Company’s equity method investment in Guangzhou. |
Restructuring |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring On an ongoing basis, the Company evaluates its business and objectives to ensure that it is properly configured and sized based on changing market conditions. Accordingly, the Company has implemented several restructuring initiatives, including closure or consolidation of facilities throughout the world and the reorganization of its operating structure. In January 2015, the Company announced its intention to further restructure its European manufacturing footprint based on anticipated market demands. The total estimated cost of this initiative, which is expected to be substantially completed by the end of 2017, is approximately $120,000 to $125,000, of which approximately $102,000 has been incurred to date. We expect to incur total employee separation costs of approximately $64,000 to $67,000, other related exit costs of approximately $56,000 to $58,000 and non-cash asset impairments related to restructuring activities of approximately $500. 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 three and six months ended June 30, 2017 and 2016:
The following table summarizes the activity for restructuring initiatives for the six months ended June 30, 2017:
|
Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories were comprised of the following as of June 30, 2017 and December 31, 2016:
|
Property, Plant and Equipment |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment Property, plant and equipment was comprised of the following as of June 30, 2017 and December 31, 2016:
Impairment of Long-Lived Assets Due to the Company’s decision to divest two of its inactive European sites, the Company recorded impairment charges of $4,270 in the six months ended June 30, 2017. Fair value was determined based on current real estate market conditions. |
Goodwill and Intangibles |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill by reportable operating segment for the six months ended June 30, 2017 are summarized as follows:
Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. There were no indicators of potential impairment during the six months ended June 30, 2017. Intangible Assets The following table presents intangible assets and accumulated amortization balances of the Company as of June 30, 2017 and December 31, 2016, respectively:
|
Debt |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Outstanding debt consisted of the following as of June 30, 2017 and December 31, 2016:
5.625% Senior Notes due 2026 In November 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”). The Senior Notes mature on November 15, 2026. Interest on the Senior Notes is payable semi-annually in arrears in cash on May 15 and November 15 of each year, commencing on May 15, 2017. Debt issuance costs related to the Senior Notes are amortized into interest expense over the term of the Senior Notes. As of June 30, 2017 and December 31, 2016, the Company has $6,674 and $6,940 of unamortized debt issuance costs, respectively, related to the Senior Notes, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Term Loan Facility Also in November 2016, the Company entered into Amendment No. 1 to its senior term loan facility (“Term Loan Facility”), which provides for loans in an aggregate principal amount of $340,000. Subject to certain conditions, the Term Loan Facility, without the consent of the then existing lenders (but subject to the receipt of commitments), may be expanded (or a new term loan or revolving facility added) by an amount that will not cause the consolidated secured net debt ratio to exceed 2.25 to 1.00 plus $400,000 plus any voluntary prepayments, including the senior asset-based revolving credit facility (“ABL Facility”) to the extent commitments are reduced, not funded from proceeds of long-term indebtedness. The Term Loan Facility matures on November 2, 2023, unless earlier terminated. On May 2, 2017, the Company entered into Amendment No. 2 to the Term Loan Facility to modify the interest rate. In accordance with this amendment, borrowings under the Term Loan Facility bear interest, at the Company’s option, at either (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75%, plus 2.25% per annum, or (2) with respect to base rate loans, the base rate (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%), plus 1.25% per annum. As a result of the amendment, the Company recognized a loss on refinancing and extinguishment of debt of $1,020, which was due to the partial write off of new and unamortized debt issuance costs and unamortized original issue discount. As of June 30, 2017 and December 31, 2016, the Company had $3,841 and $4,352 of unamortized debt issuance costs, respectively, and $2,477 and $2,821 of unamortized original issue discount, respectively, related to the Term Loan Facility, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility. ABL Facility In November 2016, the Company entered into a $210,000 Third Amended and Restated Loan Agreement of its senior asset-based revolving credit facility (“ABL Facility”). The ABL Facility provides for an aggregate revolving loan availability of up to $210,000, subject to borrowing base availability, including a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $310,000, if requested by the Borrowers and the lenders agree to fund such increase. No consent of any lender is required to effect any such increase, except for those participating in the increase. As of June 30, 2017, there were no borrowings under the ABL Facility, and subject to borrowing base availability, the Company had $189,750 in availability, less outstanding letters of credit of $9,815. Any borrowings under our ABL Facility will mature, and the commitments of the lenders under our ABL Facility will terminate, on November 2, 2021. As of June 30, 2017 and December 31, 2016, the Company had $1,529 and $1,706, respectively, of unamortized debt issuance costs related to the ABL Facility, which are presented in other assets in the condensed consolidated balance sheets. Debt Covenants The Company was in compliance with all covenants of the Senior Notes, Term Loan Facility and ABL Facility, as of June 30, 2017. Other Other borrowings reflect borrowings under capital leases, local bank lines and accounts receivable factoring sold with recourse classified in debt payable within one year on the condensed consolidated balance sheets. |
Fair Value Measurements and Financial Instruments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Financial Instruments | Fair Value Measurements and Financial Instruments Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy is utilized, which prioritizes the inputs used in measuring fair value as follows:
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 assets and liabilities measured or disclosed at fair value on a recurring basis as of June 30, 2017 and December 31, 2016, 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. “Acquisitions,” Note 3. “Restructuring” and Note 5. “Property, Plant and Equipment.” Items Not Carried At Fair Value Fair values of the Company’s debt instruments are shown below:
(1) Excludes unamortized debt issuance costs and unamortized original issue discount. Fair values were based on quoted market prices and are classified within Level 1 of the fair value hierarchy. Derivative Instruments and Hedging Activities The Company is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity prices. The Company enters into derivative instruments primarily to hedge portions of its forecasted foreign currency denominated cash flows and designates these derivative instruments as cash flow hedges in order to qualify for hedge accounting. Certain foreign exchange contracts that do not qualify for hedge accounting are entered into hedge recognized foreign currency transactions. All gains or losses on derivative instruments which are not designated for hedge accounting treatment or do not qualify for hedge accounting, or result from hedge ineffectiveness, are reported in earnings. The Company formally documents its hedge relationships, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the cash flow hedges. The Company also formally assesses whether a cash flow hedge is highly effective in offsetting changes in the cash flows of the hedged item. Derivatives are recorded at fair value in other current assets, other assets, accrued liabilities and other long-term liabilities. For a cash flow hedge, the effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) in the consolidated balance sheet and reclassified into earnings when the underlying hedged transaction is realized. The realized gains and losses are recorded on the same line as the hedged transaction in the consolidated statements of net income. The Company is exposed to credit risk in the event of nonperformance by its counterparties on its derivative financial instruments. The Company mitigates this credit risk exposure by entering into agreements directly with major financial institutions with high credit standards that are expected to fully satisfy their obligations under the contracts. Cash Flow Hedges Forward Foreign Exchange Contracts—The Company uses forward contracts to mitigate the potential volatility to earnings and cash flow arising from changes in currency exchange rates that impact the Company’s foreign currency transactions. The principal currencies hedged by the Company include various European currencies, the Canadian Dollar, the Mexican Peso, and the Brazilian Real. As of June 30, 2017, the notional amount of these contracts was $144,305 and consisted of hedges of transactions up to June 2018. Interest rate swaps - The Company uses 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 June 30, 2017, the notional amount of these contracts was $300,000, with maturities through September 2018. The fair market value of all outstanding interest rate swap contracts is subject to change due to fluctuations in interest rates. Pretax amounts related to the Company’s cash flow hedges that were recognized in AOCI are shown below:
Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI are shown below:
The amount of losses to be reclassified from AOCI into income in the next twelve months related to the interest rate swap is expected to be approximately $1,451. |
Accounts Receivable Factoring |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 ABL Facility, the Term Loan Facility and the Senior Notes. Costs incurred on the sale of receivables are recorded in other expense, net and interest expense, net of interest income in the condensed consolidated statements of net income. Receivables sold with recourse are accounted for as secured borrowings and are recorded in debt payable within one year, and receivables are pledged equal to the balance of the borrowings. Receivables sold without recourse are accounted for as true sales and are excluded from accounts receivable in the condensed consolidated balance sheet. The amounts outstanding under receivable transfer agreements entered into by various locations are shown below:
The total amounts of accounts receivable factored and the costs incurred on the sale of receivables are as follows:
|
Pension and Postretirement Benefits other than Pensions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Postretirement Benefits other than Pensions | Pension and Postretirement Benefits Other Than Pensions The following tables disclose the components of net periodic benefit (income) cost for the three and six months ended June 30, 2017 and 2016 for the Company’s defined benefit plans and other postretirement benefit plans:
|
Other Expense, Net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Expense) Income, Net | Other Expense, Net The components of other expense, net are as follows:
|
Income Taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. A summary of income tax expense, income before income taxes and the corresponding effective tax rate for the three and six months ended June 30, 2017 and 2016, is shown below:
(1) Amounts were recast to reflect the adoption of ASU 2016-09 in the second quarter of 2016. See Note 16. The effective tax rate for the three months ended June 30, 2017 compared to the three months ended June 30, 2016 was higher primarily due to discrete tax adjustments for excess tax benefits on share-based compensation recorded in the three months ended June 30, 2016. The effective tax rate for the six months ended June 30, 2017 compared to the six months ended June 30, 2016 was lower primarily due to earnings mix between tax benefited and non-tax benefited jurisdictions. The income tax rate for the three and six months ended June 30, 2017 varies from statutory rates primarily due to the impact of income taxes on foreign earnings taxed at rates lower than the U.S. statutory rate, the inability to record a tax benefit for pre-tax losses in certain foreign jurisdictions to the extent not offset by other categories of income, tax credits, income tax incentives, excess tax benefits related to share-based compensation and other permanent items. Further, the Company’s current and future provision for income taxes may be impacted by the recognition of valuation allowances in certain countries. The Company intends to maintain these valuation allowances until it is more likely than not that the deferred tax assets will be realized. |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | Net Income Per Share Attributable to Cooper-Standard Holdings Inc. 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 shares of common stock 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. A summary of information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. is shown below:
(1) Amounts were recast to reflect the adoption of ASU 2016-09 in the second quarter of 2016. See Note 16. For the three and six months ended June 30, 2017, approximately 109,000 securities were excluded from the calculation of diluted earnings per share because the inclusion of such securities in the calculation would have been anti-dilutive. |
Accumulated Other Comprehensive Income (Loss) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2017 and 2016, net of related tax, are as follows:
|
Common Stock |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Equity [Abstract] | |
Common Stock | Common Stock Share Repurchase Program and Secondary Offering In March 2016, the Company’s Board of Directors approved a securities repurchase program (the “Program”) authorizing the Company to repurchase, in the aggregate, up to $125,000 of its outstanding common stock or warrants to purchase common stock. Under the Program, repurchases may be made on the open market or through private transactions, as determined by the Company’s management and in accordance with prevailing market conditions and federal securities laws and regulations. During the six months ended June 30, 2017, the Company repurchased 92,409 shares at an average purchase price of $100.85 per share, excluding commissions, for a total cost of $9,319, of which $7,514 was settled in cash during the quarter. In March 2016, certain selling stockholders affiliated with Silver Point Capital, L.P., Oak Hill Advisors, L.P. and Capital World Investors (the “Selling Stockholders”) sold 2,278,031 shares, including overallotments, of the Company’s common stock at a public offering price of $68.00 per share, in a secondary public offering. Of the 2,278,031 shares sold in the offering, 350,000 shares were purchased by the Company for $23,800. The Company paid the underwriting discounts and commissions payable on the shares sold by the Selling Stockholders, excluding the shares the Company repurchased, resulting in $5,900 of fees incurred for the six months ended June 30, 2016, which is included in other expense, net in the condensed consolidated statement of net income. The Company also incurred approximately $600 of other expenses related to legal and audit services for the six months ended June 30, 2016, which is included in selling, administration & engineering expenses in the condensed consolidated statement of net income. The Company did not sell or receive any proceeds from the sales of shares by the Selling Stockholders. As of June 30, 2017, the Company had approximately $91,900 of repurchase authorization remaining under the Program. |
Share-Based Compensation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation The Company’s long-term incentive plans allow for the grant of various types of share-based awards to key employees and directors of the Company and its affiliates. The Company generally awards grants on an annual basis. In February 2017, the Company granted Restricted Stock Units (“RSUs”), Performance Units (“PUs”) and stock options. The RSUs cliff vest after three years, the PUs cliff vest at the end of their three-year performance period, and the stock options vest ratably over three years. The number of PUs that will vest depends on the Company’s achievement of target performance goals related to the Company’s return on invested capital (“ROIC”), which may range from 0% to 200% of the target award amount. The grant-date fair value of the RSUs and PUs was determined using the closing price of the Company’s common stock on the date of grant. The grant-date fair value of the stock options was determined using the Black-Scholes option pricing model. A summary of the Company’s share-based compensation expense is shown below:
In the second quarter of 2016, the Company early adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The provisions related to forfeitures were adopted on the modified retrospective basis to record actual forfeitures as they occur in the consolidated financial statements, and the impact from adoption resulted in a cumulative effect adjustment of $473 to retained earnings as of January 1, 2016. Provisions related to income taxes and forfeitures were adopted prospectively from January 1, 2016, and resulted in a tax benefit of $2,425 and $3,212 and additional share-based compensation expense of $162 and $225 for the three and six months ended June 30, 2016, respectively. Provisions related to the statement of cash flows have been adopted prospectively and resulted in the recognition of excess tax benefits in cash provided by operating activities instead of financing activities. |
Related Party Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions The following table summarizes the material related party transactions with affiliates accounted for under the equity method:
(1) Relates to transactions with Nishikawa Cooper LLC (“NISCO”) (2) From NISCO and Nishikawa Tachaplalert Cooper Ltd. Amounts receivable from NISCO and Sujan Cooper Standard AVS Private Limited as of June 30, 2017 and December 31, 2016 were $3,791 and $4,078, respectively. In March 2016, as part of the secondary offering, the Company paid $5,900 of fees incurred on behalf of the Selling Stockholders as defined in Note 15. “Common Stock.” |
Commitments and Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is periodically involved in claims, litigation and various legal matters that arise in the ordinary course of business. The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of June 30, 2017, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for claims, litigation and various legal matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company’s financial condition, results of operations or cash flows could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters. In addition, the Company conducts and monitors environmental investigations and remedial actions at certain locations. As of June 30, 2017 and December 31, 2016, the undiscounted reserve for environmental investigation and remediation was approximately $5,288 and $5,490, respectively. The Company does not believe that the environmental liabilities associated with its current and former properties will have a material adverse impact on its financial condition, results of operations or cash flows; however, no assurances can be given in this regard. |
Segment Reporting |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | Segment Reporting 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 following tables detail information on the Company’s reportable segments:
(1) Amounts were recast to reflect the adoption of ASU 2016-09 in the second quarter of 2016. See Note 16.
|
Overview (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, 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 accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “2016 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended June 30, 2017 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Company’s financial statements for the three months ended June 30, 2016 have been recast to reflect the effects of the Company’s adoption of Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which was adopted in the second quarter of 2016. The financial statement line items affected were selling, administration & engineering expenses, income tax expense, net income and basic and diluted earnings per share. |
Recent accounting pronouncements | Recently Adopted Accounting Pronouncements In the first quarter of 2017, the Company adopted ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU amended the guidelines for the measurement of inventory from lower of cost or market to the lower of cost and net realizable value. This new guidance has been adopted prospectively and had an immaterial impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope Modification Accounting. This guidance clarifies that modification accounting is required only if the fair value, vesting conditions, or classification (as equity or liability) of share-based payment award changes due to changes in the terms or conditions. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017. 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 March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This guidance requires the service cost component of net periodic benefit cost to be recorded in the same income statement line item as other employee compensation costs arising from services rendered during the period. Other components of the net periodic benefit cost must be presented separately outside of operating income. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017. 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 January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This guidance eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. This guidance is effective for annual and interim reporting periods beginning after December 15, 2019. 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 November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated statement of cash flows. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This guidance will require companies to recognize the income tax effects of intercompany sales and transfers of assets other than inventory in the period in which the transfer occurs. This guidance is effective for annual and interim reporting periods beginning after December 15, 2017, and should be applied on a modified retrospective approach with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. Early adoption is permitted at the beginning of an annual period. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The amendments provide guidance on eight specific cash flow issues, thereby reducing diversity in practice. The amendments are effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The guidance requires companies to use a retrospective transition method upon adoption. The Company’s current accounting practices are consistent with the issues addressed by this guidance. Therefore, this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance revises existing U.S. GAAP by requiring lessees to recognize right-of-use assets and lease liabilities for all leases (with the exception of short-term leases). The standard also requires additional disclosures to help financial statement users better understand the amount, timing and uncertainty of cash flows arising from lease transactions. This guidance is effective for annual and interim reporting periods beginning after December 15, 2018. A modified retrospective transition approach is required with certain practical expedients available. The Company continues to perform a comprehensive evaluation on the impacts of adopting this standard and plans on adopting this ASU effective January 1, 2019. The Company believes this standard will primarily result in an increase in the assets and liabilities on its consolidated balance sheet and will not have a material impact on its consolidated income statement. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance prescribes a single, common revenue standard that replaces most existing revenue recognition guidance in U.S. GAAP. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. The standard also requires new, expanded revenue disclosures. Several ASUs have been issued since the issuance of ASU 2014-09. These ASUs, which modify certain sections of ASU 2014-09, are intended to promote a more consistent interpretation and application of the principles outlined in the standard. The Company will adopt the guidance effective January 1, 2018, the standard’s effective date, using the modified retrospective method. Under this method, the cumulative effect of adopting the standard is recognized in equity at the date of initial application. To assess the impact of the new standard, the Company developed a comprehensive project plan. This project plan includes analyzing the standard’s impact on customer contracts across the Company’s business segments, comparing its historical accounting policies and practices to the requirements of the new standard, and identifying potential differences from applying the new standard’s requirements. The Company has yet to determine the effect on its consolidated financial statements, but expects this determination will near completion by the third quarter of 2017. The new standard could impact how the Company accounts for pre-production costs related to long-term supply arrangements, such as reimbursable tooling. Under current guidance, such reimbursements from customers are recorded as cost offsets. Under the new guidance, revenue could potentially be recognized for pre-production activities that are transferred to the customer. Since final clarification on the accounting treatment is still outstanding, the Company’s evaluation of pre-production costs is ongoing. In addition, the Company’s internal control framework is not expected to significantly change. Instead, existing internal controls will be modified and augmented, as necessary. While implementing the new standard, the Company will continue to monitor FASB activities and interpretations of various non-authoritative industry groups for any possible impact on the Company’s findings. |
Restructuring (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity of Restructuring | The following table summarizes the restructuring expense by segment for the three and six months ended June 30, 2017 and 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the activity for restructuring initiatives for the six months ended June 30, 2017:
|
Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories were comprised of the following as of June 30, 2017 and December 31, 2016:
|
Property, Plant and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment was comprised of the following as of June 30, 2017 and December 31, 2016:
|
Goodwill and Intangibles (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2017 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 June 30, 2017 and December 31, 2016, respectively:
|
Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Debt | Outstanding debt consisted of the following as of June 30, 2017 and December 31, 2016:
|
Fair Value Measurements and Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy Level for Company's Liabilities Measured | Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of June 30, 2017 and December 31, 2016, are shown below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair values of the Company’s debt instruments are shown below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were recognized in AOCI are shown below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI are shown below:
|
Accounts Receivable Factoring (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables Outstanding Under Transfer Arrangements [Table Text Block] | The amounts outstanding under receivable transfer agreements entered into by various locations are shown below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables Factored and Costs Incurred [Table Text Block] | The total amounts of accounts receivable factored and the costs incurred on the sale of receivables are as follows:
|
Pension and Postretirement Benefits other than Pensions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans | The following tables disclose the components of net periodic benefit (income) cost for the three and six months ended June 30, 2017 and 2016 for the Company’s defined benefit plans and other postretirement benefit plans:
|
Other Expense, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Components of Other Income Expense, Net | The components of other expense, net are as follows:
|
Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A summary of income tax expense, income before income taxes and the corresponding effective tax rate for the three and six months ended June 30, 2017 and 2016, is shown below:
(1) Amounts were recast to reflect the adoption of ASU 2016-09 in the second quarter of 2016. See Note 16. |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) Amounts were recast to reflect the adoption of ASU 2016-09 in the second quarter of 2016. See Note 16. |
Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2017 and 2016, net of related tax, are as follows:
|
Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Expense By Type [Table Text Block] | A summary of the Company’s share-based compensation expense is shown below:
|
Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] |
(1) Relates to transactions with Nishikawa Cooper LLC (“NISCO”) (2) From NISCO and Nishikawa Tachaplalert Cooper Ltd. |
Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on Company's Business Segments | The following tables detail information on the Company’s reportable segments:
(1) Amounts were recast to reflect the adoption of ASU 2016-09 in the second quarter of 2016. See Note 16.
|
Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ 8,323 | $ 12,206 | $ 18,311 | $ 23,038 |
North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | 817 | 395 | 817 | 1,355 |
Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | 6,816 | 11,658 | 16,105 | 20,493 |
Asia Pacific [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ 690 | $ 153 | $ 1,389 | $ 1,190 |
Restructuring - Summary of Activity of Restructuring (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | $ 24,238 | |||
Restructuring | $ 8,323 | $ 12,206 | 18,311 | $ 23,038 |
Cash payments | (26,185) | |||
Foreign exchange translation and other | 1,597 | |||
Restructuring Reserve, Ending Balance | 17,961 | 17,961 | ||
Employee Separation Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 21,927 | |||
Restructuring | 10,861 | |||
Cash payments | (19,258) | |||
Foreign exchange translation and other | 1,529 | |||
Restructuring Reserve, Ending Balance | 15,059 | 15,059 | ||
Other Exit Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 2,311 | |||
Restructuring | 7,450 | |||
Cash payments | (6,927) | |||
Foreign exchange translation and other | 68 | |||
Restructuring Reserve, Ending Balance | $ 2,902 | $ 2,902 |
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 51,328 | $ 43,511 |
Work in process | 37,244 | 32,839 |
Raw materials and supplies | 79,825 | 70,099 |
Inventories | $ 168,397 | $ 146,449 |
Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 70,889 | $ 71,002 |
Buildings and improvements, gross | 282,792 | 265,824 |
Machinery and equipment, gross | 950,951 | 864,337 |
Construction in progress, gross | 176,643 | 153,924 |
Property, Plant and Equipment, Gross | 1,481,275 | 1,355,087 |
Accumulated depreciation | (594,300) | (522,818) |
Property, plant and equipment, net | $ 886,975 | $ 832,269 |
Property, Plant and Equipment Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Property, Plant and Equipment [Abstract] | ||||
Impairment charges | $ 0 | $ 0 | $ 4,270 | $ 0 |
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 167,441 | |
Foreign exchange translation | 1,863 | |
Goodwill, Ending Balance | 169,304 | $ 167,441 |
North America [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Acquired During Period | 7,175 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 121,996 | |
Foreign exchange translation | 108 | |
Goodwill, Ending Balance | 122,104 | 121,996 |
Europe [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 10,753 | |
Foreign exchange translation | 864 | |
Goodwill, Ending Balance | 11,617 | 10,753 |
Asia Pacific [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 34,692 | |
Foreign exchange translation | 891 | |
Goodwill, Ending Balance | $ 35,583 | $ 34,692 |
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 166,051 | $ 164,645 |
Accumulated Amortization | (90,919) | (83,282) |
Net Carrying Amount | 75,132 | 81,363 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 135,387 | 134,918 |
Accumulated Amortization | (79,731) | (73,088) |
Net Carrying Amount | 55,656 | 61,830 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,025 | 8,762 |
Accumulated Amortization | (8,899) | (8,386) |
Net Carrying Amount | 126 | 376 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,639 | 20,965 |
Accumulated Amortization | (2,289) | (1,808) |
Net Carrying Amount | $ 19,350 | $ 19,157 |
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Senior Notes | $ 393,326 | $ 393,060 |
Term Loan | 331,982 | 332,827 |
Other borrowings | 27,497 | 37,032 |
Total debt | 752,805 | 762,919 |
Less current portion | (29,817) | (33,439) |
Total long-term debt | $ 722,988 | $ 729,480 |
Fair Value Measurements and Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) - Level 2 [Member] - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Other Current Assets [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract asset | $ 2,022 | $ 764 |
Accrued Liabilities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract liability | (594) | (535) |
Interest rate swap liability | (1,452) | (2,458) |
Other Liabilities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Interest rate swap liability | $ (231) | $ (661) |
Fair Value Measurements and Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value of Debt Instruments [Abstract] | ||
Long-term Debt, Fair Value | $ 739,873 | $ 735,850 |
Long-term Debt, Gross | $ 738,300 | $ 740,000 |
Fair Value Measurements and Financial Instruments - Gains (losses) on Cash Flow Hedges Reported in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 1,682 | $ (2,006) | $ 2,623 | $ (4,238) |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | (175) | (596) | (49) | (2,254) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 1,507 | $ (2,602) | $ 2,574 | $ (6,492) |
Fair Value Measurements and Financial Instruments - Reclassifications out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 1,335 | $ (1,402) | $ 1,456 | $ (1,611) |
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | 0 | 0 | 0 | 0 |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (684) | (795) | (1,478) | (1,590) |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 92 | 0 | 177 | 0 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 651 | (2,197) | (22) | (3,201) |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 92 | $ 0 | $ 177 | $ 0 |
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - Cash Flow Hedging [Member] $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Foreign Exchange Contract [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative, Notional Amount | $ 144,305 |
Derivative, Maturity Date | Jun. 30, 2018 |
Interest Rate Swap [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative, Notional Amount | $ 300,000 |
Derivative, Maturity Date | Sep. 30, 2018 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (1,451) |
Accounts Receivable Factoring Amounts outstanding under receivable transfer agreements (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Transfers and Servicing [Abstract] | ||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 79,837 | $ 56,936 |
Outstanding Account Receivable Factoring Under Transfer Receivable Agreement With Recourse | $ 4,893 | $ 5,258 |
Accounts Receivable Factoring Receivables Factored and Costs Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Transfers and Servicing [Abstract] | ||||
Total amount of accounts receivable factored without recourse | $ 143,186 | $ 135,653 | $ 292,110 | $ 260,970 |
Costs incurred on sale of receivables without recourse | (610) | (511) | (1,065) | (990) |
Total amount of accounts receivable factored with recourse | 6,455 | 4,572 | 14,106 | 10,528 |
Costs incurred on sale of receivables with recourse | $ (19) | $ (14) | $ (45) | $ (35) |
Other Expense, Net - Details of Components of Other Income Expense, Net (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Other Income and Expenses [Abstract] | ||||
Foreign currency losses | $ (1,906) | $ (15) | $ (2,578) | $ (1,704) |
Secondary offering underwriting fees | 0 | 0 | 0 | (5,900) |
Losses on sales of receivables | (342) | (240) | (560) | (467) |
Miscellaneous income | 64 | 0 | 314 | 0 |
Other expense, net | $ (2,184) | $ (255) | $ (2,824) | $ (8,071) |
Income Taxes Effective Income Tax Rate (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 20,530 | $ 16,021 | $ 32,420 | $ 30,787 |
Income before income taxes | $ 62,180 | $ 56,261 | $ 116,574 | $ 102,564 |
Effective tax rate | 33.00% | 28.00% | 28.00% | 30.00% |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Common Stock Equivalents (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2017
shares
| |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 109,000 |
Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 125,000 | $ 125,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 91,900 | $ 91,900 | |||
Secondary Offering Shares Sold By Selling Stockholders | 2,278,031 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 68.00 | $ 100.85 | |||
Payments for Repurchase of Common Stock | $ 7,514 | $ 23,800 | |||
Repurchase of common stock (shares) | 92,409 | ||||
Repurchase of common stock | $ 9,319 | ||||
Secondary offering underwriting fees | $ 0 | $ 0 | $ 0 | 5,900 | |
Professional Fees | $ 600 | ||||
Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchase of common stock (shares) | 350,000 | 92,409 | |||
Cooper Standard Holdings Inc Equity [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchase of common stock | $ 23,800 | $ 9,319 |
Share-Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock Expense | $ 2,479 | $ 2,186 | $ 4,844 | $ 3,753 |
Stock Option Plan Expense | 967 | 830 | 2,006 | 1,822 |
Allocated Share-based Compensation Expense | 4,890 | 6,475 | 11,694 | 10,909 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 1,444 | $ 3,459 | $ 4,844 | $ 5,334 |
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Mar. 31, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, low end of range | 0.00% | |||
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, high end of range | 200.00% | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 473 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 2,425 | $ 3,212 | ||
Selling, General and Administrative Expenses [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ (162) | $ (225) |
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Related Party Transaction Due From To Related Party [Line Items] | |||||
Due from Related Party | $ 3,791 | $ 3,791 | $ 4,078 | ||
Secondary offering underwriting fees | $ 0 | $ 0 | $ 0 | $ 5,900 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Related Party Transaction [Line Items] | ||||
Revenue From Related Parties | $ 8,524 | $ 8,434 | $ 17,836 | $ 16,998 |
Related Party Transaction, Purchases from Related Party | 204 | 119 | 394 | 195 |
Proceeds from Equity Method Investment, Distribution | $ 2,742 | $ 0 | $ 5,382 | $ 3,022 |
Commitments and Contingencies Additional Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 5,288 | $ 5,490 |
Segment Reporting - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2017
Segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
ZZ0 &Z0NL]*;YN[,F8I6J-U[&1?179L9$7N+@#,$F!"1LCT)
M0)_ 'CIT^%'@X"*07P!Y(T"&CF;TQ$]/O/3$T),9/5U<@(O(_ *I5R!UZ/E"
MP$6L_ *95R!SZ.N%@(L L5\A]RKD+A\L)"PD-9#.?N88Y'Z1E5=DY8HL,F5O
M(=D<\B!5UEZ)M2N1+"0\D-0O 6)_0<6NA6Q94A[,@[L"#\H6N!962Q7@?!.
M8)QD#^H7> MX!Z KM4PP#P8^R##@KV* 7 O+'/-AX ,5?[$#MY8A6CQ'(^;#
MM>4Y2D"ZS+5H]LBVA%]-/Q)!Q6Z=:8:SW:GG[:!YI/_!;\COFUZ41P8E(]
M]>9!OC FB7(H?E*NU*I'3PM*+E)/ +YAREU
M SXI9M%#5SHEFS].AM($'?$X10:G2OF.*"8UV5\P(@6A$N5!B@Q(E<]V9"CI
M!E&3U1U.2AQ V*_ =1C4T;!3V64V/L-238;04_Q4N(!S<9^(T*B5,^*)J-%;)A<6E(MG;
MO/(^K--\DJ9+6#R +@%T#;@+.F06"IE_9I:5N583TO/=#\RW.#E0=S>5=X:K
M"& MO8E]_J&! F[*'P.7<\\Y%[A.1ZE>
M=0-@T+O@G X":J"3^:MB"<@IT:TY,&JWWK
M>43F)GN#=WWK.^;'JA'.CDEU'YI;Z\"8),J,_Z#V DY/O%[FM\U?%_FR;DVC
MW_&AV)05+G#NO BM=/$E9RPE:$"%%\M&'5>%<&R O.O6G
M28BKCM($!D=3O6IX:P+[@6?'*:\ZB)NR9>=-!K:93) [C=((MAS2&H Q1DG4
M52^VLX;L04261EKU\:DJD YF^<8"R76Q*N$6OZ/""ZA,12!K)O)IG( FA)YT
M*O04P4,9P"%"01,D? ;P3;79T+) ,@'Z!M(DB*-C.%TFF;27:0Q/@/8%9T0X
M\(8LG<+]B.R@)!&"=!J0XA!%_B1"5)&ZFTYI)<0?('I9FM*G#*25L1>?)6'\
M@[L;S!\-Q["9[O0;$]=-@4LO)E*J-;\%L>@6:=A:%WHR7(G,[4,O:LY3
M3WFJ.2=-L!#H4$LZM"&7)VB9IYKSE'*RTIR3OR"$DF6(HC"9RN6(6B:JYD3U
ME*A:R%F#
X=
MEI#6"G:0-<(((I#R1)JK$D3%,-%8=R4J85XA(\<#%4L&VRO"41E?]"-W6O$&
M2Y ."VMT1?S>:8\/'':8Z.+,V]V\_LGJY[QJ@B?3VN-S?\@]&--JJS+^;)4=
M[65O&A3ZT':OTK[7PXUG&+3F--[FHNE*N?@?4$L#!!0 ( %%]!$N9GX_X
M400 +T3 8 >&PO=V]R:W-H965T
)*RL%YHV<6
ME*+%Z[3++N[C='/@,VP;P&< 7P!W,0^;$D7EC\*+(K-F)';J?2_"$^^.''M3
M!F=L1;Q#\0Z]UX(G:<:N@6B..4TQ?!6S6R(8LB\I^%:*$_\'SK?A^TV%^PC?
M_Z'PL$V0;A*DD2#];XE;,;=_)6&KGFJP39PF1THS='&25]YE8._C([+W\&G:
MOPK;R,Z1B_'XLK'_M3$>4$IR@R/4X@=;# 6U#\>+;3F$V&-_W\@]CRC8O?
M4$L#!!0 ( %%]!$M/P&IRMP$ -(# 9 >&PO=V]R:W-H965TNVM>V>NE]_]F
MAAO0WH .!B;V/0/6&[!W W[7@/<&_'\C!+U! ")XG79;S'6FL]6B5A>G[O;#
M*6NW'9D'IEW;=M%VQ_YFZMF8U9<59VSAO;2.>B;IIB:'"-K*<(&0C/)#!D
M0;$L$CJ-@.)N[7J[4"%2-0-3 -@FL30SN6HRB/@&2II1I$VSY9DJ9-HTJ>"4L
M1(6%B# 0)@FGQ0LCP:@/W@HI!E).:1@">:A'GW'F X48R#AE],9_+$)%1HA(
MD%(232/Y/@T%W(\(QWC,0I#Y&N$($>8#%&+^J(C\&]LS1@7&B, ("(RG@:)(
M!+$ E4@Q,(B)X+"+&!B3.(BA1@P4(B:4X2*)CQ],/B(3O."2'HI&P>@,'@PI
M2L%3;HU0?#;I($K=>KV0&V
&PO
M=V]R:W-H965TQ'2+BN>?U:D&=BT&!GTQ;
M$T[&SJ74Y]:)MIWS.= 7JQ=?^8NU/Q+?^(MMTQ@_Y)LV_1WS4U$*9\^DNL[F
MTAT9DZ"\>T_*?*[^#.V"P%'JZ53->=,?FX5DE6W]J/W_I/\ 4$L#!!0 (
M %%]!$M/+ B/50( #4' 9 >&PO=V]R:W-H965T
I5-BST+\8N(,#=V#@!AM(H8%T>/:*!-?39$#^
M=M#YK"@G#"]&"\29Q#@^R8!+C7:&!P?B1")=3X43/9(A!N1P!YUW)8G+Q@)0
MY#3/94 91Y([!RB5ICVN01VZ%30@JSOHLB-EH\4#6*)3R9V+,4'&:LO= YQ0
MCGKB6V!Y$G) ;G?091&1+K4I'_M < G U&F7]*T.ED:!M-'VF,#R(_0G,AP7
M?H$J?Y3A<1TFDR@E>) +H2V(#[30"1(I"J*$L!I861?AF,!$$@!H@R/2[NT
M*LH"0 D997A,64F1
SQGK PD1B>W(0%
M@) \.0F4(I5XE2T9T$EVU 4(H C*Y7D"H>X0/554<(20$@">'(3J.R*E_4%
MHJ+WVSM A0K'7\<1U2O?A 6"D$#PY.Z@BY)W^^S\O5G[S=JOS'KKBH=JOMO_\I
M#H(__>7?ZO(O_[;]RZMJMKLO5ELO7\V]R]6VW#YZ5RN>LZQ6WJE7W^6;HOZW
M/V__\F]_QF?XN<1[6ZVV=S4\,R_FS5__]VYUYD5CWPO'P;3]X_+,"]/N'_5Z
MSKO7\[?SFWJ[R6?;_Z_WR4^/ZZ+Y8S ^_<_F=^EA/]4"R#]D[ZMT].@-^U]%H]L,2#H\(+/RID=? !.Q+?W[#E(:0M/,C
MO!^?L4LQFK'7,$OW+S0+S6 ^N6K "R^%'UYX41;KSX$?Q;$0!R_Q4W@H"/P$
MQ#E@R0$P/[AMDRQRF7"2C4$'B?#A-(/_!_ W%WR!:?THC'#BT _'"7Z ;X(
M/H0@6T;I(="5P^#4GE[BK&&\![(_6JD7!H\N"$M82K_\(F&UM6SCI2HET%WI
M!S<3^%F( S5[B9^"+N[%%0(QGZ:!-X4)..Q @&%"N@,Z!$H1B' ^<0;)307
M? @!YFD,GUY7FP(47I/5ZQ354QG< /HXS+PDQ0_9M+%L%PHO4&L
[%8;O4P9'63!F4QXNYF5+H+%*9#KPLH1JCQUKH>@>"F:E
M"$E%ZC9DFK]BE]Y&Y9%1\ >Z!-3TOLU-C=NSXSTW&&VGIO=5\&93*>84$?JY
M*(E;CX(3?K'0-RKE OK.'(0+F)&J[=&596C<8A08N[O)DLG!H,AMF@\A>1V?
M3>,??,8\Q,P?J$P*LJ1[J@XQ"MLO1UQKO=9\.=)>%_S^KKR]*VKW4BLQ8E',
MR?N%2%7SP[20\1FN2:CNO4Q+P=L;5?C#^)_$9V.7D<% ]EO7#:WONZ]=8=6J
M."6EI 486@3