XML 45 R31.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Reporting
 9 Months Ended
Sep. 30, 2019
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, and fluid transfer systems. During the first quarter of 2019 and in prior periods, the Company also operated an anti-vibration systems product line. On April 1, 2019, the Company completed the divestiture of the AVS product line.
Effective January 1, 2019, the Company changed the measurement of its operating segments to segment adjusted EBITDA. The results of each segment include certain allocations for general, administrative and other shared costs. Segment adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Certain financial information on the Company’s reportable segments was as follows:
 
 
Three Months Ended September 30,
 
 
2019

2018
 
 
External Sales
 
Intersegment Sales
 
Adjusted EBITDA
 
External Sales
 
Intersegment Sales
 
Adjusted EBITDA
North America
 
$
393,747

 
$
7,488

 
$
62,603

 
$
471,553

 
$
3,437

 
$
71,589

Europe
 
197,409

 
3,053

 
6,750

 
228,332

 
4,363

 
934

Asia Pacific
 
112,642

 
894

 
(22,921
)
 
136,155

 
1,307

 
(1,253
)
South America
 
25,223

 
18

 
(2,906
)
 
25,613

 
17

 
(1,699
)
Eliminations and other
 
—

 
(11,453
)
 
—

 
—

 
(9,124
)
 
—

Consolidated
 
$
729,021

 
$
—

 
$
43,526

 
$
861,653

 
$
—

 
$
69,571

 
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
 
External Sales
 
Intersegment Sales
 
Adjusted EBITDA
 
External Sales
 
Intersegment Sales
 
Adjusted EBITDA
North America
 
$
1,273,317

 
$
14,174

 
$
175,034

 
$
1,448,339

 
$
11,056

 
$
241,037

Europe
 
668,225

 
9,259

 
22,273

 
799,857

 
11,780

 
40,194

Asia Pacific
 
358,740

 
2,512

 
(23,740
)
 
433,324

 
4,301

 
23,541

South America
 
73,583

 
71

 
(5,576
)
 
75,786

 
72

 
(4,657
)
Eliminations and other
 
—

 
(26,016
)
 
—

 
—

 
(27,209
)
 
—

Consolidated
 
$
2,373,865

 
$
—

 
$
167,991

 
$
2,757,306

 
$
—

 
$
300,115

 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019

2018
Adjusted EBITDA
 
$
43,526

 
$
69,571

 
$
167,991

 
$
300,115

Gain on sale of business
 
(1,730
)
 
—

 
188,180

 
—

Restructuring charges
 
(5,572
)
 
(2,703
)
 
(29,214
)
 
(19,841
)
Impairment charges
 
(1,958
)
 
—

 
(4,146
)
 
—

Project costs
 
(335
)
 
—

 
(2,003
)
 
—

Lease termination costs
 
(512
)
 
—

 
(1,003
)
 
—

Gain on sale of land
 
—

 
10,714

 
—

 
10,714

Amortization of inventory write-up
 
—

 
(535
)
 
—

 
(535
)
Loss on refinancing and extinguishment of debt
 
—

 
—

 
—

 
(770
)
EBITDA
 
$
33,419

 
$
77,047

 
$
319,805

 
$
289,683

Income tax (expense) benefit
 
574

 
1,190

 
(45,996
)
 
(19,831
)
Interest expense, net of interest income
 
(10,351
)
 
(9,983
)
 
(33,858
)
 
(29,756
)
Depreciation and amortization
 
(37,495
)
 
(36,098
)
 
(111,968
)
 
(109,271
)
Net income attributable to Cooper-Standard Holdings Inc.
 
$
(13,853
)
 
$
32,156

 
$
127,983

 
$
130,825


 
September 30,
2019
 
December 31,
2018
Segment assets
 
 
 
North America
$
1,225,898

 
$
1,174,604

Europe
568,246

 
541,495

Asia Pacific
612,228

 
616,093

South America
62,660

 
54,629

Eliminations and other
176,415

 
236,282

Consolidated
$
2,645,447

 
$
2,623,103