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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 10-Q
___________________________________
(Mark One)
|
| |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2019
or
|
| |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________.
Commission File Number: 001-36127
______________________________
COOPER-STANDARD HOLDINGS INC.
(Exact name of registrant as specified in its charter)
______________________________
|
| | |
Delaware | | 20-1945088 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
39550 Orchard Hill Place Drive
Novi, Michigan 48375
(Address of principal executive offices)
(Zip Code)
(248) 596-5900
(Registrant’s telephone number, including area code)
______________________________
Securities registered pursuant to Section 12(b) of the Act: |
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.001 per share | | CPS | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2019, there were 16,838,724 shares of the registrant’s common stock, $0.001 par value, outstanding.
COOPER-STANDARD HOLDINGS INC.
Form 10-Q
For the period ended September 30, 2019
|
| | |
| | Page |
| | |
| | |
| | |
Item 1. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
| | |
| | |
| | |
Item 2. | | |
Item 6. | | |
| |
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollar amounts in thousands except per share amounts)
|
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Sales | $ | 729,021 |
| | $ | 861,653 |
| | $ | 2,373,865 |
| | $ | 2,757,306 |
|
Cost of products sold | 659,313 |
| | 741,998 |
| | 2,088,631 |
| | 2,315,406 |
|
Gross profit | 69,708 |
| | 119,655 |
| | 285,234 |
| | 441,900 |
|
Selling, administration & engineering expenses | 63,020 |
| | 82,134 |
| | 224,164 |
| | 238,913 |
|
Gain on sale of business | 1,730 |
| | — |
| | (188,180 | ) | | — |
|
Gain on sale of land | — |
| | (10,714 | ) | | — |
| | (10,714 | ) |
Amortization of intangibles | 4,250 |
| | 3,791 |
| | 13,173 |
| | 10,596 |
|
Restructuring charges | 5,572 |
| | 2,703 |
| | 29,214 |
| | 19,841 |
|
Impairment charges | 1,958 |
| | — |
| | 4,146 |
| | — |
|
Operating profit (loss) | (6,822 | ) | | 41,741 |
| | 202,717 |
| | 183,264 |
|
Interest expense, net of interest income | (10,351 | ) | | (9,983 | ) | | (33,858 | ) | | (29,756 | ) |
Equity in earnings of affiliates | 1,515 |
| | 1,413 |
| | 5,764 |
| | 4,348 |
|
Loss on refinancing and extinguishment of debt | — |
| | — |
| | — |
| | (770 | ) |
Other expense, net | (514 | ) | | (1,697 | ) | | (3,091 | ) | | (3,973 | ) |
Income (loss) before income taxes | (16,172 | ) | | 31,474 |
| | 171,532 |
| | 153,113 |
|
Income tax expense (benefit) | (574 | ) | | (1,190 | ) | | 45,996 |
| | 19,831 |
|
Net income (loss) | (15,598 | ) | | 32,664 |
| | 125,536 |
| | 133,282 |
|
Net (income) loss attributable to noncontrolling interests | 1,745 |
| | (508 | ) | | 2,447 |
| | (2,457 | ) |
Net income (loss) attributable to Cooper-Standard Holdings Inc. | $ | (13,853 | ) | | $ | 32,156 |
| | $ | 127,983 |
| | $ | 130,825 |
|
| | | | | | | |
Earnings (loss) per share: | | | | | | | |
Basic | $ | (0.82 | ) | | $ | 1.80 |
| | $ | 7.42 |
| | $ | 7.29 |
|
Diluted | $ | (0.82 | ) | | $ | 1.77 |
| | $ | 7.40 |
| | $ | 7.13 |
|
The accompanying notes are an integral part of these financial statements.
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollar amounts in thousands)
|
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Net income (loss) | $ | (15,598 | ) | | $ | 32,664 |
| | $ | 125,536 |
| | $ | 133,282 |
|
Other comprehensive loss: | | | | | | | |
Currency translation adjustment | (29,513 | ) | | (15,715 | ) | | (33,407 | ) | | (41,277 | ) |
Benefit plan liabilities adjustment, net of tax | 2,246 |
| | 656 |
| | 686 |
| | 4,914 |
|
Fair value change of derivatives, net of tax | (1,558 | ) | | 1,481 |
| | 523 |
| | 1,871 |
|
Other comprehensive loss, net of tax | (28,825 | ) | | (13,578 | ) | | (32,198 | ) | | (34,492 | ) |
Comprehensive income (loss) | (44,423 | ) | | 19,086 |
| | 93,338 |
| | 98,790 |
|
Comprehensive loss (income) attributable to noncontrolling interests | 2,606 |
| | 584 |
| | 3,558 |
| | (704 | ) |
Comprehensive income (loss) attributable to Cooper-Standard Holdings Inc. | $ | (41,817 | ) | | $ | 19,670 |
| | $ | 96,896 |
| | $ | 98,086 |
|
The accompanying notes are an integral part of these financial statements.
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands except share amounts)
|
| | | | | | | |
| September 30, 2019 | | December 31, 2018 |
| (unaudited) | |
|
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 323,142 |
| | $ | 264,980 |
|
Accounts receivable, net | 462,244 |
| | 418,607 |
|
Tooling receivable | 158,826 |
| | 141,106 |
|
Inventories | 178,916 |
| | 175,572 |
|
Prepaid expenses | 32,795 |
| | 36,878 |
|
Other current assets | 71,901 |
| | 108,683 |
|
Assets held for sale | — |
| | 103,898 |
|
Total current assets | 1,227,824 |
| | 1,249,724 |
|
Property, plant and equipment, net | 961,793 |
| | 984,241 |
|
Operating lease right-of-use assets, net | 87,849 |
|
| — |
|
Goodwill | 142,104 |
| | 143,681 |
|
Intangible assets, net | 88,325 |
| | 99,602 |
|
Other assets | 137,552 |
| | 145,855 |
|
Total assets | $ | 2,645,447 |
| | $ | 2,623,103 |
|
| | | |
Liabilities and Equity | | | |
Current liabilities: | | | |
Debt payable within one year | $ | 67,419 |
| | $ | 101,323 |
|
Accounts payable | 405,766 |
| | 452,320 |
|
Payroll liabilities | 94,728 |
| | 92,604 |
|
Accrued liabilities | 104,965 |
| | 98,907 |
|
Current operating lease liabilities | 24,004 |
|
| — |
|
Liabilities held for sale | — |
| | 71,195 |
|
Total current liabilities | 696,882 |
| | 816,349 |
|
Long-term debt | 736,044 |
| | 729,805 |
|
Pension benefits | 128,409 |
| | 138,771 |
|
Postretirement benefits other than pensions | 46,961 |
| | 40,901 |
|
Long-term operating lease liabilities | 64,102 |
|
| — |
|
Other liabilities | 52,644 |
| | 37,775 |
|
Total liabilities | 1,725,042 |
| | 1,763,601 |
|
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; 18,904,533 shares issued and 16,838,724 shares outstanding as of September 30, 2019, and 19,620,546 shares issued and 17,554,737 outstanding as of December 31, 2018 | 17 |
| | 17 |
|
Additional paid-in capital | 488,862 |
| | 501,511 |
|
Retained earnings | 686,714 |
| | 576,025 |
|
Accumulated other comprehensive loss | (277,175 | ) | | (246,088 | ) |
Total Cooper-Standard Holdings Inc. equity | 898,418 |
| | 831,465 |
|
Noncontrolling interests | 21,987 |
| | 28,037 |
|
Total equity | 920,405 |
| | 859,502 |
|
Total liabilities and equity | $ | 2,645,447 |
| | $ | 2,623,103 |
|
The accompanying notes are an integral part of these financial statements.
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(Dollar amounts in thousands except share amounts)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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, 2018 | 17,554,737 |
| | $ | 17 |
| | $ | 501,511 |
| | $ | 576,025 |
| | $ | (246,088 | ) | | $ | 831,465 |
| | $ | 28,037 |
| | $ | 859,502 |
|
Cumulative effect of change in accounting principle | — |
| | — |
| | — |
| | (2,607 | ) | | — |
| | (2,607 | ) | | — |
| | (2,607 | ) |
Repurchase of common stock | (118,774 | ) | | — |
| | (2,057 | ) | | (3,880 | ) | | — |
| | (5,937 | ) | | — |
| | (5,937 | ) |
Share-based compensation, net | 85,937 |
| | — |
| | 4 |
| | (214 | ) | | — |
| | (210 | ) | | — |
| | (210 | ) |
Contribution from noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 2,112 |
| | 2,112 |
|
Net loss | — |
| | — |
| | — |
| | (3,460 | ) | | — |
| | (3,460 | ) | | (157 | ) | | (3,617 | ) |
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | 4,455 |
| | 4,455 |
| | 404 |
| | 4,859 |
|
Balance as of March 31, 2019 | 17,521,900 |
| | $ | 17 |
| | $ | 499,458 |
| | $ | 565,864 |
| | $ | (241,633 | ) | | $ | 823,706 |
| | $ | 30,396 |
| | $ | 854,102 |
|
Repurchase of common stock | (626,305 | ) | | — |
| | (20,486 | ) | | (9,514 | ) | | — |
| | (30,000 | ) | | — |
| | (30,000 | ) |
Share-based compensation, net | 5,738 |
| | — |
| | 3,522 |
| | 1 |
| | — |
| | 3,523 |
| | — |
| | 3,523 |
|
Purchase of noncontrolling interest | — |
| | — |
| | 1,298 |
| | — |
| | — |
| | 1,298 |
| | (6,057 | ) | | (4,759 | ) |
Dividends declared to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (233 | ) | | (233 | ) |
Net income (loss) | — |
| | — |
| | — |
| | 145,296 |
| | — |
| | 145,296 |
| | (545 | ) | | 144,751 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | (7,578 | ) | | (7,578 | ) | | (654 | ) | | (8,232 | ) |
Balance as of June 30, 2019 | 16,901,333 |
| | $ | 17 |
| | $ | 483,792 |
| | $ | 701,647 |
| | $ | (249,211 | ) | | $ | 936,245 |
| | $ | 22,907 |
| | $ | 959,152 |
|
Repurchase of common stock | (72,875 | ) | | — |
| | 1,084 |
| | (1,084 | ) | | — |
| | — |
| | — |
| | — |
|
Share-based compensation, net | 10,266 |
| | — |
| | 3,986 |
| | 4 |
| | — |
| | 3,990 |
| | — |
| | 3,990 |
|
Contribution from noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1,686 |
| | 1,686 |
|
Net loss | — |
| | — |
| | — |
| | (13,853 | ) | | — |
| | (13,853 | ) | | (1,745 | ) | | (15,598 | ) |
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | (27,964 | ) | | (27,964 | ) | | (861 | ) | | (28,825 | ) |
Balance as of September 30, 2019 | 16,838,724 |
| | $ | 17 |
| | $ | 488,862 |
| | $ | 686,714 |
| | $ | (277,175 | ) | | $ | 898,418 |
| | $ | 21,987 |
| | $ | 920,405 |
|
The accompanying notes are an integral part of these financial statements.
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(Dollar amounts in thousands except share amounts)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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, 2017 | 17,914,599 |
| | $ | 18 |
| | $ | 512,815 |
| | $ | 511,367 |
| | $ | (197,631 | ) | | $ | 826,569 |
| | $ | 28,520 |
| | $ | 855,089 |
|
Cumulative effect of change in accounting principle | — |
| | — |
| | — |
| | 8,639 |
| | (8,639 | ) | | — |
| | — |
| | — |
|
Share-based compensation, net | 151,288 |
| | — |
| | (73 | ) | | (4,714 | ) | | — |
| | (4,787 | ) | | — |
| | (4,787 | ) |
Purchase of noncontrolling interests | — |
| | — |
| | (2,682 | ) | | — |
| | — |
| | (2,682 | ) | | 312 |
| | (2,370 | ) |
Net income | — |
| | — |
| | — |
| | 56,792 |
| | — |
| | 56,792 |
| | 624 |
| | 57,416 |
|
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | 16,662 |
| | 16,662 |
| | 949 |
| | 17,611 |
|
Balance as of March 31, 2018 | 18,065,887 |
| | $ | 18 |
| | $ | 510,060 |
| | $ | 572,084 |
| | $ | (189,608 | ) | | $ | 892,554 |
| | $ | 30,405 |
| | $ | 922,959 |
|
Repurchase of common stock | (276,696 | ) | | — |
| | (13,696 | ) | | (29,829 | ) | | — |
| | (43,525 | ) | | — |
| | (43,525 | ) |
Share-based compensation, net | 29,765 |
| | — |
| | 4,319 |
| | (610 | ) | | — |
| | 3,709 |
| | — |
| | 3,709 |
|
Contribution from noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 299 |
| | 299 |
|
Net income | — |
| | — |
| | — |
| | 41,877 |
| | — |
| | 41,877 |
| | 1,325 |
| | 43,202 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | (36,915 | ) | | (36,915 | ) | | (1,610 | ) | | (38,525 | ) |
Balance as of June 30, 2018 | 17,818,956 |
| | $ | 18 |
| | $ | 500,683 |
| | $ | 583,522 |
| | $ | (226,523 | ) | | $ | 857,700 |
| | $ | 30,419 |
| | $ | 888,119 |
|
Repurchase of common stock | (51,092 | ) | | — |
| | 5,608 |
| | (5,608 | ) | | — |
| | — |
| | — |
| | — |
|
Share-based compensation, net | 6,765 |
| | — |
| | 4,058 |
| | (108 | ) | | — |
| | 3,950 |
| | — |
| | 3,950 |
|
Net income | — |
| | — |
| | — |
| | 32,156 |
| | — |
| | 32,156 |
| | 508 |
| | 32,664 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | (12,486 | ) | | (12,486 | ) | | (1,092 | ) | | (13,578 | ) |
Balance as of September 30, 2018 | 17,774,629 |
| | $ | 18 |
| | $ | 510,349 |
| | $ | 609,962 |
| | $ | (239,009 | ) | | $ | 881,320 |
| | $ | 29,835 |
| | $ | 911,155 |
|
The accompanying notes are an integral part of these financial statements.
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollar amounts in thousands)
|
| | | | | | | |
| Nine Months Ended September 30, |
| 2019 | | 2018 |
Operating Activities: | | | |
Net income | $ | 125,536 |
| | $ | 133,282 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation | 98,795 |
| | 98,675 |
|
Amortization of intangibles | 13,173 |
| | 10,596 |
|
Gain on sale of business | (188,180 | ) | | — |
|
Gain on sale of land | — |
| | (10,714 | ) |
Impairment charges | 4,146 |
| | — |
|
Share-based compensation expense | 10,293 |
| | 14,117 |
|
Equity in earnings of affiliates, net of dividends related to earnings | (847 | ) | | 160 |
|
Loss on refinancing and extinguishment of debt | — |
| | 770 |
|
Deferred income taxes | 19,576 |
| | 7,083 |
|
Other | 2,628 |
| | 1,583 |
|
Changes in operating assets and liabilities | (55,213 | ) | | (177,548 | ) |
Net cash provided by operating activities | 29,907 |
| | 78,004 |
|
Investing activities: | | | |
Capital expenditures | (131,085 | ) | | (160,088 | ) |
Acquisition of businesses, net of cash acquired | (452 | ) | | (98,673 | ) |
Proceeds from sale of business | 243,362 |
| | — |
|
Proceeds from sale of fixed assets and other | 2,084 |
| | 8,173 |
|
Net cash provided by (used in) investing activities | 113,909 |
| | (250,588 | ) |
Financing activities: | | | |
Principal payments on long-term debt | (3,556 | ) | | (2,928 | ) |
(Decrease) increase in short-term debt, net | (32,737 | ) | | 3,554 |
|
Purchase of noncontrolling interests | (4,797 | ) | | (2,450 | ) |
Repurchase of common stock | (36,550 | ) | | (43,525 | ) |
Taxes withheld and paid on employees' share-based payment awards | (2,757 | ) | | (11,571 | ) |
Contribution from noncontrolling interests and other | 2,132 |
| | (88 | ) |
Net cash used in financing activities | (78,265 | ) | | (57,008 | ) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (6,997 | ) | | (3,045 | ) |
Changes in cash, cash equivalents and restricted cash | 58,554 |
| | (232,637 | ) |
Cash, cash equivalents and restricted cash at beginning of period | 267,399 |
| | 518,461 |
|
Cash, cash equivalents and restricted cash at end of period | $ | 325,953 |
| | $ | 285,824 |
|
| | | |
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet: |
| Balance as of |
| September 30, 2019 | | December 31, 2018 |
Cash and cash equivalents | $ | 323,142 |
| | $ | 264,980 |
|
Restricted cash included in other current assets | 12 |
| | 18 |
|
Restricted cash included in other assets | 2,799 |
| | 2,401 |
|
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 325,953 |
| | $ | 267,399 |
|
The accompanying notes are an integral part of these financial statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
1. 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, and fluid transfer systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries.
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 its anti-vibration systems product line. See Note 4. “Divestiture.”
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, 2018 (the “2018 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 September 30, 2019 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.
Correction of Errors
During the third quarter of 2019, the Company identified errors related to the timing of recording pricing matters with customers in the Asia Pacific region. These errors primarily related to periods prior to fiscal year 2019 and resulted in an out-of-period adjustment that decreased sales by $8,498, net income by $6,220 and diluted EPS by $0.36 for the nine months ended September 30, 2019 and increased accrued liabilities and other liabilities as of September 30, 2019 by $6,220, net of tax impact. In addition, an immaterial amount related to these matters was recorded during the third quarter of 2019 that related to the first and second quarters of 2019.
Management evaluated the effect of the adjustments on the Company’s financial statements under the provision of ASC 250: Accounting Changes and Error Corrections, Staff Accounting Bulletin No. 99: Materiality and Staff Accounting Bulletin No. 108: Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements and concluded that the errors were immaterial to the prior year’s annual financial statements and expected financial results for the current year.
2. New Accounting Pronouncements
Recently Adopted Accounting Pronouncements
ASU 2016-02, Leases (Topic 842)
On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, Leases, and all related amendments using the modified retrospective method whereby the cumulative effect of adopting the standard was recognized in equity at the date of initial application. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The most prominent among the changes in the standard is the recognition of right-of-use assets and lease liabilities for all leases (except for short-term leases). The Company made a policy election for all asset classes to exclude the balance sheet recognition of leases with a lease term, at lease commencement, of 12 months or less and no purchase option reasonably certain to be exercised. 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. The new standard resulted in a material increase in right-of-use assets and lease liabilities on the Company’s condensed consolidated balance sheet beginning in 2019 and had no impact on its condensed consolidated income statement or to cash provided by (used in) operating, financing or investing activities on its condensed consolidated cash flow statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
The difference between the lease assets and lease liabilities was recorded as an adjustment to the opening balance of retained earnings. The cumulative effects of the changes made to the Company’s condensed consolidated balance sheet as of January 1, 2019 were as follows: |
| | | | | | | | | | | |
| Balance as of December 31, 2018 | | Adjustments due to adoption of ASC 842 | | Balance as of January 1, 2019 |
| | | | | |
Prepaid expenses | $ | 36,878 |
| | $ | (2,704 | ) | | $ | 34,174 |
|
Assets held for sale | 103,898 |
| | 9,559 |
| | 113,457 |
|
Operating lease right-of-use assets, net | — |
| | 102,268 |
| | 102,268 |
|
Accrued liabilities | 98,907 |
| | (336 | ) | | 98,571 |
|
Current operating lease liabilities | — |
| | 27,229 |
| | 27,229 |
|
Liabilities held for sale | 71,195 |
| | 9,561 |
| | 80,756 |
|
Long-term operating lease liabilities | — |
| | 75,276 |
| | 75,276 |
|
Retained earnings | 576,025 |
| | (2,607 | ) | | 573,418 |
|
The Company elected the package of practical expedients on existing leases as of the effective date which permits the Company to carry forward lease classification and not reassess existing contracts in order to determine if the contracts contain a lease. The Company did not elect the hindsight practical expedient. Additionally, the Company elected the practical expedient to not reassess whether any expired or existing land easements contain leases.
Recently Issued Accounting Pronouncements
The Company considered the recently issued accounting pronouncement summarized as follows, which is not expected to have a material impact on its consolidated financial statements: |
| | |
Standard | Description | Effective Date |
ASU 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
| Amends guidance on the measurement of all expected credit losses for financial instruments, including trade receivables, based on historical experience, current conditions and reasonable and supportable forecasts. | January 1, 2020
|
3. Acquisitions
Lauren Acquisition
In the third quarter of 2018, the Company acquired the assets and liabilities of Lauren Manufacturing and Lauren Plastics (together, “Lauren”), extruders and molders of organic, silicone, thermoplastic and engineered polymer products with expertise in sealing solutions, to further expand the Company’s Industrial and Specialty Group and non-automotive and adjacent markets. The base purchase price of the acquisition was $92,700. The results of operations of Lauren are included in the Company’s condensed consolidated financial statements from the date of acquisition and reported within the North America segment. The pro forma effect of this acquisition would not have materially impacted the Company’s reported results for any periods presented, and as a result no pro forma information has been presented. This acquisition was accounted for as a business combination, resulting in the recognition of intangible assets of $34,810 and tax deductible goodwill of $26,080. Since completion of initial estimates in the third quarter of 2018, the Company has recorded insignificant measurement period adjustments to increase the provisional identifiable net assets acquired, which resulted in a decrease to goodwill.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
LS Mtron Automotive Parts Acquisition
In the fourth quarter of 2018, the Company acquired 80.1% of LS Mtron Ltd.’s automotive parts business, now named Cooper Standard Automotive and Industrial, Inc. The acquisition adds jounce brake lines and charge air cooling technology to the Company’s automotive fluid transfer and fuel and brake delivery systems product lines and further expands core product offerings. The base purchase price was $25,750. The noncontrolling interest was determined to have a fair value of $6,400. The results of operations of Cooper Standard Automotive and Industrial, Inc. are included in the Company’s condensed consolidated financial statements from the date of acquisition and reported within the Asia Pacific segment. The pro forma effect of this acquisition would not have materially impacted the Company’s reported results for any periods presented, and as a result no pro forma information has been presented. This acquisition was accounted for as a business combination, and the fair value of identifiable assets acquired and liabilities assumed approximated the fair value of the consideration transferred. In 2019, the Company recorded insignificant measurement period adjustments primarily due to working capital adjustments, which resulted in an increase to the base purchase price.
Hutchings Automotive Products Acquisition
In the fourth quarter of 2018, the Company acquired the assets and liabilities of Hutchings Automotive Products, LLC (“Hutchings”), a North American supplier of high quality fluid carrying products for automotive powertrain and coolant systems applications. The base purchase price was $42,100. The results of operations of Hutchings are included in the Company's condensed consolidated financial statements from the date of acquisition and reported within the North America segment. The pro forma effect of this acquisition would not have materially impacted the Company’s reported results for any periods presented, and as a result no pro forma information has been presented. This acquisition was accounted for as a business combination, resulting in the recognition of intangible assets of $11,100 and tax deductible goodwill of $5,200.
4. Divestiture
In the third quarter of 2018, management approved a plan to sell the anti-vibration systems (“AVS”) product line within its North America, Europe and Asia Pacific segments. The business and its associated assets and liabilities met the criteria for presentation as held for sale as of September 1, 2018, and depreciation of long-lived assets ceased. The divestiture did not meet the criteria for presentation as a discontinued operation.
On November 2, 2018, the Company entered into a definitive agreement with an unaffiliated company to divest the AVS product line. On April 1, 2019, the Company completed its sale of the AVS product line to Continental AG. The total sale price of the transaction was $265,500, subject to certain adjustments. Cash proceeds received in the second quarter were $243,362 after adjusting for certain liabilities assumed by the purchaser. The net cash proceeds after taxes, post-closing adjustments and transaction-related expenses and fees are expected to be approximately $215,000 to $220,000. The Company recognized a gain on the divestiture of $188,180, subject to post-closing adjustments. Adjustments to the gain recorded in the third quarter of 2019 relate primarily to working capital adjustments. In addition, at closing, the Company and Continental AG entered into certain ancillary agreements providing for the transition of the AVS product line.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
The major classes of assets and liabilities held for sale were as follows:
|
| | | | |
| | December 31, 2018 |
Accounts receivable, net | | $ | 35,498 |
|
Tooling receivable | | 3,797 |
|
Inventories | | 13,774 |
|
Prepaid expenses | | 1,759 |
|
Other current assets | | 1,197 |
|
Property, plant and equipment, net | | 31,148 |
|
Goodwill | | 13,500 |
|
Other assets | | 3,225 |
|
Total assets held for sale | | $ | 103,898 |
|
| | |
Accounts payable | | $ | 38,065 |
|
Payroll liabilities | | 6,826 |
|
Accrued liabilities | | 1,000 |
|
Pension benefits | | 15,894 |
|
Postretirement benefits other than pensions | | 9,281 |
|
Other liabilities | | 129 |
|
Total liabilities related to assets held for sale | | $ | 71,195 |
|
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
5. Revenue
Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The Company usually enters into agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days.
Revenue by customer group for the three months ended September 30, 2019 was as follows: |
| | | | | | | | | | | | | | | | | | | |
| North America | | Europe | | Asia Pacific | | South America | | Consolidated |
Automotive | $ | 361,246 |
| | $ | 173,863 |
| | $ | 112,625 |
| | $ | 25,182 |
| | $ | 672,916 |
|
Commercial | 4,101 |
| | 6,305 |
| | — |
| | 9 |
| | 10,415 |
|
Other | 28,400 |
| | 17,241 |
| | 17 |
| | 32 |
| | 45,690 |
|
Revenue | $ | 393,747 |
| | $ | 197,409 |
| | $ | 112,642 |
| | $ | 25,223 |
| | $ | 729,021 |
|
Revenue by customer group for the nine months ended September 30, 2019 was as follows: |
| | | | | | | | | | | | | | | | | | | |
| North America | | Europe | | Asia Pacific | | South America | | Consolidated |
Automotive | $ | 1,167,065 |
| | $ | 588,474 |
| | $ | 358,532 |
| | $ | 73,401 |
| | $ | 2,187,472 |
|
Commercial | 16,367 |
| | 22,602 |
| | 17 |
| | 92 |
| | 39,078 |
|
Other | 89,885 |
| | 57,149 |
| | 191 |
| | 90 |
| | 147,315 |
|
Revenue | $ | 1,273,317 |
| | $ | 668,225 |
| | $ | 358,740 |
| | $ | 73,583 |
| | $ | 2,373,865 |
|
Revenue by customer group for the three months ended September 30, 2018 was as follows: |
| | | | | | | | | | | | | | | | | | | |
| North America | | Europe | | Asia Pacific | | South America | | Consolidated |
Automotive | $ | 441,142 |
| | $ | 201,885 |
| | $ | 136,147 |
| | $ | 25,466 |
| | $ | 804,640 |
|
Commercial | 5,926 |
| |
|