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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, 2020
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)
   ______________________________
Delaware20-1945088
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
40300 Traditions Drive
Northville, Michigan 48168
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareCPSNew 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 filerAccelerated filer
Non-accelerated filerSmaller 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 30, 2020, there were 16,896,726 shares of the registrant’s common stock, $0.001 par value, outstanding.
1


COOPER-STANDARD HOLDINGS INC.
Form 10-Q
For the period ended September 30, 2020
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1A.
Item 2.
Item 6.
2


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,
 2020201920202019
Sales$683,200 $739,518 $1,678,557 $2,382,211 
Cost of products sold598,714 659,313 1,611,299 2,088,631 
Gross profit84,486 80,205 67,258 293,580 
Selling, administration & engineering expenses60,059 63,020 199,001 224,164 
Gain on sale of business, net(2,314)1,730 (2,314)(188,180)
Amortization of intangibles1,669 4,250 9,632 13,173 
Restructuring charges6,186 5,572 23,236 29,214 
Impairment of assets held for sale  86,470  
Other impairment charges100 1,958 1,240 4,146 
Operating profit (loss) 18,786 3,675 (250,007)211,063 
Interest expense, net of interest income(17,985)(10,351)(40,993)(33,858)
Equity in earnings (losses) of affiliates738 1,515 (842)5,764 
Other income (expense), net2,784 (514)(5,357)(3,091)
Income (loss) before income taxes4,323 (5,675)(297,199)179,878 
Income tax (benefit) expense (2,386)745 (55,485)47,001 
Net income (loss) 6,709 (6,420)(241,714)132,877 
Net (income) loss attributable to noncontrolling interests(2,328)1,543 1,288 2,036 
Net income (loss) attributable to Cooper-Standard Holdings Inc.$4,381 $(4,877)$(240,426)$134,913 
Earnings (loss) per share:
Basic$0.26 $(0.29)$(14.22)$7.83 
Diluted$0.26 $(0.29)$(14.22)$7.80 
The accompanying notes are an integral part of these financial statements.

3


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,
2020201920202019
Net income (loss) $6,709 $(6,420)$(241,714)$132,877 
Other comprehensive income (loss):
Currency translation adjustment17,488 (29,065)(4,612)(32,923)
Benefit plan liabilities adjustment, net of tax(853)2,246 1,113 686 
Fair value change of derivatives, net of tax2,072 (1,558)(1,766)523 
Other comprehensive income (loss), net of tax18,707 (28,377)(5,265)(31,714)
Comprehensive income (loss)25,416 (34,797)(246,979)101,163 
Comprehensive (income) loss attributable to noncontrolling interests(2,970)2,358 1,063 3,107 
Comprehensive income (loss) attributable to Cooper-Standard Holdings Inc.$22,446 $(32,439)$(245,916)$104,270 
The accompanying notes are an integral part of these financial statements.

4


COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands except share amounts)
September 30, 2020December 31, 2019
 (unaudited)
Assets
Current assets:
Cash and cash equivalents$462,666 $359,536 
Accounts receivable, net389,044 423,155 
Tooling receivable, net88,364 148,175 
Inventories148,800 143,439 
Prepaid expenses31,873 34,452 
Other current assets134,212 93,513 
Total current assets1,254,959 1,202,270 
Property, plant and equipment, net882,476 988,277 
Operating lease right-of-use assets, net111,831 83,376 
Goodwill142,079 142,187 
Intangible assets, net69,690 84,369 
Other assets176,956 135,103 
Total assets$2,637,991 $2,635,582 
Liabilities and Equity
Current liabilities:
Debt payable within one year$54,294 $61,449 
Accounts payable372,845 426,055 
Payroll liabilities124,558 88,486 
Accrued liabilities106,847 119,841 
Current operating lease liabilities21,492 24,094 
Total current liabilities680,036 719,925 
Long-term debt982,659 746,179 
Pension benefits140,573 140,010 
Postretirement benefits other than pensions44,690 48,313 
Long-term operating lease liabilities91,782 60,234 
Other liabilities66,916 44,939 
Total liabilities2,006,656 1,759,600 
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; 18,962,262 shares issued and 16,896,453 shares outstanding as of September 30, 2020, and 18,908,566 shares issued and 16,842,757 outstanding as of December 31, 201917 17 
Additional paid-in capital496,468 490,451 
Retained earnings377,449 619,448 
Accumulated other comprehensive loss(259,231)(253,741)
Total Cooper-Standard Holdings Inc. equity614,703 856,175 
Noncontrolling interests16,632 19,807 
Total equity631,335 875,982 
Total liabilities and equity$2,637,991 $2,635,582 
The accompanying notes are an integral part of these financial statements.
5


COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(Dollar amounts in thousands except share amounts)
 Total Equity
 Common SharesCommon StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossCooper-Standard Holdings Inc. EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 201916,842,757 $17 $490,451 $619,448 $(253,741)$856,175 $19,807 $875,982 
Cumulative effect of change in accounting principle— — — (1,573)— (1,573)— (1,573)
Share-based compensation, net41,785 — 1,874  — 1,874 — 1,874 
Net loss— — — (110,588)— (110,588)(1,851)(112,439)
Other comprehensive loss— — — — (35,776)(35,776)(507)(36,283)
Balance as of March 31, 202016,884,542 $17 $492,325 $507,287 $(289,517)$710,112 $17,449 $727,561 
Share-based compensation, net9,548 — 2,303  — 2,303 — 2,303 
Net loss— — — (134,219)— (134,219)(1,765)(135,984)
Other comprehensive income— — — — 12,221 12,221 90 12,311 
Balance as of June 30, 202016,894,090 $17 $494,628 $373,068 $(277,296)$590,417 $15,774 $606,191 
Share-based compensation, net2,363 — 1,840  — 1,840 — 1,840 
Deconsolidation of noncontrolling interest— — — — — — (2,112)(2,112)
Net income— — — 4,381 — 4,381 2,328 6,709 
Other comprehensive income— — — — 18,065 18,065 642 18,707 
Balance as of September 30, 202016,896,453 $17 $496,468 $377,449 $(259,231)$614,703 $16,632 $631,335 
 Total Equity
 Common SharesCommon StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossCooper-Standard Holdings Inc. EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 201817,554,737 $17 $501,511 $569,215 $(245,937)$824,806 $26,669 $851,475 
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, net85,937 — 4 (214)— (210)— (210)
Contribution from noncontrolling interests— —  — —  2,112 2,112 
Net (loss) income— — — (5,415)— (5,415)52 (5,363)
Other comprehensive income— — — — 4,239 4,239 371 4,610 
Balance as of March 31, 201917,521,900 $17 $499,458 $557,099 $(241,698)$814,876 $29,204 $844,080 
Repurchase of common stock(626,305)— (20,486)(9,514)— (30,000)— (30,000)
Share-based compensation, net5,738 — 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)— — — 145,205 — 145,205 (545)144,660 
Other comprehensive loss— — — — (7,320)(7,320)(627)(7,947)
Balance as of June 30, 201916,901,333 $17 $483,792 $692,791 $(249,018)$927,582 $21,742 $949,324 
Repurchase of common stock(72,875)— 1,084 (1,084)—  —  
Share-based compensation, net10,266 — 3,986 4 — 3,990 — 3,990 
Contribution from noncontrolling interests— — — — — — 1,686 1,686 
Net loss— — — (4,877)— (4,877)(1,543)(6,420)
Other comprehensive loss— — — — (27,562)(27,562)(815)(28,377)
Balance as of September 30, 201916,838,724 $17 $488,862 $686,834 $(276,580)$899,133 $21,070 $920,203 
The accompanying notes are an integral part of these financial statements.
6


COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollar amounts in thousands)
 Nine Months Ended September 30,
 20202019
Operating Activities:
Net (loss) income$(241,714)$132,877 
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation107,095 98,795 
Amortization of intangibles9,632 13,173 
Gain on sale of business, net(2,314)(188,180)
Impairment of assets held for sale86,470  
Other impairment charges1,240 4,146 
Share-based compensation expense6,977 10,293 
Equity in earnings of affiliates, net of dividends related to earnings6,087 (847)
Deferred income taxes(32,308)20,581 
Other4,354 2,628 
Changes in operating assets and liabilities27,949 (63,559)
Net cash (used in) provided by operating activities(26,532)29,907 
Investing activities:
Capital expenditures(73,407)(131,085)
Acquisition of businesses, net of cash acquired (452)
Proceeds from sale of business, net of cash divested(17,006)243,362 
Proceeds from sale of fixed assets and other963 2,084 
Net cash (used in) provided by investing activities(89,450)113,909 
Financing activities:
Proceeds from issuance of long-term debt, net of discount
245,000  
Principal payments on long-term debt(4,792)(3,556)
Decrease in short-term debt, net(6,897)(32,737)
Debt issuance costs(6,722) 
Purchase of noncontrolling interests (4,797)
Repurchase of common stock (36,550)
Taxes withheld and paid on employees' share-based payment awards(533)(2,757)
Other(925)2,132 
Net cash provided by (used in) financing activities225,131 (78,265)
Effects of exchange rate changes on cash, cash equivalents and restricted cash(5,718)(6,997)
Changes in cash, cash equivalents and restricted cash103,431 58,554 
Cash, cash equivalents and restricted cash at beginning of period361,742 267,399 
Cash, cash equivalents and restricted cash at end of period$465,173 $325,953 
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Balance as of
September 30, 2020December 31, 2019
Cash and cash equivalents$462,666 $359,536 
Restricted cash included in other current assets11 12 
Restricted cash included in other assets2,496 2,194 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$465,173 $361,742 
The accompanying notes are an integral part of these financial statements.
7

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 (“AVS”) product line. On April 1, 2019, the Company completed the divestiture of its AVS product line.
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, 2019 (the “2019 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, 2020 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.
Immaterial Correction of Errors
During the year ended December 31, 2019, the Company identified errors primarily related to periods prior to fiscal year 2019. The Company concluded these errors were not material individually or in the aggregate to any of the previously reported periods and, therefore, amendments of previously filed reports were not required. Corrections were made to the applicable prior periods reflected in the financial information herein.
The following table presents the impact of these corrections on the Company’s condensed consolidated statements of operations:
Three Months Ended September 30, 2019Nine Months Ended September 30, 2019
As previously reportedAdjustmentAs correctedAs previously reportedAdjustmentAs corrected
Sales$729,021 $10,497 $739,518 $2,373,865 $8,346 $2,382,211 
Income tax expense (benefit)(574)1,319 745 45,996 1,005 47,001 
Net loss attributable to noncontrolling interests1,745 (202)1,543 2,447 (411)2,036 
Net income (loss) attributable to Cooper-Standard Holdings Inc.(13,853)8,976 (4,877)127,983 6,930 134,913 
Earnings (loss) per share:
Basic$(0.82)$0.53 $(0.29)$7.42 $0.41 $7.83 
Diluted$(0.82)$0.53 $(0.29)$7.40 $0.40 $7.80 
The following table presents the impact of these corrections on the Company’s condensed consolidated statements of comprehensive income (loss):
Three Months Ended September 30, 2019Nine Months Ended September 30, 2019
As previously reportedAdjustmentAs correctedAs previously reportedAdjustmentAs corrected
Currency translation adjustment$(29,513)$448 $(29,065)$(33,407)$484 $(32,923)
Comprehensive loss attributable to noncontrolling interests2,606 (248)2,358 3,558 (451)3,107 
Comprehensive income (loss) attributable to Cooper-Standard Holdings Inc.(41,817)9,378 (32,439)96,896 7,374 104,270 
8

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
The impact of these corrections on the balance as of September 30, 2019 in the Company’s condensed consolidated statements of changes in equity includes a decrease to total equity of $202, which consists of an increase to retained earnings of $120, a decrease to accumulated other comprehensive loss of $595, and a decrease to noncontrolling interests of $917.
For the nine months ended September 30, 2019, the impact of these corrections on the condensed consolidated statements of cash flows included a $7,341 increase in net income, a $1,005 increase in deferred income taxes, and a $8,346 decrease in changes in operating assets and liabilities, resulting in no impact to net cash provided by operating activities.  
2. New Accounting Pronouncements
Recently Issued Accounting Pronouncements
ASU 2016-13, Financial Instruments — Credit Losses (Topic 326)
On January 1, 2020, the Company adopted Accounting Standards Codification (“ASC”) 326, Financial Instruments – Credit Losses, 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 consideration of losses not yet incurred, but expected, based on current conditions and future forecasts. Adoption of the new standard resulted in an immaterial increase in the allowance for credit losses, which decreased the tooling receivable on the Company’s condensed consolidated balance sheet in 2020. The increase in credit loss expense was recorded as an adjustment to the opening balance of retained earnings. Adoption of the new standard had no impact on the Company’s condensed consolidated statement of operations or on cash provided by (used in) operating, financing or investing activities on its condensed consolidated cash flow statements.
The cumulative effects of the changes made to the Company’s condensed consolidated balance sheet as of January 1, 2020 were as follows:
Balance as of December 31, 2019Adjustments due to adoption of ASC 326Balance as of
January 1, 2020
Tooling receivable, net$148,175 $(1,573)$146,602 
Retained earnings619,448(1,573)617,875

The Company considered the issued accounting pronouncement summarized as follows, which will have an immaterial impact on its consolidated financial statements:
StandardDescriptionImpactEffective Date
ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans

Modifies the disclosure requirements for ASC Topic 715 by removing and modifying existing disclosure requirements while also adding new disclosures.
The Company expects this standard will primarily result in additional pension disclosures while also removing certain other disclosures. Specifically, the weighted-average interest crediting rate for the cash balance plan and, if needed, an explanation for significant gains and losses related to changes in the benefit obligation for the period will be added while accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the effects of a one-percentage-point change in the assumed health care cost trend rate will be removed.January 1, 2021
3. Divestitures
2020 Divestiture
In the fourth quarter of 2019, management approved a plan to sell its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations. The entities and the associated assets and liabilities met the criteria for presentation as held for sale as of March 31, 2020, and depreciation of long-lived assets ceased. The divestiture did not meet the criteria for presentation as a discontinued operation.
9

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
Upon meeting the criteria for held for sale classification, the Company recorded non-cash impairment charges of $86,470 during the six months ended June 30, 2020 to reduce the carrying value of the held for sale entities to fair value less costs to sell. Fair value, which is categorized within Level 3 of the fair value hierarchy, was determined using a market approach, estimated based on expected proceeds. The fair value less costs to sell were assessed each reporting period that the asset group remained classified as held for sale. The difference between the impairment of the carrying value on the divested assets compared to the impairment recorded in the statements of operations is due to foreign currency translation offset by costs to sell incurred in the second quarter. The impairment charge includes the non-cash cumulative foreign currency translation losses recorded in equity related to the divested entities.
On July 1, 2020, the Company completed the divestiture of its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations, to Mutares SE & Co. KGaA (“Mutares”). The transaction included payment denominated in Euro of €9,000, which consisted of €6,500 in cash paid and €2,500 in deferred payment obligations, payable in December 2021.
Upon finalizing the sale, the Company recorded a loss on deconsolidation of the businesses of $167. In addition, at closing, the Company and Mutares entered into certain ancillary agreements providing for the transition of the European rubber fluid transfer and specialty sealing businesses and Indian operations.
The major classes of assets and liabilities divested were as follows:
July 1, 2020
Cash and cash equivalents$11,162 
Accounts receivable, net18,825 
Tooling receivable, net4,770 
Inventories17,022 
Prepaid expenses2,728 
Other current assets8,873 
Property, plant and equipment, net39,913 
Operating lease right-of-use assets, net2,946 
Intangible assets, net4,992 
Other assets4,114 
Impairment of carrying value(85,622)
Total assets divested$29,723 
Accounts payable$13,219 
Payroll liabilities7,135 
Accrued liabilities5,744 
Current operating lease liabilities918 
Pension benefits3,574 
Postretirement benefits other than pensions2,778 
Long-term operating lease liabilities2,286 
Other liabilities1,934 
Total liabilities divested$37,588 

2020 Joint Venture Deconsolidation
In the third quarter of 2020, management approved and completed a plan to sell the Company’s entire controlling equity interest of a joint venture in the Asia Pacific region. Upon finalizing the sale, the Company recorded a gain on deconsolidation of the business of $1,334.
10

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
2019 Divestiture
During the first quarter of 2019 and in prior periods, the Company also operated an 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 of 2019 were $243,362 after adjusting for certain liabilities assumed by the purchaser. The Company recognized a gain on the divestiture of $188,180 during the nine months ended September 30, 2019. In the third quarter of 2020, the Company finalized adjustments to the gain recorded in 2019 by recording an additional gain on divestiture of $1,147, primarily due to working capital adjustments.
4. 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, 2020 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$350,016 $141,754 $129,822 $17,558 $ $639,150 
Commercial3,179 4,066 1,190 6 911 9,352 
Other