COOPER TIRE & RUBBER CO

CIK:0000024491|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 655,827	$ 531,694
Cost of products sold	546,860	475,781
Gross profit	108,967	55,913
Selling, general and administrative expense	71,189	51,211
Restructuring expense	0	10,930
Operating profit (loss)	37,778	(6,228)
Interest expense	(5,130)	(5,007)
Interest income	699	1,696
Other pension and postretirement benefit expense	(2,846)	(4,210)
Other non-operating income	133	1,773
Income (Loss) before income taxes	30,634	(11,976)
Income tax provision (benefit)	8,544	(659)
Net income (loss)	22,090	(11,317)
Net income attributable to noncontrolling shareholders' interests	31	274
Net income (loss) attributable to Cooper Tire & Rubber Company	$ 22,059	$ (11,591)
Earnings (Loss) per share:
Basic (in USD per share)	$ 0.44	$ (0.23)
Diluted (in USD per share)	$ 0.43	$ (0.23)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income (loss)	$ 22,090	$ (11,317)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	41,518	37,807
Stock-based compensation	1,735	390
Change in LIFO inventory reserve	31,502	(8,563)
Amortization of unrecognized postretirement benefits	8,400	8,385
Changes in operating assets and liabilities:
Accounts and notes receivable	(40,796)	11,772
Inventories	(92,944)	(41,123)
Other current assets	(2,244)	(7,848)
Accounts payable	46,125	(20,422)
Accrued liabilities	(58,082)	(91,414)
Other items	2,516	7,964
Net cash used in operating activities	(40,180)	(114,369)
Investing activities:
Additions to property, plant and equipment and capitalized software	(57,489)	(54,827)
Proceeds from the sale of assets	5	65
Net cash used in investing activities	(57,484)	(54,762)
Financing activities:
Issuance of short-term debt	0	273,587
Repayment of short-term debt	0	(4,308)
Repayment of long-term debt and finance lease obligations	(9,920)	(2,594)
Acquisition of noncontrolling shareholder interest	0	(62,272)
Payments of employee taxes withheld from share-based awards	(2,144)	(910)
Payment of dividends to Cooper Tire & Rubber Company stockholders	(5,301)	(5,277)
Issuance of common shares related to stock-based compensation	813	177
Net cash (used in) provided by financing activities	(16,552)	198,403
Effects of exchange rate changes on cash	(3,618)	(875)
Net change in cash, cash equivalents and restricted cash	(117,834)	28,397
Cash, cash equivalents and restricted cash at beginning of period	649,505	413,125
Cash, cash equivalents and restricted cash at end of period	531,671	441,522
Total cash, cash equivalents and restricted cash	$ 531,671	$ 441,522

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 460,424	$ 625,758
Notes receivable	13,174	9,076
Accounts receivable, less allowances of $10,701 at 2021 and $11,162 at 2020	541,596	506,305
Inventories:
Finished goods	324,187	264,785
Work in process	26,998	24,594
Raw materials and supplies	95,735	98,277
Total inventories	446,920	387,656
Other current assets	43,309	53,420
Total current assets	1,505,423	1,582,215
Property, plant and equipment:
Land and land improvements	57,874	57,941
Buildings	363,170	355,564
Machinery and equipment	2,171,897	2,154,000
Molds, cores and rings	268,361	266,671
Total property, plant and equipment	2,861,302	2,834,176
Less: Accumulated depreciation	1,778,603	1,756,552
Property, plant and equipment, net	1,082,699	1,077,624
Operating lease right-of-use assets, net of accumulated amortization of $48,514 at 2021 and $46,045 at 2020	102,313	91,884
Goodwill	18,851	18,851
Intangibles, net of accumulated amortization of $147,225 at 2021 and $143,097 at 2020	94,114	95,376
Restricted cash	60,309	967
Deferred income tax assets	28,030	30,572
Investment in joint venture	53,563	53,494
Other assets	11,780	20,590
Total assets	2,957,082	2,971,573
Current liabilities:
Short-term borrowings	4,569	15,614
Accounts payable	337,147	297,578
Accrued liabilities	246,237	308,287
Income taxes payable	7,959	2,254
Current portion of long-term debt and finance leases	20,974	24,377
Total current liabilities	616,886	648,110
Long-term debt and finance leases	309,187	314,265
Noncurrent operating leases	81,419	71,391
Postretirement benefits other than pensions	220,204	221,395
Pension benefits	144,315	152,110
Other long-term liabilities	160,881	152,242
Deferred income tax liabilities	1,412	1,469
Equity:
Preferred stock, $1 par value; 5,000,000 shares authorized; none issued	0	0
Common stock, $1 par value; 300,000,000 shares authorized; 87,850,292 shares issued at 2021 and 2020	87,850	87,850
Capital in excess of par value	18,923	20,815
Retained earnings	2,663,214	2,646,567
Accumulated other comprehensive loss	(451,462)	(446,909)
Parent stockholders' equity before treasury stock	2,318,525	2,308,323
Less: Common shares in treasury at cost (37,327,627 at 2021 and 37,454,209 at 2020)	(917,144)	(919,424)
Total parent stockholders' equity	1,401,381	1,388,899
Noncontrolling shareholders' interests in consolidated subsidiaries	21,397	21,692
Total equity	1,422,778	1,410,591
Total liabilities and equity	$ 2,957,082	$ 2,971,573