Company: CVGI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022764
Chunk: 18

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 18
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 charges53 1,090 470 164 1,777 Payments and other adjustments(53)(1,090)(470)(540)(2,153)March 31, 2024$128 $— $— $607 $735 All of the $0.7 million costs incurred in the three months ended March 31, 2025 for restructuring related to headcount reductions. Of the $0.7 million costs incurred in the three months ended March 31, 2025 for restructuring, $0.5 million were recorded in cost of revenue and $0.2 million were recorded in selling, general and administrative expenses.

Of the $1.8 million costs incurred in the three months ended March 31, 2024 for restructuring, $1.5 million related to headcount reductions and $0.3 million related to facility exit and other. Of the $1.8 million costs incurred in the three months ended March 31, 2024 for restructuring, $1.6 million were recorded in cost of revenue and $0.2 million were recorded in selling, general and administrative expenses. Of the $1.8 million costs incurred in three months ended March 31, 2024 for restructuring, $1.1 million related to headcount in the Global Electrical Systems segment and $0.5 million related to headcount reductions in the Trim Systems and Components segment. 

15. Commitments and Contingencies

Leases - As disclosed in Note 7, Leases, we lease office, warehouse and manufacturing space and equipment under non-cancelable operating lease agreements that generally require us to pay maintenance, insurance, taxes and other expenses in addition to annual rental fees. As of March 31, 2025, our equipment leases did not provide for any material guarantee of a specified portion of residual values.Guarantees - Costs associated with guarantees are accrued when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of available facts; where no amount within a range of estimates is more likely, the minimum is accrued. As of March 31, 2025 and 2024, we had no such guarantees.Litigation - We are subject to various legal proceedings and claims arising in the ordinary course of business, including but not limited to product liability claims, customer and supplier disputes, service provider disputes, examinations by taxing authorities, employment disputes, workers’ compensation