Company: CVGI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001628280-25-012913
Chunk: 118

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 118
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 income (loss) for the years ended December 31, 2024 and 2023 are as follows:2024Before TaxAmountTax ExpenseAfter Tax AmountNet current period changeCumulative translation adjustment$(7,435)$— $(7,435)Net actuarial gain and prior service credit(108)161 53 Derivative instruments(8,294)2,032 (6,262)Net unrealized gain (loss)(15,837)2,193 (13,644)Amounts reclassified into earnings:Actuarial loss and prior service cost384 — 384 Derivative instruments activity299 (98)201 Net realized gain (loss)683 (98)585 Total other comprehensive income (loss)$(15,154)$2,095 $(13,059)2023Before TaxAmountTax ExpenseAfter Tax AmountNet current period changeCumulative translation adjustment$1,584 $— $1,584 Net actuarial gain and prior service credit(438)260 (178)Derivative instruments9,792 (2,165)7,627 Net unrealized gain (loss)10,938 (1,905)9,033 Amounts reclassified into earnings:Actuarial loss and prior service cost(206)— (206)Derivative instruments activity(10,085)2,524 (7,561)Net realized gain (loss)(10,291)2,524 (7,767)Total other comprehensive income$647 $619 $1,266 

14.    Cost Reduction and Manufacturing Capacity Rationalization 

During the quarter ended December 31, 2023, management approved restructuring programs to align the Company’s cost structure to support margin expansion. The programs include workforce reductions and footprint optimization across segments. We incurred $10.8 million expense during the year ended December 31, 2024 related to this program.The changes in accrued restructuring balances are as follows:Vehicle SolutionsElectrical SystemsAftermarket & AccessoriesCorporate/OtherTotalDecember 31, 2023$128 $— $— $983 $1,111 New charges5,936 3,745 939 164 10,784 Payments and other adjustments(6,036)(3,745)(939)(787)(11,507)December 31, 2024$28 $— $— $360