Company: CPS
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001320461-25-000033
Chunk: 126

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 126
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 Economic Co-operation andDevelopment (“OECD”) model rules that propose a global minimum tax rate of 15%, and European Union member states haveagreed to implement the global minimum tax. Certain countries, including European Union member states, have enacted or areexpected to enact legislation to be effective as early as 2024, with widespread implementation of a global minimum taxexpected by 2025. The Company has recorded the impact of the global minimum tax as currently enacted in the consolidated financials statements as of December 31, 2024. As further legislation becomes effective in countries in which the Company does business, its provision for income taxes could be impacted. The Company will continue to monitor pending legislation and implementation by individual countries and adjust its calculations accordingly.Nonrecurring permanent item in 2022 relates to a withholding tax refund related to prior periods.

72

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)(Dollar amounts in thousands except per share and share amounts)

Deferred tax assets and liabilities reflect the estimated tax effect of accumulated temporary differences between the basis of assets and liabilities for tax and financial reporting purposes, as well as net operating losses, tax credit and other carryforwards. The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:December 31, 2024December 31, 2023Deferred tax assets:Pension, postretirement and other benefits$36,949 $43,627 Capitalized expenditures50,724 42,293 Net operating loss and tax credit carryforwards265,568 282,373 Operating lease liabilities22,125 22,978 Interest expense carryforwards74,799 54,442 All other items51,825 50,740 Total deferred tax assets501,990 496,453 Deferred tax liabilities:Property, plant and equipment(6,276)(4,764)Operating lease right-of-use assets(21,300)(22,018)All other items(9,793)(12,360)Total deferred tax liabilities(37,369)(39,142)Valuation allowances(405,182)(438,727)Net deferred tax assets$59,439 $18,584 As of December 31, 2024, the Company’s U.S. and foreign subsidiaries, primarily in France, Brazil, Italy and Germany, had operating loss carryforwards aggregating $534,000, with indefinite expiration periods