Company: CPS
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001320461-25-000033
Chunk: 105

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 105
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 balance sheets as of December 31, 2024 and December 31, 2023 were as follows: December 31, 2024December 31, 2023Operating LeasesOperating lease right-of-use assets, net$87,292 $91,126 Current operating lease liabilities18,859 18,577 Long-term operating lease liabilities71,907 76,482 Finance LeasesProperty, plant and equipment, net$18,241 $21,239 Debt payable within one year2,655 2,492 Long-term debt16,301 19,751 As of December 31, 2024, the Company had additional leases, primarily for real estate, that have not yet commenced with undiscounted lease payments of approximately $4,011. These leases will commence in 2025 with lease terms up to six years.

8. Property, Plant and Equipment

Property, plant and equipment consists of the following:   December 31, Estimated 20242023 Useful LivesLand and improvements$41,945 $43,950  10 to 25 yearsBuildings and improvements256,606 270,890  10 to 40 yearsMachinery and equipment1,187,476 1,191,792  5 to 10 yearsConstruction in progress60,142 71,706 $1,546,169 $1,578,338 Accumulated depreciation(1,006,968)(969,907)Property, plant and equipment, net$539,201 $608,431 For the year ended December 31, 2024, the Company closed on a transaction to sell building and land related to a previously closed Canadian facility. The Company received cash proceeds of $4,003 and recorded a gain on the sale transaction of $3,317, included in the consolidated statements of operations. The transaction included the removal of property, plant and equipment with a gross carrying value of $3,363 and accumulated depreciation of $2,676, which is reflected in the balance sheet as of December 31, 2024.For the years ended December 31, 2023 and 2022, the Company recorded impairment charges of $2,348 and $40,248, respectively, related to machinery and equipment due to operating performance challenges at certain locations in North America, Europe, and Asia Pacific. The fair value of machinery and equipment was determined using estimated orderly liquid