Company: CVGI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001628280-25-012913
Chunk: 119

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 119
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 $388 Vehicle SolutionsElectrical SystemsAftermarket & AccessoriesCorporate/OtherTotalDecember 31, 2022$(5)$— $— $— $(5)New charges809 8 — 983 1,800 Payments and other adjustments(676)(8)— — (684)December 31, 2023$128 $— $— $983 $1,111 

63

Of the $10.8 million costs incurred in the twelve months ended December 31, 2024, $8.4 million primarily related to headcount reductions and $2.4 million related to facility exit and other costs. For the twelve months ended December 31, 2024, Vehicle Solutions segment had new charges of $4.5 million related to headcount reductions and $1.4 million related to facility exit and other costs. Electrical Systems segment had a new charge of $3.7 million related to headcount reductions. Aftermarket & Accessories segment had a new charge of $0.9 million related to facility exit and other costs. Corporate had a new charge of $0.2 million related to headcount reductions. Of the $10.8 million costs incurred, $9.2 million was recorded in cost of revenues and $1.6 million was recorded in selling, general and administrative expenses.Of the $1.8 million costs incurred in the twelve months ended December 31, 2023, $1.8 million related to headcount reductions. For the twelve months ended December 31, 2023, Vehicle Solutions segment had new charges of $0.8 million related to headcount reductions. Corporate had a new charge of $1.0 million related to headcount reductions. Of the $1.8 million costs incurred, $0.8 million was recorded in cost of revenues and $1.0 million was recorded in selling, general and administrative expenses.

15.    Commitments and Contingencies

Leases - As disclosed in Note 6, 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 December 31, 2024, 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