Company: CPS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001320461-25-000087
Chunk: 20

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 annual basis beginning with the Company’s 2025 Annual Report on Form 10-K.January 1, 2025ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial MeasurementRequires joint ventures to apply a new basis of accounting upon formation, and as a result, initially measure all assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance).January 1, 2025Recently Issued Accounting PronouncementsThe Company considered the recently issued accounting pronouncements summarized as follows:StandardDescriptionImpactEffective DateASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesRequires disclosure of specified information about certain expenses presented in the statements of operations within the notes to financial statements at each interim and annual reporting period. It also requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures.January 1, 2027ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective DateAmends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures.January 1, 2027

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

2. Divestiture

2024 DivestitureIn the fourth quarter of 2024, the Company completed the sale of its non-core Canadian tooling business. Under the terms of the agreement, an initial cash payment of $2,377 was received during the three months ended March 31, 2025. An additional payment of $190 is expected during the quarter ended June 30, 2025, and a contingent payment of $2,000 may be received based on the Company issuing a set value of purchase orders to the buyer over a specified period