Company: CPS
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001320461-25-000033
Chunk: 125

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 125
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 (13)106 Foreign(46,965)(5,677)5,473 Total$(23,348)$8,933 $17,291 

71

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

A reconciliation of the U.S. statutory federal rate to the income tax provision was as follows: Year Ended December 31, 202420232022Tax at U.S. statutory rate$(21,310)$(40,820)$(42,105)State and local taxes(1,123)(4,122)(2,700)Tax credits and incentives(7,838)(8,137)(8,413)Changes in tax law, other13 (433)(17)U.S. tax reform/Global Intangible Low-Taxed Income ("GILTI")/foreign derived intangible income(2,537)10,923 1,382 Effect of foreign tax rates(987)(474)(1,614)Nonrecurring permanent items— — (2,189)Foreign branch788 486 279 Stock compensation (ASU 2016-09)1,957 1,212 1,258 Non-deductible expenses6,813 6,367 7,192 Tax reserves/audit settlements4,087 9 3,854 Valuation allowance(2,735)47,293 65,559 Other, net(476)(3,371)(5,195)Income tax (benefit) expense$(23,348)$8,933 $17,291 Effective income tax rate23.0 %(4.6)%(8.6)%For the year ended December 31, 2022, the Company received $54,273 in cash payments from the United States Internal Revenue Service (“IRS”) for tax refunds related to net operating loss carrybacks.On August 16, 2022, the U.S. enacted the Inflation Reduction Action of 2022, which, among other things, implements a 15% minimum tax on financial statement income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. The provisions were effective in the first quarter of 2023 and did not have asignificant impact on the Company’s consolidated financial statements.Numerous countries have agreed to a statement in support of the Organization for