Company: CPS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001320461-25-000087
Chunk: 24

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 directly attributable to the restructuring activities which were paid in 2024 and continue to be paid to a minor extent in 2025. The restructuring activities are anticipated to generate annualized savings of approximately $40,000 to $45,000.The Company’s restructuring charges consist of severance, retention and outplacement services, and severance-related postemployment benefits (collectively, “employee separation costs”), along with other related exit costs and asset impairments related to restructuring activities (collectively, “other exit costs”). Employee separation costs are recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy.Restructuring charges by segment were as follows:Three Months Ended March 31,20252024Sealing Systems$1,521 $648 Fluid Handling Systems454 325 Corporate and other136 160 Total$2,111 $1,133 Restructuring activity for all restructuring activities for the three months ended March 31, 2025 was as follows:Employee Separation CostsOther Exit CostsTotalBalance as of December 31, 2024$15,057 $4,945 $20,002 Expense1,095 1,016 2,111 Cash payments(4,564)(1,885)(6,449)Foreign exchange translation and other348 170 518 Balance as of March 31, 2025$11,936 $4,246 $16,182 

5. Inventories

Inventories consist of the following:March 31, 2025December 31, 2024Finished goods$46,714 $39,299 Work in process40,762 36,785 Raw materials and supplies85,481 66,317 Total$172,957 $142,401 

11

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

6. Goodwill and Intangible Assets

GoodwillChanges in the carrying amount of goodwill by reporting unit for the three months ended March 31, 2025 were as follows:Sealing SystemsFluid Handling SystemsIndustrial Specialty GroupTotalBalance as of December 31, 2024$47,404 $80,303 $12,736 $140,443 Foreign exchange translation2 — — 2 Balance as of March 31, 2025$