Company: CPS
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001320461-25-000033
Chunk: 102

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 102
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 deployed resources, and improving the organization’s overall cost structure.During the year ended December 31, 2024, the Company recognized total restructuring expenses of $23,601, of which $17,000 was related to the restructuring plan approved in May 2024. The Company estimates total expenses associated with this restructuring plan will range between $17,000 to $18,000, with the majority of these expenses recognized in 2024. Cash expenditures include severance and other related costs directly attributable to the restructuring plan, which were paid in 2024 and will continue to be paid in 2025. Upon completion, 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.

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

Restructuring charges by segment for the years ended December 31, 2024, 2023 and 2022 were as follows:Year Ended December 31,202420232022Sealing Systems$16,144 $8,802 $8,594 Fluid Handling Systems2,841 6,663 4,069 Corporate and other4,616 2,553 5,641 Total$23,601 $18,018 $18,304 Restructuring activity for all restructuring initiatives for the years ended December 31, 2024 and 2023 was as follows:Employee Separation CostsOther Exit CostsTotalBalance as of December 31, 2022$13,185 $6,383 $19,568 Expense13,946 4,072 18,018 Cash payments(8,677)(5,201)(13,878)Foreign exchange translation and other506 79 585 Balance as of December 31, 2023$18,960 $5,333 $24,293 Expense21,596 2,005 23,601 Cash payments(23,728)(2,755)(26,483)Foreign exchange translation