Company: CPS
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001320461-25-000033
Chunk: 117

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 117
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 December 31, 2024, the Company recognized a net one-time, non-cash pension settlement charge of $44,571 ($45,973 net of tax) in the consolidated statements of operations, primarily related to the accelerated recognition of accumulated actuarial losses included within AOCI in the consolidated balance sheets.For the year ended December 31, 2023, the Company recognized a pension settlement loss of $16,285 in the consolidated statements of operations, due to completing the transfer of all lump sum payments to eligible plan participants who elected such lump sums or otherwise met the criteria for lump sum payments as part of the termination process.For the year ended December 31, 2022, the Company recognized a pension curtailment loss of $3,092 in the consolidated statements of operations, associated with the termination of the U.S. Pension Plan, primarily due to prior service cost resulting from a 2022 plan amendment impacting the benefits of certain participants in the U.S. Pension Plan.

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

Pension Plan Funded Status ReconciliationInformation related to the Company’s defined benefit pension plans was as follows:  Year Ended December 31, 20242023  U.S. Non-U.S. U.S. Non-U.S.Change in projected benefit obligations:Projected benefit obligations at beginning of period$161,813 $126,795 $212,688 $116,653 Service cost— 2,338 — 2,161 Interest cost2,252 4,774 9,254 5,198 Net actuarial (gain) loss(11,378)(4,753)(112)5,876 Benefits paid(6,426)(4,687)(11,464)(5,633)Foreign exchange translation— (9,421)— 4,417 Settlements and curtailments(136,479)(4,686)(48,553)(1,935)Other— 176 — 58 Projected benefit obligations at end of period$9,782 $110,536 $161,813 $126,795 Change in plan assets:Fair value of plan assets at beginning of period$147,457 $34,550 $196,434 $32,811 Actual return on plan assets(5,686)2,393