Company: CVGI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001628280-25-012913
Chunk: 121

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 121
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 the years ended December 31:20242023Balance - beginning of the year$1,458 $1,433 Provision for warranty claims1,872 1,163 Deduction for payments made and other adjustments(2,123)(1,138)Balance - end of year$1,207 $1,458 Debt Payments - As disclosed in Note 3, Debt, the Credit Agreement requires the Company to repay a fixed amount of principal on a quarterly basis and make voluntary prepayments that coincide with certain events.The following table provides future minimum principal payments due on long-term debt for the next five years.  The existing long-term debt agreement matures in 2027; no payments are due thereafter:Year Ending December 31,2025$8,437 2026$24,063 2027$103,000 2028$— 2029$— Thereafter$— 

16.    Segment Reporting 

Our President and Chief Executive Officer is the Company’s chief operating decision maker (“CODM”). The CODM uses  segment operating income compared to historical results, budgets, and forecasted financial information, in order to assess segment performance and allocate operating and capital resources. Our CODM does not evaluate operating segments using asset information. Each of these segments consists of a number of manufacturing facilities. Certain of our facilities manufacture and sell products through multiple product lines. Our segments are more specifically described below.CVG's reportable segments were impacted in the current period due to the divestiture of the cab structure business with operations in Kings Mountain, North Carolina and the Industrial Automation segment. As a result of classifying the Industrial Automation reporting segment as a discontinued operation, CVG has three reportable segments for 2024: Vehicle Solutions, Electrical Systems and Aftermarket & Accessories. Additionally, as a result of classifying the cab structure divestiture as discontinued operations, the financial information reported for Vehicle Solutions and Aftermarket & Accessories excludes the activity from Kings Mountain, North Carolina.The Vehicle Solutions segment designs, manufactures and sells the following products:•Commercial vehicle seats for the global commercial vehicle markets including heavy duty trucks, medium duty trucks, last mile delivery trucks and vans, construction and agriculture equipment in North America, Europe and Asia-Pacific. This segment includes a portion of the company’s activities in the electric vehicle market.•Plastic & Trim components primarily for the North America commercial vehicle market, MD/HD truck market and power sports markets.The Electrical Systems segment designs, manufactures and