Company: CVGI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001628280-25-012913
Chunk: 110

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 110
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31, 2024, 2023, and 2022, respectively. Pension and Other Post-Retirement Benefit Plans - We sponsor pension and other post-retirement benefit plans that cover certain hourly and salaried employees in the U.S. and United Kingdom. Each of the plans are frozen to new participants and to additional service credits earned. Our policy is to make annual contributions to the plans to fund the minimum contributions, as required by local regulations. As of December 31, 2022, the Company settled its U.S. Pension Plan liabilities through lump-sum payments and purchase of an annuity contract. The lump-sum payments of $4.4 million and the annuity contract totaling $25.2 million were paid out of plan assets and resulted in an $9.2 million non-cash settlement charge, which was recorded in Other comprehensive income in the Consolidated Statements of Comprehensive Income (Loss) during the year ended December 31, 2022.The change in benefit obligation, plan assets and funded status as of December 31 is as follows: Non-U.S. Pension Plan 20242023Change in benefit obligation:Benefit obligation — Beginning of the year$32,172 $29,885 Interest cost1,399 1,418 Benefits paid(1,736)(1,801)Actuarial (gain) loss(2,734)1,087 Exchange rate changes(435)1,583 Benefit obligation at end of the year$28,666 $32,172 Change in plan assets:Fair value of plan assets — Beginning of the year$23,052 $21,537 Actual return on plan assets(1,652)1,053 Employer contributions1,240 1,125 Benefits paid(1,736)(1,801)Exchange rate changes(313)1,138 Fair value of plan assets at end of the year20,591 23,052 Funded status 1$(8,075)$(9,120)    1 Amounts are included in Pension and other post-retirement liabilities in the Consolidated Balance Sheets at December 31, 2024 and 2023.

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Actuarial Gain - The projected Non-U.S. benefit obligation includes a net gain of $2.7 million for the year ended December 31, 2024 driven primarily by an increase in the discount rate assumption. The components of net