Company: CVGI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022764
Chunk: 56

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 56
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 2024$28 $— $— $360 $388 New charges— 530 45 127 702 Payments and other adjustments(28)(530)(45)(129)(732)March 31, 2025$— $— $— $358 $358 

15

Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotalDecember 31, 2023$128 $— $— $983 $1,111 New charges53 1,090 470 164 1,777 Payments and other adjustments(53)(1,090)(470)(540)(2,153)March 31, 2024$128 $— $— $607 $735 All of the $0.7 million costs incurred in the three months ended March 31, 2025 for restructuring related to headcount reductions. Of the $0.7 million costs incurred in the three months ended March 31, 2025 for restructuring, $0.5 million were recorded in cost of revenue and $0.2 million were recorded in selling, general and administrative expenses.

Of the $1.8 million costs incurred in the three months ended March 31, 2024 for restructuring, $1.5 million related to headcount reductions and $0.3 million related to facility exit and other. Of the $1.8 million costs incurred in the three months ended March 31, 2024 for restructuring, $1.6 million were recorded in cost of revenue and $0.2 million were recorded in selling, general and administrative expenses. Of the $1.8 million costs incurred in three months ended March 31, 2024 for restructuring, $1.1 million related to headcount in the Global Electrical Systems segment and $0.5 million related to headcount reductions in the Trim Systems and Components segment. 

15. Commitments and Contingencies

Leases - As disclosed in Note 7, Leases, we lease office, warehouse and manufacturing space and equipment under non-cancelable operating lease agreements that generally require us to pay maintenance, insurance, taxes and other expenses in addition to annual rental fees. As of March 31, 2025, our equipment leases did not provide for any material guarantee of a specified portion of residual values.Guarantees - Costs associated with guarantees are accrued when it is probable that a liability has been incurred and the