We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Commercial Vehicle Group Inc | NASDAQ:CVGI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.02 | 3.02 | 3.06 | 3.095 | 3.00 | 3.00 | 11,549 | 14:43:07 |
☑ | Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the fiscal year ended December 31, 2022 | Commission file number: 001-34365 |
Delaware | 41-1990662 | |||||||
(State of Incorporation) | (I.R.S. Employer Identification No.) | |||||||
7800 Walton Parkway | 43054 | |||||||
New Albany, Ohio | (Zip Code) | |||||||
(Address of Principal Executive Offices) |
Title of Each Class | Trading Symbol | Name of exchange on which registered | ||||||
Common Stock, par value $.01 per share | CVGI | The NASDAQ Global Select Market | ||||||
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Item 9C. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | |||||||||||||||
Commercial Vehicle Group, Inc. | 100.00 | 53.32 | 59.40 | 80.85 | 75.33 | 63.62 | ||||||||||||||
NASDAQ Composite | 100.00 | 97.18 | 132.88 | 192.74 | 235.56 | 158.97 | ||||||||||||||
Legacy Peer Group | 100.00 | 84.13 | 103.68 | 128.02 | 153.68 | 134.41 | ||||||||||||||
New Peer Group | 100.00 | 65.48 | 78.55 | 93.23 | 103.52 | 99.48 |
Total Number of Shares (or Units) Surrendered | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||
March 1, 2022 through March 31, 2022 | 55,370 | $ | 8.37 | — | — | ||||||||||||||||||
June 1, 2022 through June 30, 2022 | 68,167 | $ | 6.57 | — | — | ||||||||||||||||||
September 1, 2022 through September 30, 2022 | 9,889 | $ | 5.52 | — | — | ||||||||||||||||||
October 1, 2022 through October 31, 2022 | 5,656 | $ | 4.16 | — | — | ||||||||||||||||||
November 1, 2022 through November 30, 2022 | 347 | $ | 6.40 | — | — | ||||||||||||||||||
December 1, 2022 through December 31, 2022 | 51,586 | $ | 6.81 | — | — |
2022 | 2021 | Dollar Change | % Change | ||||||||||||||||||||
Revenues | $ | 981,553 | $ | 971,578 | $ | 9,975 | 1.0% | ||||||||||||||||
Gross profit | 86,505 | 118,987 | (32,482) | (27.3) | |||||||||||||||||||
Selling, general and administrative expenses | 66,361 | 69,406 | (3,045) | (4.4) | |||||||||||||||||||
Other (income) expense | 10,463 | (878) | 11,341 | NM 1 | |||||||||||||||||||
Interest expense | 9,827 | 11,179 | (1,352) | (12.1) | |||||||||||||||||||
Loss on extinguishment of debt | 921 | 7,155 | (6,234) | (87.1) | |||||||||||||||||||
Provision (benefit) for income taxes | 20,904 | 8,393 | 12,511 | 149.1 | |||||||||||||||||||
Net income (loss) | (21,971) | 23,732 | (45,703) | NM 1 |
2021 | 2020 | Dollar Change | % Change | ||||||||||||||||||||
Revenues | $ | 971,578 | $ | 717,699 | $ | 253,879 | 35.4% | ||||||||||||||||
Gross profit | 118,987 | 74,076 | 44,911 | 60.6 | |||||||||||||||||||
Selling, general and administrative expenses | 69,406 | 68,228 | 1,178 | 1.7 | |||||||||||||||||||
Goodwill and other impairment | — | 29,017 | (29,017) | (100.0) | |||||||||||||||||||
Other (income) expense | (878) | 728 | (1,606) | NM1 | |||||||||||||||||||
Interest expense | 11,179 | 20,603 | (9,424) | (45.7) | |||||||||||||||||||
Loss on extinguishment of debt | 7,155 | — | 7,155 | 100.0 | |||||||||||||||||||
Provision (benefit) for income taxes | 8,393 | (7,451) | 15,844 | NM1 | |||||||||||||||||||
Net income (loss) | 23,732 | (37,049) | 60,781 | NM1 |
2022 | 2021 | Dollar Change | % Change | 2020 | Dollar Change | % Change | |||||||||||||||||||||||||||||||||||
Revenues | $ | 579,731 | $ | 498,913 | $ | 80,818 | 16.2% | $ | 366,636 | $ | 132,277 | 36.1% | |||||||||||||||||||||||||||||
Gross profit | 45,979 | 50,608 | (4,629) | (9.1) | 32,398 | 18,210 | 56.2 | ||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | 24,930 | 26,959 | (2,029) | (7.5) | 22,510 | 4,449 | 19.8 | ||||||||||||||||||||||||||||||||||
Goodwill and other impairment | — | — | — | — | 7,245 | (7,245) | (100.0) | ||||||||||||||||||||||||||||||||||
Operating income (loss) | 21,049 | 23,649 | (2,600) | (11.0) | 2,643 | 21,006 | 794.8 |
2022 | 2021 | Dollar Change | % Change | 2020 | Dollar Change | % Change | |||||||||||||||||||||||||||||||||||
Revenues | $ | 180,404 | $ | 168,971 | $ | 11,433 | 6.8% | $ | 141,094 | $ | 27,877 | 19.8% | |||||||||||||||||||||||||||||
Gross profit | 23,993 | 20,773 | 3,220 | 15.5 | 12,185 | 8,588 | 70.5 | ||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | 5,775 | 6,213 | (438) | (7.0) | 3,996 | 2,217 | 55.5 | ||||||||||||||||||||||||||||||||||
Goodwill and other impairment | — | — | — | — | $ | 1,150 | (1,150) | (100.0) | |||||||||||||||||||||||||||||||||
Operating income | 18,218 | 14,560 | 3,658 | 25.1 | 7,039 | 7,521 | 106.8 |
2022 | 2021 | Dollar Change | % Change | 2020 | Dollar Change | % Change | |||||||||||||||||||||||||||||||||||
Revenues | $ | 133,671 | $ | 115,782 | $17,889 | 15.5% | $ | 108,314 | $ | 7,468 | 6.9% | ||||||||||||||||||||||||||||||
Gross profit | 18,836 | 17,980 | 856 | 4.8 | 16,658 | 1,322 | 7.9 | ||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | 6,925 | 5,889 | 1,036 | 17.6 | 5,396 | 493 | 9.1 | ||||||||||||||||||||||||||||||||||
Operating income | 11,911 | 12,091 | (180) | (1.5) | 11,262 | 829 | 7.4 |
2022 | 2021 | Dollar Change | % Change | 2020 | Dollar Change | % Change | |||||||||||||||||||||||||||||||||||
Revenues | $ | 87,747 | $ | 187,912 | $ | (100,165) | (53.3)% | $ | 101,655 | $ | 86,257 | 84.9% | |||||||||||||||||||||||||||||
Gross profit | (2,303) | 29,669 | (31,972) | NM 1 | 13,205 | 16,464 | 124.7 | ||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | 5,564 | 6,106 | (542) | (8.9) | 9,698 | (3,592) | (37.0) | ||||||||||||||||||||||||||||||||||
Goodwill and other impairment | — | — | — | — | 19,829 | (19,829) | (100.0) | ||||||||||||||||||||||||||||||||||
Operating income (loss) | (7,867) | 23,563 | (31,430) | NM 1 | (16,322) | 39,885 | NM 1 |
2022 | 2021 | 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided (used) by operating activities | $ | 68,947 | $ | (29,832) | $ | 34,372 | |||||||||||
Net cash used in investing activities | (19,710) | (17,566) | (6,420) | ||||||||||||||
Net cash (used) provided in financing activities | (50,091) | 31,011 | (19,262) | ||||||||||||||
Effect of currency exchange rate changes on cash | (2,279) | 842 | 2,302 | ||||||||||||||
Net (decrease) increase in cash | $ | (3,133) | $ | (15,545) | $ | 10,992 |
Payments Due by Period | |||||||||||||||||||||||||||||
Total | 1 Year | 2-3 Years | 4-5 Years | More than 5 Years | |||||||||||||||||||||||||
Debt obligations | $ | 152,500 | $ | 10,938 | $ | 35,001 | $ | 106,561 | $ | — | |||||||||||||||||||
Estimated interest payments | 37,321 | 10,451 | 17,969 | 8,901 | — | ||||||||||||||||||||||||
Leasing obligations | 35,785 | 9,359 | 11,007 | 6,282 | 9,137 | ||||||||||||||||||||||||
Non-U.S. pension funding | 22,031 | 1,072 | 2,288 | 2,533 | 16,138 | ||||||||||||||||||||||||
Total | $ | 247,637 | $ | 31,820 | $ | 66,265 | $ | 124,277 | $ | 25,275 |
Page | |||||
2022 | 2021 | 2020 | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenues | $ | 981,553 | $ | 971,578 | $ | 717,699 | |||||||||||
Cost of revenues | 895,048 | 852,591 | 643,623 | ||||||||||||||
Gross profit | 86,505 | 118,987 | 74,076 | ||||||||||||||
Selling, general and administrative expenses | 66,361 | 69,406 | 68,228 | ||||||||||||||
Goodwill and other impairment | — | — | 29,017 | ||||||||||||||
Operating income (loss) | 20,144 | 49,581 | (23,169) | ||||||||||||||
Other (income) expense | 10,463 | (878) | 728 | ||||||||||||||
Interest expense | 9,827 | 11,179 | 20,603 | ||||||||||||||
Loss on extinguishment of debt | 921 | 7,155 | — | ||||||||||||||
Income (loss) before provision for income taxes | (1,067) | 32,125 | (44,500) | ||||||||||||||
Provision (benefit) for income taxes | 20,904 | 8,393 | (7,451) | ||||||||||||||
Net income (loss) | $ | (21,971) | $ | 23,732 | $ | (37,049) | |||||||||||
Earnings (loss) per common share | |||||||||||||||||
Basic | $ | (0.68) | $ | 0.75 | $ | (1.20) | |||||||||||
Diluted | $ | (0.68) | $ | 0.72 | $ | (1.20) | |||||||||||
Weighted average shares outstanding | |||||||||||||||||
Basic | 32,334 | 31,501 | 30,943 | ||||||||||||||
Diluted | 32,334 | 32,790 | 30,943 |
2022 | 2021 | 2020 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income (loss) | $ | (21,971) | $ | 23,732 | $ | (37,049) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustments | (4,366) | (1,421) | 5,008 | |||||||||||||||||
Change in defined benefit plans, net of tax | 11,238 | 4,673 | (5,041) | |||||||||||||||||
Derivative instruments, net of tax | 4,016 | (684) | 977 | |||||||||||||||||
Other comprehensive income | 10,888 | 2,568 | 944 | |||||||||||||||||
Comprehensive income (loss) | $ | (11,083) | $ | 26,300 | $ | (36,105) | ||||||||||||||
2022 | 2021 | ||||||||||
ASSETS | (in thousands, except share and per share amounts) | ||||||||||
Current assets: | |||||||||||
Cash | $ | 31,825 | $ | 34,958 | |||||||
Accounts receivable, net of allowances of $306 and $243, respectively | 152,626 | 174,472 | |||||||||
Inventories | 142,542 | 141,045 | |||||||||
Other current assets | 12,582 | 20,201 | |||||||||
Total current assets | 339,575 | 370,676 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $184,131 and $172,536, respectively | 67,805 | 63,126 | |||||||||
Operating lease right-of-use asset, net | 26,372 | 26,116 | |||||||||
Intangible assets, net of accumulated amortization of $21,148 and $18,180, respectively | 14,620 | 18,283 | |||||||||
Deferred income taxes, net | 12,275 | 24,108 | |||||||||
Other assets | 9,621 | 5,384 | |||||||||
TOTAL ASSETS | $ | 470,268 | $ | 507,693 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 122,091 | $ | 101,915 | |||||||
Current operating lease liabilities | 7,421 | 9,048 | |||||||||
Accrued liabilities and other | 35,388 | 41,792 | |||||||||
Current portion of long-term debt | 10,938 | 9,375 | |||||||||
Total current liabilities | 175,838 | 162,130 | |||||||||
Long-term debt | 141,499 | 185,581 | |||||||||
Long-term operating lease liabilities | 19,422 | 18,519 | |||||||||
Pension and other post-retirement liabilities | 8,428 | 9,905 | |||||||||
Other long-term liabilities | 5,041 | 4,905 | |||||||||
Total liabilities | 350,228 | 381,040 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value (5,000,000 shares authorized; no shares issued and outstanding) | — | — | |||||||||
Common stock, $0.01 par value (60,000,000 shares authorized; 32,826,852 and 32,034,592 shares issued and outstanding, respectively) | 328 | 321 | |||||||||
Treasury stock, at cost: 1,899,996 and 1,708,981 shares, respectively | (14,514) | (13,172) | |||||||||
Additional paid-in capital | 261,371 | 255,566 | |||||||||
Retained deficit | (95,595) | (73,624) | |||||||||
Accumulated other comprehensive loss | (31,550) | (42,438) | |||||||||
Total stockholders’ equity | 120,040 | 126,653 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 470,268 | $ | 507,693 |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Deficit | Accumulated Other Comprehensive Loss | Total CVG Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data ) | |||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2019 | 30,801,255 | $ | 323 | $ | (11,230) | $ | 245,852 | $ | (60,307) | $ | (45,950) | $ | 128,688 | ||||||||||||||||||||||||||||
Issuance of restricted stock | 544,787 | (10) | — | — | — | — | (10) | ||||||||||||||||||||||||||||||||||
Surrender of common stock by employees | (96,231) | — | (663) | — | — | — | (663) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | 3,460 | — | — | 3,460 | ||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | (37,049) | 944 | (36,105) | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2020 | 31,249,811 | $ | 313 | $ | (11,893) | $ | 249,312 | $ | (97,356) | $ | (45,006) | $ | 95,370 | ||||||||||||||||||||||||||||
Issuance of restricted stock | 933,139 | 8 | — | — | — | — | 8 | ||||||||||||||||||||||||||||||||||
Surrender of common stock by employees | (148,358) | — | (1,279) | — | — | — | (1,279) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | 6,254 | — | — | 6,254 | ||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | 23,732 | 2,568 | 26,300 | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2021 | 32,034,592 | $ | 321 | $ | (13,172) | $ | 255,566 | $ | (73,624) | $ | (42,438) | $ | 126,653 | ||||||||||||||||||||||||||||
Issuance of restricted stock | 983,275 | 10 | — | — | — | — | 10 | ||||||||||||||||||||||||||||||||||
Surrender of common stock by employees | (191,015) | (3) | (1,342) | — | — | — | (1,345) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | 5,805 | — | — | 5,805 | ||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | (21,971) | 10,888 | (11,083) | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2022 | 32,826,852 | $ | 328 | $ | (14,514) | $ | 261,371 | $ | (95,595) | $ | (31,550) | $ | 120,040 |
2022 | 2021 | 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net income (loss) | $ | (21,971) | $ | 23,732 | $ | (37,049) | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 18,181 | 18,495 | 18,493 | ||||||||||||||
Impairment expense | — | — | 29,017 | ||||||||||||||
Noncash amortization of debt financing costs | 350 | 1,008 | 1,929 | ||||||||||||||
Pension plan settlement | 9,202 | — | — | ||||||||||||||
Payment in kind interest expense | — | 2,254 | 5,431 | ||||||||||||||
Shared-based compensation expense | 5,805 | 6,254 | 3,460 | ||||||||||||||
Deferred income taxes | 12,480 | 2,078 | (12,129) | ||||||||||||||
Noncash loss (gain) on forward exchange contracts | (43) | (788) | 299 | ||||||||||||||
Loss on extinguishment of debt | 921 | 7,155 | — | ||||||||||||||
Settlement of derivative contract | 3,900 | — | — | ||||||||||||||
Change in other operating items: | |||||||||||||||||
Accounts receivable | 19,173 | (23,569) | (34,284) | ||||||||||||||
Inventories | (3,675) | (50,283) | (6,828) | ||||||||||||||
Prepaid expenses | 966 | (1,910) | 2,896 | ||||||||||||||
Accounts payable | 21,842 | (11,570) | 48,046 | ||||||||||||||
Accrued liabilities | (912) | 4,438 | 8,650 | ||||||||||||||
Other operating activities, net | 2,728 | (7,126) | 6,441 | ||||||||||||||
Net cash (used in) provided by operating activities | 68,947 | (29,832) | 34,372 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Purchases of property, plant and equipment | (19,710) | (17,653) | (7,142) | ||||||||||||||
Proceeds from disposal/sale of property, plant and equipment | — | 87 | 722 | ||||||||||||||
Net cash used in investing activities | (19,710) | (17,566) | (6,420) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Borrowings under term loan facility | 30,625 | 150,000 | — | ||||||||||||||
Repayment of term loan facility | (24,375) | (3,750) | — | ||||||||||||||
Repayment of 2023 term loan facility principal | — | (152,654) | (14,375) | ||||||||||||||
Borrowings under revolving credit facility | 65,200 | 86,200 | — | ||||||||||||||
Repayment of revolving credit facility | (114,600) | (36,800) | — | ||||||||||||||
Borrowings under ABL revolving credit facility | — | 11,300 | 15,000 | ||||||||||||||
Repayment of ABL revolving credit facility | — | (11,300) | (15,000) | ||||||||||||||
Surrender of common stock by employees | (1,342) | (1,279) | (663) | ||||||||||||||
Debt extinguishment payments and early payment fees on debt | — | (3,031) | — | ||||||||||||||
Debt issuance and amendment costs | (648) | (2,333) | (2,779) | ||||||||||||||
Contingent consideration payment | (4,750) | (5,000) | (1,000) | ||||||||||||||
Other financing activities, net | (201) | (342) | (445) | ||||||||||||||
Net cash provided by (used in) financing activities | (50,091) | 31,011 | (19,262) | ||||||||||||||
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH | (2,279) | 842 | 2,302 | ||||||||||||||
NET INCREASE (DECREASE) IN CASH | (3,133) | (15,545) | 10,992 | ||||||||||||||
CASH: | |||||||||||||||||
Beginning of period | 34,958 | 50,503 | 39,511 | ||||||||||||||
End of period | $ | 31,825 | $ | 34,958 | $ | 50,503 | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||||||||
Cash paid for interest | $ | 9,305 | $ | 8,460 | $ | 12,193 | |||||||||||
Cash paid for income taxes, net | $ | 4,041 | $ | 4,109 | $ | 2,483 | |||||||||||
Unpaid purchases of property and equipment included in accounts payable | $ | 1,701 | $ | 1,063 | $ | 131 |
2022 | 2021 | ||||||||||
Raw materials | $ | 108,417 | $ | 107,505 | |||||||
Work in process | 17,757 | 21,671 | |||||||||
Finished goods | 16,368 | 11,869 | |||||||||
Total Inventory | $ | 142,542 | $ | 141,045 |
2022 | 2021 | ||||||||||
Land and buildings | $ | 32,267 | $ | 32,012 | |||||||
Machinery and equipment | 212,352 | 194,828 | |||||||||
Construction in progress | 7,317 | 8,822 | |||||||||
Property, plant, and equipment, gross | 251,936 | 235,662 | |||||||||
Less accumulated depreciation | (184,131) | (172,536) | |||||||||
Property, plant and equipment, net | $ | 67,805 | $ | 63,126 |
Twelve Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Total | |||||||||||||||||||||||||
Seats | $ | 286,391 | $ | — | $ | 75,824 | $ | — | $ | 362,215 | |||||||||||||||||||
Electrical wire harnesses, panels and assemblies | 89 | 179,849 | 10,316 | 14,927 | 205,181 | ||||||||||||||||||||||||
Trim | 179,910 | — | 5,552 | — | 185,462 | ||||||||||||||||||||||||
Industrial Automation | — | 520 | — | 72,820 | 73,340 | ||||||||||||||||||||||||
Cab structures | 109,268 | — | 1,356 | — | 110,624 | ||||||||||||||||||||||||
Mirrors, wipers and controls | 4,073 | 35 | 40,623 | — | 44,731 | ||||||||||||||||||||||||
Total | $ | 579,731 | $ | 180,404 | $ | 133,671 | $ | 87,747 | $ | 981,553 |
Twelve Months Ended December 31, 2021 | |||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Total | |||||||||||||||||||||||||
Seats | $ | 267,580 | $ | — | $ | 55,377 | $ | — | $ | 322,957 | |||||||||||||||||||
Electrical wire harnesses, panels and assemblies | 2,682 | 168,108 | 11,214 | 25,329 | 207,333 | ||||||||||||||||||||||||
Trim | 154,205 | — | 2,555 | — | 156,760 | ||||||||||||||||||||||||
Industrial Automation | — | — | — | 162,583 | 162,583 | ||||||||||||||||||||||||
Cab structures | 69,749 | — | 7,761 | — | 77,510 | ||||||||||||||||||||||||
Mirrors, wipers and controls | 4,697 | 863 | 38,875 | — | 44,435 | ||||||||||||||||||||||||
Total | $ | 498,913 | $ | 168,971 | $ | 115,782 | $ | 187,912 | $ | 971,578 |
Twelve Months Ended December 31, 2020 | |||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Total | |||||||||||||||||||||||||
Seats | $ | 205,232 | $ | — | $ | 58,832 | $ | 147 | $ | 264,211 | |||||||||||||||||||
Electrical wire harnesses, panels and assemblies | 1,751 | 138,903 | 9,362 | 37,949 | 187,965 | ||||||||||||||||||||||||
Trim | 109,450 | — | 2,413 | — | 111,863 | ||||||||||||||||||||||||
Industrial Automation | — | — | — | 63,559 | 63,559 | ||||||||||||||||||||||||
Cab structures | 46,483 | — | 3,298 | — | 49,781 | ||||||||||||||||||||||||
Mirrors, wipers and controls | 3,720 | 2,191 | 34,409 | — | 40,320 | ||||||||||||||||||||||||
Total | $ | 366,636 | $ | 141,094 | $ | 108,314 | $ | 101,655 | $ | 717,699 |
2022 | 2021 | ||||||||||
Term loan facility | $ | 152,500 | $ | 146,250 | |||||||
Revolving credit facility | — | 49,400 | |||||||||
Unamortized discount and issuance costs | (63) | (694) | |||||||||
$ | 152,437 | $ | 194,956 | ||||||||
Less: current portion | (10,938) | (9,375) | |||||||||
Total long-term debt, net of current portion | $ | 141,499 | $ | 185,581 |
Pricing Tier | Consolidated Total Leverage Ratio | Commitment Fee | Letter of Credit Fee | Term SOFR Loans | Base Rate Loans | |||||||||||||||||||||||||||
I | > 3.50 to 1.00 | 0.35% | 2.75% | 2.75% | 1.75% | |||||||||||||||||||||||||||
II | < 3.50 to 1.00 but > 2.75 to 1.00 | 0.30% | 2.50% | 2.50% | 1.50% | |||||||||||||||||||||||||||
III | < 2.75 to 1.00 but > 2.00 to 1.00 | 0.25% | 2.25% | 2.25% | 1.25% | |||||||||||||||||||||||||||
IV | < 2.00 to 1.00 but > 1.50 to 1.00 | 0.20% | 2.00% | 2.00% | 1.00% | |||||||||||||||||||||||||||
V | < 1.50 to 1.00 | 0.15% | 1.75% | 1.75% | 0.75% |
December 31, 2022 | |||||||||||||||||||||||
Weighted- Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||
Trademarks/tradenames | 22 years | $ | 11,487 | $ | (5,377) | $ | 6,110 | ||||||||||||||||
Customer relationships | 15 years | 14,161 | (9,109) | 5,052 | |||||||||||||||||||
Technical know-how | 5 years | 9,790 | (6,445) | 3,345 | |||||||||||||||||||
Covenant not to compete | 5 years | 330 | (217) | 113 | |||||||||||||||||||
$ | 35,768 | $ | (21,148) | $ | 14,620 |
December 31, 2021 | |||||||||||||||||||||||
Weighted- Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||
Trademarks/tradenames | 22 years | $ | 11,573 | $ | (5,043) | $ | 6,530 | ||||||||||||||||
Customer relationships | 15 years | 14,770 | (8,499) | 6,271 | |||||||||||||||||||
Technical know-how | 5 years | 9,790 | (4,487) | 5,303 | |||||||||||||||||||
Covenant not to compete | 5 years | 330 | (151) | 179 | |||||||||||||||||||
$ | 36,463 | $ | (18,180) | $ | 18,283 |
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contract | $ | — | $ | — | $ | — | $ | — | $ | 1,375 | $ | — | $ | 1,375 | $ | — | ||||||||||||||||||||||||||||||||||
Interest rate swap agreement | $ | 1,849 | $ | — | $ | 1,849 | $ | — | $ | 241 | $ | — | $ | 241 | $ | — | ||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contract | $ | 356 | $ | — | $ | 356 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Interest rate swap agreement | $ | — | $ | — | $ | — | $ | — | $ | 498 | $ | — | $ | 498 | $ | — | ||||||||||||||||||||||||||||||||||
Contingent Consideration | $ | — | $ | — | $ | — | $ | — | $ | 4,409 | $ | — | $ | — | $ | 4,409 |
Amount | ||||||||
Contingent Consideration liability balance at December 31, 2021 | $ | 4,409 | ||||||
Change in fair value | 341 | |||||||
Payments | (4,750) | |||||||
Contingent Consideration liability balance at December 31, 2022 | $ | — |
2022 | 2021 | ||||||||||||||||||||||
U.S. $ Equivalent | U.S. $ Equivalent Fair Value | U.S. $ Equivalent | U.S. $ Equivalent Fair Value | ||||||||||||||||||||
Commitments to buy or sell currencies | $ | 55,220 | $ | 53,847 | $ | 49,601 | $ | 48,712 |
Derivative Asset | |||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Foreign exchange contracts | Other current assets | $ | — | $ | 1,375 | ||||||||||||
Interest rate swap agreement | Other assets | $ | 1,849 | $ | — | ||||||||||||
Interest rate swap agreement | Accrued liabilities and other | $ | — | $ | 241 |
Derivative Liability | |||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Foreign exchange contracts | Accrued liabilities and other | $ | 356 | $ | — | ||||||||||||
Interest rate swap agreement | Accrued liabilities and other | $ | — | $ | 498 |
Derivative Equity | |||||||||||||||||
Balance Sheet Location | Fair Value | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Derivative instruments | Accumulated other comprehensive (loss) income | $ | 3,777 | $ | 757 |
2022 | 2021 | ||||||||||||||||
Location of Gain (Loss) Recognized on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||
Foreign exchange contracts | Cost of revenues | $ | 3,236 | $ | 2,452 | ||||||||||||
Interest rate swap agreements | Interest expense | $ | (80) | $ | (9) | ||||||||||||
Foreign exchange contracts | Other (income) expense | $ | (334) | $ | 134 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Term loan and security agreement 1 | $ | 152,437 | $ | 143,477 | $ | 145,556 | $ | 142,265 | |||||||||||||||
Revolving Credit Facility 1 | $ | — | $ | — | $ | 49,400 | $ | 49,400 |
Twelve Months Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating lease cost | $ | 10,283 | $ | 10,082 | |||||||
Finance lease cost: | |||||||||||
Amortization of right-of-use assets | 194 | 326 | |||||||||
Interest on lease liabilities | 13 | 27 | |||||||||
Finance lease cost | $ | 207 | $ | 353 | |||||||
Short-term lease cost 1 | 5,406 | 6,214 | |||||||||
Total lease expense | $ | 15,896 | $ | 16,649 |
Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2021 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 10,022 | $ | 11,250 | |||||||
Financing cash flows from finance leases | $ | 205 | $ | 348 |
Balance Sheet Location | December 31, 2022 | December 31, 2021 | ||||||||||||
Operating Leases | ||||||||||||||
Right-of-use assets, net | Operating lease right-of-use asset, net | $ | 26,372 | $ | 26,116 | |||||||||
Current liabilities | Current operating lease liabilities | 7,421 | 9,048 | |||||||||||
Non-current liabilities | Long-term operating lease liabilities | 19,422 | 18,519 | |||||||||||
Total operating lease liabilities | $ | 26,843 | $ | 27,567 | ||||||||||
Finance Leases | ||||||||||||||
Right-of-use assets, net | $ | 270 | $ | 468 | ||||||||||
Current liabilities | 131 | 194 | ||||||||||||
Non-current liabilities | 139 | 272 | ||||||||||||
Total finance lease liabilities | $ | 270 | $ | 466 | ||||||||||
Weighted Average Remaining Lease Term | ||||||||||||||
Operating leases | 6.0 years | 4.0 years | ||||||||||||
Finance leases | 2.3 years | 2.9 years | ||||||||||||
Weighted Average Discount Rate | ||||||||||||||
Operating leases | 8.4 | % | 8.0 | % | ||||||||||
Finance leases | 3.9 | % | 4.7 | % |
Year Ending December 31, | Operating | Financing | Total | |||||||||||||||||
2023 | $ | 9,206 | $ | 153 | $ | 9,359 | ||||||||||||||
2024 | 5,423 | 106 | 5,529 | |||||||||||||||||
2025 | 5,413 | 65 | 5,478 | |||||||||||||||||
2026 | 4,556 | 2 | 4,558 | |||||||||||||||||
2027 | 1,724 | — | 1,724 | |||||||||||||||||
Thereafter | 9,137 | — | 9,137 | |||||||||||||||||
Total lease payments | $ | 35,459 | $ | 326 | $ | 35,785 | ||||||||||||||
Less: Imputed interest | (8,616) | (56) | (8,672) | |||||||||||||||||
Present value of lease liabilities | $ | 26,843 | $ | 270 | $ | 27,113 |
2022 | 2021 | 2020 | |||||||||||||||
Domestic | $ | (30,401) | $ | 9,476 | $ | (55,907) | |||||||||||
Foreign | 29,334 | 22,649 | 11,407 | ||||||||||||||
Total | $ | (1,067) | $ | 32,125 | $ | (44,500) |
2022 | 2021 | 2020 | |||||||||||||||
Federal (benefit) provision at statutory rate | $ | (224) | $ | 6,746 | $ | (9,345) | |||||||||||
U.S./Foreign tax rate differential | 2,320 | 696 | 492 | ||||||||||||||
Foreign non-deductible expenses | (1,084) | 515 | 702 | ||||||||||||||
Foreign tax provision | 1,734 | 739 | 611 | ||||||||||||||
State taxes, net of federal benefit | (297) | 315 | (1,086) | ||||||||||||||
State tax rate change, net of federal benefit | (33) | (432) | — | ||||||||||||||
Change in uncertain tax positions | 38 | 74 | 71 | ||||||||||||||
Change in valuation allowance | 14,776 | 366 | 2,146 | ||||||||||||||
Tax credits | (1,244) | (1,341) | (143) | ||||||||||||||
Share-based compensation | (91) | (857) | (15) | ||||||||||||||
Executive compensation (IRC 162m) | 871 | 1,128 | — | ||||||||||||||
Repatriation of foreign earnings | 1,245 | 208 | 37 | ||||||||||||||
GILTI, net of related foreign tax credit | 365 | 39 | (1,340) | ||||||||||||||
Pension settlement | 3,394 | — | — | ||||||||||||||
Other | (866) | 197 | 419 | ||||||||||||||
(Benefit) Provision for income taxes | $ | 20,904 | $ | 8,393 | $ | (7,451) |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||||||||||||||||||
Federal | $ | (338) | $ | 16,831 | $ | 16,493 | $ | 46 | $ | 2,377 | $ | 2,423 | $ | 109 | $ | (10,975) | $ | (10,866) | |||||||||||||||||||||||||||||||||||
State and local | 276 | 4,039 | 4,315 | 152 | (439) | (287) | 120 | (559) | (439) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign | 8,486 | (8,390) | 96 | 6,126 | 131 | 6,257 | 4,449 | (595) | 3,854 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,424 | $ | 12,480 | $ | 20,904 | $ | 6,324 | $ | 2,069 | $ | 8,393 | $ | 4,678 | $ | (12,129) | $ | (7,451) |
2022 | 2021 | ||||||||||
Noncurrent deferred tax assets: | |||||||||||
Amortization and fixed assets | $ | 9,653 | $ | 7,371 | |||||||
Inventories | 8,514 | 3,914 | |||||||||
Pension obligations | 2,182 | 2,599 | |||||||||
Warranty obligations | 242 | 354 | |||||||||
Accrued benefits | 465 | 400 | |||||||||
Operating leases | 7,595 | 3,917 | |||||||||
Tax credit carryforwards | 6,703 | 7,106 | |||||||||
Net operating loss carryforwards | 11,809 | 14,944 | |||||||||
Other temporary differences | 3,797 | 5,483 | |||||||||
Total noncurrent deferred tax assets | $ | 50,960 | $ | 46,088 | |||||||
Valuation allowance | (31,090) | (18,371) | |||||||||
Net noncurrent deferred tax assets | $ | 19,870 | $ | 27,717 | |||||||
Noncurrent deferred tax liabilities: | |||||||||||
Amortization and fixed assets | $ | (827) | $ | (968) | |||||||
Inventories | 127 | 103 | |||||||||
Operating leases | (7,585) | (3,596) | |||||||||
Other temporary differences | (287) | (315) | |||||||||
Total noncurrent tax liabilities | (8,572) | (4,776) | |||||||||
Net noncurrent deferred tax liabilities | $ | (8,572) | $ | (4,776) | |||||||
Total net deferred tax asset | $ | 11,298 | $ | 22,941 | |||||||
Deferred taxes are reflected in the Consolidated Balance Sheet as follows: | |||||||||||
Net non-current deferred tax assets | $ | 12,275 | $ | 24,108 | |||||||
Non-current deferred tax liabilities (included in Other long-term liabilities) | $ | (977) | $ | (1,167) | |||||||
Total net deferred tax asset | $ | 11,298 | $ | 22,941 |
2022 | 2021 | 2020 | |||||||||||||||
Balance - Beginning of the year | $ | 18,371 | $ | 16,441 | $ | 11,992 | |||||||||||
Provisions | 24,506 | 2,529 | 4,511 | ||||||||||||||
Utilizations | (11,787) | (599) | (62) | ||||||||||||||
Balance - End of the year | $ | 31,090 | $ | 18,371 | $ | 16,441 |
2022 | 2021 | 2020 | |||||||||||||||
Balance - Beginning of the year | $ | 1,093 | $ | 1,006 | $ | 908 | |||||||||||
Gross increase - tax positions in prior periods | 426 | 75 | 73 | ||||||||||||||
Gross decreases - tax positions in prior periods | — | — | — | ||||||||||||||
Lapse of statute of limitations | (389) | — | — | ||||||||||||||
Currency translation adjustment | (41) | 12 | 25 | ||||||||||||||
Balance - End of the year | $ | 1,089 | $ | 1,093 | $ | 1,006 |
2022 | 2021 | ||||||||||
Compensation and benefits | $ | 13,370 | $ | 16,677 | |||||||
Accrued freight | 4,225 | 5,628 | |||||||||
Taxes payable | 5,092 | 6,391 | |||||||||
Contingent Consideration | — | 4,409 | |||||||||
Warranty Costs | 1,433 | 1,490 | |||||||||
Other | 11,268 | 7,197 | |||||||||
$ | 35,388 | $ | 41,792 |
U.S. Pension and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation — Beginning of the year | $ | 38,848 | $ | 41,218 | $ | 48,545 | $ | 53,654 | |||||||||||||||
Service cost | — | — | — | — | |||||||||||||||||||
Interest cost | 617 | 827 | 785 | 638 | |||||||||||||||||||
Participant contributions | — | 1 | — | — | |||||||||||||||||||
Benefits paid | (31,600) | (2,422) | (1,744) | (1,692) | |||||||||||||||||||
Actuarial (gain) loss | (7,780) | (776) | (12,931) | (3,595) | |||||||||||||||||||
Exchange rate changes | — | — | (4,770) | (460) | |||||||||||||||||||
Benefit obligation at end of the year | $ | 85 | $ | 38,848 | $ | 29,885 | $ | 48,545 | |||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets — Beginning of the year | $ | 41,201 | $ | 42,628 | $ | 38,640 | $ | 38,485 | |||||||||||||||
Actual return on plan assets | (5,664) | 966 | (12,631) | 1,169 | |||||||||||||||||||
Employer contributions | 30 | 28 | 1,016 | 1,077 | |||||||||||||||||||
Participant contributions | — | 1 | — | — | |||||||||||||||||||
Benefits paid | (31,600) | (2,422) | (1,744) | (1,692) | |||||||||||||||||||
Exchange rate changes | — | — | (3,744) | (399) | |||||||||||||||||||
Fair value of plan assets at end of the year | 3,967 | 41,201 | 21,537 | 38,640 | |||||||||||||||||||
Funded status | $ | 3,882 | $ | 2,353 | $ | (8,348) | $ | (9,905) |
U.S. Pension and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Noncurrent assets | $ | 3,967 | $ | 2,479 | $ | — | $ | — | |||||||||||||||
Current liabilities | (6) | (126) | — | — | |||||||||||||||||||
Noncurrent liabilities | (79) | — | (8,348) | (9,905) | |||||||||||||||||||
Amount recognized | $ | 3,882 | $ | 2,353 | $ | (8,348) | $ | (9,905) |
U.S. Pension and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Interest cost | $ | 617 | $ | 827 | $ | 1,117 | $ | 785 | $ | 638 | $ | 838 | |||||||||||||||||||||||
Expected return on plan assets | (681) | (2,212) | (2,075) | (1,016) | (1,000) | (1,093) | |||||||||||||||||||||||||||||
Amortization of prior service cost 1 | 9,208 | 6 | 6 | 48 | 54 | 47 | |||||||||||||||||||||||||||||
Recognized actuarial loss | 373 | 283 | 283 | 603 | 953 | 592 | |||||||||||||||||||||||||||||
Net periodic cost (benefit) | $ | 9,517 | $ | (1,096) | $ | (669) | $ | 420 | $ | 645 | $ | 384 | |||||||||||||||||||||||
U.S. Pension and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Net actuarial loss | $ | (148) | $ | 10,875 | $ | 10,689 | $ | 13,603 | $ | 13,923 | $ | 18,574 | |||||||||||||||||||||||
Prior service cost | 27 | 33 | 39 | 618 | 687 | 748 | |||||||||||||||||||||||||||||
$ | (121) | $ | 10,908 | $ | 10,728 | $ | 14,221 | $ | 14,610 | $ | 19,322 |
U.S. Pension and Other Post-Retirement Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Actuarial (gain) loss | $ | (1,435) | $ | 469 | $ | 615 | $ | (3,717) | |||||||||||||||
Amortization of actuarial (loss) gain | (9,575) | (283) | (672) | (942) | |||||||||||||||||||
Prior service credit | (6) | (6) | (54) | (53) | |||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (11,016) | $ | 180 | $ | (111) | $ | (4,712) |
U.S. Pension and Other Post-Retirement Benefit Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Discount rate | 4.84 | % | 2.07 | % | 4.75 | % | 1.80 | % |
U.S. Pension and Other Post-Retirement Plans | Non-U.S. Pension Plan | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Discount rate | 2.38 | % | 2.08 | % | 2.93 | % | 1.80 | % | 1.20 | % | 1.95 | % | |||||||||||||||||||||||
Expected return on plan assets | 2.07 | % | 5.34 | % | 5.34 | % | 2.90 | % | 2.60 | % | 3.30 | % |
Target Allocation | Actual Allocations | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 100 | — | 21 | — | 100 | — | 21 | 1 | |||||||||||||||||||||||||||||||||||||||
Equity/Balanced securities | — | 42 | — | 53 | — | 42 | — | 52 | |||||||||||||||||||||||||||||||||||||||
Fixed income securities | — | 58 | 79 | 47 | — | 58 | 54 | 47 | |||||||||||||||||||||||||||||||||||||||
Real estate and other | — | — | — | — | — | — | 25 | — | |||||||||||||||||||||||||||||||||||||||
100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
December 31, 2022 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Net Asset Value Per Share | |||||||||||||||||||||
Total | Level 1 | Level 2 | NAV | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,107 | $ | 150 | $ | — | $ | 3,957 | |||||||||||||||
Balanced | 8,989 | — | — | 8,989 | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
Corporate bonds | 10 | — | 10 | — | |||||||||||||||||||
Other | 12,398 | — | — | 12,398 | |||||||||||||||||||
Total pension fund assets | $ | 25,504 | $ | 150 | $ | 10 | $ | 25,344 |
December 31, 2021 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Net Asset Value Per Share | |||||||||||||||||||||
Total | Level 1 | Level 2 | NAV | ||||||||||||||||||||
Cash and cash equivalents | $ | 9,192 | $ | 442 | $ | — | $ | 8,750 | |||||||||||||||
Balanced | 20,239 | — | — | 20,239 | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
Corporate bonds | 37,117 | — | 22,361 | 14,756 | |||||||||||||||||||
Other | 13,293 | — | 10,090 | 3,203 | |||||||||||||||||||
Total pension fund assets | $ | 79,841 | $ | 442 | $ | 32,451 | $ | 46,948 |
2021 | ||||||||
Beginning balance | $ | 4,088 | ||||||
Actual return on assets held at reporting date | — | |||||||
Purchases, sales and settlements, net | (4,088) | |||||||
Ending balance | $ | — |
Year Ending December 31, | Pension Plans | ||||
2023 | $ | 1,813 | |||
2024 | $ | 1,870 | |||
2025 | $ | 1,834 | |||
2026 | $ | 1,904 | |||
2027 | $ | 1,909 | |||
2028 to 2032 | $ | 10,032 |
Amount | ||||||||
Adjusted Award Value at December 31, 2021 | $ | 1,234 | ||||||
New grants | 2,108 | |||||||
Forfeitures | (513) | |||||||
Adjustments | (341) | |||||||
Payments | (300) | |||||||
Adjusted Award Value at December 31, 2022 | $ | 2,188 |
2022 | |||||||||||
Shares (in thousands) | Weighted- Average Grant-Date Fair Value | ||||||||||
Non-vested - beginning of year | 783 | $ | 5.68 | ||||||||
Granted | 634 | 7.53 | |||||||||
Vested | (983) | 4.24 | |||||||||
Forfeited | (51) | 8.45 | |||||||||
Non-vested - end of year | 383 | $ | 7.68 |
2022 | 2021 | 2020 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (21,971) | $ | 23,732 | $ | (37,049) | |||||||||||
Weighted average number of common shares outstanding | 32,334 | 31,501 | 30,943 | ||||||||||||||
Dilutive effect of restricted stock grants after application of the treasury stock method | — | 1,289 | — | ||||||||||||||
Dilutive shares outstanding | 32,334 | 32,790 | 30,943 | ||||||||||||||
Basic earnings (loss) per share attributable to common stockholders | $ | (0.68) | $ | 0.75 | $ | (1.20) | |||||||||||
Diluted earnings (loss) per share attributable to common stockholders | $ | (0.68) | $ | 0.72 | $ | (1.20) |
Foreign currency items | Pension and Other Post-Retirement Benefit Plans | Derivative Instruments | Accumulated other comprehensive loss | ||||||||||||||||||||
Balance - December 31, 2020 | $ | (19,024) | $ | (27,423) | $ | 1,441 | $ | (45,006) | |||||||||||||||
Net current period change | (1,421) | 4,576 | — | 3,155 | |||||||||||||||||||
Reclassification adjustments for losses reclassified into income | — | 97 | — | 97 | |||||||||||||||||||
Derivative instruments | — | — | (684) | (684) | |||||||||||||||||||
Balance - December 31, 2021 | $ | (20,445) | $ | (22,750) | $ | 757 | $ | (42,438) | |||||||||||||||
Net current period change | $ | (4,366) | $ | 11,207 | $ | — | $ | 6,841 | |||||||||||||||
Reclassification adjustments for losses reclassified into income | — | 31 | — | 31 | |||||||||||||||||||
Derivative instruments | — | — | 4,016 | 4,016 | |||||||||||||||||||
Balance - December 31, 2022 | $ | (24,811) | $ | (11,512) | $ | 4,773 | $ | (31,550) |
2022 | Before Tax Amount | Tax Expense | After Tax Amount | ||||||||||||||
Retirement benefits adjustment: | |||||||||||||||||
Net actuarial gain and prior service credit 1 | $ | 10,936 | $ | 271 | $ | 11,207 | |||||||||||
Reclassification of actuarial loss and prior service cost to net income | 31 | — | 31 | ||||||||||||||
Net unrealized gain | 10,967 | 271 | 11,238 | ||||||||||||||
Cumulative translation adjustment | (4,366) | — | (4,366) | ||||||||||||||
Derivative instruments | 4,019 | (3) | 4,016 | ||||||||||||||
Total other comprehensive gain | $ | 10,620 | $ | 268 | $ | 10,888 | |||||||||||
2021 | Before Tax Amount | Tax Expense | After Tax Amount | ||||||||||||||
Retirement benefits adjustment: | |||||||||||||||||
Net actuarial loss and prior service credit | $ | 4,620 | $ | (44) | $ | 4,576 | |||||||||||
Reclassification of actuarial loss and prior service cost to net income | 97 | — | 97 | ||||||||||||||
Net unrealized gain | 4,717 | (44) | 4,673 | ||||||||||||||
Cumulative translation adjustment | (1,421) | — | (1,421) | ||||||||||||||
Derivative instruments | (898) | 214 | (684) | ||||||||||||||
Total other comprehensive gain | $ | 2,398 | $ | 170 | $ | 2,568 |
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Corporate/Other | Total | ||||||||||||||||||||||||||||||
December 31, 2021 | 230 | 417 | — | — | (161) | 486 | |||||||||||||||||||||||||||||
New charges | 751 | 674 | 1,909 | 1,725 | 306 | 5,365 | |||||||||||||||||||||||||||||
Payments and other adjustments | (986) | (1,091) | (1,909) | (1,267) | (145) | (5,398) | |||||||||||||||||||||||||||||
December 31, 2022 | $ | (5) | $ | — | $ | — | $ | 458 | $ | — | $ | 453 |
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Corporate/Other | Total | ||||||||||||||||||||||||||||||
December 31, 2020 | 349 | — | 40 | — | 290 | 679 | |||||||||||||||||||||||||||||
New charges | 458 | 1,025 | — | 364 | 48 | 1,895 | |||||||||||||||||||||||||||||
Payments and other adjustments | (577) | (608) | (40) | (364) | (499) | (2,088) | |||||||||||||||||||||||||||||
December 31, 2021 | $ | 230 | $ | 417 | $ | — | $ | — | $ | (161) | $ | 486 |
2022 | 2021 | ||||||||||
Balance - beginning of the year | $ | 1,490 | $ | 2,041 | |||||||
Provision for warranty claims | 1,019 | 942 | |||||||||
Deduction for payments made and other adjustments | (1,076) | (1,493) | |||||||||
Balance - end of year | $ | 1,433 | $ | 1,490 |
Year Ending December 31, | ||||||||
2023 | $ | 10,938 | ||||||
2024 | $ | 15,313 | ||||||
2025 | $ | 19,688 | ||||||
2026 | $ | 24,063 | ||||||
2027 | $ | 82,498 | ||||||
Thereafter | $ | — |
For the year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Corporate/ Other | Total | ||||||||||||||||||||||||||||||
Revenues | $ | 579,731 | $ | 180,404 | $ | 133,671 | $ | 87,747 | $ | — | $ | 981,553 | |||||||||||||||||||||||
Gross profit | $ | 45,979 | $ | 23,993 | $ | 18,836 | $ | (2,303) | $ | — | $ | 86,505 | |||||||||||||||||||||||
Selling, general & administrative expenses | 24,930 | 5,775 | 6,925 | 5,564 | 23,167 | 66,361 | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 21,049 | $ | 18,218 | $ | 11,911 | $ | (7,867) | $ | (23,167) | $ | 20,144 | |||||||||||||||||||||||
Capital expenditures and other items: | |||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 8,151 | $ | 3,936 | $ | 3,692 | $ | 3,702 | $ | 229 | $ | 19,710 | |||||||||||||||||||||||
Depreciation expense | $ | 8,343 | $ | 3,496 | $ | 1,323 | $ | 503 | $ | 1,105 | $ | 14,770 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Revenues | Long-lived Assets | Revenues | Long-lived Assets | Revenues | Long-lived Assets | ||||||||||||||||||||||||||||||
United States | $ | 749,700 | $ | 70,047 | $ | 738,937 | $ | 60,260 | $ | 536,846 | $ | 60,605 | |||||||||||||||||||||||
All other countries | 231,853 | 24,400 | 232,641 | 29,450 | 180,853 | 32,985 | |||||||||||||||||||||||||||||
$ | 981,553 | $ | 94,447 | $ | 971,578 | $ | 89,710 | $ | 717,699 | $ | 93,590 |
Years Ended December 31, | ||||||||||||||||||||
Customer | Primary Segment | 2022 | 2021 | 2020 | ||||||||||||||||
Customer A | Vehicle Solutions | 22 | % | 17 | % | 16 | % | |||||||||||||
Customer B | Vehicle Solutions | 12 | % | 12 | % | 14 | % |
Name | Age | Principal Position(s) | ||||||||||||
Robert C. Griffin | 75 | Chairman and Director | ||||||||||||
Harold C. Bevis | 63 | President, Chief Executive Officer and Director | ||||||||||||
Roger L. Fix | 68 | Director | ||||||||||||
Wayne M. Rancourt | 60 | Director | ||||||||||||
James R. Ray, Jr. | 59 | Director | ||||||||||||
J. Michael Nauman | 60 | Director | ||||||||||||
Ruth Gratzke | 51 | Director |
Name | Age | Principal Position(s) | ||||||||||||
Harold C. Bevis | 63 | President, Chief Executive Officer and Director | ||||||||||||
Andy Cheung | 48 | Executive Vice President and Chief Financial Officer | ||||||||||||
Richard Tajer | 57 | Senior Vice President and Chief Commercial Officer | ||||||||||||
Aneezal H. Mohamed | 59 | Chief Legal Officer, Compliance Officer and Secretary | ||||||||||||
Kristin Mathers | 48 | Chief Human Resources Officer | ||||||||||||
Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights | Weighted-average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||||||||||
2020 Equity Incentive Plan approved by security holders | — | $ | — | 2,305,789 | |||||||||||||
Exhibit No. | Description | |||||||
Asset Purchase Agreement, dated as of January 28, 2011, by and among CVG Alabama LLC and Bostrom Seating, Inc., (incorporated by reference to the Company’s annual report on Form 10-K (File No. 000-34365), filed on March 15, 2011). | ||||||||
Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 000-50890), filed on September 17, 2004). | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated as of May 12, 2011 (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on May 13, 2011). | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated as of May 15, 2015 (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on May 15, 2015). | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated as of May 17, 2018 (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on May 18, 2018). | ||||||||
Amended and Restated By-laws of the Company (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 000-50890), filed on September 17, 2004). | ||||||||
Certificate of Designations of Series A Preferred Stock (included as Exhibit A to the Rights Agreement incorporated by reference to Exhibit 4.8) (incorporated by reference to the Company’s current report on Form 8-K (File No. 000-50890), filed on May 22, 2009. | ||||||||
Certificate of Designations, Preferences and Rights of Series B Junior Participating Preferred Stock (incorporated by reference to the Company’s Current Report (File No. 001-34365), filed on June 25, 2020). | ||||||||
Amendment to the Amended and Restated By-Laws of the Company, Article VII, Exclusive Forum (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 001-34365), filed on June 1, 2021). | ||||||||
Amended and Restated By-Laws of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K/A (File No. 001-34365), filed on February 7, 2023). | ||||||||
Registration Rights Agreement, dated July 6, 2005, among the Company, the subsidiary guarantors party thereto and the purchasers named therein (incorporated herein by reference to the Company’s current report on Form 8-K (File No. 000-50890), filed on July 8, 2005). | ||||||||
Second Amended and Restated Loan and Security Agreement, dated as of November 15, 2013, by and among the Company, certain of the Company’s subsidiaries, as borrowers, and Bank of America, N.A. as agent and lender, (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on November 21, 2013). | ||||||||
Third Amended and Restated Loan and Security Agreement, dated as of April 12, 2017, by and among the Company, certain of the Company’s subsidiaries, as borrowers, and Bank of America, N.A. as agent and other lender parties thereto (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on April 13, 2017). | ||||||||
Term Loan Agreement, dated as of April 12, 2017, by and among the Company, Bank of America, N.A., as administrative agent, and other lender parties thereto (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on April 13, 2017). | ||||||||
Description of Securities (incorporated by reference to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 16, 2020. | ||||||||
Rights Agreement between the Company and Computershare Trust Company, N.A., as Rights Agent, dated as of June 25, 2020 (incorporated by reference to Exhibit 4.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on June 25, 2020). | ||||||||
Amendment to Rights Agreement, dated as of April 15, 2021, by and between Commercial Vehicle Group, Inc. and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 4.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on April 19, 2021). |
Exhibit No. | Description | |||||||
Commercial Vehicle Group, Inc. Fourth Amended and Restated Equity Incentive Plan (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on May 13, 2011). | ||||||||
Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (incorporated by reference from the Company proxy statement on Form Schedule 14A (File No. 001-34365), filed on April 11, 2014). | ||||||||
Amended and Restated Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (incorporated by reference from the Company's current report on Form 8-K (File No. 001-34365), filed on May 17, 2017). | ||||||||
Commercial Vehicle Group, Inc. 2017 Annual Incentive Plan (incorporated by reference from the Company current report on Form 10-Q (File No. 001-34365), filed on May 5, 2017). | ||||||||
Commercial Vehicle Group, Inc. Annual Incentive Plan (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on March 14, 2018). | ||||||||
Registration Agreement, dated October 5, 2000, by and among Bostrom Holding, Inc. and the investors listed on Schedule A attached thereto (incorporated by reference to the Company’s registration statement on Form S-1 (File No. 333-115708), filed on May 21, 2004). | ||||||||
Joinder to the Registration Agreement, dated as of May 20, 2004, by and among Commercial Vehicle Group, Inc. and the prior stockholders of Trim Systems (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 000-50890), filed on September 17, 2004). | ||||||||
Assignment and Assumption Agreement, dated as of June 1, 2004, between Mayflower Vehicle Systems PLC and Mayflower Vehicle Systems, Inc. (incorporated by reference to the Company’s registration statement on Form S-1 (File No. 333-125626), filed on June 8, 2005). | ||||||||
Form of Cash Performance Award pursuant to the Commercial Vehicle Group, Inc. Fourth Amended and Restated Equity Incentive Plan (incorporated by reference to the Company’s Annual Report on Form 10-K (File No. 001-34365), filed on March 11, 2013). | ||||||||
Form of Restricted Stock Agreement pursuant to the Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (incorporated by reference from the Company quarterly report on Form 10-Q (File No. 001-34365), filed on November 7, 2014). | ||||||||
Offer letter, dated September 27, 2013, to C. Timothy Trenary (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on September 30, 2013). | ||||||||
Change in Control & Non-Competition Agreement dated January 23, 2014 with C. Timothy Trenary (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on January 24, 2014). | ||||||||
Amended and Restated Deferred Compensation Plan dated November 5, 2008 (incorporated by reference to the Company’s annual report on Form 10-K (File No. 000-50890), filed on March 16, 2009). | ||||||||
Form of indemnification agreement with directors and executive officers (incorporated by reference to the Company’s annual report on Form 10-K (File No. 000-50890), filed on March 14, 2008). | ||||||||
Change in Control & Non-Competition Agreement dated October 24, 2014 with Patrick Miller (incorporated by reference to the Company’s current report on Form 8-K (File No. 001-34365), filed on October 28, 2014). | ||||||||
Employment Agreement, dated as of March 22, 2016, between the Company and Patrick E. Miller (incorporated by reference to the company’s current report on form 8-K (File No. 001-34365), filed on March 24, 2016). | ||||||||
Retention Bonus Agreement between the Company and Mr. Trenary effective March 22, 2016 (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 001-34365), filed on August 3, 2016). | ||||||||
Offer letter, dated May 25, 2017, to Douglas Bowen (incorporated by reference to Exhibit 10.20 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 16, 2020). |
Change in Control & Non-Competition Agreement dated November 7, 2017 with Douglas Bowen (incorporated by reference to Exhibit 10.21 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 16, 2020). | ||||||||
Offer letter, dated March 23, 2020, to Harold Bevis (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on March 26, 2020) | ||||||||
Employment Agreement between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of September 9, 2020 (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on September 11, 2020) |
Restricted Stock Agreement between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of April 3, 2020. | ||||||||
Performance Award Agreement (cash) between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of January 6, 2021. | ||||||||
Performance Award Agreement (performance shares) between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of January 6, 2021. | ||||||||
Restricted Stock Agreement between Harold C. Bevis and Commercial Vehicle Group, Inc. dated as of December 31, 2020. | ||||||||
Offer letter, dated October 5, 2020, to Christopher Bohnert (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on October 5, 2020) | ||||||||
Offer letter, dated November 11, 2020, to Angela O’Leary (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on November 17, 2020) | ||||||||
Change in Control & Non-Competition Agreement dated March 8, 2021 with Christopher Bohnert (incorporated by reference to Exhibit 10.28 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 9, 2021). | ||||||||
Change in Control & Non-Competition Agreement dated March 8, 2021 with Angela O’Leary (incorporated by reference to Exhibit 10.29 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 9, 2021). | ||||||||
Amendment No. 2 dated as of May 11, 2020, to the Third Amended and Restated Loan and Security Agreement dated as of April 12, 2017 among the Company, the other Borrowers, the Lenders, and Bank of America, N.A., as agent for the Lenders (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 001-34365), filed on August 10, 2020). | ||||||||
First Amendment to Term Loan and Security Agreement, dated as of May 11, 2020 among the Company, its Subsidiaries, the Lenders and Bank of America, N.A., as administrative agent (incorporated by reference to the Company’s quarterly report on Form 10-Q (File No. 001-34365), filed on August 10, 2020 | ||||||||
Amendment No. 3 to the Third Amended and Restated Loan and Security Agreement originally dated as of April 12, 2017, among Commercial Vehicle Group, Inc. and certain of its subsidiaries and Bank of America, N.A., as agent, and certain financial institutions as lenders dated as of March 1, 2021 (incorporated by reference to Exhibit 10.1 to the Company’s quarterly report on Form 10-Q (File No. 001-34365), filed on May 5, 2021). | ||||||||
Term Loan Agreement, dated as of April 30, 2021, between, among others, the Company, Bank of America, N.A. as administrative agent and other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on May 4, 2021). | ||||||||
Change in Control & Non-Competition Agreement dated October 27, 2014 with Aneezal Mohamed (incorporated by reference to Exhibit 10.34 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 2, 2022). | ||||||||
Change in Control & Non-Competition Agreement dated January 1, 2020 with Richard Tajer (incorporated by reference to Exhibit 10.35 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 2, 2022). | ||||||||
Offer letter, dated July 22, 2021, to Kristin Mathers (incorporated by reference to Exhibit 10.36 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 2, 2022). | ||||||||
Change in Control & Non-Competition Agreement dated December 31, 2021 with Kristin Mathers (incorporated by reference to Exhibit 10.37 to the Company’s annual report on Form 10-K (File No. 001-34365), filed on March 2, 2022). | ||||||||
Second Amendment dated May 12, 2022 to the Credit Agreement, dated as of April 30, 2021 between, among others, the Company, Bank of America, N.A. as administrative agent and other lenders party thereto. | ||||||||
Andy Cheung Offer Letter dated September 8, 2022(incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (File No. 001-34365), filed on September 14, 2022). |
Exhibit No. | Description | |||||||
Subsidiaries of Commercial Vehicle Group, Inc. | ||||||||
Consent of KPMG LLP. | ||||||||
302 Certification by Harold C. Bevis, President and Chief Executive Officer. | ||||||||
302 Certification by Andy Cheung, Executive Vice President and Chief Financial Officer. | ||||||||
906 Certification by Harold C. Bevis pursuant to 18 U.S.C. Section 1350, as adopted pursuant to the Sarbanes-Oxley Act of 2002. | ||||||||
906 Certification by Andy Cheung pursuant to 18 U.S.C. Section 1350, as adopted pursuant to the Sarbanes-Oxley Act of 2002. | ||||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Schema Document | |||||||
101.CAL | XBRL Calculation Linkbase Document | |||||||
101.LAB | XBRL Label Linkbase Document | |||||||
101.PRE | XBRL Presentation Linkbase Document | |||||||
101.DEF | XBRL Definition Linkbase Document |
* | Management contract or compensatory plan or arrangement required to be filed as an exhibit to this annual report on Form 10-K. | ||||
** | The schedules and exhibits to the Asset Purchase Agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. The Company will furnish supplementally a copy of any such omitted schedules or exhibits to the SEC upon request. |
COMMERCIAL VEHICLE GROUP, INC. | |||||
By: | /s/ Harold C. Bevis | ||||
Harold C. Bevis | |||||
President and Chief Executive Officer |
Signature | Title | |||||||
/s/ Robert C. Griffin | Chairman and Director | |||||||
Robert C. Griffin | ||||||||
/s/ Harold C. Bevis | President, Chief Executive Officer | |||||||
Harold C. Bevis | (Principal Executive Officer) and Director | |||||||
/s/ Roger L. Fix | Director | |||||||
Roger L. Fix | ||||||||
/s/ Wayne M. Rancourt | Director | |||||||
Wayne M. Rancourt | ||||||||
/s/ James R. Ray, Jr. | Director | |||||||
James R. Ray, Jr. | ||||||||
/s/ J. Michael Nauman | Director | |||||||
J. Michael Nauman | ||||||||
/s/ Ruth Gratzke | Director | |||||||
Ruth Gratzke | ||||||||
/s/ Andy Cheung | Chief Financial Officer | |||||||
Chung Kin Cheung ("Andy Cheung") | (Principal Financial Officer) | |||||||
/s/ Angela M. O'Leary | Chief Accounting Officer | |||||||
Angela M. O'Leary | (Principal Accounting Officer) |
1 Year Commercial Vehicle Chart |
1 Month Commercial Vehicle Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions