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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
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, it is not a reportable segment. Additionally, as a result of classifying the cab structure divestiture as discontinued operations, the financial information reported for other segments excludes the activity from Kings Mountain, North Carolina.
Effective January 1, 2025, the Company reorganized its operations into three segments: Global Seating, Global Electrical Systems, and Trim Systems and Components. The reorganization was designed to enhance alignment with its customers and end markets which will allow the Company to better focus on growth opportunities, capital allocation and enhancing shareholder value. As a result of the strategic reorganization, the prior period amounts have been revised to conform to the Company’s current period presentation.
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. During the quarter ended March 31, 2025, the Company revised its method for allocating corporate expenses to segment operating income to better align with how the segments utilize corporate support activities. This change provides the CODM meaningful segment profitability information to support operating decisions and the allocation of resources. The prior period amounts have been revised to conform to the Company’s current period presentation.
Certain of our facilities manufacture and sell products through multiple product lines. The products produced by each of our segments are more specifically described below.
The Global Seating 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.
•Seats and components sold into the commercial vehicle channels that provide repair and refurbishing. These channels include Original Equipment Service ("OES") centers and retail distributors, and are spread across North America, Europe and Asia-Pacific.
•Office seats primarily sold into the commercial and home office furniture distribution channels in Europe and Asia-Pacific.
The Global Electrical Systems segment designs, manufactures and sells the following products:
•Cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications.
•The end markets for these products are construction, agricultural, industrial, automotive (both internal combustion and electric vehicles), truck, mining, rail, marine, power generation and the military/defense industries in North America, Europe and Asia-Pacific.
The Trim Systems and Components segment designs, manufactures and sells the following products:
•Plastic components ("Trim") primarily for the North America commercial vehicle market, MD/HD truck market and power sports markets.
•Commercial vehicle accessories including wipers, mirrors, and sensors. These products are sold both as Original Equipment and as repair products.
The following tables present financial information for the Company's reportable segments for the periods indicated:
For the year ended December 31, 2024
Global SeatingGlobal Electrical SystemsTrim Systems & ComponentsTotal
Revenues$314,682 $203,128 $205,545 $723,355 
Cost of revenues277,131 189,946 183,001 650,078 
Gross profit37,551 13,182 22,544 73,277 
Selling, general & administrative expenses29,977 17,742 14,242 61,961 
Operating income (loss) 1
7,574 (4,560)8,302 11,316 
Corporate and other unallocated costs 2
12,074 
Other (income) expense(2,200)
Interest expense9,174 
Loss on extinguishment of debt509 
Loss before provision for income taxes(8,241)
Capital expenditures, depreciation and restructuring:
Capital expenditures$5,082 $5,421 $3,446 
Depreciation expense$5,186 $4,927 $3,279 
Restructuring$1,546 $3,745 $5,329 
For the year ended December 31, 2023
Global SeatingGlobal Electrical SystemsTrim Systems & ComponentsTotal
Revenues$348,690 $242,390 $244,389 $835,469 
Cost of revenues305,539 202,745 205,911 714,195 
Gross profit43,151 39,645 38,478 121,274 
Selling, general & administrative expenses34,026 17,088 17,399 68,513 
Operating income 1
9,125 22,557 21,079 52,761 
Corporate and other unallocated costs 2
12,888 
Other (income) expense1,195 
Interest expense10,248 
Income before provision for income taxes28,430 
Capital expenditures, depreciation and restructuring:
  Capital expenditures$8,067 $8,669 $1,891 
Depreciation expense$5,039 $4,181 $3,396 
Restructuring$131 $8 $678 
For the year ended December 31, 2022
Global SeatingGlobal Electrical SystemsTrim Systems & ComponentsTotal
Revenues$358,826 $191,828 $231,929 $782,583 
Cost of revenues329,888 165,069 202,098 697,055 
Gross profit28,938 26,759 29,831 85,528 
Selling, general & administrative expenses28,433 9,376 11,755 49,564 
Operating income (loss) 1
505 17,383 18,076 35,964 
Corporate and other unallocated costs 2
11,143 
Other (income) expense10,463 
Interest expense9,159 
Loss on extinguishment of debt921 
Income before provision for income taxes4,278 
Capital expenditures, depreciation and restructuring:
  Capital expenditures$10,004 $3,883 $4,982 
Depreciation expense$4,516 $3,704 $4,075 
Restructuring$2,458 $674 $202 
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(1)Segment operating income includes allocated corporate operating expenses associated with central services such as procurement, quality, logistics, environmental health and safety, information technology, insurance, finance, credit and collections, treasury and human resources. Operating expenses related to corporate headquarter functions are primarily allocated to each segment based on revenue contribution.
(2)Unallocated corporate costs include enterprise and governance stewardship which include listing fees, audit fees, compliance costs, insurance costs, Board of Directors fees, and corporate management stock-based compensation expenses. Finally, interest expense, income taxes, and certain other items included in Other (income) expense, which are managed on a consolidated basis, are not allocated to the operating segments.
The following table presents revenues and long-lived assets for the geographic areas in which we operate:
Years Ended December 31,
202420232022
RevenuesLong-lived
Assets		RevenuesLong-lived
Assets		RevenuesLong-lived
Assets
United States$504,455 $65,957 $596,620 $67,727 $550,783 $65,279 
Czech Republic93,106 6,679 102,786 8,583 88,295 6,565 
All other countries125,794 26,253 136,063 23,983 143,505 17,835 
$723,355 $98,889 $835,469 $100,293 $782,583 $89,679 
Sales to two of our customers was individually in excess of 10% of total Company revenues in each of the years ended December 31, 2024, 2023 and 2022, as noted in the table below. The following table presents revenue from the above mentioned customer as a percentage of total revenue:
Years Ended December 31,
CustomerPrimary Segment202420232022
Customer AGlobal Seats and Trim Systems & Components13 %13 %13 %
Customer BTrim Systems & Components11 %10 %16 %