Company: CPS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001320461-25-000087
Chunk: 31

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 designated as hedging instruments:Forward foreign exchange contracts - other current assets$— $86 Level 2Forward foreign exchange contracts - accrued liabilities$(189)$— Level 2Items Measured at Fair Value on a Nonrecurring BasisIn addition to items that are measured at fair value on a recurring basis, the Company measures certain assets and liabilities at fair value on a nonrecurring basis, which are not included in the table above. As these nonrecurring fair value measurements are generally determined using unobservable inputs, these fair value measurements are classified within Level 3 of the fair value hierarchy.Items Not Carried at Fair ValueFair values of the Company’s First Lien Notes, Third Lien Notes, and 2026 Senior Notes were as follows:March 31, 2025December 31, 2024Aggregate fair value$1,014,295 $1,012,495 Aggregate carrying value (1)$1,051,175 $1,051,175 (1)    Excludes unamortized debt issuance costs and unamortized original issue discount.Fair values were based on quoted market prices and are classified within Level 1 of the fair value hierarchy. Derivative Instruments and Hedging ActivitiesThe Company is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity prices. The Company enters into derivative instruments primarily to hedge portions of its forecasted foreign currency denominated cash flows and designates these derivative instruments as cash flow hedges in order to qualify for hedge accounting. The Company also enters into derivative instruments to manage exposure related to foreign currency denominated monetary assets and liabilities.The Company formally documents its hedge relationships, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company also formally assesses whether a cash flow hedge is highly effective in offsetting changes in cash flows of the hedged item. Derivatives are recorded at fair value in other current assets, other assets, accrued liabilities and other long-term liabilities.For a cash flow hedge, the change in fair value of the derivative is recorded in AOCI in the condensed consolidated balance sheets, to the extent that the hedges are effective, and reclassified into earnings when the underlying hedged transaction is realized. The realized gains and losses are recorded on the same line as the hedged transaction in the condensed consolidated statements of operations. Derivatives not designated as hedging instruments are marked-to-market with changes in fair value