Company: CVGI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001628280-25-012913
Chunk: 74

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 74
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. to its Credit Agreement. The increase in borrowings under the revolving credit facility were related to funding the $30.0 million term loan repayment and to fund working capital.

Debt and Credit Facilities

The debt and credit facility summaries described in Note 3, Debt, to our consolidated financial statements in Item 8 in this Annual Report on Form 10-K are incorporated in this section by reference.

Contractual Obligations and Commercial Commitments

The following table reflects our contractual obligations as of December 31, 2024 (in thousands):

 Payments Due by Period Total1 Year2-3 Years4-5 YearsMore than5 Years (In thousands)Debt obligations$135,500 $8,437 $127,063 $— $— Estimated interest payments13,246 6,552 6,694 — — Leasing obligations47,256 11,247 14,081 7,024 14,904 Non-U.S. pension funding13,567 1,493 3,160 3,175 5,739 Total$209,569 $27,729 $150,998 $10,199 $20,643 

We estimated future interest payments based on the effective interest rate as of December 31, 2024. Since December 31, 2024, there have been no material changes outside the ordinary course of business to our contractual obligations as set forth above.  

Generally, we enter into agreements with our customers at the beginning of a given vehicle platform’s life to supply products for the entire life of that vehicle platform. These agreements generally provide for the supply of a customer’s production requirements for a particular platform rather than for the purchase of a specific quantity of products. The obligations under these agreements and regulations are not reflected in the contractual obligations table above.

As of December 31, 2024, we were not a party to significant purchase obligations for goods or services.

Critical Accounting Policies and Estimates 

Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). For a comprehensive discussion of our significant accounting policies, see Note 1, Significant Accounting Policies, to our consolidated financial statements in Item 8 in this Annual Report on Form 10-K.

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at