Company: CVGI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022764
Chunk: 49

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 49
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 debt under the Term Loan Facility. Any changes in fair value were included in earnings or deferred through Accumulated other comprehensive loss, depending on the nature and effectiveness of the offset. 

9

Any ineffectiveness in a cash flow hedging relationship would be recognized immediately in earnings in the consolidated statements of operations.During the quarter ended March 31, 2025, the Company entered into transactions to cash settle existing interest rate swaps and received proceeds of $0.6 million. The gain on the swap settlement has been recorded in Other comprehensive income (loss) and will be recognized over the life of the hedged transactions. The fair values of our derivative assets and liabilities  measured on a recurring basis are categorized as follows: March 31, 2025December 31, 2024TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Assets:Foreign exchange contract designated as hedging instruments$66 $— $66 $— $— $— $— $— Interest rate swap agreement settled in 2025$— $— $— $— $1,069 $— $1,069 $— Liabilities:Foreign exchange contract designated as hedging instruments$2,179 $— $2,179 $— $5,698 $— $5,698 $— Foreign exchange contract not designated as hedging instruments$16 $— $16 $— $53 $— $53 $— The following table summarizes the notional amount of our open foreign exchange contracts:March 31, 2025December 31, 2024U.S. $EquivalentU.S. $EquivalentFair ValueU.S. $EquivalentU.S. $EquivalentFair ValueCommitments to buy or sell currencies - Foreign exchange contract designated as hedging instruments$47,735 $48,436 $54,359 $55,251 Commitments to buy or sell currencies - Foreign exchange contract not designated as hedging instruments$9,425 $9,346 $4,697 $5,023 The following table summarizes the fair value and presentation of derivatives in the Condensed Consolidated Balance Sheets:  Derivative AssetBalance SheetLocationFair ValueMarch 31, 2025December 31, 2024Foreign exchange contract designated as hedging instrumentsOther current assets$