Company: CVGI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022764
Chunk: 12

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 12
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16 $53  Derivative EquityBalance SheetLocationFair ValueMarch 31, 2025December 31, 2024Foreign exchange contracts designated as hedging instrumentsAccumulated other comprehensive income (loss)$(1,760)$(2,119)Interest rate swap agreementsAccumulated other comprehensive income$2,599 $897 

10

The following table summarizes the effect of derivative instruments on the Condensed Consolidated Statements of Operations:Three Months Ended March 31,20252024Location of Gain (Loss) on Derivatives Recognized in Income (Loss)Amount of Gain (Loss) on Derivatives Recognized in Income (Loss)Foreign exchange contracts designated as hedging instrumentsCost of revenues$(1,982)$89 Interest rate swap agreement settled in 2025Interest expense$127 $416 Interest rate swap agreement settled in 2022Interest expense$230 $189 Foreign exchange contracts not designated as hedging instrumentsOther (income) expense$43 $(206)We consider the impact of our credit risk on the fair value of the contracts, as well as our ability to honor obligations under the contract.Other Fair Value MeasurementsThe fair value of long-term debt obligations is based on a fair value model utilizing observable inputs. Based on these inputs, our long-term debt fair value as disclosed was classified as Level 2 as of December 31, 2024. As of March 31, 2025 the classification was changed to a Level 3 due to the lack of observable market inputs or comparable instruments. Given the fact that our term loan matures on May 12, 2027, its carrying value approximates the fair value. The carrying amounts and fair values of our long-term debt obligations are as follows: March 31, 2025December 31, 2024 CarryingAmountFair ValueCarryingAmountFair ValueTerm loan and security agreement 1$85,000 $85,000 $85,000 $84,363 Revolving credit facility$32,400 $32,400 $50,500 $50,500 1.Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $13.9 million and long-term debt of $71.1 million as of March 31, 2025 and current portion of long-term debt of $8.4 million and long