0001564590-21-052926 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	THRM
Entity Registrant Name	GENTHERM INCORPORATED
Entity Central Index Key	0000903129
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		33,228,558
Entity Shell Company	false
Entity File Number	0-21810
Entity Tax Identification Number	95-4318554
Entity Address, Address Line One	21680 Haggerty Road
Entity Address, City or Town	Northville
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48167
City Area Code	248
Local Phone Number	504-0500
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MI
Document Quarterly Report	true
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, no par value
Document Transition Report	false

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 195,086	$ 268,345
Accounts receivable, net	182,324	211,672
Inventory:
Raw materials	89,017	68,362
Work in process	12,460	8,247
Finished goods	52,819	45,792
Inventory, net	154,296	122,401
Other current assets	41,997	41,188
Total current assets	573,703	643,606
Property and equipment, net	155,788	152,581
Goodwill	66,769	68,024
Other intangible assets, net	39,140	46,421
Operating lease right-of-use assets	24,718	30,642
Deferred income tax assets	67,307	73,912
Other non-current assets	16,553	7,653
Total assets	943,978	1,022,839
Current Liabilities:
Accounts payable	124,000	116,043
Current lease liabilities	5,948	6,032
Current maturities of long-term debt	2,500	2,500
Other current liabilities	82,905	81,409
Total current liabilities	215,353	205,984
Long-term debt, less current maturities	37,500	189,934
Non-current lease liabilities	20,313	24,233
Pension benefit obligation	7,531	8,163
Other non-current liabilities	7,801	8,194
Total liabilities	288,498	436,508
Common Stock:
No par value; 55,000,000 shares authorized 33,224,779 and 32,921,341 issued and outstanding at September 30, 2021 and December 31, 2020, respectively	135,449	121,073
Paid-in capital	5,980	7,458
Accumulated other comprehensive loss	(32,117)	(14,982)
Accumulated earnings	546,168	472,782
Total shareholders’ equity	655,480	586,331
Total liabilities and shareholders’ equity	$ 943,978	$ 1,022,839

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common Stock, par value
Common Stock, shares authorized	55,000,000	55,000,000
Common Stock, shares issued	33,224,779	32,921,341
Common Stock, shares outstanding	33,224,779	32,921,341

Consolidated Condensed Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Product revenues	$ 243,384	$ 259,540	$ 797,924	$ 624,214
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 173,997	$ 176,935	$ 561,655	$ 448,807
Gross margin	69,387	82,605	236,269	175,407
Operating expenses:
Net research and development expenses	20,590	18,070	56,420	51,171
Selling, general and administrative expenses	27,344	25,745	83,093	73,474
Restructuring expenses	749	284	3,631	3,452
Total operating expenses	48,683	44,099	143,144	128,097
Operating income	20,704	38,506	93,125	47,310
Interest expense, net	(515)	(1,259)	(2,184)	(3,368)
Foreign currency gain (loss)	133	(2,883)	391	(5,562)
Other income (loss)	10	(615)	13	2,531
Earnings before income tax	20,332	33,749	91,345	40,911
Income tax expense	4,646	9,603	17,959	15,214
Net income	$ 15,686	$ 24,146	$ 73,386	$ 25,697
Basic earnings per share	$ 0.47	$ 0.74	$ 2.22	$ 0.79
Diluted earnings per share	$ 0.47	$ 0.73	$ 2.19	$ 0.78
Weighted average number of shares – basic	33,177,743	32,623,532	33,075,399	32,631,423
Weighted average number of shares – diluted	33,609,084	32,958,439	33,488,900	32,924,013

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 15,686	$ 24,146	$ 73,386	$ 25,697
Other comprehensive (loss) income:
Foreign currency translation adjustments	(7,432)	14,362	(16,056)	11,569
Unrealized (loss) gain on foreign currency derivative securities, net of tax	(474)	997	(1,044)	(1,614)
Unrealized loss on commodity derivative securities, net of tax	(35)		(35)
Other comprehensive (loss) income, net of tax	(7,941)	15,359	(17,135)	9,955
Comprehensive income	$ 7,745	$ 39,505	$ 56,251	$ 35,652

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities:
Net income	$ 73,386	$ 25,697
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,430	30,777
Deferred income taxes	3,867	3,583
Non-cash stock based compensation	9,422	6,569
Change in defined benefit pension plans	(650)	(433)
Loss on disposition of property and equipment	638	562
Gain on sale of patents		(1,978)
Changes in assets and liabilities:
Accounts receivable, net	26,162	(33,250)
Inventory	(34,019)	4,645
Other assets	10	(57)
Accounts payable	9,231	24,272
Other liabilities	(371)	12,914
Net cash provided by operating activities	117,106	73,301
Investing Activities:
Purchases of property and equipment	(29,585)	(11,613)
Acquisition of intangible assets		(3,141)
Proceeds from the sale of patents and property and equipment	11	1,068
Acquisition of business	(2,827)
Cost of technology investments	(7,557)
Net cash used in investing activities	(39,958)	(13,686)
Financing Activities:
Borrowing of debt		201,193
Repayments of debt	(151,993)	(87,688)
Cash paid for the repurchase of Common Stock		(9,092)
Proceeds from the exercise of Common Stock options	7,467	6,828
Cash paid for the cancellation of restricted stock	(3,991)	(811)
Acquisition contingent consideration payment	(69)	(618)
Net cash (used in) provided by financing activities	(148,586)	109,812
Foreign currency effect	(1,821)	6,664
Net (decrease) increase in cash, cash equivalents and restricted cash	(73,259)	176,091
Cash, cash equivalents and restricted cash at beginning of period	268,345	52,948
Cash, cash equivalents and restricted cash at end of period	195,086	229,039
Supplemental disclosure of cash flow information:
Cash paid (refund) for taxes	12,348	(252)
Cash paid for interest	$ 1,823	$ 3,006

Consolidated Condensed Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Earnings
Beginning Balance at Dec. 31, 2019	$ 472,650	$ 102,507	$ 10,852	$ (42,441)	$ 401,732
Beginning Balance (in shares) at Dec. 31, 2019		32,674,000
Net income (loss)	11,873				11,873
Other comprehensive income (loss)	(12,490)			(12,490)
Stock compensation, net	7,440	$ 8,644	(1,204)
Stock compensation, net, shares		171,000
Stock repurchase	(9,092)	$ (9,092)
Stock repurchase (in shares)		(246,000)
Ending Balance at Mar. 31, 2020	470,381	$ 102,059	9,648	(54,931)	413,605
Ending Balance (in shares) at Mar. 31, 2020		32,599,000
Beginning Balance at Dec. 31, 2019	472,650	$ 102,507	10,852	(42,441)	401,732
Beginning Balance (in shares) at Dec. 31, 2019		32,674,000
Net income (loss)	25,697
Other comprehensive income (loss)	9,955
Ending Balance at Sep. 30, 2020	511,796	$ 107,055	9,798	(32,486)	427,429
Ending Balance (in shares) at Sep. 30, 2020		32,680,000
Beginning Balance at Mar. 31, 2020	470,381	$ 102,059	9,648	(54,931)	413,605
Beginning Balance (in shares) at Mar. 31, 2020		32,599,000
Net income (loss)	(10,322)				(10,322)
Other comprehensive income (loss)	7,086			7,086
Stock compensation, net	2,176	$ 2,054	122
Stock compensation, net, shares		41,000
Ending Balance at Jun. 30, 2020	469,321	$ 104,113	9,770	(47,845)	403,283
Ending Balance (in shares) at Jun. 30, 2020		32,640,000
Net income (loss)	24,146				24,146
Other comprehensive income (loss)	15,359			15,359
Stock compensation, net	2,970	$ 2,942	28
Stock compensation, net, shares		40,000
Ending Balance at Sep. 30, 2020	511,796	$ 107,055	9,798	(32,486)	427,429
Ending Balance (in shares) at Sep. 30, 2020		32,680,000
Beginning Balance at Dec. 31, 2020	$ 586,331	$ 121,073	7,458	(14,982)	472,782
Beginning Balance (in shares) at Dec. 31, 2020	32,921,341	32,921,000
Net income (loss)	$ 32,909				32,909
Other comprehensive income (loss)	(13,674)			(13,674)
Stock compensation, net	7,192	$ 8,527	(1,335)
Stock compensation, net, shares		190,000
Ending Balance at Mar. 31, 2021	612,758	$ 129,600	6,123	(28,656)	505,691
Ending Balance (in shares) at Mar. 31, 2021		33,111,000
Beginning Balance at Dec. 31, 2020	$ 586,331	$ 121,073	7,458	(14,982)	472,782
Beginning Balance (in shares) at Dec. 31, 2020	32,921,341	32,921,000
Net income (loss)	$ 73,386
Other comprehensive income (loss)	(17,135)
Ending Balance at Sep. 30, 2021	$ 655,480	$ 135,449	5,980	(32,117)	546,168
Ending Balance (in shares) at Sep. 30, 2021	33,224,779	33,225,000
Beginning Balance at Mar. 31, 2021	$ 612,758	$ 129,600	6,123	(28,656)	505,691
Beginning Balance (in shares) at Mar. 31, 2021		33,111,000
Net income (loss)	24,791				24,791
Other comprehensive income (loss)	4,480			4,480
Stock compensation, net	3,181	$ 3,142	39
Stock compensation, net, shares		34,000
Ending Balance at Jun. 30, 2021	645,210	$ 132,742	6,162	(24,176)	530,482
Ending Balance (in shares) at Jun. 30, 2021		33,145,000
Net income (loss)	15,686				15,686
Other comprehensive income (loss)	(7,941)			(7,941)
Stock compensation, net	2,525	$ 2,707	(182)
Stock compensation, net, shares		80,000
Ending Balance at Sep. 30, 2021	$ 655,480	$ 135,449	$ 5,980	$ (32,117)	$ 546,168
Ending Balance (in shares) at Sep. 30, 2021	33,224,779	33,225,000

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Overview

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Overview

Note 1 – Overview

Gentherm Incorporated is a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications. Unless the context otherwise requires, the terms “Gentherm”, “Company”, “we”, “us” and “our” used herein refer to Gentherm Incorporated and its consolidated subsidiaries. Our products provide solutions for automotive passenger climate comfort and convenience, battery thermal management and cell connecting systems, as well as patient temperature management within the health care industry. Our automotive products can be found in the vehicles of nearly all major automotive manufacturers operating in North America and Europe, and several major automotive manufacturers in Asia. We operate in locations aligned with our major customers’ product strategies to provide locally enhanced design, integration and production capabilities. We are also developing a number of new technologies and products that are expected to help enable improvements to existing products and to create new product applications for existing and new markets.

Basis of Presentation and Significant Accounting Policies

The unaudited consolidated condensed financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations. The information furnished in the consolidated condensed financial statements include all adjustments (consisting of only normal, recurring adjustments), considered necessary to present fairly the results of operations, financial position and cash flows of the Company. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.

In preparing these financial statements, management was required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates and assumptions are based on our historical experience, the terms of existing contracts, our evaluation of trends in the industry, information provided by our customers and suppliers and information available from other outside sources, as appropriate. These estimates and assumptions are subject to an inherent degree of uncertainty. We are not presently aware of any events or circumstances that would require us to update such estimates and assumptions or revise the carrying value of our assets or liabilities. Our estimates may change, however, as new events occur and additional information is obtained. As a result, actual results may differ significantly from our estimates, and any such differences may be material to our financial statements.

Principles of consolidation

The consolidated condensed financial statements include the accounts of the Company, its wholly owned subsidiaries and those entities in which it has a controlling financial interest. The Company evaluates its relationship with other entities for consolidation and to identify whether such entities are variable interest entities (“VIE”) and to assess whether the Company is the primary beneficiary of such entities. Investments in affiliates in which Gentherm does not have control but does have the ability to exercise significant influence over operating and financial policies are accounted for under the equity method. When Gentherm does not have the ability to exercise significant influence (generally when ownership interest is less than 20%), investments in affiliates are measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer.

During the second quarter of 2021, the Company’s Automotive segment invested $5,200 for an ownership interest in Carrar Ltd. (“Carrar”), an Israel-based technology developer of advanced thermal management systems for the electric mobility market. The Company determined that Carrar is a VIE; however, the Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of the investment. Therefore, the Company has concluded that it is not the primary beneficiary. Gentherm’s investment in Carrar is measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer, and is recorded in Other non-current assets.

On July 1, 2021, the Company acquired the medical business unit of Beckmann & Egle Industrieelektronik GmbH (“B&E”), a developer and manufacturer of electronic control units for $2,827. The results of operations of the acquiree are reported within the Company’s Medical segment from the date of acquisition. The acquisition was accounted for as a business combination with the purchase price assigned to inventory, property and equipment and other intangible assets based on their estimated fair values as of the acquisition date. The pro forma effect of the B&E acquisition does not materially impact the Company’s reported results for any period presented, and as a result no pro forma financial statements are presented.

On July 22, 2021, the Company’s Automotive segment invested $2,357 for an ownership interest in Forciot Oy (“Forciot”), a technology developer of sensors for touch, motion and force measurement. Gentherm’s investment in Forciot is measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer, and is recorded in Other non-current assets.

Revenue Recognition

The Company has no material contract assets or contract liabilities as of September 30, 2021.

The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the benefits of those costs are expected to be realized for a period greater than one year. Total capitalized costs to obtain a contract were $1,996 and $1,805 as of September 30, 2021 and December 31, 2020, respectively. These amounts are recorded in Other non-current assets and are being amortized into Product revenues over the expected production life of the applicable program.

Impact of COVID-19, Supply Chain Disruptions and Other Matters

The COVID-19 pandemic that began around December 2019 introduced significant volatility to the global economy and had a widespread adverse effect on the global automotive industry in the first half of 2020. In order to respond to the then current industry production environment, the Company closed production at its North American and European manufacturing facilities in late March 2020. In Asia, its manufacturing operations ceased production in February 2020. The Company reopened all its manufacturing facilities by June 1, 2020, in line with industry demand and finished goods levels, and in accordance with local government requirements. Although global automotive industry production has improved relative to the first half of 2020, production remains below recent historic levels.

The lingering impacts of COVID-19 into 2021 has impeded global supply chains, resulted in longer lead times and delays in procuring component parts and raw materials, and resulted in inflationary cost increases in certain raw materials, labor and transportation. These broad-based inflationary impacts have negatively impacted the Company’s financial condition, results of operations and cash flows for the nine months ended September 30, 2021.

Supply shortages of semiconductor chips and other components have resulted in decreases in global automotive vehicle production and significant volatility in customer vehicle production schedules. The Company's semiconductor suppliers, along with most automotive component supply companies that use semiconductors, have been unable to fully meet the vehicle production demands of the OEMs due to events which are outside the Company's control, including but not limited to, the COVID-19 pandemic, the global semiconductor shortage, fires at suppliers’ facilities, significant weather events impacting semiconductor supplier facilities in the southern United States, and other extraordinary events.

In response to the global supply chain instability and inflationary cost increases the Company has taken several actions to minimize any potential and actual adverse impacts by working closely with its suppliers and customers and to continue to closely monitor the availability of semiconductor microchips and other component parts and raw materials, customer vehicle production schedules and any other supply chain inefficiencies that may arise. The consequences of the pandemic and adverse impact to the global economy continue to evolve. Accordingly, the future adverse impact on our business and financial statements remains subject to significant uncertainty as of the date of this filing.

Segment Reporting

The Company has two reportable segments: Automotive, which includes automotive climate comfort systems, automotive cable systems, battery performance solutions and automotive electronic and software systems; and Medical.

In 2020, the previously-named Industrial reporting segment was renamed the Medical reporting segment to reflect the patient temperature management business as the focus and strategic direction of this segment. Also, during 2020, the advanced research and development costs not associated with the Medical segment were presented within the Automotive segment, as the advanced research and development organization primarily supports the Automotive related research and development activities following the divestitures of our former remote power generation systems business, Gentherm Global Power Technologies (“GPT”) and our former environmental test equipment business, Cincinnati Sub Zero industrial chamber business (“CSZ-IC”).

New Accounting Pronouncements

9 Months Ended

Sep. 30, 2021

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

New Accounting Pronouncements

Note 2 – New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". This ASU simplifies the accounting for income taxes by removing certain exceptions previously included in the guidance. In addition, the ASU amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 as of January 1, 2021 and there was no significant impact on its financial statements and related disclosures as a result.

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting”. ASU 2020-04 provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. In January 2021, the FASB subsequently issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope” to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2020-04 and ASU 2021-01 is effective as of March 12, 2020 through December 31, 2022 and may be applied retrospectively to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. The adoption of this standard is not expected to have a material impact on the Company’s financial statements.

Restructuring

9 Months Ended

Sep. 30, 2021

Restructuring And Related Activities [Abstract]

Restructuring

Note 3 – Restructuring

Manufacturing Footprint Rationalization

On September 23, 2019, the Company committed to a restructuring plan to improve the Company’s manufacturing productivity and rationalize its footprint. Under this plan, the Company is relocating and consolidating certain automotive electronics manufacturing plants in North America and China. On March 20, 2020, the Company announced the initial phase of this restructuring plan, which includes the consolidation of all North American electronics manufacturing from the Burlington, Canada facility and Acuña, Mexico facility to Celaya, Mexico. As of September 30, 2021, our Burlington, Canada facility has closed, and the electronics manufacturing in Acuña, Mexico continues to transition to Celaya, Mexico. On December 10, 2020, the Company announced the consolidation of its electronics manufacturing in Asia to Bantian, Shenzhen, China, which will result in the closure of our Longgang, Shenzhen, China facility. The remaining actions under this plan are expected to be substantially completed by the first quarter of 2022.

During the three and nine months ended September 30, 2021, the Company recognized restructuring expense of $294 and $1,259, respectively, for employee separation costs, $26 and $218, respectively, for accelerated depreciation, and $617 and $1,269,

respectively, for other costs. During the three and nine months ended September 30, 2020, the Company recognized restructuring expense of $116 and $(1,327), respectively, for employee separation costs and $122 and $564, respectively, of accelerated depreciation and $0 and $16 for other costs. The net activity for the nine months ended September 30, 2020 was primarily related to a reduction in the estimates of previously recognized employee separation costs. The Company has recorded approximately $9,883 of restructuring expenses since the inception of this program.

The Company expects to incur total costs of between $15,000 and $18,000, of which between $13,000 and $16,000 are expected to be cash expenditures. The total expected costs include employee separation costs of between $5,500 and $6,500, capital expenditures of between $3,500 and $4,500 and non-cash expenses for accelerated depreciation and impairment of fixed assets of approximately $3,000. The Company also expects to incur other transition costs including recruiting, relocation, and machinery and equipment move and set up costs of between $3,000 and $4,000.

Other Restructuring Activities

As part of the Company’s continued efforts to optimize its cost structure, the Company has undertaken several discrete restructuring actions. During the three and nine months ended September 30, 2021, the Company recognized $(188) and $885, respectively, of employee separation costs. During the three and nine months ended September 30, 2020, the Company recognized $64 and $3,978, respectively, of employee separation costs and $(18) and $221 of other related costs. These restructuring expenses were primarily associated with restructuring actions focused on the rotation of our manufacturing footprint to best cost locations and the reduction of global overhead costs.

Restructuring Expenses By Reporting Segment

The following table summarizes restructuring expense for the three and nine months ended September 30, 2021 and 2020 by reporting segment:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Automotive	$	701	$	284	$	2,567	$	2,787
Medical		—		—		—		100
Corporate		48		—		1,064		565
Total	$	749	$	284	$	3,631	$	3,452

Restructuring Liability

Restructuring liabilities are classified as Other current liabilities in the consolidated condensed balance sheets. The following table summarizes restructuring liability for the nine months ended September 30, 2021:

	Employee Separation Costs			Accelerated Depreciation			Other Related Costs			Total
Balance at December 31, 2020	$	5,627		$	—		$	—		$	5,627
Additions, charged to restructuring expenses		632			95			164			891
Cash payments		(1,439	)		—			(164	)		(1,603	)
Non-cash utilization		—			(95	)		—			(95	)
Change in estimate		(100	)		—			—			(100	)
Currency translation		(74	)		—			—			(74	)
Balance at March 31, 2021		4,646			—			—			4,646
Additions, charged to restructuring expenses		1,478			97			488			2,063
Cash payments		(1,099	)		—			(488	)		(1,587	)
Non-cash utilization		—			(97	)		—			(97	)
Change in estimate		28			—			—			28
Currency translation		(92	)		—			—			(92	)
Balance at June 30, 2021		4,961			—			—			4,961
Additions, charged to restructuring expenses		296			26			617			939
Cash payments		(2,958	)		—			(617	)		(3,575	)
Non-cash utilization		—			(26	)		—			(26	)
Change in estimate		(190	)		—			—			(190	)
Currency translation		(18	)		—			—			(18	)
Balance at September 30, 2021	$	2,091		$	—		$	—		$	2,091

Details of Certain Balance Sheet Components

9 Months Ended

Sep. 30, 2021

Balance Sheet Components [Abstract]

Details of Certain Balance Sheet Components

Note 4 – Details of Certain Balance Sheet Components

	September 30, 2021		December 31, 2020
Other current assets:
Notes receivable	$	18,668	$	19,200
Income tax and other tax receivable		12,601		10,514
Billable tooling		3,838		4,831
Prepaid expenses		5,671		3,930
Other		1,219		2,713
Total other current assets	$	41,997	$	41,188
Other current liabilities:
Liabilities from discounts and rebates	$	28,029	$	22,910
Accrued employee liabilities		27,422		26,612
Income tax and other taxes payable		15,447		14,714
Restructuring		2,091		5,627
Accrued warranty		3,013		2,391
Other		6,903		9,155
Total other current liabilities	$	82,905	$	81,409

Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Note 5 – Goodwill and Other Intangibles

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2021 was as follows:

	Automotive			Medical			Total
Balance as of December 31, 2020	$	39,495		$	28,529		$	68,024
Acquisition of B&E		—			976			976
Exchange rate impact		(1,634	)		(597	)		(2,231	)
Balance as of September 30, 2021	$	37,861		$	28,908		$	66,769

Other Intangible Assets

Other intangible assets and accumulated amortization balances as of September 30, 2021 and December 31, 2020 were as follows:

	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	92,257	$	(63,990	)	$	28,267
Technology		29,993		(24,423	)		5,570
Product development costs		20,781		(20,148	)		633
Indefinite-lived:
Tradenames		4,670		—			4,670
Balance as of September 30, 2021	$	147,701	$	(108,561	)	$	39,140

	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	97,815	$	(63,432	)	$	34,383
Technology		30,615		(24,075	)		6,540
Product development costs		22,164		(21,336	)		828
Indefinite-lived:
Tradenames		4,670		—			4,670
Balance as of December 31, 2020	$	155,264	$	(108,843	)	$	46,421

In addition to annual impairment testing, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. We are not presently aware of any events or circumstances that would require us to revise the carrying value of our assets or liabilities as of September 30, 2021.

Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Note 6 – Debt

The following table summarizes the Company’s debt as of September 30, 2021 and December 31, 2020:

	September 30, 2021						December 31, 2020
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Credit Agreement:
U.S. Revolving Note (U.S. Dollar Denominations)		1.33	%	$	35,000			1.65	%	$	171,500
U.S. Revolving Note (Euro Denominations)		1.25	%		—			1.50	%		14,684
DEG Vietnam Loan		5.21	%		5,000			5.21	%		6,250
Total debt					40,000						192,434
Current maturities					(2,500	)					(2,500	)
Long-term debt, less current maturities				$	37,500					$	189,934

Credit Agreement

On June 27, 2019, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with a consortium of lenders and Bank of America, N.A. as administrative agent, which includes a revolving credit note (“U.S. Revolving Note”). The Credit Agreement has a maximum borrowing capacity of $475,000 and matures on June 27, 2024. The Credit Agreement also provides $15,000 availability for the issuance of letters of credit and a maximum of $40,000 for swing line borrowing. Any amount of the facility utilized for letters of credit or swing line loans outstanding will reduce the amount available under the Credit Agreement. The Company had no outstanding letters of credit issued under the Credit Agreement as of September 30, 2021 and December 31, 2020.

The U.S. borrowers and guarantors participating in the Credit Agreement also entered into a related amended and restated pledge and security agreement. The amended and restated pledge and security agreement grants a security interest to the lenders in substantially all of the personal property of the Company and its U.S. subsidiaries designated as borrowers to secure their respective obligations under the Credit Agreement, including the stock and membership interests of specified subsidiaries (limited to 66% of the stock in the case of certain non-U.S. subsidiaries). In addition to the security obligations, all obligations under the Credit Agreement are unconditionally guaranteed by certain of the Company’s subsidiaries. The Credit Agreement restricts, among other things, the amount of dividend payments the Company can make to shareholders.

The Credit Agreement contains covenants, that, among other things, (i) prohibit or limit the ability of the borrowers and any material subsidiary to incur additional indebtedness, create liens, pay dividends, make certain types of investments (including acquisitions), enter into certain types of transactions with affiliates, prepay other indebtedness, sell assets, merge with other companies or enter into certain other transactions outside the ordinary course of business, and (ii) require that Gentherm maintain a minimum Consolidated Interest Coverage Ratio and Consolidated Leverage Ratio (based on consolidated EBITDA for the applicable trailing 12-month period as defined in the Credit Agreement) as of the end of any fiscal quarter. The Credit Agreement also contains customary events of default. As of September 30, 2021, the Company was in compliance with the terms of the Credit Agreement.

Under the Credit Agreement, U.S. Dollar denominated loans bear interest at either a base rate (“Base Rate Loans”) or Eurocurrency rate (“Eurocurrency Rate Loans”), plus a margin (“Applicable Rate”). The rate for Base Rate Loans is equal to the highest of the Federal Funds Rate (0.06% at September 30, 2021) plus 0.50%, Bank of America’s prime rate (3.25% at September 30, 2021), or the Eurocurrency rate plus 1.00%. The rate for Eurocurrency Rate Loans denominated in U.S. Dollars is equal to the London Interbank Offered Rate (0.08% at September 30, 2021). All loans denominated in a currency other than the U.S. Dollar must be Eurocurrency Rate Loans. Interest is payable at least quarterly.

The Applicable Rate varies based on the Consolidated Leverage Ratio reported by the Company. As long as the Company is not in default of the terms and conditions of the Credit Agreement, the lowest and highest possible Applicable Rate is 1.25% and 2.25%, respectively, for Eurocurrency Rate Loans and 0.25% and 1.25%, respectively, for Base Rate Loans.

In March 2020, the Company increased its borrowings under the Credit Agreement by $169,546 as a safeguard to increase its cash position and provide additional financial flexibility due to the COVID-19 pandemic. The proceeds were used for working capital and for other general corporate purposes permitted by the Credit Agreement. As of the end of the first quarter of 2021, the Company repaid the full drawdown of $169,546 from March 2020 under the Credit Agreement. As of September 30, 2021, $35,000 was outstanding under the Credit Agreement. Borrowing availability is subject to, among other things, the Company’s compliance with the minimum Consolidated Interest Coverage Ratio and Consolidated Leverage Ratio as of the end of any fiscal quarter. Based upon consolidated EBITDA for the trailing twelve months calculated for purposes of the Consolidated Leverage Ratio, $440,000 remained available as of September 30, 2021 for additional borrowings under the Credit Agreement subject to specified conditions that Gentherm currently satisfies.

DEG Vietnam Loan

The Company also has a fixed interest rate loan with the German Investment Corporation (“DEG”), a subsidiary of KfW Banking Group, a Germany government-owned development bank. The fixed interest rate senior loan agreement with DEG was used to finance the construction and set up of the Vietnam production facility (“DEG Vietnam Loan”). The DEG Vietnam Loan is subject to semi-annual principal payments that began November 2017 and will end May 2023. Under the terms of the DEG Vietnam Loan, the Company must maintain a minimum Enhanced Equity Ratio, as defined by the DEG Vietnam Loan agreement, based on the financial statements of Gentherm’s wholly owned subsidiary, Gentherm Vietnam Co. Ltd. As of September 30, 2021, the Company was in compliance with the terms of the DEG Vietnam Loan.

The scheduled principal maturities of our debt as of September 30, 2021 were as follows:

	DEG Vietnam Note		U.S. Revolving Note		Total
2021	$	1,250	$	—	$	1,250
2022		2,500		—		2,500
2023		1,250		—		1,250
2024		—		35,000		35,000
Total	$	5,000	$	35,000	$	40,000

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7 – Commitments and Contingencies

The Company may be subject to various legal actions and claims in the ordinary course of its business, including those arising out of breach of contracts, product warranties, product liability, intellectual property rights, environmental matters, regulatory matters and employment-related matters. The Company establishes accruals for matters which it believes that losses are probable and can be reasonably estimated. Although it is not possible to predict with certainty the outcome of these matters, the Company is of the opinion that the ultimate resolution of these matters will not have a material adverse effect on its consolidated condensed results of operations or financial position. Product liability and warranty reserves are recorded separately from legal reserves, as described below.

Product Liability and Warranty Matters

The Company accrues warranty obligations for products sold based on management estimates of future failure rates and current claim cost experience, with support from the sales, engineering, quality and legal functions. Using historical information available to the Company, including claims already filed by customers, the warranty accrual is adjusted quarterly to reflect management’s best estimate of future claims. The Company maintains liability insurance coverage at levels based on commercial norms and historical claims experience. The Company may experience material claims in the future and may incur significant costs to defend such claims.

The following is a reconciliation of the changes in accrued warranty costs:

	Nine Months Ended September 30,
	2021			2020
Balance at the beginning of the period	$	2,391		$	4,596
Warranty claims paid		(1,374	)		(1,777	)
Warranty expense for products shipped during the current period		1,722			1,042
Adjustments to warranty estimates from prior periods		318			(1,194	)
Adjustments due to currency translation		(44	)		19
Balance at the end of the period	$	3,013		$	2,686

Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings per Share

Note 8 –Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. The Company’s diluted earnings per share give effect to all potential shares of Common Stock outstanding during a period that do not have an anti-dilutive impact to the calculation. In computing the diluted earnings per share, the treasury stock method is used in determining the number of shares assumed to be issued from the exercise of Common Stock equivalents.

The following table illustrates earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income	$	15,686	$	24,146	$	73,386	$	25,697

Basic weighted average shares of Common Stock outstanding		33,177,743		32,623,532		33,075,399		32,631,423
Dilutive effect of stock options, restricted stock awards and restricted stock units		431,341		334,907		413,501		292,590
Diluted weighted average shares of Common Stock outstanding		33,609,084		32,958,439		33,488,900		32,924,013

Basic earnings per share	$	0.47	$	0.74	$	2.22	$	0.79
Diluted earnings per share	$	0.47	$	0.73	$	2.19	$	0.78

The following table represents Common Stock issuable upon the exercise of certain stock options that have been excluded from the diluted earnings calculation because the effect of their inclusion would be anti-dilutive.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Anti-dilutive securities share impact		—		12,000		—		179,500

Financial Instruments

9 Months Ended

Sep. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 9 – Financial Instruments

Derivative Financial Instruments

The Company is exposed to various market risks including, but not limited to, changes in foreign currency exchange rates, changes in interest rates and price fluctuations of certain material commodities such as copper. Market risks for changes in interest rates relate primarily to its debt obligations under the Credit Agreement. Foreign currency exchange risks are attributable to sales to foreign customers and purchases from foreign suppliers not denominated in a location’s functional currency, foreign plant operations, intercompany indebtedness, intercompany investments and include exposures to the Euro, Mexican Peso, Canadian Dollar, Hungarian Forint, Macedonian Denar, Ukrainian Hryvnia, Japanese Yen, Chinese Renminbi, Korean Won and Vietnamese Dong.

The Company regularly enters into derivative contracts with the objective of managing its financial and operational exposure arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the financial instruments used to hedge them. The maximum length of time over which the Company hedges its exposure to foreign currency exchange risks and price fluctuations in material commodities is fifteen months. The Company had foreign currency derivative contracts with a notional value of $8,985 and $13,299 and copper commodity swap contracts with a notional value of $1,237 and $0 outstanding as of September 30, 2021 and December 31, 2020, respectively.

The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company’s hedging relationships are formally documented at the inception of the hedge, and hedges must be highly effective in offsetting changes to future cash flows on hedged transactions both at the inception of a hedge and on an ongoing basis to be designated for hedge accounting treatment. For derivative contracts which can be classified as a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded to Accumulated other comprehensive loss in the consolidated condensed balance sheets. When the underlying hedge transaction is realized, the gain or loss included in Accumulated other comprehensive loss is recorded in earnings in the consolidated condensed statements of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. The Company records the ineffective portion of foreign currency and copper commodity hedging instruments, if any, to cost of sales, in the consolidated condensed statements of income.

The Company uses an income approach to value derivative instruments, analyzing quoted market prices to calculate the forward values and then discounting such forward values to the present value using benchmark rates at commonly quoted intervals for the instrument’s full term.

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of September 30, 2021 is as follows:

			Asset Derivatives			Liability Derivatives
	Hedge Designation	Fair Value Hierarchy	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value			Net Asset/ (Liabilities)
Foreign currency derivatives	Cash flow hedge	Level 2	Other current assets	$	233	Other current liabilities	$	(57	)	$	176
Commodity hedges	Cash flow hedge	Level 2	Other current assets	$	—	Other current liabilities	$	(44	)	$	(44	)

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of December 31, 2020 is as follows:

Asset Derivatives

Liability Derivatives

Hedge

Designation

Fair Value

Hierarchy

Balance Sheet

Location

Fair

Value

Balance Sheet

Location

Fair

Value

Net Asset/

(Liabilities)

Foreign currency derivatives

Cash flow hedge

Level 2

Other current assets

1,513

Other current liabilities

—

1,513

Commodity hedges

Cash flow hedge

Level 2

Other current assets

—

Other current liabilities

—

Information relating to the effect of derivative instruments on our consolidated condensed statements of income and the consolidated condensed statements of comprehensive income is as follows:

		Three Months Ended September 30,						Nine Months Ended September 30,
	Location	2021			2020			2021			2020
Foreign currency derivatives	Cost of sales – income (loss)	$	448		$	(742	)	$	1,455		$	(1,460	)
	Other comprehensive (loss) income		(606	)		1,275			(1,335	)		(2,062	)
Total foreign currency derivatives		$	(158	)	$	533		$	120		$	(3,522	)
Commodity derivatives	Cost of sales – income	$	2		$	—		$	2		$	—
	Other comprehensive loss		(44	)		—			(44	)		—
Total commodity derivatives		$	(42	)	$	—		$	(42	)	$	—

The Company did not incur any hedge ineffectiveness during the three and nine months ended September 30, 2021 and 2020.

Accounts Receivable Factoring

In June 2021, the Company entered into a receivable factoring arrangement that provides for aggregate purchases of up to $41,300 of specified customer accounts in North America. The receivable factoring arrangement results in true sales of the transferred receivables, which are excluded from amounts reported in the consolidated condensed balance sheets when the receivables are transferred in accordance with ASC 860, "Transfers and Servicing”. As of September 30, 2021, there were no outstanding receivables transferred under the receivable factoring agreement.

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10 – Fair Value Measurements

Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on one or more of the following three valuation techniques:

Market: This approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

Income: This approach uses valuation techniques to convert future amounts to a single present value amount based on current market expectations.

Cost: This approach is based on the amount that would be required to replace the service capacity of an asset (replacement cost).

The Company uses the following fair value hierarchy to measure fair value into three broad levels, which are described below:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Inputs, other than quoted market prices included in Level 1, that are observable either directly or indirectly for the asset or liability.

Level 3: Unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

Items Measured at Fair Value on a Recurring Basis

Except for derivative instruments (see Note 9), pension plan assets and a corporate owned life insurance policy, the Company had no material financial assets and liabilities that were carried at fair value at September 30, 2021 and December 31, 2020. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and also considers counterparty credit risk in its assessment of fair value.

Items Measured at Fair Value on a Nonrecurring Basis

The Company measures certain assets and liabilities at fair value on a non-recurring basis. 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. On July 1, 2021, the Company acquired B&E for $2,827. The purchase price was allocated to inventory (Level 2), property and equipment (Level 2) and other intangible assets (Level 3) based on their estimated fair values as of the acquisition date. As of September 30, 2021 and December 31, 2020, there were no other significant assets or liabilities measured at fair value on a non-recurring basis.

Items Not Carried at Fair Value

The Company uses an income valuation technique to measure the fair values of its debt instruments by converting amounts of future cash flows to a single present value amount using rates based on current market expectations (Level 2 inputs). As of September 30, 2021, and December 31, 2020, the carrying values of the indebtedness under the Company’s Credit Agreement were not materially different than the estimated fair values because the interest rates on variable rate debt approximated rates currently available to the Company (see Note 6). Discount rates used to measure the fair value of the DEG Vietnam Loan are based on quoted swap rates. As of September 30, 2021, the carrying value of the DEG Vietnam Loan was $5,000 as compared to an estimated fair value of $5,116. As of December 31, 2020, the carrying value of the DEG Vietnam Loan was $6,250 as compared to an estimated fair value of $6,360.

Equity

9 Months Ended

Sep. 30, 2021

Stockholders Equity Note [Abstract]

Equity

Note 11 – Equity

In December 2016, the Board of Directors of Gentherm Incorporated (“Board of Directors”) authorized a three-year, $100,000 stock repurchase program (“Stock Repurchase Program”). In June 2018, the Board of Directors authorized an increase in the Stock Repurchase Program to $300,000, and an extension of the Stock Repurchase Program until December 2020. The Stock Repurchase Program had $74,226 of repurchase authorization remaining at expiration. On December 11, 2020, the Board of Directors authorized a new stock repurchase program (the “2020 Stock Repurchase Program”) to commence upon expiration of the prior stock repurchase program on December 15, 2020. Under the 2020 Stock Repurchase Program, the Company is authorized to repurchase up to $150,000 of its issued and outstanding common stock over a three-year period, expiring December 15, 2023.

Repurchases may be made, from time to time, in amounts and at prices the Company deems appropriate, subject to market conditions, applicable legal requirements, debt covenants and other considerations. Any such repurchases may be executed using open market purchases, privately negotiated agreements or other transactions. Repurchases may be funded from cash on hand, available borrowings or proceeds from potential debt or other capital markets sources. The Company did not make any repurchases under the 2020 Stock Repurchase Program during the nine months ended September 30, 2021.

Reclassifications Out of Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Loss

Note 12 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting Accumulated other comprehensive loss during the three and nine months ended September 30, 2021 and 2020 were as follows:

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives				Total
Balance at June 30, 2021	$	(3,451	)	$	(21,261	)	$	536			$	—			$	(24,176	)
Other comprehensive loss before reclassifications		—			(7,267	)		(158	)			(42	)			(7,467	)
Income tax effect of other comprehensive loss before reclassifications		—			(165	)		35				9				(121	)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(448	)	^a		(2	)	^a		(450	)
Income taxes reclassified into net income		—			—			97				—				97
Net current period other comprehensive loss		—			(7,432	)		(474	)			(35	)			(7,941	)
Balance at September 30, 2021	$	(3,451	)	$	(28,693	)	$	62			$	(35	)		$	(32,117	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives		Total
Balance at June 30, 2020	$	(3,371	)	$	(42,758	)	$	(1,716	)		$	—	$	(47,845	)
Other comprehensive income before reclassifications		—			14,172			215				—		14,387
Income tax effect of other comprehensive income before reclassifications		—			190			(47	)			—		143
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			1,060		^a		—		1,060
Income taxes reclassified into net income		—			—			(231	)			—		(231	)
Net current period other comprehensive income		—			14,362			997				—		15,359
Balance at September 30, 2020	$	(3,371	)	$	(28,396	)	$	(719	)		$	—	$	(32,486	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives				Total
Balance at December 31, 2020	$	(3,451	)	$	(12,637	)	$	1,106			$	—			$	(14,982	)
Other comprehensive (loss) income before reclassifications		—			(15,608	)		120				(42	)			(15,530	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(448	)		(26	)			9				(465	)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(1,455	)	^a		(2	)	^a		(1,457	)
Income taxes reclassified into net income		—			—			317				—				317
Net current period other comprehensive loss		—			(16,056	)		(1,044	)			(35	)			(17,135	)
Balance at September 30, 2021	$	(3,451	)	$	(28,693	)	$	62			$	(35	)		$	(32,117	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives		Total
Balance at December 31, 2019	$	(3,371	)	$	(39,965	)	$	895			$	—	$	(42,441	)
Other comprehensive income (loss) before reclassifications		—			11,396			(3,383	)			—		8,013
Income tax effect of other comprehensive income (loss) before reclassifications		—			173			737				—		910
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			1,321		^a		—		1,321
Income taxes reclassified into net income		—			—			(289	)			—		(289	)
Net current period other comprehensive income (loss)		—			11,569			(1,614	)			—		9,955
Balance at September 30, 2020	$	(3,371	)	$	(28,396	)	$	(719	)		$	—	$	(32,486	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.

The Company expects all of the existing gains and losses related to foreign currency and commodity hedge derivatives reported in Accumulated other comprehensive loss as of September 30, 2021 to be reclassified into earnings during the next six months. See Note 9 for additional information about derivative financial instruments and the effects from reclassification to net income.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 – Income Taxes

At the end of each interim period, the Company makes its best estimate of the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to unusual or infrequent items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or income tax contingencies is recognized in the interim period in which the change occurs.

The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in respective jurisdictions, permanent and temporary differences, and the likelihood of the realizability of deferred tax assets generated in the current year. Jurisdictions with a projected loss for the year for which no tax benefit can be recognized due to a valuation allowance are excluded from the estimated annual effective tax rate. The impact of such an exclusion could result in a higher or lower effective tax rate during a particular quarter, based upon the composition and timing of actual earnings compared to annual projections. The estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained or as our tax environment changes. To the extent that the expected annual effective income tax rate changes, the effect of the change on prior interim periods is included in the income tax provision in the period in which the change in estimate occurs.

A summary of the provision for income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2021 and 2020, is shown below:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Income tax expense	$	4,646		$	9,603		$	17,959		$	15,214
Earnings (loss) before income tax	$	20,332		$	33,749		$	91,345		$	40,911
Effective tax rate		22.9	%		28.5	%		19.7	%		37.2	%

Income tax expense was $4,646 for the three months ended September 30, 2021 on earnings before income tax of $20,332 representing an effective tax rate of 22.9%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the unfavorable impact of quarterly accrual for uncertain tax positions, global intangible low-tax income (“GILTI”), withholding taxes and other non-deductible expenses, partially offset by the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate in the third quarter of 2021.

Income tax expense was $17,959 for the nine months ended September 30, 2021 on earnings before income tax of $91,345 representing an effective tax rate of 19.7%. The effective tax rate differed from the U.S. Federal statutory rate of 21% primarily due to certain favorable tax effect on equity vesting, intercompany transactions in 2021 and the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate; partially offset by the unfavorable impact of uncertain tax positions, GILTI, withholding taxes and other non-deductible expenses.

Income tax expense was $9,603 for the three months ended September 30, 2020 on earnings before income tax of $33,749 representing an effective tax rate of 28.5%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the unfavorable impact of international provisions of the U.S. tax reform, such as GILTI, partially offset by certain intercompany transactions which disproportionately benefited lower tax rate jurisdictions.

Income tax expense was $15,214 for the nine months ended September 30, 2020 on earnings before income tax of $40,911 representing an effective tax rate of 37.2%. The tax amount included the effect of the settlement and closure of multi-year international tax audits of $3,358. Adjusted for the audit impacts, the effective tax rate was 29.0%. The effective tax rate differed from the U.S. Federal statutory rate of 21% primarily due to the unfavorable impact of international provisions of the U.S. tax law, such as GILTI, partially offset by certain intercompany transactions which disproportionately benefited lower tax rate jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Segment Reporting

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Reporting

Note 14 – Segment Reporting

Segment information is used by management for making strategic operating decisions for the Company. Management evaluates the performance of the Company’s segments based primarily on operating income or loss.

The Company’s reportable segments are as follows:

•

Automotive – this segment represents the design, development, manufacturing and sales of automotive climate comfort systems, automotive cable systems, battery performance solutions, and automotive electronic and software systems.

•

Medical – this segment represents the combined results from our Medical business.

•

Corporate – includes corporate costs, selling, general and administrative costs and acquisition transaction costs. This segment was renamed during fourth quarter of 2020 to better align with the costs allocated to this segment. It was previously named ‘Reconciling Items’.

In 2020, the Industrial reporting segment was renamed the Medical reporting segment to reflect the patient temperature management business as the focus and strategic direction of this segment. Also, during 2020, the advanced research and development costs not associated with the Medical segment were presented within the Automotive segment, as the advanced research and development organization now primarily supports the Automotive related development activities following the divestitures of GPT and CSZ-IC. For comparability to the prior year, we have moved the portion of advanced research and development costs to the Automotive segment that were focused on technologies related to automotive in both the Depreciation and amortization and Operating income (loss) lines in the table below.

The tables below present segment information about the reported product revenues, depreciation and amortization and operating income (loss) of the Company for three and nine months ended September 30, 2021 and 2020.

Three Months Ended September 30,	Automotive		Medical			Corporate			Total
2021:
Product revenues	$	233,028	$	10,356		$	—		$	243,384
Depreciation and amortization		8,977		654			228		$	9,859
Operating income (loss)		33,129		(974	)		(11,451	)	$	20,704
2020:
Product revenues	$	249,764	$	9,776		$	—		$	259,540
Depreciation and amortization		9,403		590			296		$	10,289
Operating income (loss)		55,397		(286	)		(16,605	)	$	38,506

Nine Months Ended September 30,	Automotive		Medical			Corporate			Total
2021:
Product revenues	$	767,503	$	30,421		$	—		$	797,924
Depreciation and amortization		26,923		1,818			689		$	29,430
Operating income (loss)		129,788		(1,392	)		(35,271	)	$	93,125
2020:
Product revenues	$	590,622	$	33,592		$	—		$	624,214
Depreciation and amortization		28,191		1,768			818		$	30,777
Operating income (loss)		81,236		1,580			(35,506	)	$	47,310

Automotive and Medical segment product revenues by product category for the three and nine months ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Climate Control Seat (CCS)	$	89,991	$	97,058	$	297,393	$	229,465
Seat Heaters		61,516		73,471		208,101		171,345
Steering Wheel Heaters		24,578		22,506		80,139		49,721
Automotive Cables		19,465		18,917		66,686		50,890
Battery Performance Solutions (BPS)		16,928		15,956		52,265		33,818
Electronics		11,567		14,463		41,324		38,327
Other Automotive		8,983		7,393		21,595		17,056
Subtotal Automotive segment		233,028		249,764		767,503		590,622
Medical segment		10,356		9,776		30,421		33,592
Total Company	$	243,384	$	259,540	$	797,924	$	624,214

Total product revenues information by geographic area for the three and nine months ended September 30, 2021 and 2020 is as follows (based on shipment destination):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
United States	$	96,683	$	111,189	$	314,144	$	264,204
China		32,198		27,363		99,570		63,883
South Korea		20,894		23,260		71,050		60,062
Japan		17,054		15,280		52,607		40,766
Germany		16,011		14,553		51,541		41,144
Other		60,544		67,895		209,012		154,155
Total Non-U.S.		146,701		148,351		483,780		360,010
Total Company	$	243,384	$	259,540	$	797,924	$	624,214

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

New Accounting Pronouncements (Policies)	9 Months Ended
New Accounting Pronouncements (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The unaudited consolidated condensed financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations. The information furnished in the consolidated condensed financial statements include all adjustments (consisting of only normal, recurring adjustments), considered necessary to present fairly the results of operations, financial position and cash flows of the Company. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. In preparing these financial statements, management was required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates and assumptions are based on our historical experience, the terms of existing contracts, our evaluation of trends in the industry, information provided by our customers and suppliers and information available from other outside sources, as appropriate. These estimates and assumptions are subject to an inherent degree of uncertainty. We are not presently aware of any events or circumstances that would require us to update such estimates and assumptions or revise the carrying value of our assets or liabilities. Our estimates may change, however, as new events occur and additional information is obtained. As a result, actual results may differ significantly from our estimates, and any such differences may be material to our financial statements.
Principles of Consolidation	Principles of consolidation The consolidated condensed financial statements include the accounts of the Company, its wholly owned subsidiaries and those entities in which it has a controlling financial interest. The Company evaluates its relationship with other entities for consolidation and to identify whether such entities are variable interest entities (“VIE”) and to assess whether the Company is the primary beneficiary of such entities. Investments in affiliates in which Gentherm does not have control but does have the ability to exercise significant influence over operating and financial policies are accounted for under the equity method. When Gentherm does not have the ability to exercise significant influence (generally when ownership interest is less than 20%), investments in affiliates are measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. During the second quarter of 2021, the Company’s Automotive segment invested $5,200 for an ownership interest in Carrar Ltd. (“Carrar”), an Israel-based technology developer of advanced thermal management systems for the electric mobility market. The Company determined that Carrar is a VIE; however, the Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of the investment. Therefore, the Company has concluded that it is not the primary beneficiary. Gentherm’s investment in Carrar is measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer, and is recorded in Other non-current assets. On July 1, 2021, the Company acquired the medical business unit of Beckmann & Egle Industrieelektronik GmbH (“B&E”), a developer and manufacturer of electronic control units for $2,827. The results of operations of the acquiree are reported within the Company’s Medical segment from the date of acquisition. The acquisition was accounted for as a business combination with the purchase price assigned to inventory, property and equipment and other intangible assets based on their estimated fair values as of the acquisition date. The pro forma effect of the B&E acquisition does not materially impact the Company’s reported results for any period presented, and as a result no pro forma financial statements are presented. On July 22, 2021, the Company’s Automotive segment invested $2,357 for an ownership interest in Forciot Oy (“Forciot”), a technology developer of sensors for touch, motion and force measurement. Gentherm’s investment in Forciot is measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer, and is recorded in Other non-current assets.
Revenue Recognition	Revenue Recognition The Company has no material contract assets or contract liabilities as of September 30, 2021. The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the benefits of those costs are expected to be realized for a period greater than one year. Total capitalized costs to obtain a contract were $1,996 and $1,805 as of September 30, 2021 and December 31, 2020, respectively. These amounts are recorded in Other non-current assets and are being amortized into Product revenues over the expected production life of the applicable program.
Impact of COVID-19, Supply Chain Disruptions and Other Matters	Impact of COVID-19, Supply Chain Disruptions and Other Matters The COVID-19 pandemic that began around December 2019 introduced significant volatility to the global economy and had a widespread adverse effect on the global automotive industry in the first half of 2020. In order to respond to the then current industry production environment, the Company closed production at its North American and European manufacturing facilities in late March 2020. In Asia, its manufacturing operations ceased production in February 2020. The Company reopened all its manufacturing facilities by June 1, 2020, in line with industry demand and finished goods levels, and in accordance with local government requirements. Although global automotive industry production has improved relative to the first half of 2020, production remains below recent historic levels. The lingering impacts of COVID-19 into 2021 has impeded global supply chains, resulted in longer lead times and delays in procuring component parts and raw materials, and resulted in inflationary cost increases in certain raw materials, labor and transportation. These broad-based inflationary impacts have negatively impacted the Company’s financial condition, results of operations and cash flows for the nine months ended September 30, 2021. Supply shortages of semiconductor chips and other components have resulted in decreases in global automotive vehicle production and significant volatility in customer vehicle production schedules. The Company's semiconductor suppliers, along with most automotive component supply companies that use semiconductors, have been unable to fully meet the vehicle production demands of the OEMs due to events which are outside the Company's control, including but not limited to, the COVID-19 pandemic, the global semiconductor shortage, fires at suppliers’ facilities, significant weather events impacting semiconductor supplier facilities in the southern United States, and other extraordinary events. In response to the global supply chain instability and inflationary cost increases the Company has taken several actions to minimize any potential and actual adverse impacts by working closely with its suppliers and customers and to continue to closely monitor the availability of semiconductor microchips and other component parts and raw materials, customer vehicle production schedules and any other supply chain inefficiencies that may arise. The consequences of the pandemic and adverse impact to the global economy continue to evolve. Accordingly, the future adverse impact on our business and financial statements remains subject to significant uncertainty as of the date of this filing.
Segment Reporting	Segment Reporting The Company has two reportable segments: Automotive, which includes automotive climate comfort systems, automotive cable systems, battery performance solutions and automotive electronic and software systems; and Medical. In 2020, the previously-named Industrial reporting segment was renamed the Medical reporting segment to reflect the patient temperature management business as the focus and strategic direction of this segment. Also, during 2020, the advanced research and development costs not associated with the Medical segment were presented within the Automotive segment, as the advanced research and development organization primarily supports the Automotive related research and development activities following the divestitures of our former remote power generation systems business, Gentherm Global Power Technologies (“GPT”) and our former environmental test equipment business, Cincinnati Sub Zero industrial chamber business (“CSZ-IC”).
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". This ASU simplifies the accounting for income taxes by removing certain exceptions previously included in the guidance. In addition, the ASU amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 as of January 1, 2021 and there was no significant impact on its financial statements and related disclosures as a result.
Recently Issued Accounting Pronouncements Not Yet Adopted	Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting”. ASU 2020-04 provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. In January 2021, the FASB subsequently issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope” to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2020-04 and ASU 2021-01 is effective as of March 12, 2020 through December 31, 2022 and may be applied retrospectively to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. The adoption of this standard is not expected to have a material impact on the Company’s financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Restructuring (Tables)

9 Months Ended

Sep. 30, 2021

Restructuring And Related Activities [Abstract]

Summary of Restructuring Expense by Reportable Segment

The following table summarizes restructuring expense for the three and nine months ended September 30, 2021 and 2020 by reporting segment:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Automotive	$	701	$	284	$	2,567	$	2,787
Medical		—		—		—		100
Corporate		48		—		1,064		565
Total	$	749	$	284	$	3,631	$	3,452

Summary of Restructuring Liability

The following table summarizes restructuring liability for the nine months ended September 30, 2021:

	Employee Separation Costs			Accelerated Depreciation			Other Related Costs			Total
Balance at December 31, 2020	$	5,627		$	—		$	—		$	5,627
Additions, charged to restructuring expenses		632			95			164			891
Cash payments		(1,439	)		—			(164	)		(1,603	)
Non-cash utilization		—			(95	)		—			(95	)
Change in estimate		(100	)		—			—			(100	)
Currency translation		(74	)		—			—			(74	)
Balance at March 31, 2021		4,646			—			—			4,646
Additions, charged to restructuring expenses		1,478			97			488			2,063
Cash payments		(1,099	)		—			(488	)		(1,587	)
Non-cash utilization		—			(97	)		—			(97	)
Change in estimate		28			—			—			28
Currency translation		(92	)		—			—			(92	)
Balance at June 30, 2021		4,961			—			—			4,961
Additions, charged to restructuring expenses		296			26			617			939
Cash payments		(2,958	)		—			(617	)		(3,575	)
Non-cash utilization		—			(26	)		—			(26	)
Change in estimate		(190	)		—			—			(190	)
Currency translation		(18	)		—			—			(18	)
Balance at September 30, 2021	$	2,091		$	—		$	—		$	2,091

Details of Certain Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2021

Balance Sheet Components [Abstract]

Summary of Certain Balance Sheet Components

	September 30, 2021		December 31, 2020
Other current assets:
Notes receivable	$	18,668	$	19,200
Income tax and other tax receivable		12,601		10,514
Billable tooling		3,838		4,831
Prepaid expenses		5,671		3,930
Other		1,219		2,713
Total other current assets	$	41,997	$	41,188
Other current liabilities:
Liabilities from discounts and rebates	$	28,029	$	22,910
Accrued employee liabilities		27,422		26,612
Income tax and other taxes payable		15,447		14,714
Restructuring		2,091		5,627
Accrued warranty		3,013		2,391
Other		6,903		9,155
Total other current liabilities	$	82,905	$	81,409

Goodwill and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Changes in the Carrying Amount of Goodwill, By Reportable Segment

Changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2021 was as follows:

	Automotive			Medical			Total
Balance as of December 31, 2020	$	39,495		$	28,529		$	68,024
Acquisition of B&E		—			976			976
Exchange rate impact		(1,634	)		(597	)		(2,231	)
Balance as of September 30, 2021	$	37,861		$	28,908		$	66,769

Summary of Other Intangible Assets and Accumulated Amortization Balances

Other intangible assets and accumulated amortization balances as of September 30, 2021 and December 31, 2020 were as follows:

	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	92,257	$	(63,990	)	$	28,267
Technology		29,993		(24,423	)		5,570
Product development costs		20,781		(20,148	)		633
Indefinite-lived:
Tradenames		4,670		—			4,670
Balance as of September 30, 2021	$	147,701	$	(108,561	)	$	39,140

	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	97,815	$	(63,432	)	$	34,383
Technology		30,615		(24,075	)		6,540
Product development costs		22,164		(21,336	)		828
Indefinite-lived:
Tradenames		4,670		—			4,670
Balance as of December 31, 2020	$	155,264	$	(108,843	)	$	46,421

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Company's Debt

The following table summarizes the Company’s debt as of September 30, 2021 and December 31, 2020:

	September 30, 2021						December 31, 2020
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Credit Agreement:
U.S. Revolving Note (U.S. Dollar Denominations)		1.33	%	$	35,000			1.65	%	$	171,500
U.S. Revolving Note (Euro Denominations)		1.25	%		—			1.50	%		14,684
DEG Vietnam Loan		5.21	%		5,000			5.21	%		6,250
Total debt					40,000						192,434
Current maturities					(2,500	)					(2,500	)
Long-term debt, less current maturities				$	37,500					$	189,934

Principal Maturities of Debt

The scheduled principal maturities of our debt as of September 30, 2021 were as follows:

	DEG Vietnam Note		U.S. Revolving Note		Total
2021	$	1,250	$	—	$	1,250
2022		2,500		—		2,500
2023		1,250		—		1,250
2024		—		35,000		35,000
Total	$	5,000	$	35,000	$	40,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Reconciliation of Changes in Accrued Warranty Costs

The following is a reconciliation of the changes in accrued warranty costs:

	Nine Months Ended September 30,
	2021			2020
Balance at the beginning of the period	$	2,391		$	4,596
Warranty claims paid		(1,374	)		(1,777	)
Warranty expense for products shipped during the current period		1,722			1,042
Adjustments to warranty estimates from prior periods		318			(1,194	)
Adjustments due to currency translation		(44	)		19
Balance at the end of the period	$	3,013		$	2,686

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings per Share and Weighted Average Shares Outstanding Used in Calculating Basic and Diluted Earnings per Share

The following table illustrates earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income	$	15,686	$	24,146	$	73,386	$	25,697

Basic weighted average shares of Common Stock outstanding		33,177,743		32,623,532		33,075,399		32,631,423
Dilutive effect of stock options, restricted stock awards and restricted stock units		431,341		334,907		413,501		292,590
Diluted weighted average shares of Common Stock outstanding		33,609,084		32,958,439		33,488,900		32,924,013

Basic earnings per share	$	0.47	$	0.74	$	2.22	$	0.79
Diluted earnings per share	$	0.47	$	0.73	$	2.19	$	0.78

Common Stock Issuable upon Exercise of Certain Stock Options

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Anti-dilutive securities share impact		—		12,000		—		179,500

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of September 30, 2021 is as follows:

			Asset Derivatives			Liability Derivatives
	Hedge Designation	Fair Value Hierarchy	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value			Net Asset/ (Liabilities)
Foreign currency derivatives	Cash flow hedge	Level 2	Other current assets	$	233	Other current liabilities	$	(57	)	$	176
Commodity hedges	Cash flow hedge	Level 2	Other current assets	$	—	Other current liabilities	$	(44	)	$	(44	)

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of December 31, 2020 is as follows:

Asset Derivatives

Liability Derivatives

Hedge

Designation

Fair Value

Hierarchy

Balance Sheet

Location

Fair

Value

Balance Sheet

Location

Fair

Value

Net Asset/

(Liabilities)

Foreign currency derivatives

Cash flow hedge

Level 2

Other current assets

1,513

Other current liabilities

—

1,513

Commodity hedges

Cash flow hedge

Level 2

Other current assets

—

Other current liabilities

—

Information relating to the effect of derivative instruments on our consolidated condensed statements of income and the consolidated condensed statements of comprehensive income is as follows:

		Three Months Ended September 30,						Nine Months Ended September 30,
	Location	2021			2020			2021			2020
Foreign currency derivatives	Cost of sales – income (loss)	$	448		$	(742	)	$	1,455		$	(1,460	)
	Other comprehensive (loss) income		(606	)		1,275			(1,335	)		(2,062	)
Total foreign currency derivatives		$	(158	)	$	533		$	120		$	(3,522	)
Commodity derivatives	Cost of sales – income	$	2		$	—		$	2		$	—
	Other comprehensive loss		(44	)		—			(44	)		—
Total commodity derivatives		$	(42	)	$	—		$	(42	)	$	—

Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Reclassification Adjustments and Other Activities Impacting Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting Accumulated other comprehensive loss during the three and nine months ended September 30, 2021 and 2020 were as follows:

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives				Total
Balance at June 30, 2021	$	(3,451	)	$	(21,261	)	$	536			$	—			$	(24,176	)
Other comprehensive loss before reclassifications		—			(7,267	)		(158	)			(42	)			(7,467	)
Income tax effect of other comprehensive loss before reclassifications		—			(165	)		35				9				(121	)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(448	)	^a		(2	)	^a		(450	)
Income taxes reclassified into net income		—			—			97				—				97
Net current period other comprehensive loss		—			(7,432	)		(474	)			(35	)			(7,941	)
Balance at September 30, 2021	$	(3,451	)	$	(28,693	)	$	62			$	(35	)		$	(32,117	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives		Total
Balance at June 30, 2020	$	(3,371	)	$	(42,758	)	$	(1,716	)		$	—	$	(47,845	)
Other comprehensive income before reclassifications		—			14,172			215				—		14,387
Income tax effect of other comprehensive income before reclassifications		—			190			(47	)			—		143
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			1,060		^a		—		1,060
Income taxes reclassified into net income		—			—			(231	)			—		(231	)
Net current period other comprehensive income		—			14,362			997				—		15,359
Balance at September 30, 2020	$	(3,371	)	$	(28,396	)	$	(719	)		$	—	$	(32,486	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives				Total
Balance at December 31, 2020	$	(3,451	)	$	(12,637	)	$	1,106			$	—			$	(14,982	)
Other comprehensive (loss) income before reclassifications		—			(15,608	)		120				(42	)			(15,530	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(448	)		(26	)			9				(465	)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(1,455	)	^a		(2	)	^a		(1,457	)
Income taxes reclassified into net income		—			—			317				—				317
Net current period other comprehensive loss		—			(16,056	)		(1,044	)			(35	)			(17,135	)
Balance at September 30, 2021	$	(3,451	)	$	(28,693	)	$	62			$	(35	)		$	(32,117	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives		Total
Balance at December 31, 2019	$	(3,371	)	$	(39,965	)	$	895			$	—	$	(42,441	)
Other comprehensive income (loss) before reclassifications		—			11,396			(3,383	)			—		8,013
Income tax effect of other comprehensive income (loss) before reclassifications		—			173			737				—		910
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			1,321		^a		—		1,321
Income taxes reclassified into net income		—			—			(289	)			—		(289	)
Net current period other comprehensive income (loss)		—			11,569			(1,614	)			—		9,955
Balance at September 30, 2020	$	(3,371	)	$	(28,396	)	$	(719	)		$	—	$	(32,486	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes and Corresponding Effective Tax Rate

A summary of the provision for income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2021 and 2020, is shown below:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Income tax expense	$	4,646		$	9,603		$	17,959		$	15,214
Earnings (loss) before income tax	$	20,332		$	33,749		$	91,345		$	40,911
Effective tax rate		22.9	%		28.5	%		19.7	%		37.2	%

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information about Reported Product Revenues, Depreciation and Amortization and Operating Income (Loss)

Three Months Ended September 30,	Automotive		Medical			Corporate			Total
2021:
Product revenues	$	233,028	$	10,356		$	—		$	243,384
Depreciation and amortization		8,977		654			228		$	9,859
Operating income (loss)		33,129		(974	)		(11,451	)	$	20,704
2020:
Product revenues	$	249,764	$	9,776		$	—		$	259,540
Depreciation and amortization		9,403		590			296		$	10,289
Operating income (loss)		55,397		(286	)		(16,605	)	$	38,506

Nine Months Ended September 30,	Automotive		Medical			Corporate			Total
2021:
Product revenues	$	767,503	$	30,421		$	—		$	797,924
Depreciation and amortization		26,923		1,818			689		$	29,430
Operating income (loss)		129,788		(1,392	)		(35,271	)	$	93,125
2020:
Product revenues	$	590,622	$	33,592		$	—		$	624,214
Depreciation and amortization		28,191		1,768			818		$	30,777
Operating income (loss)		81,236		1,580			(35,506	)	$	47,310

Segment Information About Reported Segment Product Revenues by Product Category

Automotive and Medical segment product revenues by product category for the three and nine months ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Climate Control Seat (CCS)	$	89,991	$	97,058	$	297,393	$	229,465
Seat Heaters		61,516		73,471		208,101		171,345
Steering Wheel Heaters		24,578		22,506		80,139		49,721
Automotive Cables		19,465		18,917		66,686		50,890
Battery Performance Solutions (BPS)		16,928		15,956		52,265		33,818
Electronics		11,567		14,463		41,324		38,327
Other Automotive		8,983		7,393		21,595		17,056
Subtotal Automotive segment		233,028		249,764		767,503		590,622
Medical segment		10,356		9,776		30,421		33,592
Total Company	$	243,384	$	259,540	$	797,924	$	624,214

Product Revenues Information by Geographic Area

Total product revenues information by geographic area for the three and nine months ended September 30, 2021 and 2020 is as follows (based on shipment destination):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
United States	$	96,683	$	111,189	$	314,144	$	264,204
China		32,198		27,363		99,570		63,883
South Korea		20,894		23,260		71,050		60,062
Japan		17,054		15,280		52,607		40,766
Germany		16,011		14,553		51,541		41,144
Other		60,544		67,895		209,012		154,155
Total Non-U.S.		146,701		148,351		483,780		360,010
Total Company	$	243,384	$	259,540	$	797,924	$	624,214

Overview - Additional Information (Detail) $ in Thousands		9 Months Ended
Overview - Additional Information (Detail) $ in Thousands	Jul. 01, 2021 USD ($)	Sep. 30, 2021 USD ($) Segment	Jul. 22, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Basis Of Presentation And Accounting Policies [Line Items]
Investment amount				$ 5,200
Expected period of costs to be realized to recognize assets		1 year
Capitalized costs to obtain contract		$ 1,996			$ 1,805
Number of reportable segments \| Segment		2
Beckmann & Egle Industrieelektronik GmbH
Basis Of Presentation And Accounting Policies [Line Items]
Medical business segment unit amount acquired	$ 2,827
Forciot Oy \| Gentherm Automotive Segment
Basis Of Presentation And Accounting Policies [Line Items]
Investment amount			$ 2,357

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 749,000	$ 284,000	$ 3,631,000	$ 3,452,000
Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	9,883,000	9,883,000	9,883,000	9,883,000
Other restructuring costs	617,000	0	1,269,000	16,000
Manufacturing Footprint Rationalization \| Minimum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	15,000,000		15,000,000
Manufacturing Footprint Rationalization \| Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	18,000,000		18,000,000
Employee Separation Costs \| Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	294,000	116,000	1,259,000	(1,327,000)
Restructuring reserve accelerated depreciation	26,000	122,000	218,000	564,000
Employee Separation Costs \| Manufacturing Footprint Rationalization \| Minimum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	5,500,000		5,500,000
Employee Separation Costs \| Manufacturing Footprint Rationalization \| Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	6,500,000		6,500,000
Employee Separation Costs \| Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	(188,000)	64,000	885,000	3,978,000
Cash Expenditures \| Manufacturing Footprint Rationalization \| Minimum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	13,000,000		13,000,000
Cash Expenditures \| Manufacturing Footprint Rationalization \| Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	16,000,000		16,000,000
Restructuring Capital Expenditures \| Manufacturing Footprint Rationalization \| Minimum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	3,500,000		3,500,000
Restructuring Capital Expenditures \| Manufacturing Footprint Rationalization \| Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	4,500,000		4,500,000
Accelerated Depreciation and Impairment \| Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	3,000,000		3,000,000
Other Restructuring \| Manufacturing Footprint Rationalization \| Minimum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	3,000,000		3,000,000
Other Restructuring \| Manufacturing Footprint Rationalization \| Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost expected total cost	$ 4,000,000		$ 4,000,000
Other Restructuring \| Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Restructuring expenses		$ (18,000)		$ 221,000

Restructuring - Summary of Restructuring Expense by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 749	$ 284	$ 3,631	$ 3,452
Operating Segments \| Automotive Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	701	$ 284	2,567	2,787
Operating Segments \| Medical Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses				100
Operating Segments \| Corporate Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 48		$ 1,064	$ 565

Restructuring - Summary of Restructuring Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	$ 4,961	$ 4,646	$ 5,627
Additions, charged to restructuring expenses	939	2,063	891
Cash payments	(3,575)	(1,587)	(1,603)
Non-cash utilization	(26)	(97)	(95)
Change in estimate	(190)	28	(100)
Currency translation	(18)	(92)	(74)
Balance, end of period	2,091	4,961	4,646
Employee Separation Costs
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	4,961	4,646	5,627
Additions, charged to restructuring expenses	296	1,478	632
Cash payments	(2,958)	(1,099)	(1,439)
Change in estimate	(190)	28	(100)
Currency translation	(18)	(92)	(74)
Balance, end of period	2,091	4,961	4,646
Accelerated Depreciation
Restructuring Cost And Reserve [Line Items]
Additions, charged to restructuring expenses	26	97	95
Non-cash utilization	(26)	(97)	(95)
Other Restructuring
Restructuring Cost And Reserve [Line Items]
Additions, charged to restructuring expenses	617	488	164
Cash payments	$ (617)	$ (488)	$ (164)

Details of Certain Balance Sheet Components (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Current Assets:
Notes receivable	$ 18,668	$ 19,200
Income tax and other tax receivable	12,601	10,514
Billable tooling	3,838	4,831
Prepaid expenses	5,671	3,930
Other	1,219	2,713
Total other current assets	41,997	41,188
Other current liabilities:
Liabilities from discounts and rebates	28,029	22,910
Accrued employee liabilities	27,422	26,612
Income tax and other taxes payable	15,447	14,714
Restructuring	2,091	5,627
Accrued warranty	3,013	2,391	$ 2,686	$ 4,596
Other	6,903	9,155
Total other current liabilities	$ 82,905	$ 81,409

Goodwill and Other Intangibles - Summary of Changes in the Carrying Amount of Goodwill, By Reportable Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Goodwill [Line Items]
Balance, beginning of period	$ 68,024
Balance, end of period	66,769
Operating Segments
Goodwill [Line Items]
Balance, beginning of period	68,024
Acquisition of B&E	976
Exchange rate impact	(2,231)
Balance, end of period	66,769
Automotive Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period	39,495
Exchange rate impact	(1,634)
Balance, end of period	37,861
Medical Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period	28,529
Acquisition of B&E	976
Exchange rate impact	(597)
Balance, end of period	$ 28,908

Goodwill and Other Intangibles - Summary of Other Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Gross Carrying Value	$ 147,701	$ 155,264
Accumulated Amortization	(108,561)	(108,843)
Net Carrying Value	39,140	46,421
Net Carrying Value	39,140	46,421
Customer Relationships
Intangible Assets [Line Items]
Gross Carrying Value	92,257	97,815
Accumulated Amortization	(63,990)	(63,432)
Net Carrying Value	28,267	34,383
Technology
Intangible Assets [Line Items]
Gross Carrying Value	29,993	30,615
Accumulated Amortization	(24,423)	(24,075)
Net Carrying Value	5,570	6,540
Product Development Costs
Intangible Assets [Line Items]
Gross Carrying Value	20,781	22,164
Accumulated Amortization	(20,148)	(21,336)
Net Carrying Value	633	828
Tradenames
Intangible Assets [Line Items]
Net Carrying Value	$ 4,670	$ 4,670

Summary of Company's Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 40,000	$ 192,434
Current maturities	(2,500)	(2,500)
Long-term debt, less current maturities	$ 37,500	$ 189,934
U.S. Revolving Note (U.S. Dollar Denominations)
Debt Instrument [Line Items]
Interest Rate	1.33%	1.65%
Total debt	$ 35,000	$ 171,500
U.S. Revolving Note (Euro Denominations)
Debt Instrument [Line Items]
Interest Rate	1.25%	1.50%
Total debt		$ 14,684
DEG Vietnam Loan
Debt Instrument [Line Items]
Interest Rate	5.21%	5.21%
Total debt	$ 5,000	$ 6,250

Debt - Additional Information (Detail) - USD ($)		9 Months Ended	12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jun. 27, 2019	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Maximum percentage of stock of non US subsidiaries pledge to secure obligation		66.00%
Federal Funds Rate \| Minimum
Debt Instrument [Line Items]
Interest rate		0.50%
Federal Funds Rate \| Maximum
Debt Instrument [Line Items]
Interest rate		0.06%
London Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate		0.08%
United State Bank Of America Credit Facility
Debt Instrument [Line Items]
Interest rate		3.25%
Euro Currency Rate Loans
Debt Instrument [Line Items]
Interest rate		1.00%
Euro Currency Rate Loans \| Credit Agreement \| Minimum
Debt Instrument [Line Items]
Interest rate		1.25%
Euro Currency Rate Loans \| Credit Agreement \| Maximum
Debt Instrument [Line Items]
Interest rate		2.25%
Base Rate Loans \| Credit Agreement \| Minimum
Debt Instrument [Line Items]
Interest rate		0.25%
Base Rate Loans \| Credit Agreement \| Maximum
Debt Instrument [Line Items]
Interest rate		1.25%
DEG Vietnam Loan
Debt Instrument [Line Items]
Semi-annual principal payments earliest date		2017-11
Semi-annual principal payments latest date		2023-05
Revolving Credit Facility \| Revolving Note (U.S. Dollar)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 475,000,000
Line of credit, outstanding amount		$ 35,000,000
Debt maturity date	Jun. 27, 2024
Increase in maximum borrowing capacity					$ 169,546,000
Remaining borrowing capacity		440,000,000
Line of credit, repayment amount			$ 169,546,000
Revolving Credit Facility \| Revolving Note (U.S. Dollar) \| Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		15,000,000
Line of credit, outstanding amount		0		$ 0
Revolving Credit Facility \| Revolving Note (U.S. Dollar) \| Swing Line Loans
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 40,000,000

Principal Maturities of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt maturing in 2021	$ 1,250
Debt maturing in 2022	2,500
Debt maturing in 2023	1,250
Debt maturing in 2024	35,000
Total debt	40,000	$ 192,434
DEG Vietnam Loan
Debt Instrument [Line Items]
Debt maturing in 2021	1,250
Debt maturing in 2022	2,500
Debt maturing in 2023	1,250
Total debt	5,000	$ 6,250
US and Euro Denominated Revolving Note
Debt Instrument [Line Items]
Debt maturing in 2024	35,000
Total debt	$ 35,000

Commitments and Contingencies - Reconciliation of Changes in Accrued Warranty Costs (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Loss Contingency [Abstract]
Balance at the beginning of the period	$ 2,391	$ 4,596
Warranty claims paid	(1,374)	(1,777)
Warranty expense for products shipped during the current period	1,722	1,042
Adjustments to warranty estimates from prior periods	318	(1,194)
Adjustments due to currency translation	(44)	19
Balance at the end of the period	$ 3,013	$ 2,686

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 15,686	$ 24,791	$ 32,909	$ 24,146	$ (10,322)	$ 11,873	$ 73,386	$ 25,697
Basic weighted average shares of Common Stock outstanding	33,177,743			32,623,532			33,075,399	32,631,423
Dilutive effect of stock options, restricted stock awards and restricted stock units	431,341			334,907			413,501	292,590
Diluted weighted average shares of Common Stock outstanding	33,609,084			32,958,439			33,488,900	32,924,013
Basic earnings per share	$ 0.47			$ 0.74			$ 2.22	$ 0.79
Diluted earnings per share	$ 0.47			$ 0.73			$ 2.19	$ 0.78
Anti-dilutive securities share impact				12,000				179,500

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Financial Instruments - Additional Information (Detail) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative [Line Items]
Maximum length of time to hedges exposure to foreign currency exchange risk					15 months
Receivables transferred	$ 0
Maximum
Derivative [Line Items]
Aggregate purchases of accounts receivable		$ 41,300,000
Foreign Currency Derivatives
Derivative [Line Items]
Notional Value	8,985,000		$ 8,985,000		$ 8,985,000		$ 13,299,000
Copper Commodity Swap Contracts
Derivative [Line Items]
Notional Value	$ 1,237,000		1,237,000		1,237,000		$ 0
Interest Rate Swap
Derivative [Line Items]
Hedge Ineffectiveness Incurred			$ 0	$ 0	$ 0	$ 0

Information Related to Recurring Fair Value Measurement of Derivative Instruments in Our Consolidated Condensed Balance Sheet (Detail) - Fair Value, Inputs, Level 2 - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Foreign Currency Derivatives
Derivatives Fair Value [Line Items]
Net Asset/ (Liabilities)	$ 176	$ 1,513
Foreign Currency Derivatives \| Other Current Assets
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	233	$ 1,513
Foreign Currency Derivatives \| Other Current Liabilities
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	(57)
Commodity Hedges
Derivatives Fair Value [Line Items]
Net Asset/ (Liabilities)	(44)
Commodity Hedges \| Other Current Liabilities
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	$ (44)

Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Statements of Income (loss) and Consolidated Condensed Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	$ (158)	$ 533	$ 120	$ (3,522)
Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	(42)		(42)
Other comprehensive (loss) income \| Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	(606)	1,275	(1,335)	(2,062)
Other comprehensive (loss) income \| Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	(44)		(44)
Cost of sales – income (loss) \| Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	448	$ (742)	1,455	$ (1,460)
Cost of sales – income (loss) \| Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	$ 2		$ 2

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jul. 01, 2021	Sep. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value		$ 40,000,000	$ 192,434,000
DEG Vietnam Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value		5,000,000	6,250,000
Fair value		5,116,000	6,360,000
Beckmann & Egle Industrieelektronik GmbH
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Medical business segment unit amount acquired	$ 2,827,000
Fair Value, Recurring Basis
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets, fair value		0	0
Financial liabilities, fair value		0	0
Fair Value, Nonrecurring Basis
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets, fair value		0	0
Financial liabilities, fair value		$ 0	$ 0

Equity - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended
	Dec. 11, 2020	Jun. 30, 2018	Dec. 31, 2016	Dec. 31, 2020
Class Of Stock [Line Items]
Stock repurchase program period			3 years
Stock repurchase program, authorized amount			$ 100,000
Authorized increase and extension in stock repurchase program amount		$ 300,000
Stock repurchase program extended expiration date		2020-12
Remaining authorized repurchase amount				$ 74,226
2020 Stock Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program period	3 years
Stock repurchase program expiration date	Dec. 15, 2023
Maximum \| 2020 Stock Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized to repurchase amount	150,000

Schedule of Reclassification Adjustments and Other Activities Impacting Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ (24,176)		$ (14,982)	$ (47,845)		$ (42,441)	$ (14,982)	$ (42,441)
Other comprehensive income (loss) before reclassifications	(7,467)			14,387			(15,530)	8,013
Income tax effect of other comprehensive income (loss) before reclassifications	(121)			143			(465)	910
Amounts reclassified from accumulated other comprehensive loss into net income	450			1,060			(1,457)	1,321
Income taxes reclassified into net income	97			(231)			317	(289)
Other comprehensive (loss) income, net of tax	(7,941)	$ 4,480	(13,674)	15,359	$ 7,086	(12,490)	(17,135)	9,955
Ending Balance	(32,117)	(24,176)		(32,486)	(47,845)		(32,117)	(32,486)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(3,451)		(3,451)	(3,371)		(3,371)	(3,451)	(3,371)
Ending Balance	(3,451)	(3,451)		(3,371)	(3,371)		(3,451)	(3,371)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(21,261)		(12,637)	(42,758)		(39,965)	(12,637)	(39,965)
Other comprehensive income (loss) before reclassifications	(7,267)			14,172			(15,608)	11,396
Income tax effect of other comprehensive income (loss) before reclassifications	(165)			190			(448)	173
Other comprehensive (loss) income, net of tax	(7,432)			14,362			(16,056)	11,569
Ending Balance	(28,693)	(21,261)		(28,396)	(42,758)		(28,693)	(28,396)
Commodity Hedge Derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss) before reclassifications	(42)						(42)
Income tax effect of other comprehensive income (loss) before reclassifications	9						9
Amounts reclassified from accumulated other comprehensive loss into net income	2						(2)
Other comprehensive (loss) income, net of tax	(35)						(35)
Ending Balance	(35)						(35)
Foreign Currency Hedge Derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	536		$ 1,106	(1,716)		$ 895	1,106	895
Other comprehensive income (loss) before reclassifications	(158)			215			120	(3,383)
Income tax effect of other comprehensive income (loss) before reclassifications	35			(47)			(26)	737
Amounts reclassified from accumulated other comprehensive loss into net income	448			1,060			(1,455)	1,321
Income taxes reclassified into net income	97			(231)			317	(289)
Other comprehensive (loss) income, net of tax	(474)			997			(1,044)	(1,614)
Ending Balance	$ 62	$ 536		$ (719)	$ (1,716)		$ 62	$ (719)

Income Taxes - Summary of Provision for Income Taxes and Corresponding Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,646	$ 9,603	$ 17,959	$ 15,214
Earnings (loss) before income tax	$ 20,332	$ 33,749	$ 91,345	$ 40,911
Effective tax rate	22.90%	28.50%	19.70%	37.20%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,646	$ 9,603	$ 17,959	$ 15,214
Earnings (loss) before income tax	$ 20,332	$ 33,749	$ 91,345	$ 40,911
Effective tax rate	22.90%	28.50%	19.70%	37.20%
Tax expense on multi-year international audit settlement and closure				$ 3,358
Adjusted for the audit impacts, effective rate				29.00%
U.S. federal statutory rate	21.00%	21.00%	21.00%	21.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Reporting - Segment Information about Reported Product Revenues, Depreciation and Amortization and Operating Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Product revenues	$ 243,384	$ 259,540	$ 797,924	$ 624,214
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 9,859	$ 10,289	$ 29,430	$ 30,777
Operating income (loss)	20,704	38,506	93,125	47,310
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	$ 233,028	$ 249,764	$ 767,503	$ 590,622
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 8,977	$ 9,403	$ 26,923	$ 28,191
Operating income (loss)	33,129	55,397	129,788	81,236
Medical Segments
Segment Reporting Information [Line Items]
Product revenues	$ 10,356	$ 9,776	$ 30,421	$ 33,592
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 654	$ 590	$ 1,818	$ 1,768
Operating income (loss)	$ (974)	$ (286)	$ (1,392)	$ 1,580
Corporate Segments
Segment Reporting Information [Line Items]
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 228	$ 296	$ 689	$ 818
Operating income (loss)	$ (11,451)	$ (16,605)	$ (35,271)	$ (35,506)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment Reporting - Segment Information About Reported Segment Product Revenues by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Product revenues	$ 243,384	$ 259,540	$ 797,924	$ 624,214
Battery Performance Solutions (BPS)
Segment Reporting Information [Line Items]
Product revenues	16,928	15,956	52,265	33,818
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	233,028	249,764	767,503	590,622
Automotive Segments \| Climate Control Seat (CCS)
Segment Reporting Information [Line Items]
Product revenues	89,991	97,058	297,393	229,465
Automotive Segments \| Seat Heaters
Segment Reporting Information [Line Items]
Product revenues	61,516	73,471	208,101	171,345
Automotive Segments \| Automotive Cables
Segment Reporting Information [Line Items]
Product revenues	19,465	18,917	66,686	50,890
Automotive Segments \| Steering Wheel Heaters
Segment Reporting Information [Line Items]
Product revenues	24,578	22,506	80,139	49,721
Automotive Segments \| Electronics
Segment Reporting Information [Line Items]
Product revenues	11,567	14,463	41,324	38,327
Automotive Segments \| Other Automotive
Segment Reporting Information [Line Items]
Product revenues	8,983	7,393	21,595	17,056
Industrial Segments \| Medical Segments
Segment Reporting Information [Line Items]
Product revenues	$ 10,356	$ 9,776	$ 30,421	$ 33,592

Segment Reporting (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Reporting (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Product revenues	$ 243,384	$ 259,540	$ 797,924	$ 624,214
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
United States
Segment Reporting Information [Line Items]
Product revenues	$ 96,683	$ 111,189	$ 314,144	$ 264,204
Germany
Segment Reporting Information [Line Items]
Product revenues	16,011	14,553	51,541	41,144
South Korea
Segment Reporting Information [Line Items]
Product revenues	20,894	23,260	71,050	60,062
Japan
Segment Reporting Information [Line Items]
Product revenues	17,054	15,280	52,607	40,766
China
Segment Reporting Information [Line Items]
Product revenues	32,198	27,363	99,570	63,883
Other
Segment Reporting Information [Line Items]
Product revenues	60,544	67,895	209,012	154,155
Non U.S.
Segment Reporting Information [Line Items]
Product revenues	$ 146,701	$ 148,351	$ 483,780	$ 360,010