0001564590-22-017813 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		33,131,660
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	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 177,917	$ 190,606
Accounts receivable, net	207,351	182,987
Inventory:
Raw materials	111,621	96,426
Work in process	10,991	9,495
Finished goods	53,556	53,556
Inventory, net	176,168	159,477
Other current assets	41,034	32,775
Total current assets	602,470	565,845
Property and equipment, net	152,288	155,270
Goodwill	64,979	66,033
Other intangible assets, net	34,982	37,554
Operating lease right-of-use assets	27,445	24,387
Deferred income tax assets	69,420	69,630
Other non-current assets	15,529	16,624
Total assets	967,113	935,343
Current Liabilities:
Accounts payable	156,236	122,727
Current lease liabilities	5,920	5,669
Current maturities of long-term debt	2,500	2,500
Other current liabilities	79,044	82,193
Total current liabilities	243,700	213,089
Long-term debt, less current maturities	36,250	36,250
Non-current lease liabilities	19,978	19,789
Pension benefit obligation	6,362	6,832
Other non-current liabilities	5,036	5,577
Total liabilities	311,326	281,537
Common Stock:
No par value; 55,000,000 shares authorized 33,127,531 and 33,008,185 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	117,832	118,646
Paid-in capital	5,720	5,866
Accumulated other comprehensive loss	(45,728)	(36,922)
Accumulated earnings	577,963	566,216
Total shareholders’ equity	655,787	653,806
Total liabilities and shareholders’ equity	$ 967,113	$ 935,343

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Common Stock, par value
Common Stock, shares authorized	55,000,000	55,000,000
Common Stock, shares issued	33,127,531	33,008,185
Common Stock, shares outstanding	33,127,531	33,008,185

Consolidated Condensed Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Product revenues	$ 267,657	$ 288,535
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 203,544	$ 200,866
Gross margin	64,113	87,669
Operating expenses:
Net research and development expenses	20,434	17,603
Selling, general and administrative expenses	29,308	28,526
Restructuring expenses	181	791
Total operating expenses	49,923	46,920
Operating income	14,190	40,749
Interest expense, net	(569)	(1,039)
Foreign currency gain	2,217	773
Other income (loss)	204	(9)
Earnings before income tax	16,042	40,474
Income tax expense	4,295	7,565
Net income	$ 11,747	$ 32,909
Basic earnings per share	$ 0.36	$ 1.00
Diluted earnings per share	$ 0.35	$ 0.99
Weighted average number of shares – basic	33,034,872	32,945,970
Weighted average number of shares – diluted	33,376,764	33,389,591

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 11,747	$ 32,909
Other comprehensive loss:
Pension benefit obligations	(29)
Foreign currency translation adjustments	(9,294)	(13,152)
Unrealized gain (loss) on foreign currency derivative securities, net of tax	464	(522)
Unrealized loss on commodity derivative securities, net of tax	5
Other comprehensive loss, net of tax	(8,806)	(13,674)
Comprehensive income	$ 2,941	$ 19,235

- 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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Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities:
Net income	$ 11,747	$ 32,909
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,577	9,854
Deferred income taxes	(778)	105
Non-cash stock based compensation	2,279	4,460
Loss on disposition of property and equipment	107	242
Other	256	(103)
Changes in assets and liabilities:
Accounts receivable, net	(25,788)	(13,931)
Inventory	(18,116)	(11,546)
Other assets	(10,716)	3,243
Accounts payable	34,097	18,113
Other liabilities	(3,349)	(3,679)
Net cash (used in) provided by operating activities	(684)	39,667
Investing Activities:
Purchases of property and equipment	(5,659)	(9,913)
Proceeds from the sale of property and equipment	52	10
Cost of technology investments	(350)	(200)
Net cash used in investing activities	(5,957)	(10,103)
Financing Activities:
Repayments of debt		(130,000)
Proceeds from the exercise of Common Stock options	569	5,984
Taxes withheld and paid on employees' share-based payment awards	(4,319)	(1,532)
Acquisition contingent consideration payment		(68)
Net cash used in financing activities	(3,750)	(125,616)
Foreign currency effect	(2,298)	(1,338)
Net decrease in cash and cash equivalents	(12,689)	(97,390)
Cash and cash equivalents at beginning of period	190,606	268,345
Cash and cash equivalents at end of period	177,917	170,955
Supplemental disclosure of cash flow information:
Cash paid for taxes	3,267	2,555
Cash paid for interest	$ 421	$ 844

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, 2020	$ 586,331	$ 121,073	$ 7,458	$ (14,982)	$ 472,782
Beginning Balance (in shares) at Dec. 31, 2020		32,921,000
Net income	32,909				32,909
Other comprehensive 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, 2021	$ 653,806	$ 118,646	5,866	(36,922)	566,216
Beginning Balance (in shares) at Dec. 31, 2021	33,008,185	33,008,000
Net income	$ 11,747				11,747
Other comprehensive loss	(8,806)			(8,806)
Stock compensation, net	(960)	$ (814)	(146)
Stock compensation, net, shares		119,000
Ending Balance at Mar. 31, 2022	$ 655,787	$ 117,832	$ 5,720	$ (45,728)	$ 577,963
Ending Balance (in shares) at Mar. 31, 2022	33,127,531	33,127,000

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

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

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- 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.

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-Name Accounting Standards Codification
-Topic 825
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-Section 50
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+ Details

Overview

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Overview

Note 1 – Overview

Gentherm Incorporated, a Michigan corporation, and its consolidated subsidiaries (“Gentherm”, “we”, “us”, “our” or the “Company”) is a global developer, manufacturer and marketer of innovative thermal management technologies for a broad range of heating, cooling and temperature control applications, primarily in the automotive and medical industries. Within the automotive industry, our products provide solutions for passenger climate comfort and convenience, battery thermal management and cell connecting systems. Within the medical industry our products provide patient temperature management solutions. Our automotive products can be found on vehicles manufactured by nearly all the major automotive original equipment manufacturers (“OEMs”) operating in North America and Europe, and several major OEMs in Asia. We operate in locations aligned with our major customers’ product strategies to provide locally enhanced design, integration and production capabilities. The Company is also developing a number of new technologies and products that are expected to 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, 2021. 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.

Variable Interest Entities

The Company maintains an ownership interest in a VIE, Carrar Ltd. (“Carrar”). Carrar is a 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. The Carrar investment was $5,200 as of March 31, 2022 and December 31, 2021, and is recorded in Other non-current assets in the consolidated condensed balance sheet.

Revenue Recognition

The Company has no material contract assets or contract liabilities as of March 31, 2022.

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 $1,884 and $1,946 as of March 31, 2022 and December 31, 2021, 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.

Segment Reporting

The Company has two reportable segments: Automotive and Medical.

The Automotive reporting segment is comprised of the results from our global automotive businesses, including the design, development, manufacturing and sales of automotive climate comfort systems, automotive cable systems, battery performance solutions, and automotive electronic and software systems.

The Medical reporting segment is comprised of the results from the patient temperature management business in the medical industry. Patient temperature management includes temperature management systems across multiple product categories addressing the needs of hyper-hypothermia therapy in intensive care, normothermia in surgical procedures and additional warming/cooling therapies utilized in acute care, ambulatory, clinics and home health.

New Accounting Pronouncements

3 Months Ended

Mar. 31, 2022

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

New Accounting Pronouncements

Note 2 – New Accounting Pronouncements

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 are 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

3 Months Ended

Mar. 31, 2022

Restructuring And Related Activities [Abstract]

Restructuring

Note 3 – Restructuring

Manufacturing Footprint Rationalization

In September 2019, the Company committed to a restructuring plan (“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. During 2021, the Company completed the closures and relocation of its automotive electronics manufacturing operations from Burlington, Canada to Celaya, Mexico and from Longgang, Shenzhen, China to Bantian, Shenzhen, China. As of March 31, 2022, the electronics manufacturing in Acuña, Mexico continues to transition to Celaya, Mexico.

During the three months ended March 31, 2022, the Company recognized restructuring expense of $50 for employee separation costs and $101 for other costs. During the three months ended March 31, 2021, the Company recognized restructuring expense of $206 for employee separation costs and $259 for other costs.

The Company has recorded approximately $10,256 of restructuring expenses since the inception of this program and as of March 31, 2022, $538 remains accrued. Actions under the Plan are expected to be substantially completed by the end of 2022 and future expenses are expected to be less than $1,000.

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 months ended March 31, 2022, the Company recognized $30 for other costs. During the three months ended March 31, 2021, the Company recognized $326 for employee separation 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 months ended March 31, 2022 and 2021 by reporting segment:

	Three Months Ended March 31,
	2022		2021
Automotive	$	181	$	791
Medical		—		—
Corporate		—		—
Total	$	181	$	791

Restructuring Liability

Restructuring liabilities are classified as Other current liabilities in the consolidated condensed balance sheets. The following table summarizes restructuring liability for the three months ended March 31, 2022:

	Employee Separation Costs			Other Related Costs			Total
Balance at December 31, 2021	$	1,494		$	—		$	1,494
Additions, charged to restructuring expenses		—			131			131
Cash payments		(544	)		(131	)		(675	)
Non-cash utilization		—			—			—
Change in estimate		50			—			50
Currency translation		(18	)		—			(18	)
Balance at March 31, 2022	$	982		$	—		$	982

Details of Certain Balance Sheet Components

3 Months Ended

Mar. 31, 2022

Balance Sheet Components [Abstract]

Details of Certain Balance Sheet Components

Note 4 – Details of Certain Balance Sheet Components

	March 31, 2022		December 31, 2021
Other current assets:
Notes receivable	$	15,958	$	13,033
Income tax and other tax receivable		12,501		10,681
Billable tooling		4,993		3,778
Prepaid expenses		4,751		3,407
Other		2,831		1,876
Total other current assets	$	41,034	$	32,775
Other current liabilities:
Liabilities from discounts and rebates	$	26,632	$	27,343
Accrued employee liabilities		21,244		28,818
Income tax and other taxes payable		19,529		17,068
Restructuring		982		1,494
Accrued warranty		1,772		1,916
Other		8,885		5,554
Total other current liabilities	$	79,044	$	82,193

Goodwill and Other Intangibles

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022 was as follows:

	Automotive			Medical			Total
'Balance as of December 31, 2021	$	37,329		$	28,704		$	66,033
Exchange rate impact		(762	)		(292	)		(1,054	)
Balance as of March 31, 2022	$	36,567		$	28,412		$	64,979

Other Intangible Assets

Other intangible assets and accumulated amortization balances as of March 31, 2022 and December 31, 2021 were as follows:

	March 31, 2022							December 31, 2021
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	87,854	$	(63,445	)	$	24,409	$	90,448	$	(64,105	)	$	26,343
Technology		28,706		(24,288	)		4,418		29,464		(24,487	)		4,977
Product development costs		19,661		(19,183	)		478		20,329		(19,772	)		557
Software development		1,007		—			1,007		1,007		—			1,007
Indefinite-lived:
Tradenames		4,670		—			4,670		4,670		—			4,670
Total	$	141,898	$	(106,916	)	$	34,982	$	145,918	$	(108,364	)	$	37,554

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 March 31, 2022.

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Note 6 – Debt

The following table summarizes the Company’s debt as of March 31, 2022 and December 31, 2021:

	March 31, 2022						December 31, 2021
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Amended Credit Agreement:
U.S. Revolving Note (U.S. Dollar denominations)		1.71	%	$	35,000			1.35	%	$	35,000
U.S. Revolving Note (Euro denominations)		—			—			—			—
DEG Vietnam Loan		5.21	%		3,750			5.21	%		3,750
Total debt					38,750						38,750
Current maturities					(2,500	)					(2,500	)
Long-term debt, less current maturities				$	36,250					$	36,250

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 March 31, 2022 and December 31, 2021.

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 March 31, 2022, 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 (0.33% at March 31, 2022) plus 0.50%, Bank of America’s prime rate (3.50% at March 31, 2022), 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 (0.45% at March 31, 2022). 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.

As of March 31, 2022, $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, $424,521 remained available as of March 31, 2022 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 March 31, 2022, the Company was in compliance with the terms of the DEG Vietnam Loan.

The scheduled principal maturities of our debt as of March 31, 2022 were as follows:

	DEG Vietnam Note		U.S. Revolving Note		Total
2022	$	2,500	$	—	$	2,500
2023		1,250		—		1,250
2024		—		35,000		35,000
Total	$	3,750	$	35,000	$	38,750

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7 – Commitments and Contingencies

Legal and other 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, 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 results of operations or financial position.

Product Liability and Warranty Matters

In the event that the Company’s products fail to perform as expected or result in alleged bodily injury or property damage, our products may subject us to warranty claims and product liability. If any of our products are or are alleged to be defective, we may be required to participate in a recall or other corrective action involving such products. The Company maintains liability insurance coverage at levels based on commercial norms and historical claims experience. The Company can provide no assurances that it will not experience material claims in the future or that it will not incur significant costs to defend such claims.

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

	Three Months Ended March 31,
	2022			2021
Balance at the beginning of the period	$	1,916		$	2,391
Warranty claims paid		(334	)		(352	)
Warranty expense for products shipped during the current period		354			519
Adjustments to warranty estimates from prior periods		(152	)		271
Adjustments due to currency translation		(12	)		(31	)
Balance at the end of the period	$	1,772		$	2,798

Other matters

Purchase commitments for materials, supplies, services and capital expenditures, as part of the normal course of business, are generally consistent from year to year. In addition, due to supply shortages of semiconductors, the Company has entered into agreements with various suppliers to reserve the right to purchase certain semiconductor chips over periods of 12-24 months, with volume commitments determined based on our anticipated production requirements. As of March 31, 2022, the Company’s total commitments for these semiconductor chip agreements was $38,919. Such agreements provide the Company with priority access to semiconductor chips as they become available, however, these agreements do not guarantee that our suppliers will meet the timing and quantities requested by Gentherm. All other purchase commitments as of March 31, 2022 were immaterial.

Earnings Per Share

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Net income	$	11,747	$	32,909

Basic weighted average shares of Common Stock outstanding		33,034,872		32,945,970
Dilutive effect of stock options, restricted stock awards and restricted stock units		341,892		443,621
Diluted weighted average shares of Common Stock outstanding		33,376,764		33,389,591

Basic earnings per share	$	0.36	$	1.00
Diluted earnings per share	$	0.35	$	0.99

There were no shares excluded from the Company’s diluted earnings per share for the three months ended March 31, 2022 and 2021 on the basis that their inclusion would have an anti-dilutive impact on the calculation.

Financial Instruments

3 Months Ended

Mar. 31, 2022

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, North 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 $21,180 and $13,974 and copper commodity swap contracts with a notional value of $0 and $309 outstanding as of March 31, 2022 and December 31, 2021, respectively. The principal currency hedged by the Company was the Mexican Peso.

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. Cash flows associated with derivatives are reported in net cash (used in) provided by operating activities in the Company’s consolidated condensed statements of cash flows.

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 March 31, 2022 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

904

Other current liabilities

—

904

Commodity hedges

Cash flow hedge

Level 2

Other current assets

—

Other current liabilities

—

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

294

Other current liabilities

—

294

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 March 31,
	Location	2022			2021
Foreign currency derivatives	Cost of sales – income	$	153		$	478
	Other comprehensive income (loss)		610			(667	)
Total foreign currency derivatives		$	763		$	(189	)

Commodity derivatives	Cost of sales – income	$	19		$	—
	Other comprehensive loss		(6	)		—
Total commodity derivatives		$	13		$	—

The Company did not incur any hedge ineffectiveness during the three months ended March 31, 2022 and 2021.

Accounts Receivable Factoring

The Company is party to a receivable factoring agreement with HSBC Bank USA, National Association. Under the receivable factoring agreement, we can sell receivables for certain of our North America account debtors up to $41,300, on a revolving basis, subject to outstanding balances and concentration limits. As of March 31, 2022, there were no outstanding receivables transferred under the receivable factoring agreement and our availability under the receivables factoring agreement was $19,385.

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

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) and pension plan assets, the Company had no material financial assets and liabilities that were carried at fair value at March 31, 2022 and December 31, 2021. 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. As of March 31, 2022 and December 31, 2021, there were no 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 March 31, 2022, and December 31, 2021, 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 Gentherm’s DEG Vietnam Loan are based on quoted swap rates. As of March 31, 2022, the carrying value of the DEG Vietnam Loan was $3,750 as compared to an estimated fair value of $3,796. As of December 31, 2021, the carrying value of the DEG Vietnam Loan was $3,750 as compared to an estimated fair value of $3,778.

Equity

3 Months Ended

Mar. 31, 2022

Stockholders Equity Note [Abstract]

Equity

Note 11 – Equity

In December 2020, the Board of Directors of Gentherm Incorporated (“Board of Directors”) authorized a 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 three months ended March 31, 2022, or March 31, 2021. The 2020 Stock Repurchase Program had $130,000 repurchase authorization remaining as of March 31, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Reclassifications Out of Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021 were as follows:

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives				Total
Balance at December 31, 2021	$	(2,893	)	$	(34,188	)	$	154			$	5			$	(36,922	)
Other comprehensive (loss) income before reclassifications		—			(9,154	)		763				13				(8,378	)
Income tax effect of other comprehensive loss before reclassifications		—			(140	)		(179	)			(3	)			(322	)
Amounts reclassified from accumulated other comprehensive loss into net income		35			—			(153	)	^a		(19	)	^a		(137	)
Income taxes reclassified into net income		(6	)		—			33				4				31
Net current period other comprehensive income (loss)		29			(9,294	)		464				(5	)			(8,806	)
Balance at March 31, 2022	$	(2,864	)	$	(43,482	)	$	618			$	—			$	(45,728	)

(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				Total
Balance at December 31, 2020	$	(3,451	)	$	(12,637	)	$	1,106			$	(14,982	)
Other comprehensive loss before reclassifications		—			(12,872	)		(189	)			(13,061	)
Income tax effect of other comprehensive loss before reclassifications		—			(280	)		41				(239	)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(478	)	^a		(478	)
Income taxes reclassified into net income		—			—			104				104
Net current period other comprehensive loss		—			(13,152	)		(522	)			(13,674	)
Balance at March 31, 2021	$	(3,451	)	$	(25,789	)	$	584			$	(28,656	)

(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 March 31, 2022 to be reclassified into earnings during the next twelve months. See Note 9 for additional information about derivative financial instruments and the effects from reclassification to net income.

Income Taxes

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021, is shown below:

	Three Months Ended March 31,
	2022			2021
Income tax expense	$	4,295		$	7,565
Earnings before income tax	$	16,042		$	40,474
Effective tax rate		26.8	%		18.7	%

Income tax expense was $4,295 for the three months ended March 31, 2022, on earnings before income tax of $16,042, representing an effective tax rate of 26.8%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, the unfavorable impact of the global intangible low-tax income (“GILTI”), and the quarterly accrual for uncertain tax positions, partially offset by the impact of certain favorable tax effects on equity vesting.

Income tax expense was $7,565 for the three months ended March 31, 2021, on earnings before income tax of $40,474, representing an effective tax rate of 18.7%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to certain intercompany transactions, partially offset by unfavorable impact of the global intangible low-tax income (“GILTI”).

- 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.

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+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2022

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 results from our patient temperature management business within the medical industry.

The Corporate category includes unallocated costs related to our corporate headquarter activities, including selling, general and administrative costs and acquisition transaction costs, which do not meet the requirements for being classified as an operating segment.

The tables below present segment information about the reported product revenues, depreciation and amortization and operating income (loss) of the Company for three months ended March 31, 2022 and 2021.

Three Months Ended March 31,	Automotive		Medical			Corporate			Total
2022:
Product revenues	$	257,864	$	9,793		$	—		$	267,657
Depreciation and amortization		8,667		604			306		$	9,577
Operating income (loss)		31,275		(851	)		(16,234	)	$	14,190
2021:
Product revenues	$	279,370	$	9,165		$	—		$	288,535
Depreciation and amortization		9,053		584			217		$	9,854
Operating income (loss)		53,116		(531	)		(11,836	)	$	40,749

Automotive and Medical segment product revenues by product category for the three months ended March 31, 2022 and 2021 were as follows:

	Three Months Ended March 31,
	2022		2021
Climate Control Seat	$	102,734	$	109,173
Seat Heaters		68,896		76,721
Steering Wheel Heaters		28,736		28,864
Automotive Cables		22,045		24,281
Battery Performance Solutions		17,613		17,760
Electronics		10,828		15,105
Other Automotive		7,012		7,466
Subtotal Automotive segment		257,864		279,370
Medical segment		9,793		9,165
Total Company	$	267,657	$	288,535

Total product revenues information by geographic area for the three months ended March 31, 2022 and 2021 is as follows (based on shipment destination):

	Three Months Ended March 31,
	2022		2021
United States	$	104,122	$	115,287
China		38,353		33,515
South Korea		21,175		24,640
Germany		19,786		19,180
Romania		12,755		15,085
Japan		11,816		17,920
Other		59,650		62,908
Total Non-U.S.		163,535		173,248
Total Company	$	267,657	$	288,535

- 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.

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 15 – Subsequent Events

On May 4, 2022, the Company entered into a definitive purchase agreement to acquire the automotive business of Alfmeier Präzision SE (“Alfmeier”), the global leader in automotive lumbar and massage comfort solutions and a leading provider of advanced valve systems technology, integrated electronics and software.

Under the terms of the agreement, the Company will acquire all shares in Alfmeier for €177,500, net of cash and debt, subject to customary adjustments related to Alfmeier’s net working capital as of the closing and may be increased by up to €4,000 at or post-closing upon resolution of certain Alfmeier tax matters. The transaction will be funded through a combination of the Company’s existing cash balances and revolving credit facility. The transaction is expected to close during the third quarter of 2022 subject to the receipt of regulatory approvals and the satisfaction or waiver of other customary closing conditions.

Also on May 4, 2022, the Company entered into a put and call option agreement for the real property in Germany on which Alfmeier’s headquarters is located. Pursuant to this agreement, the seller will have a put to sell the headquarters and the Company will have an option to purchase the headquarters post-closing of the acquisition of Alfmeier.

New Accounting Pronouncements (Policies)	3 Months Ended
New Accounting Pronouncements (Policies)	Mar. 31, 2022
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, 2021. 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.
Variable Interest Entities	Variable Interest Entities The Company maintains an ownership interest in a VIE, Carrar Ltd. (“Carrar”). Carrar is a 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. The Carrar investment was $5,200 as of March 31, 2022 and December 31, 2021, and is recorded in Other non-current assets in the consolidated condensed balance sheet.
Revenue Recognition	Revenue Recognition The Company has no material contract assets or contract liabilities as of March 31, 2022. 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 $1,884 and $1,946 as of March 31, 2022 and December 31, 2021, 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.
Segment Reporting	Segment Reporting The Company has two reportable segments: Automotive and Medical. The Automotive reporting segment is comprised of the results from our global automotive businesses, including the design, development, manufacturing and sales of automotive climate comfort systems, automotive cable systems, battery performance solutions, and automotive electronic and software systems. The Medical reporting segment is comprised of the results from the patient temperature management business in the medical industry. Patient temperature management includes temperature management systems across multiple product categories addressing the needs of hyper-hypothermia therapy in intensive care, normothermia in surgical procedures and additional warming/cooling therapies utilized in acute care, ambulatory, clinics and home health.
Reference Rate Reform	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 are 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 (Tables)

3 Months Ended

Mar. 31, 2022

Restructuring And Related Activities [Abstract]

Summary of Restructuring Expense by Reportable Segment

The following table summarizes restructuring expense for the three months ended March 31, 2022 and 2021 by reporting segment:

	Three Months Ended March 31,
	2022		2021
Automotive	$	181	$	791
Medical		—		—
Corporate		—		—
Total	$	181	$	791

Summary of Restructuring Liability

The following table summarizes restructuring liability for the three months ended March 31, 2022:

	Employee Separation Costs			Other Related Costs			Total
Balance at December 31, 2021	$	1,494		$	—		$	1,494
Additions, charged to restructuring expenses		—			131			131
Cash payments		(544	)		(131	)		(675	)
Non-cash utilization		—			—			—
Change in estimate		50			—			50
Currency translation		(18	)		—			(18	)
Balance at March 31, 2022	$	982		$	—		$	982

Details of Certain Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2022

Balance Sheet Components [Abstract]

Summary of Certain Balance Sheet Components

	March 31, 2022		December 31, 2021
Other current assets:
Notes receivable	$	15,958	$	13,033
Income tax and other tax receivable		12,501		10,681
Billable tooling		4,993		3,778
Prepaid expenses		4,751		3,407
Other		2,831		1,876
Total other current assets	$	41,034	$	32,775
Other current liabilities:
Liabilities from discounts and rebates	$	26,632	$	27,343
Accrued employee liabilities		21,244		28,818
Income tax and other taxes payable		19,529		17,068
Restructuring		982		1,494
Accrued warranty		1,772		1,916
Other		8,885		5,554
Total other current liabilities	$	79,044	$	82,193

Goodwill and Other Intangibles (Tables)

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022 was as follows:

	Automotive			Medical			Total
'Balance as of December 31, 2021	$	37,329		$	28,704		$	66,033
Exchange rate impact		(762	)		(292	)		(1,054	)
Balance as of March 31, 2022	$	36,567		$	28,412		$	64,979

Summary of Other Intangible Assets and Accumulated Amortization Balances

Other intangible assets and accumulated amortization balances as of March 31, 2022 and December 31, 2021 were as follows:

	March 31, 2022							December 31, 2021
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	87,854	$	(63,445	)	$	24,409	$	90,448	$	(64,105	)	$	26,343
Technology		28,706		(24,288	)		4,418		29,464		(24,487	)		4,977
Product development costs		19,661		(19,183	)		478		20,329		(19,772	)		557
Software development		1,007		—			1,007		1,007		—			1,007
Indefinite-lived:
Tradenames		4,670		—			4,670		4,670		—			4,670
Total	$	141,898	$	(106,916	)	$	34,982	$	145,918	$	(108,364	)	$	37,554

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of Company's Debt

The following table summarizes the Company’s debt as of March 31, 2022 and December 31, 2021:

	March 31, 2022						December 31, 2021
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Amended Credit Agreement:
U.S. Revolving Note (U.S. Dollar denominations)		1.71	%	$	35,000			1.35	%	$	35,000
U.S. Revolving Note (Euro denominations)		—			—			—			—
DEG Vietnam Loan		5.21	%		3,750			5.21	%		3,750
Total debt					38,750						38,750
Current maturities					(2,500	)					(2,500	)
Long-term debt, less current maturities				$	36,250					$	36,250

Principal Maturities of Debt

The scheduled principal maturities of our debt as of March 31, 2022 were as follows:

	DEG Vietnam Note		U.S. Revolving Note		Total
2022	$	2,500	$	—	$	2,500
2023		1,250		—		1,250
2024		—		35,000		35,000
Total	$	3,750	$	35,000	$	38,750

- 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

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+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Reconciliation of Changes in Accrued Warranty Costs

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

	Three Months Ended March 31,
	2022			2021
Balance at the beginning of the period	$	1,916		$	2,391
Warranty claims paid		(334	)		(352	)
Warranty expense for products shipped during the current period		354			519
Adjustments to warranty estimates from prior periods		(152	)		271
Adjustments due to currency translation		(12	)		(31	)
Balance at the end of the period	$	1,772		$	2,798

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Net income	$	11,747	$	32,909

Basic weighted average shares of Common Stock outstanding		33,034,872		32,945,970
Dilutive effect of stock options, restricted stock awards and restricted stock units		341,892		443,621
Diluted weighted average shares of Common Stock outstanding		33,376,764		33,389,591

Basic earnings per share	$	0.36	$	1.00
Diluted earnings per share	$	0.35	$	0.99

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 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

904

Other current liabilities

—

904

Commodity hedges

Cash flow hedge

Level 2

Other current assets

—

Other current liabilities

—

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

294

Other current liabilities

—

294

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 March 31,
	Location	2022			2021
Foreign currency derivatives	Cost of sales – income	$	153		$	478
	Other comprehensive income (loss)		610			(667	)
Total foreign currency derivatives		$	763		$	(189	)

Commodity derivatives	Cost of sales – income	$	19		$	—
	Other comprehensive loss		(6	)		—
Total commodity derivatives		$	13		$	—

Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021 were as follows:

	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives				Total
Balance at December 31, 2021	$	(2,893	)	$	(34,188	)	$	154			$	5			$	(36,922	)
Other comprehensive (loss) income before reclassifications		—			(9,154	)		763				13				(8,378	)
Income tax effect of other comprehensive loss before reclassifications		—			(140	)		(179	)			(3	)			(322	)
Amounts reclassified from accumulated other comprehensive loss into net income		35			—			(153	)	^a		(19	)	^a		(137	)
Income taxes reclassified into net income		(6	)		—			33				4				31
Net current period other comprehensive income (loss)		29			(9,294	)		464				(5	)			(8,806	)
Balance at March 31, 2022	$	(2,864	)	$	(43,482	)	$	618			$	—			$	(45,728	)

(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				Total
Balance at December 31, 2020	$	(3,451	)	$	(12,637	)	$	1,106			$	(14,982	)
Other comprehensive loss before reclassifications		—			(12,872	)		(189	)			(13,061	)
Income tax effect of other comprehensive loss before reclassifications		—			(280	)		41				(239	)
Amounts reclassified from accumulated other comprehensive loss into net income		—			—			(478	)	^a		(478	)
Income taxes reclassified into net income		—			—			104				104
Net current period other comprehensive loss		—			(13,152	)		(522	)			(13,674	)
Balance at March 31, 2021	$	(3,451	)	$	(25,789	)	$	584			$	(28,656	)

(a)

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

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021, is shown below:

	Three Months Ended March 31,
	2022			2021
Income tax expense	$	4,295		$	7,565
Earnings before income tax	$	16,042		$	40,474
Effective tax rate		26.8	%		18.7	%

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

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

Three Months Ended March 31,	Automotive		Medical			Corporate			Total
2022:
Product revenues	$	257,864	$	9,793		$	—		$	267,657
Depreciation and amortization		8,667		604			306		$	9,577
Operating income (loss)		31,275		(851	)		(16,234	)	$	14,190
2021:
Product revenues	$	279,370	$	9,165		$	—		$	288,535
Depreciation and amortization		9,053		584			217		$	9,854
Operating income (loss)		53,116		(531	)		(11,836	)	$	40,749

Segment Information About Reported Segment Product Revenues by Product Category

Automotive and Medical segment product revenues by product category for the three months ended March 31, 2022 and 2021 were as follows:

	Three Months Ended March 31,
	2022		2021
Climate Control Seat	$	102,734	$	109,173
Seat Heaters		68,896		76,721
Steering Wheel Heaters		28,736		28,864
Automotive Cables		22,045		24,281
Battery Performance Solutions		17,613		17,760
Electronics		10,828		15,105
Other Automotive		7,012		7,466
Subtotal Automotive segment		257,864		279,370
Medical segment		9,793		9,165
Total Company	$	267,657	$	288,535

Product Revenues Information by Geographic Area

Total product revenues information by geographic area for the three months ended March 31, 2022 and 2021 is as follows (based on shipment destination):

	Three Months Ended March 31,
	2022		2021
United States	$	104,122	$	115,287
China		38,353		33,515
South Korea		21,175		24,640
Germany		19,786		19,180
Romania		12,755		15,085
Japan		11,816		17,920
Other		59,650		62,908
Total Non-U.S.		163,535		173,248
Total Company	$	267,657	$	288,535

Overview - Additional Information (Detail) $ in Thousands	3 Months Ended
Overview - Additional Information (Detail) $ in Thousands	Mar. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Investment amount	$ 5,200	$ 5,200
Capitalized costs to obtain contract	$ 1,884	$ 1,946
Number of reportable segments \| Segment	2
Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest	20.00%
Minimum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Expected period of costs to be realized to recognize assets	1 year

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 181,000	$ 791,000
Restructuring and related activities, description	Actions under the Plan are expected to be substantially completed by the end of 2022
Maximum
Restructuring Cost And Reserve [Line Items]
Future restructuring expenses expected	$ 1,000,000
Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	10,256,000
Other restructuring costs	101,000	259,000
Restructuring expenses remains accrued	538,000
Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Other restructuring costs	30,000
Employee Separation Costs \| Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 50,000	206,000
Employee Separation Costs \| Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Restructuring expenses		$ 326,000

Restructuring - Summary of Restructuring Expense by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 181	$ 791
Operating Segments \| Automotive Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 181	$ 791

Restructuring - Summary of Restructuring Liability (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	$ 1,494
Additions, charged to restructuring expenses	131
Cash payments	(675)
Change in estimate	50
Currency translation	(18)
Balance, end of period	982
Employee Separation Costs
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	1,494
Cash payments	(544)
Change in estimate	50
Currency translation	(18)
Balance, end of period	982
Other Related Costs
Restructuring Cost And Reserve [Line Items]
Additions, charged to restructuring expenses	131
Cash payments	$ (131)

Details of Certain Balance Sheet Components (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Notes receivable	$ 15,958	$ 13,033
Income tax and other tax receivable	12,501	10,681
Billable tooling	4,993	3,778
Prepaid expenses	4,751	3,407
Other	2,831	1,876
Total other current assets	41,034	32,775
Other current liabilities:
Liabilities from discounts and rebates	26,632	27,343
Accrued employee liabilities	21,244	28,818
Income tax and other taxes payable	19,529	17,068
Restructuring	982	1,494
Accrued warranty	1,772	1,916	$ 2,798	$ 2,391
Other	8,885	5,554
Total other current liabilities	$ 79,044	$ 82,193

Goodwill and Other Intangibles - Summary of Changes in the Carrying Amount of Goodwill, By Reportable Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Line Items]
Balance, beginning of period	$ 66,033
Balance, end of period	64,979
Operating Segments
Goodwill [Line Items]
Balance, beginning of period	66,033
Exchange rate impact	(1,054)
Balance, end of period	64,979
Automotive Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period	37,329
Exchange rate impact	(762)
Balance, end of period	36,567
Medical Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period	28,704
Exchange rate impact	(292)
Balance, end of period	$ 28,412

Goodwill and Other Intangibles - Summary of Other Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Gross Carrying Value	$ 141,898	$ 145,918
Accumulated Amortization	(106,916)	(108,364)
Net Carrying Value	34,982	37,554
Net Carrying Value	34,982	37,554
Customer Relationships
Intangible Assets [Line Items]
Gross Carrying Value	87,854	90,448
Accumulated Amortization	(63,445)	(64,105)
Net Carrying Value	24,409	26,343
Technology
Intangible Assets [Line Items]
Gross Carrying Value	28,706	29,464
Accumulated Amortization	(24,288)	(24,487)
Net Carrying Value	4,418	4,977
Product development costs
Intangible Assets [Line Items]
Gross Carrying Value	19,661	20,329
Accumulated Amortization	(19,183)	(19,772)
Net Carrying Value	478	557
Software Development
Intangible Assets [Line Items]
Gross Carrying Value	1,007	1,007
Net Carrying Value	1,007	1,007
Tradenames
Intangible Assets [Line Items]
Net Carrying Value	$ 4,670	$ 4,670

Summary of Company's Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 38,750	$ 38,750
Current maturities	(2,500)	(2,500)
Long-term debt, less current maturities	$ 36,250	$ 36,250
U.S. Revolving Note (U.S. Dollar Denominations)
Debt Instrument [Line Items]
Interest Rate	1.71%	1.35%
Total debt	$ 35,000	$ 35,000
DEG Vietnam Loan
Debt Instrument [Line Items]
Interest Rate	5.21%	5.21%
Total debt	$ 3,750	$ 3,750

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Additional Information (Detail) - USD ($)		3 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jun. 27, 2019	Mar. 31, 2022	Dec. 31, 2021
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		0.33%
London Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate		0.45%
United State Bank Of America Credit Facility
Debt Instrument [Line Items]
Interest rate		3.50%
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
Remaining borrowing capacity		424,521,000
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	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt maturing in 2022	$ 2,500
Debt maturing in 2023	1,250
Debt maturing in 2024	35,000
Total debt	38,750	$ 38,750
DEG Vietnam Loan
Debt Instrument [Line Items]
Debt maturing in 2022	2,500
Debt maturing in 2023	1,250
Total debt	3,750	$ 3,750
US and Euro Denominated Revolving Note
Debt Instrument [Line Items]
Debt maturing in 2024	35,000
Total debt	$ 35,000

- Definition

+ References + Details

Commitments and Contingencies - Reconciliation of Changes in Accrued Warranty Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loss Contingency [Abstract]
Balance at the beginning of the period	$ 1,916	$ 2,391
Warranty claims paid	(334)	(352)
Warranty expense for products shipped during the current period	354	519
Adjustments to warranty estimates from prior periods	(152)	271
Adjustments due to currency translation	(12)	(31)
Balance at the end of the period	$ 1,772	$ 2,798

Commitments and Contingencies - Additional Information (Detail) - Semiconductor Chips $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Commitments	$ 38,919
Minimum
Loss Contingencies [Line Items]
Commitment period	12 months
Maximum
Loss Contingencies [Line Items]
Commitment period	24 months

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 11,747	$ 32,909
Basic weighted average shares of Common Stock outstanding	33,034,872	32,945,970
Dilutive effect of stock options, restricted stock awards and restricted stock units	341,892	443,621
Diluted weighted average shares of Common Stock outstanding	33,376,764	33,389,591
Basic earnings per share	$ 0.36	$ 1.00
Diluted earnings per share	$ 0.35	$ 0.99

- 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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- Definition

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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- Definition

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

+ References

+ Details

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Shares excluded from the Company’s diluted earnings	0	0

Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Derivative [Line Items]
Maximum length of time to hedges exposure to foreign currency exchange risk	15 months
Sale of receivable	$ 41,300,000
Receivables transferred	0
Availability under receivables factoring agreement	19,385,000
Foreign Currency Derivatives
Derivative [Line Items]
Notional Value	21,180,000		$ 13,974,000
Copper Commodity Swap Contracts
Derivative [Line Items]
Notional Value	0		$ 309,000
Interest Rate Swap
Derivative [Line Items]
Hedge Ineffectiveness Incurred	$ 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	Mar. 31, 2022	Dec. 31, 2021
Foreign Currency Derivatives
Derivatives Fair Value [Line Items]
Net Asset/ (Liabilities)	$ 904	$ 294
Foreign Currency Derivatives \| Other Current Assets
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 904	294
Commodity Hedges
Derivatives Fair Value [Line Items]
Net Asset/ (Liabilities)		6
Commodity Hedges \| Other Current Assets
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		$ 6

Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Statements of Income and Consolidated Condensed Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	$ 763	$ (189)
Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	13
Other comprehensive income (loss) \| Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	610	(667)
Other comprehensive income (loss) \| Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	(6)
Cost of sales – income \| Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	153	$ 478
Cost of sales – income \| Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	$ 19

Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	$ 38,750,000	$ 38,750,000
DEG Vietnam Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	3,750,000	3,750,000
Fair value	3,796,000	3,778,000
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

- Definition

+ References + Details

Equity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Shares repurchased	0	0
Remaining authorized repurchase amount	$ 130,000
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

Mar. 31, 2022

Mar. 31, 2021

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

$ (36,922)

$ (14,982)

Other comprehensive (loss) income before reclassifications

(8,378)

(13,061)

Income tax effect of other comprehensive loss before reclassifications

(322)

(239)

Amounts reclassified from accumulated other comprehensive loss into net income

(137)

(478)

Income taxes reclassified into net income

104

Other comprehensive loss, net of tax

(8,806)

(13,674)

Ending Balance

(45,728)

(28,656)

Defined Benefit Pension Plans

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

(2,893)

(3,451)

Amounts reclassified from accumulated other comprehensive loss into net income

Income taxes reclassified into net income

(6)

Other comprehensive loss, net of tax

Ending Balance

(2,864)

(3,451)

Foreign Currency Translation Adjustments

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

(34,188)

(12,637)

Other comprehensive (loss) income before reclassifications

(9,154)

(12,872)

Income tax effect of other comprehensive loss before reclassifications

(140)

(280)

Other comprehensive loss, net of tax

(9,294)

(13,152)

Ending Balance

(43,482)

(25,789)

Foreign Currency Hedge Derivatives

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

154

1,106

Other comprehensive (loss) income before reclassifications

763

(189)

Income tax effect of other comprehensive loss before reclassifications

(179)

Amounts reclassified from accumulated other comprehensive loss into net income

(153)

^[1]

(478)

Income taxes reclassified into net income

104

Other comprehensive loss, net of tax

464

(522)

Ending Balance

618

$ 584

Commodity Hedge Derivatives

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

Other comprehensive (loss) income before reclassifications

Income tax effect of other comprehensive loss before reclassifications

(3)

Amounts reclassified from accumulated other comprehensive loss into net income

(19)

Income taxes reclassified into net income

Other comprehensive loss, net of tax

$ (5)

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

Income Taxes - Summary of Provision for Income Taxes and Corresponding Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,295	$ 7,565
Earnings before income tax	$ 16,042	$ 40,474
Effective tax rate	26.80%	18.70%

- 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
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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
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,295	$ 7,565
Earnings before income tax	$ 16,042	$ 40,474
Effective tax rate	26.80%	18.70%
U.S. federal statutory rate	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
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Product revenues	$ 267,657	$ 288,535
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 9,577	$ 9,854
Operating income (loss)	14,190	40,749
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	$ 257,864	$ 279,370
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 8,667	$ 9,053
Operating income (loss)	31,275	53,116
Medical Segments
Segment Reporting Information [Line Items]
Product revenues	$ 9,793	$ 9,165
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 604	$ 584
Operating income (loss)	$ (851)	$ (531)
Corporate Segments
Segment Reporting Information [Line Items]
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 306	$ 217
Operating income (loss)	$ (16,234)	$ (11,836)

- 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
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Product revenues	$ 267,657	$ 288,535
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	257,864	279,370
Automotive Segments \| Climate Control Seat
Segment Reporting Information [Line Items]
Product revenues	102,734	109,173
Automotive Segments \| Seat Heaters
Segment Reporting Information [Line Items]
Product revenues	68,896	76,721
Automotive Segments \| Steering Wheel Heaters
Segment Reporting Information [Line Items]
Product revenues	28,736	28,864
Automotive Segments \| Automotive Cables
Segment Reporting Information [Line Items]
Product revenues	22,045	24,281
Automotive Segments \| Battery Performance Solutions
Segment Reporting Information [Line Items]
Product revenues	17,613	17,760
Automotive Segments \| Electronics
Segment Reporting Information [Line Items]
Product revenues	10,828	15,105
Automotive Segments \| Other Automotive
Segment Reporting Information [Line Items]
Product revenues	7,012	7,466
Industrial Segments \| Medical Segments
Segment Reporting Information [Line Items]
Product revenues	$ 9,793	$ 9,165

Segment Reporting (Detail) - USD ($) $ in Thousands	3 Months Ended
Segment Reporting (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Product revenues	$ 267,657	$ 288,535
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
United States
Segment Reporting Information [Line Items]
Product revenues	$ 104,122	$ 115,287
China
Segment Reporting Information [Line Items]
Product revenues	38,353	33,515
South Korea
Segment Reporting Information [Line Items]
Product revenues	21,175	24,640
Germany
Segment Reporting Information [Line Items]
Product revenues	19,786	19,180
Romania
Segment Reporting Information [Line Items]
Product revenues	12,755	15,085
Japan
Segment Reporting Information [Line Items]
Product revenues	11,816	17,920
Other
Segment Reporting Information [Line Items]
Product revenues	59,650	62,908
Non U.S.
Segment Reporting Information [Line Items]
Product revenues	$ 163,535	$ 173,248

Subsequent Events - Additional Information (Detail) - Subsequent Events - Alfmeier € in Thousands	May 04, 2022 EUR (€)
Subsequent Event [Line Items]
Acquisition of shares, net of cash and debt	€ 177,500
Working capital adjustment	€ 4,000