0000950170-22-021978 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	THRM
Entity Registrant Name	GENTHERM INCORPORATED
Entity Central Index Key	0000903129
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		33,198,067
Entity Shell Company	false
Entity File Number	0-21810
Entity Tax Identification Number	95-4318554
Entity Address, Address Line One	21680 Haggerty Road
Entity Address, City or Town	Northville
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48167
City Area Code	248
Local Phone Number	504-0500
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MI
Document Quarterly Report	true
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, no par value
Document Transition Report	false

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 139,163	$ 190,606
Accounts receivable, net	248,570	182,987
Inventory:
Raw materials	154,273	96,426
Work in process	17,157	9,495
Finished goods	62,465	53,556
Inventory, net	233,895	159,477
Other current assets	84,344	32,775
Total current assets	705,972	565,845
Property and equipment, net	228,056	155,270
Goodwill	125,273	66,033
Other intangible assets, net	68,639	37,554
Operating lease right-of-use assets	30,214	24,387
Deferred income tax assets	66,322	69,630
Other non-current assets	16,857	16,624
Total assets	1,241,333	935,343
Current Liabilities:
Accounts payable	208,338	122,727
Current lease liabilities	7,448	5,669
Current maturities of long-term debt	3,540	2,500
Other current liabilities	100,898	82,193
Total current liabilities	320,224	213,089
Long-term debt, less current maturities	232,000	36,250
Non-current lease liabilities	22,013	19,789
Pension benefit obligation	5,850	6,832
Other non-current liabilities	37,157	5,577
Total liabilities	617,244	281,537
Common Stock:
No par value; 55,000,000 shares authorized 33,196,404 and 33,008,185 issued and outstanding at September 30, 2022 and December 31, 2021, respectively	119,801	118,646
Paid-in capital	5,477	5,866
Accumulated other comprehensive loss	(96,051)	(36,922)
Accumulated earnings	594,862	566,216
Total shareholders’ equity	624,089	653,806
Total liabilities and shareholders’ equity	$ 1,241,333	$ 935,343

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	33,196,404	33,008,185
Common Stock, shares outstanding	33,196,404	33,008,185

Consolidated Condensed Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Product revenues	$ 332,962	$ 243,384	$ 861,334	$ 797,924
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 252,610	$ 173,997	$ 657,492	$ 561,655
Gross margin	80,352	69,387	203,842	236,269
Operating expenses:
Net research and development expenses	22,666	20,590	62,425	56,420
Selling, general and administrative expenses	34,859	27,344	96,109	83,093
Restructuring expenses	6	749	561	3,631
Total operating expenses	57,531	48,683	159,095	143,144
Operating income	22,821	20,704	44,747	93,125
Interest income (expense), net	714	(515)	(1,285)	(2,184)
Foreign currency (loss) gain	(8,285)	133	(1,516)	391
Other income	361	10	698	13
Earnings before income tax	15,611	20,332	42,644	91,345
Income tax expense	5,784	4,646	13,998	17,959
Net income	$ 9,827	$ 15,686	$ 28,646	$ 73,386
Basic earnings per share	$ 0.30	$ 0.47	$ 0.87	$ 2.22
Diluted earnings per share	$ 0.29	$ 0.47	$ 0.86	$ 2.19
Weighted average number of shares – basic	33,162,181	33,177,743	33,105,854	33,075,399
Weighted average number of shares – diluted	33,470,439	33,609,084	33,459,750	33,488,900

Consolidated Condensed Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 9,827	$ 15,686	$ 28,646	$ 73,386
Other comprehensive loss:
Pension benefit obligations	6		62
Foreign currency translation adjustments	(28,682)	(7,432)	(60,676)	(16,056)
Unrealized gain (loss) on foreign currency derivative securities, net of tax	1,273	(474)	1,490	(1,044)
Unrealized loss on commodity derivative securities, net of tax		(35)	(5)	(35)
Other comprehensive loss, net of tax	(27,403)	(7,941)	(59,129)	(17,135)
Comprehensive (loss) income	$ (17,576)	$ 7,745	$ (30,483)	$ 56,251

- Definition

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

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- Definition

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

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- Definition

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

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+ Details

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities:
Net income	$ 28,646	$ 73,386
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,470	29,430
Deferred income taxes	(1,207)	3,867
Non-cash stock based compensation	3,383	11,760
Loss on disposition of property and equipment	620	638
Other	881	(650)
Changes in assets and liabilities:
Accounts receivable, net	(55,780)	26,162
Inventory	(48,930)	(34,019)
Other assets	(10,868)	597
Accounts payable	60,983	9,231
Other liabilities	4,759	(3,296)
Net cash provided by operating activities	12,957	117,106
Investing Activities:
Purchases of property and equipment	(25,737)	(29,585)
Proceeds from the sale of property and equipment	175	11
Acquisition of businesses, net of cash acquired	(224,097)	(2,827)
Proceeds from deferred purchase price of factored receivables	2,168
Cost of technology investments	(350)	(7,557)
Net cash used in investing activities	(247,841)	(39,958)
Financing Activities:
Borrowings on debt	207,000
Repayments of debt	(11,559)	(151,993)
Proceeds from the exercise of Common Stock options	1,556	7,467
Taxes withheld and paid on employees' share-based payment awards	(5,415)	(3,991)
Acquisition contingent consideration payment		(69)
Net cash provided by (used in) financing activities	191,582	(148,586)
Foreign currency effect	(8,141)	(1,821)
Net decrease in cash and cash equivalents	(51,443)	(73,259)
Cash and cash equivalents at beginning of period	190,606	268,345
Cash and cash equivalents at end of period	139,163	195,086
Supplemental disclosure of cash flow information:
Cash paid for taxes	13,509	12,348
Cash paid for interest	$ 3,334	$ 1,823

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) income	(13,674)			(13,674)
Stock compensation, net	7,192	$ 8,527	(1,335)
Stock compensation, net, shares		190,000
Ending Balance at Mar. 31, 2021	612,758	$ 129,600	6,123	(28,656)	505,691
Ending Balance (in shares) at Mar. 31, 2021		33,111,000
Beginning Balance at Dec. 31, 2020	586,331	$ 121,073	7,458	(14,982)	472,782
Beginning Balance (in shares) at Dec. 31, 2020		32,921,000
Net income	73,386
Other comprehensive (loss) income	(17,135)
Ending Balance at Sep. 30, 2021	655,480	$ 135,449	5,980	(32,117)	546,168
Ending Balance (in shares) at Sep. 30, 2021		33,225,000
Beginning Balance at Mar. 31, 2021	612,758	$ 129,600	6,123	(28,656)	505,691
Beginning Balance (in shares) at Mar. 31, 2021		33,111,000
Net income	24,791				24,791
Other comprehensive (loss) income	4,480			4,480
Stock compensation, net	3,181	$ 3,142	39
Stock compensation, net, shares		34,000
Ending Balance at Jun. 30, 2021	645,210	$ 132,742	6,162	(24,176)	530,482
Ending Balance (in shares) at Jun. 30, 2021		33,145,000
Net income	15,686				15,686
Other comprehensive (loss) income	(7,941)			(7,941)
Stock compensation, net	2,525	$ 2,707	(182)
Stock compensation, net, shares		80,000
Ending Balance at Sep. 30, 2021	655,480	$ 135,449	5,980	(32,117)	546,168
Ending Balance (in shares) at Sep. 30, 2021		33,225,000
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) income	(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		33,127,000
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	$ 28,646
Other comprehensive (loss) income	(59,129)
Ending Balance at Sep. 30, 2022	$ 624,089	$ 119,801	5,477	(96,051)	594,862
Ending Balance (in shares) at Sep. 30, 2022	33,196,404	33,196,000
Beginning Balance at Mar. 31, 2022	$ 655,787	$ 117,832	5,720	(45,728)	577,963
Beginning Balance (in shares) at Mar. 31, 2022		33,127,000
Net income	7,072				7,072
Other comprehensive (loss) income	(22,920)			(22,920)
Stock compensation, net	3,256	$ 3,256
Stock compensation, net, shares		6,000
Ending Balance at Jun. 30, 2022	643,195	$ 121,088	5,720	(68,648)	585,035
Ending Balance (in shares) at Jun. 30, 2022		33,133,000
Net income	9,827				9,827
Other comprehensive (loss) income	(27,403)			(27,403)
Stock compensation, net	(1,530)	$ (1,287)	(243)
Stock compensation, net, shares		63,000
Ending Balance at Sep. 30, 2022	$ 624,089	$ 119,801	$ 5,477	$ (96,051)	$ 594,862
Ending Balance (in shares) at Sep. 30, 2022	33,196,404	33,196,000

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Overview

9 Months Ended

Sep. 30, 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 the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry. Automotive products include variable temperature Climate Control Seats, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), battery performance solutions, cable systems, lumbar and massage comfort solutions, valve system technologies, and other electronic devices. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. 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.

On July 13, 2022, Gentherm acquired Jiangmen Dacheng Medical Equipment Co. Ltd (“Dacheng”), a manufacturer of medical materials and medical equipment, including patient temperature management solutions. The acquisition was accounted for as a business combination within our Medical segment.

On July 29, 2022, Gentherm acquired Alfmeier Präzision SE (“Alfmeier”), a global leader in automotive lumbar and massage comfort solutions and a leading provider of advanced valve systems technology, integrated electronics and software. The acquisition was accounted for as a business combination within our Automotive segment.

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 entities 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 entities 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 September 30, 2022 and December 31, 2021, and is recorded in Other non-current assets in the consolidated condensed balance sheets.

Revenue Recognition

The Company has no material contract assets or contract liabilities as of September 30, 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 $2,085 and $1,946 as of September 30, 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.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2022
Accounting Standards Update and Change in Accounting Principle [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 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.

Acquisitions

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Acquisitions

Note 3 – Acquisitions

Alfmeier Präzision SE

On July 29, 2022, the Company transferred consideration to acquire 100% of the equity interests of Alfmeier, a global leader in automotive lumbar and massage comfort solutions and a leading provider of advanced valve systems technology, integrated electronics and software. The acquisition further expands the Company's current value proposition beyond thermal in comfort, health, wellness, and energy efficiency and aligns with global consumer demand for expanded offerings in vehicle passenger comfort.

The acquisition date for accounting purposes was determined to be August 1, 2022 and the total consideration was $164,887. On the closing date, the Company made cash payments of $188,941, net of cash acquired. We expect to receive cash from the seller of $24,054 (“Purchase Consideration Receivable”) in connection with the finalization and settlement of post-closing adjustments in accordance with the purchase agreement. Substantially all of the adjustments known as of this filing relate to lower cash on hand as of the closing date than estimated and a pre-closing reorganization transaction. We expect additional adjustments for actual working capital, cash and cash-like items and debt and debt-like items as of the closing date. All post-closing adjustments are expected to be finalized within 120 days of the closing date, provided there are no disputes. Potential disputes shall be resolved in accordance with the purchase agreement. The Purchase Consideration Receivable is recorded in Other current assets in the consolidated condensed balance sheets as of September 30, 2022. The results of Alfmeier's operations are reported within the Automotive segment from the acquisition date.

The following table provides product revenues and operating income from Alfmeier that are included in our consolidated condensed financial statements:


	Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
Product revenues	$	41,281		$	41,281
Operating loss		(3,104	)		(3,104	)

The acquisition was accounted for as a business combination with the purchase price allocated on a preliminary basis using information available as of September 30, 2022. Assets acquired and liabilities assumed were recorded at estimated fair values based on third-party valuations, management’s estimates, available information, and supportable assumptions that management considered reasonable. The purchase price and related allocation are preliminary and could be revised as a result of: adjustments made to the purchase price; additional information obtained regarding liabilities assumed, including, but not limited to, contingent liabilities, revisions of provisional estimates of fair values, including, but not limited to, the completion of independent appraisals and valuations related to property, plant and equipment and intangible assets and certain tax attributes. The final valuation of assets acquired and liabilities assumed may be materially different from the estimated values shown below.

The following table summarizes the preliminary allocation of the purchase consideration to the estimated fair values of assets acquired and liabilities assumed as of the acquisition date:



Purchase price, cash consideration, net of cash acquired	$	188,941
Purchase price, Purchase Consideration Receivable	$	(24,054	)
Total purchase price, net of cash acquired	$	164,887

Accounts receivable		24,988
Inventory		36,026
Prepaid expenses and other assets		20,920
Operating lease right-of-use assets		4,608
Property and equipment		89,942
Other intangible assets		22,668
Goodwill		43,678
Assumed liabilities		(55,994	)
Deferred tax liabilities		(21,949	)
Net assets acquired	$	164,887

The following table summarizes the preliminary allocation of the purchase consideration to the other intangible assets acquired:


	Preliminary Fair Value		Weighted Average Life (in years)
Definite-lived:
Customer related	$	11,233		13
Technology		11,435		9
Total	$	22,668

The estimated fair value of the Intangible assets was based on third-party valuations and management’s estimates, generally utilizing income and market approaches. Goodwill recognized in this transaction is primarily attributable to the Company’s expected future economic benefits from combining operations to offer more compelling and high-value solutions across complementary customer relationships as well as expected future synergies. The goodwill is not expected to be deductible for tax purposes.

The following unaudited pro forma information represents our product revenues as if the acquisition of Alfmeier had occurred as of January 1, 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Product revenues	$	352,946	$	300,520	$	1,005,337	$	992,403

Jiangmen Dacheng Medical Equipment Co. Ltd

On July 13, 2022, the Company acquired 100% of the equity interests of Dacheng and its wholly owned subsidiary, IOB Medical, Inc. (“IOB”). Dacheng, a privately held manufacturer of medical materials and medical equipment, including patient temperature management solutions, for numerous local and international customers. The acquisition provides Gentherm Medical a local presence in China’s high-growth market for patient warming devices and other medical device products, while also expanding overall manufacturing capacity to include a low-cost manufacturing site.

The total consideration was $35,048, which is comprised of cash payments, net of cash acquired. The purchase agreement also includes future cash payments of up to $3,000, contingent upon the achievement of certain performance metrics and continued employment of the former majority shareholder through a series of defined dates. These contingent payments will be accounted for as compensation expense and will be recorded as a component of selling, general and administrative.

The results of Dacheng's operations are reported within the Medical segment from the date of acquisition. The following table provides product revenues and operating income from Dacheng that are included in our consolidated condensed financial statements:


	Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
Product revenues	$	1,234		$	1,234
Operating loss		(153	)		(153	)

The following table summarizes the preliminary allocation of the purchase consideration to the estimated fair values of assets acquired and liabilities assumed as of the acquisition date:



Purchase price, cash consideration, net of cash acquired	$	35,048

Accounts receivable		746
Inventory		1,942
Prepaid expenses and other assets		152
Operating lease right-of-use assets		841
Property and equipment		684
Other intangible assets		19,094
Goodwill		22,995
Assumed liabilities		(2,799	)
Deferred tax liabilities		(8,607	)
Net assets acquired	$	35,048

The following table summarizes the preliminary allocation of the purchase consideration to the other intangible assets acquired:


	Preliminary Fair Value		Weighted Average Life (in years)
Definite-lived:
Customer related	$	11,873		12
Technology		4,749		12
Indefinite-lived:
Tradenames		2,472		—
Total	$	19,094

The estimated fair value of the intangible assets was based on third-party valuations and management’s estimates, generally utilizing income and market approaches. Goodwill recognized in this transaction is primarily attributable to the Company’s expected future economic benefits from the enhanced access to high-growth markets including private label opportunities through Dacheng’s innovative patient temperature management devices. The goodwill is not expected to be deductible for tax purposes.

The pro forma effects of this acquisition would not materially impact the Company’s reported results for any period presented, and as a result no pro forma financial statements were presented.

Restructuring

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring

Note 4 – 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 September 30, 2022, the electronics manufacturing in Acuña, Mexico continues to transition to Celaya, Mexico.

During the three and nine months ended September 30, 2022, the Company recognized restructuring expense of $0 and $50, respectively, for employee separation costs and $0 and $198, respectively, for other costs. During the three and nine months ended September 30, 2021, the Company recognized restructuring expense of $294 and $1,259 for employee separation costs, respectively, $26 and $218 for accelerated depreciation, respectively, and $617 and $1,269 for other costs, respectively.

The Company has recorded approximately $10,353 of restructuring expenses since the inception of this program and as of September 30, 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 and nine months ended September 30, 2022, the Company recognized $6 and $313,

respectively, for other costs. During the three and nine months ended September 30, 2021, the Company recognized $(188) and $885, respectively, of 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 and nine months ended September 30, 2022 and 2021 by reporting segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Automotive	$	6	$	701	$	561	$	2,567
Medical		—		—		—		—
Corporate		—		48		—		1,064
Total	$	6	$	749	$	561	$	3,631

Restructuring Liability

Restructuring liabilities are classified as other current liabilities in the consolidated condensed balance sheets. The following table summarizes restructuring liability for the nine months ended September 30, 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	)
Change in estimate		50			—			50
Currency translation		(18	)		—			(18	)
Balance at March 31, 2022	$	982		$	—		$	982
Additions, charged to restructuring expenses		—			374			374
Cash payments		(83	)		(97	)		(180	)
Currency translation		(32	)		—			(32	)
Balance at June 30, 2022	$	867		$	277		$	1,144
Additions, charged to restructuring expenses		—			6			6
Cash payments		(248	)		(6	)		(254	)
Currency translation		(31	)		—			(31	)
Balance As of September 30, 2022	$	588		$	277		$	865

Details of Certain Balance Sheet Components

9 Months Ended

Sep. 30, 2022

Balance Sheet Components [Abstract]

Details of Certain Balance Sheet Components

Note 5 – Details of Certain Balance Sheet Components


	September 30, 2022		December 31, 2021
Other current assets:
Purchase Consideration Receivable	$	23,526	$	—
Notes receivable		11,228		13,033
Income tax and other tax receivable		16,837		10,681
Prepaid expenses		10,224		3,407
Billable tooling		10,372		3,778
Other		12,157		1,876
Total other current assets	$	84,344	$	32,775
Other current liabilities:
Accrued employee liabilities	$	34,631	$	28,818
Liabilities from discounts and rebates		22,764		27,343
Income tax and other taxes payable		16,265		17,068
Accrued warranty		3,590		1,916
Restructuring		865		1,494
Other		22,783		5,554
Total other current liabilities	$	100,898	$	82,193

Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Note 6 – Goodwill and Other Intangibles

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2022 was as follows:


	Automotive			Medical			Total
Balance as of December 31, 2021	$	37,329		$	28,704		$	66,033
Exchange rate impact		(4,825	)		(2,608	)		(7,433	)
Acquisition of Alfmeier		43,678			—			43,678
Acquisition of Dacheng		—			22,995			22,995
Balance as of September 30, 2022	$	76,182		$	49,091		$	125,273

Other Intangible Assets

Other intangible assets and accumulated amortization balances as of September 30, 2022 and December 31, 2021 were as follows:


	September 30, 2022							December 31, 2021
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	99,318	$	(57,718	)	$	41,600	$	90,448	$	(64,105	)	$	26,343
Technology		36,640		(22,502	)		14,138		29,464		(24,487	)		4,977
Product development costs		21,250		(16,390	)		4,860		20,329		(19,772	)		557
Software development		1,007		—			1,007		1,007		—			1,007
Indefinite-lived:
Tradenames		7,034		—			7,034		4,670		—			4,670
Total	$	165,249	$	(96,610	)	$	68,639	$	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 September 30, 2022.

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 7 – Debt

The following table summarizes the Company’s debt as of September 30, 2022 and December 31, 2021:


	September 30, 2022						December 31, 2021
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Credit Agreement:
U.S. Revolving Note (U.S. Dollar denominations)		4.26	%	$	232,000			1.35	%	$	35,000
Other loans	3.93% - 5.21%				3,540			5.21	%		3,750
Total debt					235,540						38,750
Current maturities					(3,540	)					(2,500	)
Long-term debt, less current maturities				$	232,000					$	36,250

Credit Agreement

On June 10, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”) with a consortium of lenders and Bank of America, N.A. as administrative agent (the “Agent”). The Second Amended and Restated Credit Agreement amends and restates in its entirety the Amended and Restated Credit Agreement dated June 27, 2019, by and among Gentherm, certain of its direct and indirect subsidiaries, the lenders party thereto and the Agent.

The Second Amended and Restated Credit Agreement provides for a $500,000 secured revolving credit facility (the “Revolving Credit Facility”) (a $25,000 increase from the revolving credit facility under the Amended and Restated Credit Agreement), with a $50,000 sublimit for swing line loans and a $15,000 sublimit for the issuance of standby letters of credit. Any amount of the facility utilized for swing line loans or letters of credit outstanding will reduce the amount available under the Second Amended and Restated Credit Agreement. The Company had no outstanding letters of credit issued as of September 30, 2022 and December 31, 2021.

Subject to specified conditions, Gentherm can increase the Revolving Credit Facility or incur secured term loans in an aggregate amount of up to $200,000. The Second Amended and Restated Credit Agreement extends the maturity of the Revolving Credit Facility from June 27, 2024 to June 10, 2027. The outstanding principal and interest (of approximately $35,000 as of June 10, 2022) under the Amended and Restated Credit Agreement continued and remained obligations under the Second Amended and Restated Credit Agreement..

The U.S. borrowers and guarantors participating in the Second Amended and Restated Credit Agreement also entered into a Second Amended and Restated Pledge and Security Agreement (the “Second Amended and Restated Security Agreement”). The Second Amended and Restated Security Agreement grants a security interest to the Agent 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 Second Amended and Restated Security 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 Second Amended and Restated Credit Agreement (including all obligations of any U.S. or non-U.S. loan party) are unconditionally guaranteed by certain of Gentherm’s domestic subsidiaries, and the German subsidiary borrowers and certain other foreign subsidiaries guarantee all obligations of the non-U.S. loan parties under the Second Amended and Restated Credit Agreement. The Second Amended and Restated Credit Agreement restricts, among other things, the amount of dividend payments the Company can make to shareholders.

The Second Amended and Restated 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 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 a maximum Consolidated Net Leverage Ratio (based on consolidated EBITDA for the applicable trailing four fiscal quarters) as of the end of any fiscal quarter. The Second Amended and Restated Credit Agreement also contains customary events of default. As of September 30, 2022, the Company was in compliance with the terms of the Second Amended and Restated Credit Agreement. The Second Amended and Restated Credit Agreement additionally contains customary events of default. Upon the occurrence of an event of default, the amounts outstanding under the Revolving Credit Facility may be accelerated and may become immediately due and payable.

Under the Second Amended and Restated Credit Agreement, U.S. Dollar denominated loans bear interest at either a base rate (“Base Rate Loans”) or Term SOFR rate (“Term SOFR Rate Loans”), plus a margin (“Applicable Rate”). The rate for Base Rate Loans is equal to the highest of the Federal Funds Rate plus 0.50%, Bank of America’s prime rate, or the Term SOFR rate plus 1.00%. The rate for Term SOFR Rate Loans denominated in U.S. Dollars is equal to the forward-looking Secured Overnight Financing Rate (“SOFR”) term rate administered by the CME with a term of one month. All loans denominated in a currency other than the U.S. Dollar must be Term SOFR Rate Loans. Interest is payable at least quarterly. Additionally, a commitment fee of between 0.175% to 0.300%, which will vary based on the Consolidated Net Leverage Ratio, as defined in the Second Amended and Restated Credit Agreement, is payable on the average daily unused amounts under the Revolving Credit Facility.

The Applicable Rate varies based on the Consolidated Net Leverage Ratio reported by the Company. As long as the Company is not in default of the terms and conditions of the Second Amended and Restated Credit Agreement, the lowest and highest possible Applicable Rate is 1.125% and 2.125%, respectively, for Term SOFR Rate Loans and 0.125% and 1.125%, respectively, for Base Rate Loans.

Borrowing availability is subject to, among other things, the Company’s compliance with the minimum Consolidated Interest Coverage Ratio and the maximum Consolidated Net Leverage Ratio as of the end of any fiscal quarter. Based upon consolidated EBITDA for the trailing four fiscal quarters calculated for purposes of the Consolidated Net Leverage Ratio, $264,460 remained available as of September 30, 2022 for additional borrowings under the Second Amended and Restated Credit Agreement subject to specified conditions that Gentherm currently satisfies.

In connection with the Second Amended and Restated Credit Agreement, the Company incurred debt issuance costs of $1,417, which have been capitalized and will be amortized into interest expense over the term of the credit facility. In addition, unamortized deferred debt issuance costs of $144 were written-off and recognized in Interest expense, net during the nine months ended September 30, 2022.

The scheduled principal maturities of our debt as of September 30, 2022 were as follows:


	U.S. Revolving Note		Other Debt		Total
2022	$	—	$	1,271	$	1,271
2023		—		2,269		2,269
2024		—		—		—
2025		—		—		—
2026		—		—		—
2027		232,000		—		232,000
Total	$	232,000	$	3,540	$	235,540

- 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

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 8 – 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 that 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:


	Nine Months Ended September 30,
	2022			2021
Balance at the beginning of the period	$	1,916		$	2,391
Warranty opening balance from acquired entities		907			—
Warranty claims paid		(890	)		(1,374	)
Warranty expense for products shipped during the current period		1,963			1,722
Adjustments to warranty estimates from prior periods		(200	)		318
Adjustments due to currency translation		(106	)		(44	)
Balance at the end of the period	$	3,590		$	3,013

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 rolling periods of 12-24 months, with volume commitments determined based on our anticipated production requirements. As of September 30, 2022, the Company’s total commitments for these semiconductor chip agreements was $37,311. 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 September 30, 2022 were immaterial.

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

Note 9 –Earnings Per Share

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	9,827	$	15,686	$	28,646	$	73,386

Basic weighted average shares of Common Stock outstanding		33,162,181		33,177,743		33,105,854		33,075,399
Dilutive effect of stock options, restricted stock awards and restricted stock units		308,258		431,341		353,896		413,501
Diluted weighted average shares of Common Stock outstanding		33,470,439		33,609,084		33,459,750		33,488,900

Basic earnings per share	$	0.30	$	0.47	$	0.87	$	2.22
Diluted earnings per share	$	0.29	$	0.47	$	0.86	$	2.19

There were no shares excluded from the Company’s diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 on the basis that their inclusion would have an anti-dilutive impact on the calculation.

Financial Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 10 – 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 Second Amended and Restated 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, acquisitions denominated in foreign currencies, 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 decision of whether and when to execute derivative financial instruments, along with the duration of the instrument, may vary from period to period depending on market conditions, the relative costs of the instruments and capacity to hedge. The duration is linked to the timing of the underlying exposure, with the connection between the two being regularly monitored. The Company does not enter into derivative financial instruments for speculative or trading purposes. Some derivative contracts do not qualify for hedge accounting; for other derivative contracts, we elect to not apply hedge accounting.

The Company’s designated 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 designated 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 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.

In the second quarter of 2022, the Company entered into a floating-to-fixed interest rate swap agreement with a notional amount of $100,000. This interest rate swap is an undesignated hedge of the Company’s exposure to interest payment fluctuations on a portion of the Credit Facility borrowings that were drawn for the acquisitions of Alfmeier and Dacheng. The periodic changes in fair value is recognized in Interest expense, net.

In the second and third quarter of 2022, the Company entered into forward contracts with a notional amount of $128,319 to hedge the foreign currency risk associated with the forecasted purchase of Alfmeier. These contracts matured and were settled in the third quarter of 2022. During the three and nine months ended September 30, 2022 the Company recognized expense of $4,288 and $3,806, respectively, in Foreign currency (loss) gain within the consolidated condensed income statement.

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of September 30, 2022 is as follows:


				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Asset/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	47,040	Other current assets	$	2,216	Other current liabilities	$	—	$	2,216
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	2,498	Other current liabilities	$	—	$	2,498

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
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Asset/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	13,974	Other current assets	$	294	Other current liabilities	$	—	$	294
Commodity hedges	Level 2	$	309	Other current assets	$	6	Other current liabilities	$	—	$	6

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


		Three Months Ended September 30,						Nine Months Ended September 30,
	Location	2022			2021			2022			2021
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Cost of sales – income	$	321		$	448		$	807		$	1,455
	Other comprehensive (loss) income		1,627			(606	)		1,921			(1,335	)
Total foreign currency derivatives		$	1,948		$	(158	)	$	2,728		$	120

Commodity derivatives	Cost of sales – income	$	—		$	2		$	19		$	2
	Other comprehensive loss		—			(44	)		(6	)		(44	)
Total commodity derivatives		$	—		$	(42	)	$	13		$	(42	)

Derivatives Not Designated as Hedging Instruments
Foreign currency derivatives	Foreign currency (loss) gain	$	(4,288	)	$	—		$	(3,806	)	$	—
Total foreign currency derivatives		$	(4,288	)	$	—		$	(3,806	)	$	—

Interest rate contracts	Interest income (expense), net	$	3,191		$	—		$	2,498		$	—
Total interest rate derivatives		$	3,191		$	—		$	2,498		$	—

Accounts Receivable Factoring

The Company is party to receivable factoring agreements with unrelated third parties under which we can sell receivables for certain account debtors, on a revolving basis, subject to outstanding balances and concentration limits. The receivable factoring agreements are transferred in their entirety to the acquiring entities and are accounted for as a sale. Some of the agreements, including those assumed through the acquisition of Alfmeier, have deferred purchase price arrangements. As of September 30, 2022, there were $20,221 outstanding receivables transferred under the receivable factoring agreements and our availability under the receivables factoring agreements was $37,976.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11 – 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 10) and pension plan assets, the Company had no material financial assets and liabilities that were carried at fair value at September 30, 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. The Company utilized a third-party to assist in the Level 3 fair value estimates of other intangible assets for recent acquisitions (see Note 3). The estimated fair values of these assets were based on third-party valuations and management’s estimates, generally utilizing income and market approaches.

Items Not Carried at Fair Value

The Company uses an income valuation technique to measure the fair values of its debt instruments by converting amounts of future cash flows to a single present value amount using rates based on current market expectations (Level 2 inputs). As of September 30, 2022, and December 31, 2021, the carrying values of the indebtedness under the Company’s Second Amended and Restated 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 7).

Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Equity

Note 12 – 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 and nine months ended September 30, 2022, or September 30, 2021. The 2020 Stock Repurchase Program had $130,000 repurchase authorization remaining as of September 30, 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

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Loss

Note 13 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting Accumulated other comprehensive loss during the three and nine months ended September 30, 2022 and 2021 were as follows:


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives			Total
Balance at June 30, 2022	$	(2,837	)	$	(66,182	)	$	371			$	—		$	(68,648	)
Other comprehensive (loss) income before reclassifications		—			(28,411	)		1,948				—			(26,463	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(271	)		(423	)			—			(694	)
Amounts reclassified from accumulated other comprehensive loss into net income		6			—			(321	)	a		—	a		(315	)
Income taxes reclassified into net income		—			—			69				—			69
Net current period other comprehensive income (loss)		6			(28,682	)		1,273				—			(27,403	)
Balance at September 30, 2022	$	(2,831	)	$	(94,864	)	$	1,644			$	—		$	(96,051	)

(a)

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


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

(a)

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


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives				Total
Balance at December 31, 2021	$	(2,893	)	$	(34,188	)	$	154			$	5			$	(36,922	)
Other comprehensive (loss) income before reclassifications		—			(60,023	)		2,728				13				(57,282	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(653	)		(606	)			(3	)			(1,262	)
Amounts reclassified from accumulated other comprehensive loss into net income		76			—			(807	)	a		(19	)	a		(750	)
Income taxes reclassified into net income		(14	)		—			175				4				165
Net current period other comprehensive income (loss)		62			(60,676	)		1,490				(5	)			(59,129	)
Balance at September 30, 2022	$	(2,831	)	$	(94,864	)	$	1,644			$	—			$	(96,051	)

(a)

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


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

(a)

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

The Company expects all of the existing gains and losses related to foreign currency derivatives reported in Accumulated other comprehensive loss as of September 30, 2022 to be reclassified into earnings during the next twelve months. See Note 10 for additional information about derivative financial instruments and the effects from reclassification to net income.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 14 – Income Taxes

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

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

A summary of the provision for income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2022 and 2021, is shown below:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Income tax expense	$	5,784		$	4,646		$	13,998		$	17,959
Earnings before income tax	$	15,611		$	20,332		$	42,644		$	91,345
Effective tax rate		37.1	%		22.9	%		32.8	%		19.7	%

Income tax expense was $5,784 for the three months ended September 30, 2022 on earnings before income tax of $15,611, representing an effective tax rate of 37.1%. 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 $4,646 for the three months ended September 30, 2021 on earnings before income tax of $20,332 representing an effective tax rate of 22.9%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the unfavorable impact of quarterly accrual for uncertain tax positions, GILTI, withholding taxes and other non-deductible expenses, partially offset by the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate in the third quarter of 2021.

Income tax expense was $13,998 for the nine months ended September 30, 2022 on earnings before income tax of $42,644, representing an effective tax rate of 32.8%. The effective tax rate differed from the U.S. Federal statutory rate of 21% 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 GILTI, and the quarterly accrual for uncertain tax positions, partially offset by the impact of certain favorable tax effects of equity vesting.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

Note 15 – 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, lumbar and massage comfort solutions, valve system technologies, 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 and nine months ended September 30, 2022 and 2021.


Three Months Ended September 30,	Automotive		Medical			Corporate			Total
2022
Product revenues	$	322,555	$	10,407		$	—		$	332,962
Depreciation and amortization		10,499		1,035			302		$	11,836
Operating income (loss)		43,067		(2,232	)		(18,014	)	$	22,821
2021
Product revenues	$	233,028	$	10,356		$	—		$	243,384
Depreciation and amortization		8,977		654			228		$	9,859
Operating income (loss)		33,129		(974	)		(11,451	)	$	20,704


Nine Months Ended September 30,	Automotive		Medical			Corporate			Total
2022
Product revenues	$	829,570	$	31,764		$	—		$	861,334
Depreciation and amortization		27,333		2,224			913		$	30,470
Operating income (loss)		98,367		(3,264	)		(50,356	)	$	44,747
2021
Product revenues	$	767,503	$	30,421		$	—		$	797,924
Depreciation and amortization		26,923		1,818			689		$	29,430
Operating income (loss)		129,788		(1,392	)		(35,271	)	$	93,125

Automotive and Medical segment product revenues by product category for the three and nine months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Climate Control Seat	$	112,059	$	89,991	$	311,281	$	297,393
Seat Heaters		75,568		61,516		210,367		208,101
Steering Wheel Heaters		31,482		24,578		89,169		80,139
Automotive Cables		18,338		19,465		59,662		66,686
Battery Performance Solutions		20,331		16,928		55,395		52,265
Electronics		12,083		11,567		33,190		41,324
Lumbar and Massage Comfort Solutions (a)		22,740		—		22,740		—
Valve System Technologies (a)		18,542		—		18,542		—
Other Automotive		11,412		8,983		29,224		21,595
Subtotal Automotive segment		322,555		233,028		829,570		767,503
Medical segment (a)		10,407		10,356		31,764		30,421
Total Company	$	332,962	$	243,384	$	861,334	$	797,924

(a)

Includes product revenues from acquisitions since their respective acquisition dates (see Note 3).

Total product revenues information by geographic area for the three and nine months ended September 30, 2022 and 2021 is as follows (based on shipment destination):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
United States	$	131,021	$	96,683	$	337,759	$	314,144
China		57,439		32,198		127,183		99,570
South Korea		22,751		20,894		67,632		71,050
Germany		19,454		16,011		54,805		51,541
Japan		17,603		17,054		42,305		52,607
Romania		11,592		10,850		35,866		40,801
Czech Republic		13,247		7,650		35,630		33,460
Finland		9,757		7,866		26,244		21,780
Slovakia		8,109		6,294		25,755		23,655
Canada		5,093		4,704		17,047		14,403
Other		36,896		23,180		91,108		74,913
Total Non-U.S.		201,941		146,701		523,575		483,780
Total Company	$	332,962	$	243,384	$	861,334	$	797,924

- 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

New Accounting Pronouncements (Policies)	9 Months Ended
New Accounting Pronouncements (Policies)	Sep. 30, 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 entities 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 entities 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 September 30, 2022 and December 31, 2021, and is recorded in Other non-current assets in the consolidated condensed balance sheets.
Revenue Recognition	Revenue Recognition The Company has no material contract assets or contract liabilities as of September 30, 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 $2,085 and $1,946 as of September 30, 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.
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 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.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Alfmeier

Business Acquisition [Line Items]

Summary of Product Revenues and Operating Income

The following table provides product revenues and operating income from Alfmeier that are included in our consolidated condensed financial statements:


	Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
Product revenues	$	41,281		$	41,281
Operating loss		(3,104	)		(3,104	)

Summary of Preliminary Allocation of Purchase Consideration to Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the purchase consideration to the estimated fair values of assets acquired and liabilities assumed as of the acquisition date:



Purchase price, cash consideration, net of cash acquired	$	188,941
Purchase price, Purchase Consideration Receivable	$	(24,054	)
Total purchase price, net of cash acquired	$	164,887

Accounts receivable		24,988
Inventory		36,026
Prepaid expenses and other assets		20,920
Operating lease right-of-use assets		4,608
Property and equipment		89,942
Other intangible assets		22,668
Goodwill		43,678
Assumed liabilities		(55,994	)
Deferred tax liabilities		(21,949	)
Net assets acquired	$	164,887

Summary of Preliminary Allocation of Purchase Consideration to Other Intangible Assets Acquired

The following table summarizes the preliminary allocation of the purchase consideration to the other intangible assets acquired:


	Preliminary Fair Value		Weighted Average Life (in years)
Definite-lived:
Customer related	$	11,233		13
Technology		11,435		9
Total	$	22,668

Summary of Unaudited Pro Forma Information

The following unaudited pro forma information represents our product revenues as if the acquisition of Alfmeier had occurred as of January 1, 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Product revenues	$	352,946	$	300,520	$	1,005,337	$	992,403

Dacheng

Business Acquisition [Line Items]

Summary of Product Revenues and Operating Income


	Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
Product revenues	$	1,234		$	1,234
Operating loss		(153	)		(153	)

Summary of Preliminary Allocation of Purchase Consideration to Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the purchase consideration to the estimated fair values of assets acquired and liabilities assumed as of the acquisition date:



Purchase price, cash consideration, net of cash acquired	$	35,048

Accounts receivable		746
Inventory		1,942
Prepaid expenses and other assets		152
Operating lease right-of-use assets		841
Property and equipment		684
Other intangible assets		19,094
Goodwill		22,995
Assumed liabilities		(2,799	)
Deferred tax liabilities		(8,607	)
Net assets acquired	$	35,048

Summary of Preliminary Allocation of Purchase Consideration to Other Intangible Assets Acquired

The following table summarizes the preliminary allocation of the purchase consideration to the other intangible assets acquired:


	Preliminary Fair Value		Weighted Average Life (in years)
Definite-lived:
Customer related	$	11,873		12
Technology		4,749		12
Indefinite-lived:
Tradenames		2,472		—
Total	$	19,094

Restructuring (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Summary of Restructuring Expense by Reportable Segment

The following table summarizes restructuring expense for the three and nine months ended September 30, 2022 and 2021 by reporting segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Automotive	$	6	$	701	$	561	$	2,567
Medical		—		—		—		—
Corporate		—		48		—		1,064
Total	$	6	$	749	$	561	$	3,631

Summary of Restructuring Liability


	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	)
Change in estimate		50			—			50
Currency translation		(18	)		—			(18	)
Balance at March 31, 2022	$	982		$	—		$	982
Additions, charged to restructuring expenses		—			374			374
Cash payments		(83	)		(97	)		(180	)
Currency translation		(32	)		—			(32	)
Balance at June 30, 2022	$	867		$	277		$	1,144
Additions, charged to restructuring expenses		—			6			6
Cash payments		(248	)		(6	)		(254	)
Currency translation		(31	)		—			(31	)
Balance As of September 30, 2022	$	588		$	277		$	865

Details of Certain Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2022

Balance Sheet Components [Abstract]

Summary of Certain Balance Sheet Components


	September 30, 2022		December 31, 2021
Other current assets:
Purchase Consideration Receivable	$	23,526	$	—
Notes receivable		11,228		13,033
Income tax and other tax receivable		16,837		10,681
Prepaid expenses		10,224		3,407
Billable tooling		10,372		3,778
Other		12,157		1,876
Total other current assets	$	84,344	$	32,775
Other current liabilities:
Accrued employee liabilities	$	34,631	$	28,818
Liabilities from discounts and rebates		22,764		27,343
Income tax and other taxes payable		16,265		17,068
Accrued warranty		3,590		1,916
Restructuring		865		1,494
Other		22,783		5,554
Total other current liabilities	$	100,898	$	82,193

Goodwill and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2022 was as follows:


	Automotive			Medical			Total
Balance as of December 31, 2021	$	37,329		$	28,704		$	66,033
Exchange rate impact		(4,825	)		(2,608	)		(7,433	)
Acquisition of Alfmeier		43,678			—			43,678
Acquisition of Dacheng		—			22,995			22,995
Balance as of September 30, 2022	$	76,182		$	49,091		$	125,273

Summary of Other Intangible Assets and Accumulated Amortization Balances

Other intangible assets and accumulated amortization balances as of September 30, 2022 and December 31, 2021 were as follows:


	September 30, 2022							December 31, 2021
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	99,318	$	(57,718	)	$	41,600	$	90,448	$	(64,105	)	$	26,343
Technology		36,640		(22,502	)		14,138		29,464		(24,487	)		4,977
Product development costs		21,250		(16,390	)		4,860		20,329		(19,772	)		557
Software development		1,007		—			1,007		1,007		—			1,007
Indefinite-lived:
Tradenames		7,034		—			7,034		4,670		—			4,670
Total	$	165,249	$	(96,610	)	$	68,639	$	145,918	$	(108,364	)	$	37,554

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Company's Debt

The following table summarizes the Company’s debt as of September 30, 2022 and December 31, 2021:


	September 30, 2022						December 31, 2021
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Credit Agreement:
U.S. Revolving Note (U.S. Dollar denominations)		4.26	%	$	232,000			1.35	%	$	35,000
Other loans	3.93% - 5.21%				3,540			5.21	%		3,750
Total debt					235,540						38,750
Current maturities					(3,540	)					(2,500	)
Long-term debt, less current maturities				$	232,000					$	36,250

Principal Maturities of Debt

The scheduled principal maturities of our debt as of September 30, 2022 were as follows:


	U.S. Revolving Note		Other Debt		Total
2022	$	—	$	1,271	$	1,271
2023		—		2,269		2,269
2024		—		—		—
2025		—		—		—
2026		—		—		—
2027		232,000		—		232,000
Total	$	232,000	$	3,540	$	235,540

- 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.

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+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 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:


	Nine Months Ended September 30,
	2022			2021
Balance at the beginning of the period	$	1,916		$	2,391
Warranty opening balance from acquired entities		907			—
Warranty claims paid		(890	)		(1,374	)
Warranty expense for products shipped during the current period		1,963			1,722
Adjustments to warranty estimates from prior periods		(200	)		318
Adjustments due to currency translation		(106	)		(44	)
Balance at the end of the period	$	3,590		$	3,013

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	9,827	$	15,686	$	28,646	$	73,386

Basic weighted average shares of Common Stock outstanding		33,162,181		33,177,743		33,105,854		33,075,399
Dilutive effect of stock options, restricted stock awards and restricted stock units		308,258		431,341		353,896		413,501
Diluted weighted average shares of Common Stock outstanding		33,470,439		33,609,084		33,459,750		33,488,900

Basic earnings per share	$	0.30	$	0.47	$	0.87	$	2.22
Diluted earnings per share	$	0.29	$	0.47	$	0.86	$	2.19

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 is as follows:


				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Asset/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	47,040	Other current assets	$	2,216	Other current liabilities	$	—	$	2,216
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	2,498	Other current liabilities	$	—	$	2,498

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
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Asset/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	13,974	Other current assets	$	294	Other current liabilities	$	—	$	294
Commodity hedges	Level 2	$	309	Other current assets	$	6	Other current liabilities	$	—	$	6

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


		Three Months Ended September 30,						Nine Months Ended September 30,
	Location	2022			2021			2022			2021
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Cost of sales – income	$	321		$	448		$	807		$	1,455
	Other comprehensive (loss) income		1,627			(606	)		1,921			(1,335	)
Total foreign currency derivatives		$	1,948		$	(158	)	$	2,728		$	120

Commodity derivatives	Cost of sales – income	$	—		$	2		$	19		$	2
	Other comprehensive loss		—			(44	)		(6	)		(44	)
Total commodity derivatives		$	—		$	(42	)	$	13		$	(42	)

Derivatives Not Designated as Hedging Instruments
Foreign currency derivatives	Foreign currency (loss) gain	$	(4,288	)	$	—		$	(3,806	)	$	—
Total foreign currency derivatives		$	(4,288	)	$	—		$	(3,806	)	$	—

Interest rate contracts	Interest income (expense), net	$	3,191		$	—		$	2,498		$	—
Total interest rate derivatives		$	3,191		$	—		$	2,498		$	—

Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021 were as follows:


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives			Total
Balance at June 30, 2022	$	(2,837	)	$	(66,182	)	$	371			$	—		$	(68,648	)
Other comprehensive (loss) income before reclassifications		—			(28,411	)		1,948				—			(26,463	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(271	)		(423	)			—			(694	)
Amounts reclassified from accumulated other comprehensive loss into net income		6			—			(321	)	a		—	a		(315	)
Income taxes reclassified into net income		—			—			69				—			69
Net current period other comprehensive income (loss)		6			(28,682	)		1,273				—			(27,403	)
Balance at September 30, 2022	$	(2,831	)	$	(94,864	)	$	1,644			$	—		$	(96,051	)

(a)

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


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

(a)

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


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives				Total
Balance at December 31, 2021	$	(2,893	)	$	(34,188	)	$	154			$	5			$	(36,922	)
Other comprehensive (loss) income before reclassifications		—			(60,023	)		2,728				13				(57,282	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(653	)		(606	)			(3	)			(1,262	)
Amounts reclassified from accumulated other comprehensive loss into net income		76			—			(807	)	a		(19	)	a		(750	)
Income taxes reclassified into net income		(14	)		—			175				4				165
Net current period other comprehensive income (loss)		62			(60,676	)		1,490				(5	)			(59,129	)
Balance at September 30, 2022	$	(2,831	)	$	(94,864	)	$	1,644			$	—			$	(96,051	)

(a)

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


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

(a)

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

Income Taxes (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021, is shown below:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Income tax expense	$	5,784		$	4,646		$	13,998		$	17,959
Earnings before income tax	$	15,611		$	20,332		$	42,644		$	91,345
Effective tax rate		37.1	%		22.9	%		32.8	%		19.7	%

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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


Three Months Ended September 30,	Automotive		Medical			Corporate			Total
2022
Product revenues	$	322,555	$	10,407		$	—		$	332,962
Depreciation and amortization		10,499		1,035			302		$	11,836
Operating income (loss)		43,067		(2,232	)		(18,014	)	$	22,821
2021
Product revenues	$	233,028	$	10,356		$	—		$	243,384
Depreciation and amortization		8,977		654			228		$	9,859
Operating income (loss)		33,129		(974	)		(11,451	)	$	20,704


Nine Months Ended September 30,	Automotive		Medical			Corporate			Total
2022
Product revenues	$	829,570	$	31,764		$	—		$	861,334
Depreciation and amortization		27,333		2,224			913		$	30,470
Operating income (loss)		98,367		(3,264	)		(50,356	)	$	44,747
2021
Product revenues	$	767,503	$	30,421		$	—		$	797,924
Depreciation and amortization		26,923		1,818			689		$	29,430
Operating income (loss)		129,788		(1,392	)		(35,271	)	$	93,125

Segment Information About Reported Segment Product Revenues by Product Category

Automotive and Medical segment product revenues by product category for the three and nine months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Climate Control Seat	$	112,059	$	89,991	$	311,281	$	297,393
Seat Heaters		75,568		61,516		210,367		208,101
Steering Wheel Heaters		31,482		24,578		89,169		80,139
Automotive Cables		18,338		19,465		59,662		66,686
Battery Performance Solutions		20,331		16,928		55,395		52,265
Electronics		12,083		11,567		33,190		41,324
Lumbar and Massage Comfort Solutions (a)		22,740		—		22,740		—
Valve System Technologies (a)		18,542		—		18,542		—
Other Automotive		11,412		8,983		29,224		21,595
Subtotal Automotive segment		322,555		233,028		829,570		767,503
Medical segment (a)		10,407		10,356		31,764		30,421
Total Company	$	332,962	$	243,384	$	861,334	$	797,924

(a)

Includes product revenues from acquisitions since their respective acquisition dates (see Note 3).

Product Revenues Information by Geographic Area

Total product revenues information by geographic area for the three and nine months ended September 30, 2022 and 2021 is as follows (based on shipment destination):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
United States	$	131,021	$	96,683	$	337,759	$	314,144
China		57,439		32,198		127,183		99,570
South Korea		22,751		20,894		67,632		71,050
Germany		19,454		16,011		54,805		51,541
Japan		17,603		17,054		42,305		52,607
Romania		11,592		10,850		35,866		40,801
Czech Republic		13,247		7,650		35,630		33,460
Finland		9,757		7,866		26,244		21,780
Slovakia		8,109		6,294		25,755		23,655
Canada		5,093		4,704		17,047		14,403
Other		36,896		23,180		91,108		74,913
Total Non-U.S.		201,941		146,701		523,575		483,780
Total Company	$	332,962	$	243,384	$	861,334	$	797,924

Overview - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Investment amount	$ 5,200	$ 5,200
Capitalized costs to obtain contract	$ 2,085	$ 1,946
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

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 01, 2022	Jul. 29, 2022	Jul. 13, 2022	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill				$ 125,273	$ 66,033
Intangible assets	$ 22,668
Alfmeier
Business Acquisition [Line Items]
Acquisition date		Jul. 29, 2022
Percentage of equity interests acquired		100.00%
Total consideration	164,887
Cash payments	188,941
Contingent payments	24,054
Goodwill	43,678
Intangible assets	$ 22,668
Dacheng
Business Acquisition [Line Items]
Acquisition date			Jul. 13, 2022
Percentage of equity interests acquired			100.00%
Total consideration			$ 35,048
Contingent payments			3,000
Goodwill			22,995
Intangible assets			$ 19,094

Acquisitions - Summary of Product Revenues and Operating Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Product revenues	$ 332,962	$ 243,384	$ 861,334	$ 797,924
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Operating income	$ 22,821	$ 20,704	$ 44,747	$ 93,125
Alfmeier
Business Acquisition [Line Items]
Product revenues	$ 41,281		$ 41,281
Type of Revenue [Extensible List]	us-gaap:ProductMember		us-gaap:ProductMember
Operating income	$ (3,104)		$ (3,104)
Dacheng
Business Acquisition [Line Items]
Product revenues	$ 1,234		$ 1,234
Type of Revenue [Extensible List]	us-gaap:ProductMember		us-gaap:ProductMember
Operating income	$ (153)		$ (153)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Acquisitions - Summary of Preliminary Allocation of Purchase Consideration to Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands			9 Months Ended
	Aug. 01, 2022	Jul. 13, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Purchase price, cash consideration, net of cash acquired			$ 224,097	$ 2,827
Other intangible assets	$ 22,668
Goodwill			$ 125,273		$ 66,033
Alfmeier
Business Acquisition [Line Items]
Purchase price, cash consideration, net of cash acquired	188,941
Purchase price, Purchase Consideration Receivable	24,054
Total purchase price, net of cash acquired	164,887
Accounts receivable	24,988
Inventory	36,026
Prepaid expenses and other assets	20,920
Operating lease right-of-use assets	4,608
Property and equipment	89,942
Other intangible assets	22,668
Goodwill	43,678
Assumed liabilities	(55,994)
Deferred tax liabilities	(21,949)
Net assets acquired	$ 164,887
Dacheng
Business Acquisition [Line Items]
Purchase price, cash consideration, net of cash acquired		$ 35,048
Total purchase price, net of cash acquired		35,048
Accounts receivable		746
Inventory		1,942
Prepaid expenses and other assets		152
Operating lease right-of-use assets		841
Property and equipment		684
Other intangible assets		19,094
Goodwill		22,995
Assumed liabilities		(2,799)
Deferred tax liabilities		(8,607)
Net assets acquired		$ 35,048

Acquisitions - Summary of Preliminary Allocation of Purchase Consideration to Other Intangible Assets Acquired (Detail) - USD ($) $ in Thousands	Aug. 01, 2022	Jul. 13, 2022
Business Acquisition [Line Items]
Preliminary Fair Value, Total	$ 22,668
Alfmeier
Business Acquisition [Line Items]
Preliminary Fair Value, Total	22,668
Alfmeier \| Customer Related
Business Acquisition [Line Items]
Preliminary Fair Value, Definite-lived	$ 11,233
Weighted Average Life (in years)	13 years
Alfmeier \| Technology
Business Acquisition [Line Items]
Preliminary Fair Value, Definite-lived	$ 11,435
Weighted Average Life (in years)	9 years
Dacheng
Business Acquisition [Line Items]
Preliminary Fair Value, Total		$ 19,094
Dacheng \| Tradenames
Business Acquisition [Line Items]
Preliminary Fair Value, Indefinite-lived		2,472
Dacheng \| Customer Related
Business Acquisition [Line Items]
Preliminary Fair Value, Definite-lived		$ 11,873
Weighted Average Life (in years)		12 years
Dacheng \| Technology
Business Acquisition [Line Items]
Preliminary Fair Value, Definite-lived		$ 4,749
Weighted Average Life (in years)		12 years

Acquisitions - Summary of Unaudited Pro Forma Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Alfmeier
Business Acquisition [Line Items]
Product revenues	$ 352,946	$ 300,520	$ 1,005,337	$ 992,403

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 6,000	$ 749,000	$ 561,000	$ 3,631,000
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		$ 1,000,000
Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses			10,353,000
Other restructuring costs	0	617,000	198,000	1,269,000
Restructuring reserve accelerated depreciation		26,000		218,000
Restructuring expenses remains accrued	538,000		538,000
Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Other restructuring costs	6,000		313,000
Employee Separation Costs \| Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 0	294,000	$ 50,000	1,259,000
Employee Separation Costs \| Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Restructuring expenses		$ (188,000)		$ 885,000

Restructuring - Summary of Restructuring Expense by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 6	$ 749	$ 561	$ 3,631
Operating Segments \| Automotive Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 6	701	$ 561	2,567
Operating Segments \| Corporate Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses		$ 48		$ 1,064

Restructuring - Summary of Restructuring Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	$ 1,144	$ 982	$ 1,494
Additions, charged to restructuring expenses	6	374	131
Cash payments	(254)	(180)	(675)
Change in estimate			50
Currency translation	(31)	(32)	(18)
Balance, end of period	865	1,144	982
Employee Separation Costs
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	867	982	1,494
Cash payments	(248)	(83)	(544)
Change in estimate			50
Currency translation	(31)	(32)	(18)
Balance, end of period	588	867	982
Other Related Costs
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	277
Additions, charged to restructuring expenses	6	374	131
Cash payments	(6)	(97)	$ (131)
Balance, end of period	$ 277	$ 277

Details of Certain Balance Sheet Components (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Purchase Consideration Receivable	$ 23,526
Notes receivable	11,228	$ 13,033
Income tax and other tax receivable	16,837	10,681
Prepaid expenses	10,224	3,407
Billable tooling	10,372	3,778
Other	12,157	1,876
Total other current assets	84,344	32,775
Other current liabilities:
Accrued employee liabilities	34,631	28,818
Liabilities from discounts and rebates	22,764	27,343
Income tax and other taxes payable	16,265	17,068
Accrued warranty	3,590	1,916	$ 3,013	$ 2,391
Restructuring	865	1,494
Other	22,783	5,554
Total other current liabilities	$ 100,898	$ 82,193

Goodwill and Other Intangibles - Summary of Changes in the Carrying Amount of Goodwill, By Reportable Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Line Items]
Balance, beginning of period	$ 66,033
Balance, end of period	125,273
Operating Segments
Goodwill [Line Items]
Balance, beginning of period	66,033
Exchange rate impact	(7,433)
Balance, end of period	125,273
Operating Segments \| Alfmeier
Goodwill [Line Items]
Acquisition	43,678
Operating Segments \| Dacheng
Goodwill [Line Items]
Acquisition	22,995
Automotive Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period	37,329
Exchange rate impact	(4,825)
Balance, end of period	76,182
Automotive Segments \| Operating Segments \| Alfmeier
Goodwill [Line Items]
Acquisition	43,678
Medical Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period	28,704
Exchange rate impact	(2,608)
Balance, end of period	49,091
Medical Segments \| Operating Segments \| Dacheng
Goodwill [Line Items]
Acquisition	$ 22,995

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangibles - Summary of Other Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Gross Carrying Value	$ 165,249	$ 145,918
Accumulated Amortization	(96,610)	(108,364)
Net Carrying Value	68,639	37,554
Net Carrying Value	68,639	37,554
Customer Relationships
Intangible Assets [Line Items]
Gross Carrying Value	99,318	90,448
Accumulated Amortization	(57,718)	(64,105)
Net Carrying Value	41,600	26,343
Technology
Intangible Assets [Line Items]
Gross Carrying Value	36,640	29,464
Accumulated Amortization	(22,502)	(24,487)
Net Carrying Value	14,138	4,977
Product development costs
Intangible Assets [Line Items]
Gross Carrying Value	21,250	20,329
Accumulated Amortization	(16,390)	(19,772)
Net Carrying Value	4,860	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]
Gross Carrying Value		4,670
Gross Carrying Value	7,034
Net Carrying Value	$ 7,034
Net Carrying Value		$ 4,670

Summary of Company's Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 235,540	$ 38,750
Current maturities	(3,540)	(2,500)
Long-term debt, less current maturities	$ 232,000	$ 36,250
U.S. Revolving Note (U.S. Dollar Denominations)
Debt Instrument [Line Items]
Interest Rate	4.26%	1.35%
Total debt	$ 232,000	$ 35,000
Other Loans
Debt Instrument [Line Items]
Interest Rate		5.21%
Total debt	$ 3,540	$ 3,750
Other Loans \| Minimum
Debt Instrument [Line Items]
Interest Rate	3.93%
Other Loans \| Maximum
Debt Instrument [Line Items]
Interest Rate	5.21%

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt - Additional Information (Detail) - USD ($)			9 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jun. 10, 2022	Jun. 27, 2019	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Maximum percentage of stock of non US subsidiaries pledge to secure obligation			66.00%
Unamortized deferred debt issuance costs written off			$ 144,000
Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Debt issuance cost	$ 1,417,000
Remaining borrowing capacity			$ 264,460,000
Second Amended and Restated Credit Agreement \| Federal Funds Rate
Debt Instrument [Line Items]
Interest rate			0.50%
Second Amended and Restated Credit Agreement \| SOFR Rate
Debt Instrument [Line Items]
Interest rate			1.00%
Base Rate Loans \| Second Amended and Restated Credit Agreement \| Minimum
Debt Instrument [Line Items]
Interest rate			0.125%
Base Rate Loans \| Second Amended and Restated Credit Agreement \| Maximum
Debt Instrument [Line Items]
Interest rate			1.125%
Term SOFR Rate Loans \| Second Amended and Restated Credit Agreement \| Minimum
Debt Instrument [Line Items]
Interest rate			1.125%
Term SOFR Rate Loans \| Second Amended and Restated Credit Agreement \| Maximum
Debt Instrument [Line Items]
Interest rate			2.125%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity increase subject to specified conditions	200,000,000
Revolving Credit Facility \| Letters of Credit
Debt Instrument [Line Items]
Line of credit, outstanding amount			$ 0	$ 0
Revolving Credit Facility \| Swing Line Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000
Revolving Credit Facility \| Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000,000
Line of credit, outstanding amount	$ 35,000,000
Debt maturity date	Jun. 10, 2027
Increase in maximum borrowing capacity	$ 25,000,000
Revolving Credit Facility \| Second Amended and Restated Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage payable on average daily unused amounts			0.175%
Revolving Credit Facility \| Second Amended and Restated Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage payable on average daily unused amounts			0.30%
Revolving Credit Facility \| Revolving Note (U.S. Dollar)
Debt Instrument [Line Items]
Debt maturity date		Jun. 27, 2024
Standby Letters of Credit \| Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000

Principal Maturities of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt maturing in 2022	$ 1,271
Debt maturing in 2023	2,269
Debt maturing in 2027	232,000
Total debt	235,540	$ 38,750
US and Euro Denominated Revolving Note
Debt Instrument [Line Items]
Debt maturing in 2027	232,000
Total debt	232,000
Other Debt
Debt Instrument [Line Items]
Debt maturing in 2022	1,271
Debt maturing in 2023	2,269
Total debt	$ 3,540

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments and Contingencies - Reconciliation of Changes in Accrued Warranty Costs (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Loss Contingency [Abstract]
Balance at the beginning of the period	$ 1,916	$ 2,391
Warranty opening balance from acquired entities	907
Warranty claims paid	(890)	(1,374)
Warranty expense for products shipped during the current period	1,963	1,722
Adjustments to warranty estimates from prior periods	(200)	318
Adjustments due to currency translation	(106)	(44)
Balance at the end of the period	$ 3,590	$ 3,013

Commitments and Contingencies - Additional Information (Detail) - Semiconductor Chips $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Commitments	$ 37,311
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						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 9,827	$ 7,072	$ 11,747	$ 15,686	$ 24,791	$ 32,909	$ 28,646	$ 73,386
Basic weighted average shares of Common Stock outstanding	33,162,181			33,177,743			33,105,854	33,075,399
Dilutive effect of stock options, restricted stock awards and restricted stock units	308,258			431,341			353,896	413,501
Diluted weighted average shares of Common Stock outstanding	33,470,439			33,609,084			33,459,750	33,488,900
Basic earnings per share	$ 0.30			$ 0.47			$ 0.87	$ 2.22
Diluted earnings per share	$ 0.29			$ 0.47			$ 0.86	$ 2.19

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

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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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+ Details

- 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Shares excluded from the Company’s diluted earnings	0	0	0	0

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Derivative [Line Items]
Receivables transferred			$ 20,221
Availability under receivables factoring agreement			37,976
Foreign Currency Derivatives \| Alfmeier \| Derivatives Not Designated as Hedging Instruments
Derivative [Line Items]
Notional Value	$ 128,319		128,319		$ 128,319
Floating to Fixed interest Rate Swap
Derivative [Line Items]
Notional Value					$ 100,000
Foreign Currency Derivatives
Derivative [Line Items]
Gain (loss) on derivatives	1,948	$ (158)	2,728	$ 120
Foreign Currency Derivatives \| Derivatives Not Designated as Hedging Instruments
Derivative [Line Items]
Gain (loss) on derivatives	(4,288)		(3,806)
Foreign Currency Derivatives \| Derivatives Not Designated as Hedging Instruments \| Foreign Currency (Loss) Gain
Derivative [Line Items]
Gain (loss) on derivatives	$ (4,288)		$ (3,806)

Information Related to Recurring Fair Value Measurement of Derivative Instruments in Our Consolidated Condensed Balance Sheet (Detail) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Foreign Currency Derivatives \| Derivatives Designated as Cash Flow Hedges
Derivatives Fair Value [Line Items]
Notional Amount	$ 47,040	$ 13,974
Net Asset/ (Liabilities)	2,216	294
Foreign Currency Derivatives \| Other Current Assets \| Derivatives Designated as Cash Flow Hedges
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	2,216	294
Interest Rate Contracts \| Derivatives Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Notional Amount	100,000
Net Asset/ (Liabilities)	2,498
Interest Rate Contracts \| Other Current Assets \| Derivatives Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 2,498
Commodity Hedges \| Derivatives Designated as Cash Flow Hedges
Derivatives Fair Value [Line Items]
Notional Amount		309
Net Asset/ (Liabilities)		6
Commodity Hedges \| Other Current Assets \| Derivatives Designated as Cash Flow Hedges
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	$ 1,948	$ (158)	$ 2,728	$ 120
Foreign Currency Derivatives \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	(4,288)		(3,806)
Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives		(42)	13	(42)
Interest Rate Contracts \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	3,191		2,498
Other comprehensive (loss) income \| Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	1,627	(606)	1,921	(1,335)
Other comprehensive (loss) income \| Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives		(44)	(6)	(44)
Cost of sales – income \| Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	321	448	807	1,455
Cost of sales – income \| Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives		$ 2	19	$ 2
Foreign Currency (Loss) Gain \| Foreign Currency Derivatives \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	(4,288)		(3,806)
Interest Income (Expense), Net \| Interest Rate Contracts \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on derivatives	$ 3,191		$ 2,498

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	$ 235,540,000	$ 38,750,000
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

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Equity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Shares repurchased	0	0	0	0
Remaining authorized repurchase amount	$ 130,000		$ 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

9 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Sep. 30, 2022

Sep. 30, 2021

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

$ (68,648)

$ (36,922)

$ (24,176)

$ (14,982)

$ (36,922)

$ (14,982)

Other comprehensive (loss) income before reclassifications

(26,463)

(7,467)

(57,282)

(15,530)

Income tax effect of other comprehensive (loss) income before reclassifications

(694)

(121)

(1,262)

(465)

Amounts reclassified from accumulated other comprehensive loss into net income

(315)

(450)

(750)

(1,457)

Income taxes reclassified into net income

165

317

Other comprehensive loss, net of tax

(27,403)

$ (22,920)

(8,806)

(7,941)

$ 4,480

(13,674)

(59,129)

(17,135)

Ending Balance

(96,051)

(68,648)

(32,117)

(24,176)

(96,051)

(32,117)

Defined Benefit Pension Plans

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

(2,837)

(2,893)

(3,451)

(2,893)

(3,451)

Amounts reclassified from accumulated other comprehensive loss into net income

Income taxes reclassified into net income

(14)

Other comprehensive loss, net of tax

Ending Balance

(2,831)

(2,837)

(3,451)

(2,831)

(3,451)

Foreign Currency Translation Adjustments

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

(66,182)

(34,188)

(21,261)

(12,637)

(34,188)

(12,637)

Other comprehensive (loss) income before reclassifications

(28,411)

(7,267)

(60,023)

(15,608)

Income tax effect of other comprehensive (loss) income before reclassifications

(271)

(165)

(653)

(448)

Other comprehensive loss, net of tax

(28,682)

(7,432)

(60,676)

(16,056)

Ending Balance

(94,864)

(66,182)

(28,693)

(21,261)

(94,864)

(28,693)

Foreign Currency Hedge Derivatives

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

371

154

536

$ 1,106

154

1,106

Other comprehensive (loss) income before reclassifications

1,948

(158)

2,728

120

Income tax effect of other comprehensive (loss) income before reclassifications

(423)

(606)

(26)

Amounts reclassified from accumulated other comprehensive loss into net income

(321)

^[1]

(448)

^[2]

(807)

^[3]

(1,455)

^[2]

Income taxes reclassified into net income

175

317

Other comprehensive loss, net of tax

1,273

(474)

1,490

(1,044)

Ending Balance

$ 1,644

$ 371

$ 536

1,644

Commodity Hedge Derivatives

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

$ 5

Other comprehensive (loss) income before reclassifications

(42)

Income tax effect of other comprehensive (loss) income before reclassifications

(3)

Amounts reclassified from accumulated other comprehensive loss into net income

(2)

^[2]

(19)

^[3]

(2)

^[2]

Income taxes reclassified into net income

Other comprehensive loss, net of tax

(35)

$ (5)

(35)

Ending Balance

$ (35)

[1]	The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.
[2]	The amounts reclassified from accumulated other comprehensive loss were included in cost of sales.
[3]	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 5,784	$ 4,646	$ 13,998	$ 17,959
Earnings before income tax	$ 15,611	$ 20,332	$ 42,644	$ 91,345
Effective tax rate	37.10%	22.90%	32.80%	19.70%

- 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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+ Details

- Definition

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

+ References + Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 5,784	$ 4,646	$ 13,998	$ 17,959
Earnings before income tax	$ 15,611	$ 20,332	$ 42,644	$ 91,345
Effective tax rate	37.10%	22.90%	32.80%	19.70%
U.S. federal statutory rate	21.00%	21.00%	21.00%	21.00%

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

+ References + Details

Segment Reporting - Segment Information about Reported Product Revenues, Depreciation and Amortization and Operating Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Product revenues	$ 332,962	$ 243,384	$ 861,334	$ 797,924
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 11,836	$ 9,859	$ 30,470	$ 29,430
Operating income (loss)	22,821	20,704	44,747	93,125
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	$ 322,555	$ 233,028	$ 829,570	$ 767,503
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 10,499	$ 8,977	$ 27,333	$ 26,923
Operating income (loss)	43,067	33,129	98,367	129,788
Medical Segments
Segment Reporting Information [Line Items]
Product revenues	$ 10,407	$ 10,356	$ 31,764	$ 30,421
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 1,035	$ 654	$ 2,224	$ 1,818
Operating income (loss)	$ (2,232)	$ 974	$ (3,264)	$ (1,392)
Corporate Segments
Segment Reporting Information [Line Items]
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 302	$ 228	$ 913	$ 689
Operating income (loss)	$ (18,014)	$ (11,451)	$ (50,356)	$ (35,271)

- Definition

+ References

+ Details

Segment Reporting - Segment Information About Reported Segment Product Revenues by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Product revenues	$ 332,962	$ 243,384	$ 861,334	$ 797,924
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	322,555	233,028	829,570	767,503
Automotive Segments \| Climate Control Seat
Segment Reporting Information [Line Items]
Product revenues	112,059	89,991	311,281	297,393
Automotive Segments \| Seat Heaters
Segment Reporting Information [Line Items]
Product revenues	75,568	61,516	210,367	208,101
Automotive Segments \| Steering Wheel Heaters
Segment Reporting Information [Line Items]
Product revenues	31,482	24,578	89,169	80,139
Automotive Segments \| Automotive Cables
Segment Reporting Information [Line Items]
Product revenues	18,338	19,465	59,662	66,686
Automotive Segments \| Battery Performance Solutions
Segment Reporting Information [Line Items]
Product revenues	20,331	16,928	55,395	52,265
Automotive Segments \| Electronics
Segment Reporting Information [Line Items]
Product revenues	12,083	11,567	33,190	41,324
Automotive Segments \| Lumbar and Massage Comfort Solutions
Segment Reporting Information [Line Items]
Product revenues	22,740		22,740
Automotive Segments \| Valve System Technologies
Segment Reporting Information [Line Items]
Product revenues	18,542		18,542
Automotive Segments \| Other Automotive
Segment Reporting Information [Line Items]
Product revenues	11,412	8,983	29,224	21,595
Industrial Segments \| Medical Segments
Segment Reporting Information [Line Items]
Product revenues	$ 10,407	$ 10,356	$ 31,764	$ 30,421

Segment Reporting - Product Revenues Information by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Product revenues	$ 332,962	$ 243,384	$ 861,334	$ 797,924
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
United States
Segment Reporting Information [Line Items]
Product revenues	$ 131,021	$ 96,683	$ 337,759	$ 314,144
China
Segment Reporting Information [Line Items]
Product revenues	57,439	32,198	127,183	99,570
South Korea
Segment Reporting Information [Line Items]
Product revenues	22,751	20,894	67,632	71,050
Germany
Segment Reporting Information [Line Items]
Product revenues	19,454	16,011	54,805	51,541
Japan
Segment Reporting Information [Line Items]
Product revenues	17,603	17,054	42,305	52,607
Romania
Segment Reporting Information [Line Items]
Product revenues	11,592	10,850	35,866	40,801
Czech Republic
Segment Reporting Information [Line Items]
Product revenues	13,247	7,650	35,630	33,460
Finland
Segment Reporting Information [Line Items]
Product revenues	9,757	7,866	26,244	21,780
Slovakia
Segment Reporting Information [Line Items]
Product revenues	8,109	6,294	25,755	23,655
Canada
Segment Reporting Information [Line Items]
Product revenues	5,093	4,704	17,047	14,403
Other
Segment Reporting Information [Line Items]
Product revenues	36,896	23,180	91,108	74,913
Non U.S.
Segment Reporting Information [Line Items]
Product revenues	$ 201,941	$ 146,701	$ 523,575	$ 483,780