0000950170-23-036579 | 10-Q | XBRL Viewer

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 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	$	54,861	Other current assets	$	9,380	Other current liabilities	$	—	$	9,380
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	3,445	Other current liabilities	$	—	$	3,445

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of December 31, 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	$	40,063	Other current assets	$	3,791	Other current liabilities	$	—	$	3,791
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	2,772	Other current liabilities	$	—	$	2,772

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


		Three Months Ended June 30,					Six Months Ended June 30,
	Location (Income/(Loss))	2023		2022			2023		2022
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Cost of sales – income	$	1,984	$	333		$	3,043	$	486
	Other comprehensive income (loss)		2,905		(316	)		5,588		294
Total foreign currency derivatives		$	4,889	$	17		$	8,631	$	780

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

Derivatives Not Designated as Hedging Instruments
Foreign currency derivatives	Foreign currency gain	$	—	$	482		$	—	$	482
Total foreign currency derivatives		$	—	$	482		$	—	$	482

Interest rate contracts	Interest expense, net	$	1,371	$	(693	)	$	672	$	(693	)
Total interest rate derivatives		$	1,371	$	(693	)	$	672	$	(693	)

Summary of Receivables Factored and Availability Under Receivables Factoring Agreements

Receivables factored and availability under receivables factoring agreements balances as of June 30, 2023 and December 31, 2022 were as follows:


	June 30, 2023		December 31, 2022
Receivables factored and outstanding	$	21,623	$	19,108
Amount available under the credit limit		2,471		5,034
Collective factoring limit	$	24,094	$	24,142

Summary of Trade Receivables Sold and Factoring Fees Incurred

Trade receivables sold and factoring fees incurred during the three and six months ended June 30, 2023 and 2022 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Trade receivables sold	$	38,261	$	—	$	76,801	$	—
Factoring fees incurred		207		—		368		—

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Note 6 – Debt

The following table summarizes the Company’s debt as of June 30, 2023 and December 31, 2022:


	June 30, 2023						December 31, 2022
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Credit Agreement:
Revolving Credit Facility (U.S. Dollar denominations)		6.58	%	$	217,000			5.80	%	$	232,000
Other loans		3.90	%		269		3.89% - 5.21%				2,011
Finance leases	N/A				856		N/A				1,085
Total debt					218,125						235,096
Current maturities					(684	)					(2,443	)
Long-term debt, less current maturities				$	217,441					$	232,653

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 provides for a $500,000 secured revolving credit facility (the “Revolving Credit Facility”), 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 June 30, 2023 and December 31, 2022.

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 matures on June 10, 2027.

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 June 30, 2023, 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, $282,732 remained available as of June 30, 2023 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, net over the term of the credit facility.

The scheduled principal maturities of our debt as of June 30, 2023 were as follows:


	U.S. Revolving Note		Other Debt		Total
2023	$	—	$	471	$	471
2024		—		434		434
2025		—		151		151
2026		—		69		69
2027		217,000		—		217,000
2028		—		—		—
Total	$	217,000	$	1,125	$	218,125

- 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.

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+ Details

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, 2021	$ 653,806	$ 118,646	$ 5,866	$ (36,922)	$ 566,216
Beginning Balance (in shares) at Dec. 31, 2021		33,008,000
Net (loss) income	11,747				11,747
Other comprehensive income (loss)	(8,806)			(8,806)
Stock compensation, net	(960)	$ (814)	(146)
Stock compensation, net, shares		119,000
Ending Balance at Mar. 31, 2022	655,787	$ 117,832	5,720	(45,728)	577,963
Ending Balance (in shares) at Mar. 31, 2022		33,127,000
Beginning Balance at Dec. 31, 2021	653,806	$ 118,646	5,866	(36,922)	566,216
Beginning Balance (in shares) at Dec. 31, 2021		33,008,000
Net (loss) income	18,819
Other comprehensive income (loss)	(31,726)
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
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 (loss) income	7,072				7,072
Other comprehensive income (loss)	(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
Beginning Balance at Dec. 31, 2022	$ 672,273	$ 122,658	5,447	(46,489)	590,657
Beginning Balance (in shares) at Dec. 31, 2022	33,202,082	33,202,000
Net (loss) income	$ 7,963				7,963
Other comprehensive income (loss)	10,388			10,388
Stock compensation, net	(309)	$ (241)	(68)
Stock compensation, net, shares		94,000
Stock repurchase	(9,997)	$ (9,997)
Stock repurchase (in shares)		(169,000)
Ending Balance at Mar. 31, 2023	680,318	$ 112,420	5,379	(36,101)	598,620
Ending Balance (in shares) at Mar. 31, 2023		33,127,000
Beginning Balance at Dec. 31, 2022	$ 672,273	$ 122,658	5,447	(46,489)	590,657
Beginning Balance (in shares) at Dec. 31, 2022	33,202,082	33,202,000
Net (loss) income	$ 6,412
Other comprehensive income (loss)	9,076
Ending Balance at Jun. 30, 2023	$ 670,560	$ 105,525	5,379	(37,413)	597,069
Ending Balance (in shares) at Jun. 30, 2023	32,987,809	32,988,000
Beginning Balance at Mar. 31, 2023	$ 680,318	$ 112,420	5,379	(36,101)	598,620
Beginning Balance (in shares) at Mar. 31, 2023		33,127,000
Net (loss) income	(1,551)				(1,551)
Other comprehensive income (loss)	(1,312)			(1,312)
Stock compensation, net	3,101	$ 3,101
Stock compensation, net, shares		28,000
Stock repurchase	(9,996)	$ (9,996)
Stock repurchase (in shares)		(167,000)
Ending Balance at Jun. 30, 2023	$ 670,560	$ 105,525	$ 5,379	$ (37,413)	$ 597,069
Ending Balance (in shares) at Jun. 30, 2023	32,987,809	32,988,000

- 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

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Total foreign currency derivatives	$ 4,889	$ 17	$ 8,631	$ 780
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Foreign Currency Derivatives \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Total foreign currency derivatives		$ 482		$ 482
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Total commodity derivatives				$ 13
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Interest Rate Contracts \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Total interest rate derivatives	$ 1,371	$ (693)	$ 672	$ (693)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net
Other comprehensive income (loss) \| Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Total foreign currency derivatives	$ 2,905	$ (316)	$ 5,588	$ 294
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss) \| Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Total commodity derivatives				$ (6)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Cost of sales - income \| Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Total foreign currency derivatives	$ 1,984	$ 333	$ 3,043	$ 486
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Cost of sales - income \| Commodity Hedges
Derivative Instruments Gain Loss [Line Items]
Total commodity derivatives				$ 19
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Foreign currency gain \| Foreign Currency Derivatives \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Total foreign currency derivatives		$ 482		$ 482
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss), Foreign Currency Transaction, before Tax	Gain (Loss), Foreign Currency Transaction, before Tax	Gain (Loss), Foreign Currency Transaction, before Tax	Gain (Loss), Foreign Currency Transaction, before Tax
Interest expense, net \| Interest Rate Contracts \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Total interest rate derivatives	$ 1,371	$ (693)	$ 672	$ (693)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net

Restructuring and Impairments - Summary of Restructuring Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	$ 1,810	$ 588
Additions, charged to restructuring expenses	1,044	1,269
Cash payments	(1,272)	(63)
Currency translation	6	16
Balance, end of period	1,588	1,810
Employee Separation Costs
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	1,810	588
Additions, charged to restructuring expenses	337	1,206
Cash payments	(565)
Currency translation	6	16
Balance, end of period	1,588	1,810
Other Related Costs
Restructuring Cost And Reserve [Line Items]
Additions, charged to restructuring expenses	707	63
Cash payments	$ (707)	$ (63)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Reporting - Product Revenues Information by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Product revenues	$ 372,323	$ 260,715	$ 735,948	$ 528,372
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	$ 138,319	$ 102,617	$ 279,771	$ 206,738
China
Segment Reporting Information [Line Items]
Product revenues	53,872	31,391	100,526	69,744
South Korea
Segment Reporting Information [Line Items]
Product revenues	29,995	23,706	58,733	44,881
Germany
Segment Reporting Information [Line Items]
Product revenues	26,039	15,565	52,551	35,351
Czech Republic
Segment Reporting Information [Line Items]
Product revenues	17,372	12,195	35,022	25,810
Japan
Segment Reporting Information [Line Items]
Product revenues	12,867	12,886	28,089	24,702
Romania
Segment Reporting Information [Line Items]
Product revenues	13,436	11,519	25,969	24,273
Slovakia
Segment Reporting Information [Line Items]
Product revenues	12,712	8,987	24,308	17,360
Finland
Segment Reporting Information [Line Items]
Product revenues	11,139	7,352	21,272	13,913
Mexico
Segment Reporting Information [Line Items]
Product revenues	10,356	4,267	19,450	9,137
Other
Segment Reporting Information [Line Items]
Product revenues	46,216	30,230	90,257	56,463
Non U.S.
Segment Reporting Information [Line Items]
Product revenues	$ 234,004	$ 158,098	$ 456,177	$ 321,634

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2020
Class Of Stock [Line Items]
Shares repurchased	9,996	19,993
Average cost per share	$ 59.71	$ 59.49
Remaining authorized repurchase amount	$ 110,007	$ 110,007
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 and 2022 were as follows:


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives			Total
Balance at March 31, 2023	$	(1,063	)	$	(40,014	)	$	4,976			$	—		$	(36,101	)
Other comprehensive (loss) income before reclassifications		—			(3,611	)		4,889				—			1,278
Income tax effect of other comprehensive (loss) income before reclassifications		—			23			(1,065	)			—			(1,042	)
Amounts reclassified from accumulated other comprehensive loss into net (loss) income		6			—			(1,984	)	a		—	a		(1,978	)
Income taxes reclassified into net (loss) income		(2	)		—			432				—			430
Net current period other comprehensive income (loss)		4			(3,588	)		2,272				—			(1,312	)
Balance at June 30, 2023	$	(1,059	)	$	(43,602	)	$	7,248			$	—		$	(37,413	)

(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 March 31, 2022	$	(2,864	)	$	(43,482	)	$	618			$	—		$	(45,728	)
Other comprehensive (loss) income before reclassifications		—			(22,458	)		17				—			(22,441	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(242	)		(4	)			—			(246	)
Amounts reclassified from accumulated other comprehensive loss into net income		35			—			(333	)	a		—	a		(298	)
Income taxes reclassified into net income		(8	)		—			73				—			65
Net current period other comprehensive income (loss)		27			(22,700	)		(247	)			—			(22,920	)
Balance at June 30, 2022	$	(2,837	)	$	(66,182	)	$	371			$	—		$	(68,648	)

(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, 2022	$	(1,067	)	$	(48,269	)	$	2,847			$	—		$	(46,489	)
Other comprehensive income before reclassifications		—			4,580			8,631				—			13,211
Income tax effect of other comprehensive income before reclassifications		—			87			(1,880	)			—			(1,793	)
Amounts reclassified from accumulated other comprehensive loss into net income		12			—			(3,043	)	a		—	a		(3,031	)
Income taxes reclassified into net income		(4	)		—			693				—			689
Net current period other comprehensive income		8			4,667			4,401				—			9,076
Balance at June 30, 2023	$	(1,059	)	$	(43,602	)	$	7,248			$	—		$	(37,413	)

(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		—			(31,612	)		780				13				(30,819	)
Income tax effect of other comprehensive loss before reclassifications		—			(382	)		(183	)			(3	)			(568	)
Amounts reclassified from accumulated other comprehensive loss into net income		70			—			(486	)	a		(19	)	a		(435	)
Income taxes reclassified into net income		(14	)		—			106				4				96
Net current period other comprehensive income (loss)		56			(31,994	)		217				(5	)			(31,726	)
Balance at June 30, 2022	$	(2,837	)	$	(66,182	)	$	371			$	—			$	(68,648	)

(a)

The amounts reclassified from Accumulated other comprehensive loss were included in Cost of sales.

Acquisitions - Summary of Purchase Consideration and Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands			6 Months Ended
	Aug. 01, 2022	Jul. 13, 2022	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 100,885	$ 119,774
Alfmeier
Business Acquisition [Line Items]
Purchase price, cash consideration, net of cash acquired			170,700
Accounts receivable			24,867
Inventory			36,443
Prepaid expenses and other assets			20,846
Operating lease right-of-use assets			4,608
Property and equipment			91,184
Other intangible assets	$ 31,459		31,459
Goodwill			33,971
Assumed liabilities			(55,019)
Deferred tax liabilities			(17,659)
Net assets acquired			170,700
Alfmeier \| Initial Allocation
Business Acquisition [Line Items]
Purchase price, cash consideration, 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
Alfmeier \| Measurement Period Adjustments
Business Acquisition [Line Items]
Purchase price, cash consideration, net of cash acquired	5,813
Accounts receivable	(121)
Inventory	417
Prepaid expenses and other assets	(74)
Property and equipment	1,242
Other intangible assets	8,791
Goodwill	(9,707)
Assumed liabilities	975
Deferred tax liabilities	4,290
Net assets acquired	$ 5,813
Dacheng
Business Acquisition [Line Items]
Purchase price, cash consideration, net of cash acquired			35,048
Accounts receivable			622
Inventory			1,765
Prepaid expenses and other assets			174
Operating lease right-of-use assets			841
Property and equipment			684
Other intangible assets		$ 20,059	20,059
Goodwill			19,531
Assumed liabilities			(3,314)
Deferred tax liabilities			(5,314)
Net assets acquired			$ 35,048
Dacheng \| Initial Allocation
Business Acquisition [Line Items]
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
Dacheng \| Measurement Period Adjustments
Business Acquisition [Line Items]
Accounts receivable		(124)
Inventory		(177)
Prepaid expenses and other assets		22
Other intangible assets		965
Goodwill		(3,464)
Assumed liabilities		(515)
Deferred tax liabilities		$ 3,293

(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

Note 8 – (Loss) Earnings Per Share

Basic (loss) earnings per share are computed by dividing net (loss) income by the weighted average number of shares of Common Stock outstanding during the period. The Company’s diluted (loss) 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 (loss) 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 June 30,					Six Months Ended June 30,
	2023			2022		2023		2022
Net (loss) income	$	(1,551	)	$	7,072	$	6,412	$	18,819

Basic weighted average shares of Common Stock outstanding		33,018,939			33,119,085		33,099,817		33,077,029
Dilutive effect of stock options, restricted stock awards and restricted stock units		—			307,038		228,160		344,958
Diluted weighted average shares of Common Stock outstanding		33,018,939			33,426,123		33,327,977		33,421,987

Basic (loss) earnings per share	$	(0.05	)	$	0.21	$	0.19	$	0.57
Diluted (loss) earnings per share	$	(0.05	)	$	0.21	$	0.19	$	0.56

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Anti-dilutive securities share impact		198,371		—		—		—

Financial Instruments - Summary of Trade Receivables Sold and Factoring Fees Incurred (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Trade receivables sold	$ 38,261	$ 76,801
Factoring fees incurred	$ 207	$ 368

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

Note 14 – Segment Reporting

Segment information is used by management for making 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 systems, battery performance solutions, and automotive electronic and software systems.

•

Medical – this segment represents the results from our patient temperature management business within the medical industry.

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

The tables below present segment information about the reported Product revenues, Depreciation and amortization and Operating income (loss) of the Company for the three and six months ended June 30, 2023 and 2022.


Three Months Ended June 30,	Automotive		Medical			Corporate			Total
2023
Product revenues	$	361,533	$	10,790		$	—		$	372,323
Depreciation and amortization		11,221		896			427		$	12,544
Operating income (loss)		46,561		(20,540	)		(21,700	)	$	4,321
2022
Product revenues	$	249,152	$	11,563		$	—		$	260,715
Depreciation and amortization		8,197		558			305		$	9,060
Operating income (loss)		24,026		(181	)		(16,110	)	$	7,735

Six Months Ended June 30,	Automotive		Medical			Corporate			Total
2023
Product revenues	$	714,225	$	21,723		$	—		$	735,948
Depreciation and amortization		23,511		1,874			692		$	26,077
Operating income (loss)		84,940		(21,033	)		(41,912	)	$	21,995
2022
Product revenues	$	507,016	$	21,356		$	—		$	528,372
Depreciation and amortization		16,863		1,162			610		$	18,635
Operating income (loss)		55,301		(1,032	)		(32,344	)	$	21,925

Automotive and Medical segment Product revenues by product category for the three and six months ended June 30, 2023 and 2022 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Climate Control Seat	$	121,210	$	96,488	$	235,963	$	199,222
Seat Heaters		78,258		65,903		153,894		134,799
Steering Wheel Heaters		38,958		28,951		75,305		57,687
Lumbar and Massage Comfort Solutions (a)		37,604		—		76,342		—
Valve Systems (a)		27,692		—		54,686		—
Automotive Cables		20,243		19,280		40,463		41,325
Battery Performance Solutions		19,587		17,451		39,896		35,064
Electronics		9,323		10,278		20,293		21,106
Other Automotive		8,658		10,801		17,383		17,813
Subtotal Automotive segment		361,533		249,152		714,225		507,016
Medical segment (b)		10,790		11,563		21,723		21,356
Total Company	$	372,323	$	260,715	$	735,948	$	528,372

(a)

Represents Product revenues from Alfmeier (acquired on August 1, 2022) - (see Note 2)

(b)

Includes Product revenues of $1,672 and $2,951 for the three and six months ended June 30, 2023 from Dacheng (acquired on July 13, 2022) - (see Note 2)

Total Product revenues information by geographic area for the three and six months ended June 30, 2023 and 2022 is as follows (based on shipment destination):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
United States	$	138,319	$	102,617	$	279,771	$	206,738
China		53,872		31,391		100,526		69,744
South Korea		29,995		23,706		58,733		44,881
Germany		26,039		15,565		52,551		35,351
Czech Republic		17,372		12,195		35,022		25,810
Japan		12,867		12,886		28,089		24,702
Romania		13,436		11,519		25,969		24,273
Slovakia		12,712		8,987		24,308		17,360
Finland		11,139		7,352		21,272		13,913
Mexico		10,356		4,267		19,450		9,137
Other		46,216		30,230		90,257		56,463
Total Non-U.S.		234,004		158,098		456,177		321,634
Total Company	$	372,323	$	260,715	$	735,948	$	528,372

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Restructuring and Impairments

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Impairments

Note 3 – Restructuring and Impairments

The Company continuously monitors market developments, industry trends and changing customer needs and in response, may undertake restructuring actions, as necessary, to execute management’s strategy, streamline operations and optimize the Company’s cost structure. Restructuring actions may include the realignment of existing manufacturing footprint, facility closures, or similar actions, either in the normal course of business or pursuant to significant restructuring programs.

These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly statutory requirements or other contractual agreements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination.

Manufacturing Footprint Rationalization

During 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 relocated and consolidated certain automotive electronics manufacturing plants in North America and China.

During the three and six months ended June 30, 2023, the Company did not recognize any restructuring expense. During the three and six months ended June 30, 2022, the Company recognized restructuring expense of $0 and $50, respectively, for employee separation costs and $97 and $198, respectively, for other costs.

The Company has recorded approximately $10,359 of restructuring expenses since the inception of this program and as of June 30, 2023, $588 remains accrued.

Other Restructuring Activities

The Company has undertaken several discrete restructuring actions. During the three and six months ended June 30, 2023, the Company recognized $337 and $1,543 for employee separation costs, respectively, and $707 and $770, respectively, of other costs. During the three and six months ended June 30, 2022, the Company recognized $277 and $307, respectively, for other costs. These restructuring expenses were primarily associated with restructuring actions focused on the reduction of global overhead costs.

Restructuring Expenses By Reporting Segment

The following table summarizes restructuring expense for the three and six months ended June 30, 2023 and 2022 by reporting segment:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Automotive	$	296	$	374	$	1,370	$	555
Medical		—		—		—		—
Corporate		748		—		943		—
Total	$	1,044	$	374	$	2,313	$	555

Restructuring Liability

Restructuring liabilities are classified as other current liabilities in the consolidated condensed balance sheets. The following table summarizes restructuring liability for the six months ended June 30, 2023:


	Employee Separation Costs			Other Related Costs			Total
Balance at December 31, 2022	$	588		$	—		$	588
Additions, charged to restructuring expenses		1,206			63			1,269
Cash payments		—			(63	)		(63	)
Currency translation		16			—			16
Balance at March 31, 2023	$	1,810		$	—		$	1,810
Additions, charged to restructuring expenses		337			707			1,044
Cash payments		(565	)		(707	)		(1,272	)
Currency translation		6			—			6
Balance at June 30, 2023	$	1,588		$	—		$	1,588

Impairments

Non-Automotive Electronics Business

On December 31, 2022, the Company approved a plan to exit its non-automotive electronics business to strengthen the Company’s core business and focus its resources and equipment with businesses and investments that are more strategic and profitable. The Company will continue to sell certain non-automotive electronics products until the exit is complete. During the year ended December 31, 2022, the Company recorded non-cash impairment charges of $9,378, $5,601 and $690 for write downs of inventory, intangible assets and property and equipment, respectively, within the Automotive segment.

During the three and six months ended June 30, 2023, the Company recorded non-cash impairment charges of $644 and $2,063, respectively, for the write down of inventory within the Automotive segment. This charge was recorded in Cost of sales.

The Company is no longer pursuing a sale of the business and intends to wind-down the operations of the business by the end of 2023, subject to discussions with customers and suppliers.

Medical Segment

During the three months ended June 30, 2023, the Company determined that there were impairment indicators for its Medical reporting unit and conducted an impairment analysis, following which the Company concluded that $19,509 of goodwill was impaired. Such non-cash impairment charge was recorded in Impairment of goodwill for the three and six months ended June 30, 2023. See Note 5 for additional information about the goodwill impairment analysis.

Principal Maturities of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt maturing in 2023	$ 471
Debt maturing in 2024	434
Debt maturing in 2025	151
Debt maturing in 2026	69
Debt maturing in 2027	217,000
Total debt	218,125	$ 235,096
US and Euro Denominated Revolving Note
Debt Instrument [Line Items]
Debt maturing in 2027	217,000
Total debt	217,000
Other Debt
Debt Instrument [Line Items]
Debt maturing in 2023	471
Debt maturing in 2024	434
Debt maturing in 2025	151
Debt maturing in 2026	69
Total debt	$ 1,125

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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+ Details

- Definition

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

+ References + Details

Segment Reporting - Segment Information about Reported Product Revenues, Depreciation and Amortization and Operating Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Product revenues	$ 372,323	$ 260,715	$ 735,948	$ 528,372
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 12,544	$ 9,060	$ 26,077	$ 18,635
Operating income (loss)	4,321	7,735	21,995	21,925
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	$ 361,533	$ 249,152	$ 714,225	$ 507,016
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 11,221	$ 8,197	$ 23,511	$ 16,863
Operating income (loss)	46,561	24,026	84,940	55,301
Medical Segments
Segment Reporting Information [Line Items]
Product revenues	$ 10,790	$ 11,563	$ 21,723	$ 21,356
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 896	$ 558	$ 1,874	$ 1,162
Operating income (loss)	$ (20,540)	$ (181)	$ (21,033)	$ (1,032)
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	$ 427	$ 305	$ 692	$ 610
Operating income (loss)	$ (21,700)	$ (16,110)	$ (41,912)	$ (32,344)

- Definition

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

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+ Details

Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill impairment	$ 19,509	$ 19,509
Carrying value percentage			10.00%
Carrying value amount	17,086	17,086
Operating Segments
Goodwill [Line Items]
Goodwill impairment		19,509
Medical Segments \| Operating Segments
Goodwill [Line Items]
Goodwill impairment	$ 19,509	$ 19,509

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Acquisitions

Note 2 – Acquisitions

Alfmeier Präzision SE

On August 1, 2022, the Company acquired 100% of the equity interests of Alfmeier Präzision SE (“Alfmeier”), a global leader in automotive lumbar and massage comfort solutions and a leading provider of advanced valve systems, integrated electronics and software. The acquisition further expanded the Company's value proposition beyond thermal in comfort, health, wellness, and energy efficiency and aligned with global consumer demand for expanded offerings in vehicle passenger comfort.

The total consideration transferred was $170,700. The results of Alfmeier's operations are reported within the Automotive segment from the acquisition date.

The acquisition was accounted for as a business combination. As of June 30, 2023, the purchase consideration and fair values of assets and liabilities assumed are final. The following table summarizes the purchase consideration and estimated fair values of assets acquired and liabilities assumed as of the acquisition date and subsequent measurement period adjustments:


	Initial Allocation as of August 1, 2022			Measurement Period Adjustments			Final Allocation as of June 30, 2023
Purchase price, cash consideration, net of cash acquired	$	164,887		$	5,813		$	170,700
								—
Accounts receivable		24,988			(121	)		24,867
Inventory		36,026			417			36,443
Prepaid expenses and other assets		20,920			(74	)		20,846
Operating lease right-of-use assets		4,608			—			4,608
Property and equipment		89,942			1,242			91,184
Other intangible assets		22,668			8,791			31,459
Goodwill		43,678			(9,707	)		33,971
Assumed liabilities		(55,994	)		975			(55,019	)
Deferred tax liabilities		(21,949	)		4,290			(17,659	)
Net assets acquired	$	164,887		$	5,813		$	170,700

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


	Final Fair Value		Weighted Average Life (in years)
Definite-lived:
Customer related	$	19,812		14
Technology		11,647		9
Total	$	31,459

The 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, 2022:


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Product revenues	$	318,341	$	652,097
Net income		3,731		12,297

Jiangmen Dacheng Medical Equipment Co. Ltd

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

The total consideration transferred was $35,048. The purchase agreement also included potential cash payments contingent upon the achievement of certain performance metrics and continued employment of the former majority shareholder through a series of defined dates. The achievement of these performance metrics resulted in cash payments of $500. These cash payments were accounted for as compensation expense and recorded as a component of Selling, general and administrative expenses ratably over the service period.


	Initial Allocation as of July 13, 2022			Measurement Period Adjustments			Final Allocation as of June 30, 2023
Purchase price, cash consideration, net of cash acquired	$	35,048		$	—		$	35,048
								—
Accounts receivable		746			(124	)		622
Inventory		1,942			(177	)		1,765
Prepaid expenses and other assets		152			22			174
Operating lease right-of-use assets		841			—			841
Property and equipment		684			—			684
Other intangible assets		19,094			965			20,059
Goodwill		22,995			(3,464	)		19,531
Assumed liabilities		(2,799	)		(515	)		(3,314	)
Deferred tax liabilities		(8,607	)		3,293			(5,314	)
Net assets acquired	$	35,048		$	—		$	35,048

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


	Final Fair Value		Weighted Average Life (in years)
Definite-lived:
Customer related	$	12,837		12
Technology		4,749		12
Indefinite-lived:
Tradenames		2,473		—
Total	$	20,059

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 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 are presented.

(Loss) Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net (loss) income	$ (1,551)	$ 7,963	$ 7,072	$ 11,747	$ 6,412	$ 18,819
Basic weighted average shares of Common Stock outstanding	33,018,939		33,119,085		33,099,817	33,077,029
Dilutive effect of stock options, restricted stock awards and restricted stock units			307,038		228,160	344,958
Diluted weighted average shares of Common Stock outstanding	33,018,939		33,426,123		33,327,977	33,421,987
Basic (loss) earnings per share	$ (0.05)		$ 0.21		$ 0.19	$ 0.57
Diluted (loss) earnings per share	$ (0.05)		$ 0.21		$ 0.19	$ 0.56
Anti-dilutive securities share impact	198,371

- Definition

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

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+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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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

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Reconciliation of Changes in Accrued Warranty Costs

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


	Six Months Ended June 30,
	2023			2022
Balance at the beginning of the period	$	2,380		$	1,916
Warranty claims paid		(1,673	)		(623	)
Warranty expense for products shipped during the current period		2,215			818
Adjustments to warranty estimates from prior periods		(32	)		(171	)
Adjustments due to currency translation		10			(41	)
Balance at the end of the period	$	2,900		$	1,899

Schedule of Reclassification Adjustments and Other Activities Impacting Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

$ (36,101)

$ (46,489)

$ (45,728)

$ (36,922)

$ (46,489)

$ (36,922)

Other comprehensive (loss) income before reclassifications

1,278

(22,441)

13,211

(30,819)

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

1,042

(246)

(1,793)

(568)

Amounts reclassified from accumulated other comprehensive loss into net (loss) income

(1,978)

(298)

(3,031)

(435)

Income taxes reclassified into net (loss) income

430

689

Other comprehensive (loss) income, net of tax

(1,312)

10,388

(22,920)

(8,806)

9,076

(31,726)

Ending Balance

(37,413)

(36,101)

(68,648)

(45,728)

(37,413)

(68,648)

Defined Benefit Pension Plans

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

(1,063)

(1,067)

(2,864)

(2,893)

(1,067)

(2,893)

Amounts reclassified from accumulated other comprehensive loss into net (loss) income

Income taxes reclassified into net (loss) income

(2)

(8)

(4)

(14)

Other comprehensive (loss) income, net of tax

Ending Balance

(1,059)

(1,063)

(2,837)

(2,864)

(1,059)

(2,837)

Foreign Currency Translation Adjustments

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

(40,014)

(48,269)

(43,482)

(34,188)

(48,269)

(34,188)

Other comprehensive (loss) income before reclassifications

(3,611)

(22,458)

4,580

(31,612)

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

(242)

(382)

Other comprehensive (loss) income, net of tax

(3,588)

(22,700)

4,667

(31,994)

Ending Balance

(43,602)

(40,014)

(66,182)

(43,482)

(43,602)

(66,182)

Foreign Currency Hedge Derivatives

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

4,976

2,847

618

154

2,847

154

Other comprehensive (loss) income before reclassifications

4,889

8,631

780

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

(1,065)

(4)

(1,880)

(183)

Amounts reclassified from accumulated other comprehensive loss into net (loss) income

^[1]

(1,984)

(333)

(3,043)

(486)

Income taxes reclassified into net (loss) income

432

693

106

Other comprehensive (loss) income, net of tax

2,272

(247)

4,401

217

Ending Balance

$ 7,248

$ 4,976

$ 371

618

$ 7,248

371

Commodity Hedge Derivatives

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

$ 5

Other comprehensive (loss) income before reclassifications

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

(3)

Amounts reclassified from accumulated other comprehensive loss into net (loss) income

^[1]

(19)

Income taxes reclassified into net (loss) income

Other comprehensive (loss) income, net of tax

$ (5)

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

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Title	directors or Section 16 officers
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net income	$ 6,412	$ 18,819
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	26,077	18,635
Deferred income taxes	(2,812)	(997)
Stock based compensation	5,053	5,263
Loss on disposition of property and equipment	828	518
Provisions for inventory	1,930	1,807
Impairment of goodwill	19,509
Other	(259)	708
Changes in assets and liabilities:
Accounts receivable, net	(11,624)	(31,762)
Inventory	9,417	(35,444)
Other assets	(12,241)	(10,443)
Accounts payable	24,518	27,768
Other liabilities	(8,196)	1,442
Net cash provided by (used in) operating activities	58,612	(3,686)
Investing Activities:
Purchases of property and equipment	(13,667)	(15,448)
Proceeds from the sale of property and equipment	40	81
Proceeds from deferred purchase price of factored receivables	7,351
Cost of technology investments	(500)	(350)
Net cash used in investing activities	(6,776)	(15,717)
Financing Activities:
Repayments of debt	(16,982)	(1,250)
Proceeds from the exercise of Common Stock options	263	569
Taxes withheld and paid on employees' share-based payment awards	(2,644)	(4,464)
Cash paid for the repurchase of Common Stock	(19,993)
Net cash used in financing activities	(39,356)	(5,145)
Foreign currency effect	2,300	(8,800)
Net increase (decrease) in cash and cash equivalents	14,780	(33,348)
Cash and cash equivalents at beginning of period	153,891	190,606
Cash and cash equivalents at end of period	168,671	157,258
Supplemental disclosure of cash flow information:
Cash paid for taxes	11,619	8,642
Cash paid for interest	6,640	909
Non-Cash Investing Activities:
Period-end balance of accounts payable for property and equipment	4,085	$ 1,747
Deferred purchase price of receivables factored in the period	$ 6,522

Commitments and Contingencies - Additional Information (Detail) - Semiconductor Chips $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Commitments	$ 34,646
Minimum
Loss Contingencies [Line Items]
Commitment period	12 months
Maximum
Loss Contingencies [Line Items]
Commitment period	24 months

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10 – Fair Value Measurements

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

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

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

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

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

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

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

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

Items Measured at Fair Value on a Recurring Basis

Except for derivative instruments (see Note 9) and pension plan assets, the Company had no material financial assets and liabilities that were carried at fair value at June 30, 2023 and December 31, 2022. 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 2) and goodwill of the Medical reporting unit (see Note 5). The estimated fair values of these assets were based on third-party valuations and management’s estimates, generally utilizing income and market approaches. As of June 30, 2023, and December 31, 2022, there were no other significant assets or liabilities measured at fair value on a non-recurring basis.

Items Not Carried at Fair Value

The Company uses an income valuation technique to measure the fair values of its debt instruments by converting amounts of future cash flows to a single present value amount using rates based on current market expectations (Level 2 inputs). As of June 30, 2023, and December 31, 2022, 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 6).

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	Jun. 30, 2023	Dec. 31, 2022
Foreign Currency Derivatives \| Derivatives Designated as Cash Flow Hedges
Derivatives Fair Value [Line Items]
Notional Amount	$ 54,861	$ 40,063
Net Asset/ (Liabilities)	9,380	3,791
Foreign Currency Derivatives \| Other Current Assets \| Derivatives Designated as Cash Flow Hedges
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	9,380	3,791
Interest Rate Contracts \| Derivatives Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Notional Amount	100,000	100,000
Net Asset/ (Liabilities)	3,445	2,772
Interest Rate Contracts \| Other Current Assets \| Derivatives Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 3,445	$ 2,772

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Recurring Basis
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets, fair value	$ 0	$ 0
Financial liabilities, fair value	0	0
Fair Value, Nonrecurring Basis
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets, fair value	0	0
Financial liabilities, fair value	$ 0	$ 0

Restructuring and Impairments - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 1,044,000	$ 374,000	$ 2,313,000	$ 555,000
Description and timing of disposal			The Company is no longer pursuing a sale of the business and intends to wind-down the operations of the business by the end of 2023, subject to discussions with customers and suppliers.
Impairment of goodwill	19,509,000		$ 19,509,000
Medical Segments
Restructuring Cost And Reserve [Line Items]
Impairment of goodwill	19,509,000		19,509,000
Property and Equipment
Restructuring Cost And Reserve [Line Items]
Non-cash impairment charges					$ 690,000
Intangible Assets
Restructuring Cost And Reserve [Line Items]
Non-cash impairment charges					5,601,000
Inventory
Restructuring Cost And Reserve [Line Items]
Non-cash impairment charges	644,000		2,063,000		$ 9,378,000
Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses			10,359,000
Other restructuring costs		97,000		198,000
Restructuring expenses remains accrued	588,000		588,000
Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Other restructuring costs	707,000	277,000	770,000	307,000
Employee Separation Costs \| Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	0	$ 0	0	$ 50,000
Employee Separation Costs \| Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 337,000		$ 1,543,000

New Accounting Pronouncements (Policies)	6 Months Ended
New Accounting Pronouncements (Policies)	Jun. 30, 2023
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, 2022. 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 $5,700 and $5,200 as of June 30, 2023 and December 31, 2022, respectively, 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 June 30, 2023. 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 $3,849 and $2,239 as of June 30, 2023 and December 31, 2022, respectively. These amounts are recorded in Other non-current assets in the consolidated condensed balance sheets and are being amortized into Product revenues in the consolidated condensed statements of (loss) income over the expected production life of the applicable program.

Details of Certain Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Balance Sheet Components [Abstract]

Details of Certain Balance Sheet Components

Note 4 – Details of Certain Balance Sheet Components


	June 30, 2023		December 31, 2022
Other current assets:
Billable tooling	$	17,393	$	15,267
Income tax and other tax receivable		13,197		15,041
Notes receivable		13,176		12,127
Short-term derivative financial instruments		12,825		6,564
Prepaid expenses		9,631		6,239
Receivables due from factor		5,177		5,490
Other		3,382		3,869
Total other current assets	$	74,781	$	64,597
Other current liabilities:
Accrued employee liabilities	$	36,074	$	32,031
Liabilities from discounts and rebates		25,266		26,640
Income tax and other taxes payable		14,828		14,459
Accrued warranty		2,900		2,380
Restructuring		1,588		588
Other		10,622		17,716
Total other current liabilities	$	91,278	$	93,814

Consolidated Condensed Statements of (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Product revenues	$ 372,323	$ 260,715	$ 735,948	$ 528,372
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 284,335	$ 201,338	$ 566,830	$ 404,882
Gross margin	87,988	59,377	169,118	123,490
Operating expenses:
Net research and development expenses	24,696	19,325	49,841	39,759
Selling, general and administrative expenses	38,418	31,943	75,460	61,251
Impairment of goodwill	19,509		19,509
Restructuring expenses	1,044	374	2,313	555
Total operating expenses	83,667	51,642	147,123	101,565
Operating income	4,321	7,735	21,995	21,925
Interest expense, net	(1,932)	(1,430)	(6,076)	(1,999)
Foreign currency gain (loss)	346	4,552	(1,723)	6,769
Other income	556	134	786	338
Earnings before income tax	3,291	10,991	14,982	27,033
Income tax expense	4,842	3,919	8,570	8,214
Net (loss) income	$ (1,551)	$ 7,072	$ 6,412	$ 18,819
Basic (loss) earnings per share	$ (0.05)	$ 0.21	$ 0.19	$ 0.57
Diluted (loss) earnings per share	$ (0.05)	$ 0.21	$ 0.19	$ 0.56
Weighted average number of shares – basic	33,018,939	33,119,085	33,099,817	33,077,029
Weighted average number of shares – diluted	33,018,939	33,426,123	33,327,977	33,421,987

Restructuring and Impairments - Summary of Restructuring Expense by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 1,044	$ 374	$ 2,313	$ 555
Operating Segments \| Automotive Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	296	$ 374	1,370	$ 555
Operating Segments \| Corporate Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 748		$ 943

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

Alfmeier

Business Acquisition [Line Items]

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

The following table summarizes the purchase consideration and estimated fair values of assets acquired and liabilities assumed as of the acquisition date and subsequent measurement period adjustments:


	Initial Allocation as of August 1, 2022			Measurement Period Adjustments			Final Allocation as of June 30, 2023
Purchase price, cash consideration, net of cash acquired	$	164,887		$	5,813		$	170,700
								—
Accounts receivable		24,988			(121	)		24,867
Inventory		36,026			417			36,443
Prepaid expenses and other assets		20,920			(74	)		20,846
Operating lease right-of-use assets		4,608			—			4,608
Property and equipment		89,942			1,242			91,184
Other intangible assets		22,668			8,791			31,459
Goodwill		43,678			(9,707	)		33,971
Assumed liabilities		(55,994	)		975			(55,019	)
Deferred tax liabilities		(21,949	)		4,290			(17,659	)
Net assets acquired	$	164,887		$	5,813		$	170,700

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

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


	Final Fair Value		Weighted Average Life (in years)
Definite-lived:
Customer related	$	19,812		14
Technology		11,647		9
Total	$	31,459

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, 2022:


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Product revenues	$	318,341	$	652,097
Net income		3,731		12,297

Dacheng

Business Acquisition [Line Items]

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


	Initial Allocation as of July 13, 2022			Measurement Period Adjustments			Final Allocation as of June 30, 2023
Purchase price, cash consideration, net of cash acquired	$	35,048		$	—		$	35,048
								—
Accounts receivable		746			(124	)		622
Inventory		1,942			(177	)		1,765
Prepaid expenses and other assets		152			22			174
Operating lease right-of-use assets		841			—			841
Property and equipment		684			—			684
Other intangible assets		19,094			965			20,059
Goodwill		22,995			(3,464	)		19,531
Assumed liabilities		(2,799	)		(515	)		(3,314	)
Deferred tax liabilities		(8,607	)		3,293			(5,314	)
Net assets acquired	$	35,048		$	—		$	35,048

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

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


	Final Fair Value		Weighted Average Life (in years)
Definite-lived:
Customer related	$	12,837		12
Technology		4,749		12
Indefinite-lived:
Tradenames		2,473		—
Total	$	20,059

Summary of Company's Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 218,125	$ 235,096
Current maturities	(684)	(2,443)
Long-term debt, less current maturities	$ 217,441	$ 232,653
Revolving Credit Facility (U.S. Dollar denominations)
Debt Instrument [Line Items]
Interest Rate	6.58%	5.80%
Total debt	$ 217,000	$ 232,000
Other Loans
Debt Instrument [Line Items]
Interest Rate	3.90%
Total debt	$ 269	$ 2,011
Other Loans \| Minimum
Debt Instrument [Line Items]
Interest Rate		3.89%
Other Loans \| Maximum
Debt Instrument [Line Items]
Interest Rate		5.21%
Finance Leases
Debt Instrument [Line Items]
Total debt	$ 856	$ 1,085

Acquisitions - Summary of Final Allocation of Purchase Consideration to Other Intangible Assets Acquired (Detail) - USD ($) $ in Thousands	Aug. 01, 2022	Jul. 13, 2022	Jun. 30, 2023
Alfmeier
Business Acquisition [Line Items]
Final Fair Value, Total	$ 31,459		$ 31,459
Alfmeier \| Customer Related
Business Acquisition [Line Items]
Final Fair Value, Definite-lived	$ 19,812
Weighted Average Life (in years)	14 years
Alfmeier \| Technology
Business Acquisition [Line Items]
Final Fair Value, Definite-lived	$ 11,647
Weighted Average Life (in years)	9 years
Dacheng
Business Acquisition [Line Items]
Final Fair Value, Total		$ 20,059	$ 20,059
Dacheng \| Tradenames
Business Acquisition [Line Items]
Final Fair Value, Indefinite-lived		2,473
Dacheng \| Customer Related
Business Acquisition [Line Items]
Final Fair Value, Definite-lived		$ 12,837
Weighted Average Life (in years)		12 years
Dacheng \| Technology
Business Acquisition [Line Items]
Final Fair Value, Definite-lived		$ 4,749
Weighted Average Life (in years)		12 years

Acquisitions - Summary of Unaudited Pro Forma Information (Detail) - Alfmeier - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Product revenues	$ 318,341	$ 652,097
Net income	$ 3,731	$ 12,297

(Loss) Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,					Six Months Ended June 30,
	2023			2022		2023		2022
Net (loss) income	$	(1,551	)	$	7,072	$	6,412	$	18,819

Basic weighted average shares of Common Stock outstanding		33,018,939			33,119,085		33,099,817		33,077,029
Dilutive effect of stock options, restricted stock awards and restricted stock units		—			307,038		228,160		344,958
Diluted weighted average shares of Common Stock outstanding		33,018,939			33,426,123		33,327,977		33,421,987

Basic (loss) earnings per share	$	(0.05	)	$	0.21	$	0.19	$	0.57
Diluted (loss) earnings per share	$	(0.05	)	$	0.21	$	0.19	$	0.56

Common Stock Issuable upon Exercise of Certain Stock Options


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Anti-dilutive securities share impact		198,371		—		—		—

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,842	$ 3,919	$ 8,570	$ 8,214
Earnings before income tax	$ (3,291)	$ (10,991)	$ (14,982)	$ (27,033)
Effective tax rate	147.10%	35.70%	57.20%	30.40%
Impairment of goodwill	$ 19,509		$ 19,509
Impairment loss with tax benefit	$ 2,423		$ 2,423
U.S. federal statutory rate	21.00%	21.00%	21.00%	21.00%

- 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.

+ References

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

Goodwill and Other Intangibles (Tables)

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 was as follows:


	Automotive		Medical			Total
Balance as of December 31, 2022	$	73,069	$	46,705		$	119,774
Impairment of goodwill		—		(19,509	)		(19,509	)
Currency translation		759		(139	)		620
Balance as of June 30, 2023	$	73,828	$	27,057		$	100,885

Summary of Other Intangible Assets and Accumulated Amortization Balances

Other intangible assets and accumulated amortization balances as of June 30, 2023 and December 31, 2022 were as follows:


	June 30, 2023							December 31, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	113,792	$	(70,591	)	$	43,201	$	112,286	$	(65,748	)	$	46,538
Technology		45,296		(27,563	)		17,733		44,745		(25,709	)		19,036
Product development costs		19,134		(18,968	)		166		18,774		(18,456	)		318
Software development		1,007		—			1,007		1,007		—			1,007
Indefinite-lived:
Tradenames		6,989		—			6,989		7,034		—			7,034
Total	$	186,218	$	(117,122	)	$	69,096	$	183,846	$	(109,913	)	$	73,933

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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+ Details

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

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


Three Months Ended June 30,	Automotive		Medical			Corporate			Total
2023
Product revenues	$	361,533	$	10,790		$	—		$	372,323
Depreciation and amortization		11,221		896			427		$	12,544
Operating income (loss)		46,561		(20,540	)		(21,700	)	$	4,321
2022
Product revenues	$	249,152	$	11,563		$	—		$	260,715
Depreciation and amortization		8,197		558			305		$	9,060
Operating income (loss)		24,026		(181	)		(16,110	)	$	7,735

Six Months Ended June 30,	Automotive		Medical			Corporate			Total
2023
Product revenues	$	714,225	$	21,723		$	—		$	735,948
Depreciation and amortization		23,511		1,874			692		$	26,077
Operating income (loss)		84,940		(21,033	)		(41,912	)	$	21,995
2022
Product revenues	$	507,016	$	21,356		$	—		$	528,372
Depreciation and amortization		16,863		1,162			610		$	18,635
Operating income (loss)		55,301		(1,032	)		(32,344	)	$	21,925

Segment Information About Reported Segment Product Revenues by Product Category

Automotive and Medical segment Product revenues by product category for the three and six months ended June 30, 2023 and 2022 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Climate Control Seat	$	121,210	$	96,488	$	235,963	$	199,222
Seat Heaters		78,258		65,903		153,894		134,799
Steering Wheel Heaters		38,958		28,951		75,305		57,687
Lumbar and Massage Comfort Solutions (a)		37,604		—		76,342		—
Valve Systems (a)		27,692		—		54,686		—
Automotive Cables		20,243		19,280		40,463		41,325
Battery Performance Solutions		19,587		17,451		39,896		35,064
Electronics		9,323		10,278		20,293		21,106
Other Automotive		8,658		10,801		17,383		17,813
Subtotal Automotive segment		361,533		249,152		714,225		507,016
Medical segment (b)		10,790		11,563		21,723		21,356
Total Company	$	372,323	$	260,715	$	735,948	$	528,372

(a)

Represents Product revenues from Alfmeier (acquired on August 1, 2022) - (see Note 2)

(b)

Includes Product revenues of $1,672 and $2,951 for the three and six months ended June 30, 2023 from Dacheng (acquired on July 13, 2022) - (see Note 2)

Product Revenues Information by Geographic Area

Total Product revenues information by geographic area for the three and six months ended June 30, 2023 and 2022 is as follows (based on shipment destination):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
United States	$	138,319	$	102,617	$	279,771	$	206,738
China		53,872		31,391		100,526		69,744
South Korea		29,995		23,706		58,733		44,881
Germany		26,039		15,565		52,551		35,351
Czech Republic		17,372		12,195		35,022		25,810
Japan		12,867		12,886		28,089		24,702
Romania		13,436		11,519		25,969		24,273
Slovakia		12,712		8,987		24,308		17,360
Finland		11,139		7,352		21,272		13,913
Mexico		10,356		4,267		19,450		9,137
Other		46,216		30,230		90,257		56,463
Total Non-U.S.		234,004		158,098		456,177		321,634
Total Company	$	372,323	$	260,715	$	735,948	$	528,372

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 168,671	$ 153,891
Accounts receivable, net	258,157	247,131
Inventory:
Raw materials	129,972	136,217
Work in process	15,673	17,695
Finished goods	62,295	64,336
Inventory, net	207,940	218,248
Other current assets	74,781	64,597
Total current assets	709,549	683,867
Property and equipment, net	239,920	244,480
Goodwill	100,885	119,774
Other intangible assets, net	69,096	73,933
Operating lease right-of-use assets	29,925	29,945
Deferred income tax assets	74,537	69,840
Other non-current assets	20,135	17,461
Total assets	1,244,047	1,239,300
Current Liabilities:
Accounts payable	207,655	182,225
Current lease liabilities	8,005	7,143
Current maturities of long-term debt	684	2,443
Other current liabilities	91,278	93,814
Total current liabilities	307,622	285,625
Long-term debt, less current maturities	217,441	232,653
Non-current lease liabilities	18,095	20,538
Pension benefit obligation	3,229	3,638
Other non-current liabilities	27,100	24,573
Total liabilities	573,487	567,027
Common Stock:
No par value; 55,000,000 shares authorized 32,987,809 and 33,202,082 issued and outstanding at June 30, 2023 and December 31, 2022, respectively	105,525	122,658
Paid-in capital	5,379	5,447
Accumulated other comprehensive loss	(37,413)	(46,489)
Accumulated earnings	597,069	590,657
Total shareholders’ equity	670,560	672,273
Total liabilities and shareholders’ equity	$ 1,244,047	$ 1,239,300

Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Note 5 – Goodwill and Other Intangibles

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, for the six months ended June 30, 2023 was as follows:


	Automotive		Medical			Total
Balance as of December 31, 2022	$	73,069	$	46,705		$	119,774
Impairment of goodwill		—		(19,509	)		(19,509	)
Currency translation		759		(139	)		620
Balance as of June 30, 2023	$	73,828	$	27,057		$	100,885

Other Intangible Assets

Other intangible assets and accumulated amortization balances as of June 30, 2023 and December 31, 2022 were as follows:


	June 30, 2023							December 31, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	113,792	$	(70,591	)	$	43,201	$	112,286	$	(65,748	)	$	46,538
Technology		45,296		(27,563	)		17,733		44,745		(25,709	)		19,036
Product development costs		19,134		(18,968	)		166		18,774		(18,456	)		318
Software development		1,007		—			1,007		1,007		—			1,007
Indefinite-lived:
Tradenames		6,989		—			6,989		7,034		—			7,034
Total	$	186,218	$	(117,122	)	$	69,096	$	183,846	$	(109,913	)	$	73,933

As of December 31, 2022, the estimated fair value of the Medical reporting unit exceeded its carrying value by less than 10%. During the second quarter of 2023, the Company’s Medical reporting unit did not perform in-line with forecasted results primarily driven by slower than anticipated revenue growth. As a result, an indicator of impairment was identified and the Company performed an interim quantitative assessment as of June 30, 2023. The results of this quantitative analysis indicated the carrying value of the reporting unit exceeded the fair value of the reporting unit by $17,086, and accordingly an impairment expense was recorded for $19,509 that includes the associated deferred tax effect that was measured using the simultaneous equation method.

The Company utilized an income approach to estimate the fair value of the reporting unit and a market valuation approach to further support this analysis (level 3). The income approach was based on projected debt-free cash flow that was discounted to the present value using discount factors that considered the timing and risk of cash flows. Fair value was estimated using internally developed forecasts, as well as commercial and discount rate assumptions. The discount rate used was the value-weighted average of our estimated cost of equity and of debt (“cost of capital”) derived using both known and estimated customary market metrics. Our weighted average cost of capital includes a company specific risk premium to address the risks associated with achieving the projected revenue and profitability growth rates. Other significant assumptions included terminal value growth rates and terminal value margin rates. Our ability to realize the future cash flows used in our calculations is affected by factors such as the success of strategic initiatives, changes in economic conditions, changes in our operating performance and changes in our business strategies. To further support the fair value estimate determined by the income approach, the Company utilized a market valuation approach to estimate the fair value of the Medical reporting unit. The market approach considered historical and anticipated financial metrics of the Medical reporting unit and applied valuation multiples based on recent observed transactions involving companies similar enough to the Medical reporting unit from which to draw meaningful conclusions.

Commitments and Contingencies - Reconciliation of Changes in Accrued Warranty Costs (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Loss Contingency [Abstract]
Balance at the beginning of the period	$ 2,380	$ 1,916
Warranty claims paid	(1,673)	(623)
Warranty expense for products shipped during the current period	2,215	818
Adjustments to warranty estimates from prior periods	(32)	(171)
Adjustments due to currency translation	10	(41)
Balance at the end of the period	$ 2,900	$ 1,899

Financial Instruments - Summary of Receivables Factored and Availability Under Receivables Factoring Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Receivables factored and outstanding	$ 21,623	$ 19,108
Amount available under the credit limit	2,471	5,034
Collective factoring limit	$ 24,094	$ 24,142

Segment Reporting - Segment Information About Reported Segment Product Revenues by Product Category (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Product revenues	$ 372,323	$ 260,715	$ 735,948	$ 528,372
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	361,533	249,152	714,225	507,016
Medical Segments
Segment Reporting Information [Line Items]
Product revenues	10,790	$ 11,563	21,723	$ 21,356
Medical Segments \| Dacheng
Segment Reporting Information [Line Items]
Product revenues	$ 1,672		$ 2,951

- Definition

+ References

+ Details

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Loss

Note 12 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting Accumulated other comprehensive loss during the three and six months ended June 30, 2023 and 2022 were as follows:


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Commodity Hedge Derivatives			Total
Balance at March 31, 2023	$	(1,063	)	$	(40,014	)	$	4,976			$	—		$	(36,101	)
Other comprehensive (loss) income before reclassifications		—			(3,611	)		4,889				—			1,278
Income tax effect of other comprehensive (loss) income before reclassifications		—			23			(1,065	)			—			(1,042	)
Amounts reclassified from accumulated other comprehensive loss into net (loss) income		6			—			(1,984	)	a		—	a		(1,978	)
Income taxes reclassified into net (loss) income		(2	)		—			432				—			430
Net current period other comprehensive income (loss)		4			(3,588	)		2,272				—			(1,312	)
Balance at June 30, 2023	$	(1,059	)	$	(43,602	)	$	7,248			$	—		$	(37,413	)

(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 March 31, 2022	$	(2,864	)	$	(43,482	)	$	618			$	—		$	(45,728	)
Other comprehensive (loss) income before reclassifications		—			(22,458	)		17				—			(22,441	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(242	)		(4	)			—			(246	)
Amounts reclassified from accumulated other comprehensive loss into net income		35			—			(333	)	a		—	a		(298	)
Income taxes reclassified into net income		(8	)		—			73				—			65
Net current period other comprehensive income (loss)		27			(22,700	)		(247	)			—			(22,920	)
Balance at June 30, 2022	$	(2,837	)	$	(66,182	)	$	371			$	—		$	(68,648	)

(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, 2022	$	(1,067	)	$	(48,269	)	$	2,847			$	—		$	(46,489	)
Other comprehensive income before reclassifications		—			4,580			8,631				—			13,211
Income tax effect of other comprehensive income before reclassifications		—			87			(1,880	)			—			(1,793	)
Amounts reclassified from accumulated other comprehensive loss into net income		12			—			(3,043	)	a		—	a		(3,031	)
Income taxes reclassified into net income		(4	)		—			693				—			689
Net current period other comprehensive income		8			4,667			4,401				—			9,076
Balance at June 30, 2023	$	(1,059	)	$	(43,602	)	$	7,248			$	—		$	(37,413	)

(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		—			(31,612	)		780				13				(30,819	)
Income tax effect of other comprehensive loss before reclassifications		—			(382	)		(183	)			(3	)			(568	)
Amounts reclassified from accumulated other comprehensive loss into net income		70			—			(486	)	a		(19	)	a		(435	)
Income taxes reclassified into net income		(14	)		—			106				4				96
Net current period other comprehensive income (loss)		56			(31,994	)		217				(5	)			(31,726	)
Balance at June 30, 2022	$	(2,837	)	$	(66,182	)	$	371			$	—			$	(68,648	)

(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 June 30, 2023 to be reclassified into earnings during the next twelve months. See Note 9 for additional information about derivative financial instruments and the effects from reclassification to Net (loss) income.

Income Taxes - Summary of Provision for Income Taxes and Corresponding Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,842	$ 3,919	$ 8,570	$ 8,214
Earnings before income tax	$ 3,291	$ 10,991	$ 14,982	$ 27,033
Effective tax rate	147.10%	35.70%	57.20%	30.40%

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

+ References + Details

Goodwill and Other Intangibles - Summary of Other Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Gross Carrying Value	$ 186,218	$ 183,846
Accumulated Amortization	(117,122)	(109,913)
Net Carrying Value	69,096	73,933
Net Carrying Value	69,096	73,933
Customer Relationships
Intangible Assets [Line Items]
Gross Carrying Value	113,792	112,286
Accumulated Amortization	(70,591)	(65,748)
Net Carrying Value	43,201	46,538
Technology
Intangible Assets [Line Items]
Gross Carrying Value	45,296	44,745
Accumulated Amortization	(27,563)	(25,709)
Net Carrying Value	17,733	19,036
Product development costs
Intangible Assets [Line Items]
Gross Carrying Value	19,134	18,774
Accumulated Amortization	(18,968)	(18,456)
Net Carrying Value	166	318
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	6,989	7,034
Net Carrying Value	$ 6,989	$ 7,034

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Company's Debt

The following table summarizes the Company’s debt as of June 30, 2023 and December 31, 2022:


	June 30, 2023						December 31, 2022
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Credit Agreement:
Revolving Credit Facility (U.S. Dollar denominations)		6.58	%	$	217,000			5.80	%	$	232,000
Other loans		3.90	%		269		3.89% - 5.21%				2,011
Finance leases	N/A				856		N/A				1,085
Total debt					218,125						235,096
Current maturities					(684	)					(2,443	)
Long-term debt, less current maturities				$	217,441					$	232,653

Principal Maturities of Debt

The scheduled principal maturities of our debt as of June 30, 2023 were as follows:


	U.S. Revolving Note		Other Debt		Total
2023	$	—	$	471	$	471
2024		—		434		434
2025		—		151		151
2026		—		69		69
2027		217,000		—		217,000
2028		—		—		—
Total	$	217,000	$	1,125	$	218,125

- Definition

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

+ References

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+ Details

Details of Certain Balance Sheet Components (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Billable tooling	$ 17,393	$ 15,267
Income tax and other tax receivable	13,197	15,041
Short-term derivative financial instruments	12,825	6,564
Prepaid expenses	9,631	6,239
Other	3,382	3,869
Total other current assets	74,781	64,597
Other current liabilities:
Accrued employee liabilities	36,074	32,031
Liabilities from discounts and rebates	25,266	26,640
Income tax and other taxes payable	14,828	14,459
Accrued warranty	2,900	2,380	$ 1,899	$ 1,916
Restructuring	1,588	588
Other	10,622	17,716
Total other current liabilities	91,278	93,814
Related Party
Current Assets:
Notes receivable	13,176	12,127
Receivables due from factor	$ 5,177	$ 5,490

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7 – Commitments and Contingencies

Legal and other contingencies

The Company may be subject to various legal actions and claims in the ordinary course of its business, including those arising out of breach of contracts, intellectual property rights, environmental matters, regulatory matters and employment-related matters. The Company establishes accruals for matters which it believes that losses are probable and can be reasonably estimated. Although it is not possible to predict with certainty the outcome of these matters, the Company is of the opinion that the ultimate resolution of these

matters will not have a material adverse effect on its results of operations or financial position. Product liability and warranty reserves are recorded separately from legal reserves.

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 or liabilities 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 any claims filed by customers, the warranty accrual is adjusted quarterly to reflect management’s estimate of future claims.

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


	Six Months Ended June 30,
	2023			2022
Balance at the beginning of the period	$	2,380		$	1,916
Warranty claims paid		(1,673	)		(623	)
Warranty expense for products shipped during the current period		2,215			818
Adjustments to warranty estimates from prior periods		(32	)		(171	)
Adjustments due to currency translation		10			(41	)
Balance at the end of the period	$	2,900		$	1,899

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 June 30, 2023, the Company’s total commitments for these semiconductor chip agreements was $34,646. 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 June 30, 2023 were immaterial.

Goodwill and Other Intangibles - Summary of Changes in the Carrying Amount of Goodwill, By Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Goodwill [Line Items]
Balance, beginning of period		$ 119,774
Impairment of goodwill	$ (19,509)	(19,509)
Balance, end of period	100,885	100,885
Operating Segments
Goodwill [Line Items]
Balance, beginning of period		119,774
Impairment of goodwill		(19,509)
Currency translation		620
Balance, end of period	100,885	100,885
Automotive Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period		73,069
Currency translation		759
Balance, end of period	73,828	73,828
Medical Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period		46,705
Impairment of goodwill	(19,509)	(19,509)
Currency translation		(139)
Balance, end of period	$ 27,057	$ 27,057

- 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 01, 2022	Jul. 13, 2022	Jun. 30, 2023
Alfmeier
Business Acquisition [Line Items]
Acquisition date	Aug. 01, 2022
Percentage of equity interests acquired	100.00%
Total consideration	$ 170,700
Net assets acquired			$ 170,700
Alfmeier \| Measurement Period Adjustments
Business Acquisition [Line Items]
Net assets acquired	$ 5,813
Dacheng
Business Acquisition [Line Items]
Acquisition date		Jul. 13, 2022
Percentage of equity interests acquired		100.00%
Total consideration		$ 35,048
Contingent payments		$ 500
Net assets acquired			$ 35,048

Overview

6 Months Ended

Jun. 30, 2023

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 and medical industries. 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 systems, and other electronic devices. Our automotive products can be found on vehicles manufactured by nearly all the major 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. Medical products include patient temperature management systems. Our medical products can be found in hospitals throughout the world, primarily in the US, China, Germany and Brazil. The Company is also developing a number of new technologies and products that will help enable improvements to existing products, improve health, wellness and patient outcomes and will lead to new product applications for existing and new and adjacent markets.

Basis of Presentation and Significant Accounting Policies

The unaudited consolidated condensed financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations. The information furnished in the consolidated condensed financial statements include all adjustments (consisting of only normal, recurring adjustments) considered necessary to present fairly the results of operations, financial position and cash flows of the Company. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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 $5,700 and $5,200 as of June 30, 2023 and December 31, 2022, respectively, 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 June 30, 2023.

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 $3,849 and $2,239 as of June 30, 2023 and December 31, 2022, respectively. These amounts are recorded in Other non-current assets in the consolidated condensed balance sheets and are being amortized into Product revenues in the consolidated condensed statements of (loss) income over the expected production life of the applicable program.

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 – Income Taxes

At the end of each interim period, the Company makes an 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 six months ended June 30, 2023 and 2022, is shown below:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Income tax expense	$	4,842		$	3,919		$	8,570		$	8,214
Earnings before income tax	$	3,291		$	10,991		$	14,982		$	27,033
Effective tax rate		147.1	%		35.7	%		57.2	%		30.4	%

Income tax expense was $4,842 for the three months ended June 30, 2023 on earnings before income tax of $3,291, representing an effective tax rate of 147.1 %. The pre-tax earnings included the effect of an impairment loss of $19,509 with a tax benefit of $2,423. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the impact of the tax benefit related to the impairment loss, 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 an impact related to legal entity restructuring, partially offset by the impact of research and development credits in various jurisdictions.

Income tax expense was $3,919 for the three months ended June 30, 2022 on earnings before income tax of $10,991, representing an effective tax rate of 35.7 %. 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 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 $8,570 for the six months ended June 30, 2023 on earnings before income tax of $14,982, representing an effective tax rate of 57.2 %. The pre-tax earnings included the effect of an impairment loss of $19,509 with a tax benefit of $2,423. The effective tax rate differed from the U.S. Federal statutory rate of 21% primarily due to the impact of the tax benefit related to the impairment loss, income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, the unfavorable impact of GILTI, the quarterly accrual for uncertain tax positions and an impact related to legal entity restructuring, partially offset by the impact of research and development credits in various jurisdictions and certain favorable tax effects of equity vesting.

Income tax expense was $8,214 for the six months ended June 30, 2022 on earnings before income tax of $27,033, representing an effective tax rate of 30.4 %. 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 GILTI, and the quarterly accrual for uncertain tax positions partially offset by the impact of certain favorable tax effects of equity vesting.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Overview - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Investment amount	$ 5,700	$ 5,200
Capitalized costs to obtain contract	$ 3,849	$ 2,239
Entities Ownership Interest
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

Segment Reporting - Segment Information About Reported Segment Product Revenues by Product Category (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Segment Reporting Information [Line Items]

Product revenues

$ 372,323

$ 260,715

$ 735,948

$ 528,372

Automotive Segments

Segment Reporting Information [Line Items]

Product revenues

361,533

249,152

714,225

507,016

Automotive Segments | Climate Control Seat

Segment Reporting Information [Line Items]

Product revenues

121,210

96,488

235,963

199,222

Automotive Segments | Seat Heaters

Segment Reporting Information [Line Items]

Product revenues

78,258

65,903

153,894

134,799

Automotive Segments | Steering Wheel Heaters

Segment Reporting Information [Line Items]

Product revenues

38,958

28,951

75,305

57,687

Automotive Segments | Lumbar and Massage Comfort Solutions

Segment Reporting Information [Line Items]

Product revenues

37,604

76,342

Automotive Segments | Valve System

Segment Reporting Information [Line Items]

Product revenues

^[1]

27,692

54,686

Automotive Segments | Automotive Cables

Segment Reporting Information [Line Items]

Product revenues

20,243

19,280

40,463

41,325

Automotive Segments | Battery Performance Solutions

Segment Reporting Information [Line Items]

Product revenues

19,587

17,451

39,896

35,064

Automotive Segments | Electronics

Segment Reporting Information [Line Items]

Product revenues

9,323

10,278

20,293

21,106

Automotive Segments | Other Automotive

Segment Reporting Information [Line Items]

Product revenues

8,658

10,801

17,383

17,813

Industrial Segments | Medical Segments

Segment Reporting Information [Line Items]

Product revenues

^[2]

$ 10,790

$ 11,563

$ 21,723

$ 21,356

[1]	Represents Product revenues from Alfmeier (acquired on August 1, 2022) - (see Note 2)
[2]	Includes Product revenues of $1,672 and $2,951 for the three and six months ended June 30, 2023 from Dacheng (acquired on July 13, 2022) - (see Note 2)

Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Equity

Note 11 – Equity

In December 2020, the Board of Directors of Gentherm Incorporated (“Board of Directors”) authorized a stock repurchase program (the “2020 Stock Repurchase Program”). 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. During the three and six months ended June 30, 2023, the Company repurchased $9,996 and $19,993, respectively, of shares under the 2020 Stock Repurchase Program with an average price paid per share of $59.71 and $59.49, respectively. The 2020 Stock Repurchase Program had $110,007 of repurchase authorization remaining as of June 30, 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Details of Certain Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2023

Balance Sheet Components [Abstract]

Summary of Certain Balance Sheet Components


	June 30, 2023		December 31, 2022
Other current assets:
Billable tooling	$	17,393	$	15,267
Income tax and other tax receivable		13,197		15,041
Notes receivable		13,176		12,127
Short-term derivative financial instruments		12,825		6,564
Prepaid expenses		9,631		6,239
Receivables due from factor		5,177		5,490
Other		3,382		3,869
Total other current assets	$	74,781	$	64,597
Other current liabilities:
Accrued employee liabilities	$	36,074	$	32,031
Liabilities from discounts and rebates		25,266		26,640
Income tax and other taxes payable		14,828		14,459
Accrued warranty		2,900		2,380
Restructuring		1,588		588
Other		10,622		17,716
Total other current liabilities	$	91,278	$	93,814

Consolidated Condensed Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,551)	$ 7,072	$ 6,412	$ 18,819
Other comprehensive (loss) income:
Pension benefit obligations	4	27	8	56
Foreign currency translation adjustments	(3,588)	(22,700)	4,667	(31,994)
Unrealized gain (loss) on foreign currency derivative securities, net of tax	2,272	(247)	4,401	217
Unrealized loss on commodity derivative securities, net of tax				(5)
Other comprehensive (loss) income, net of tax	(1,312)	(22,920)	9,076	(31,726)
Comprehensive (loss) income	$ (2,863)	$ (15,848)	$ 15,488	$ (12,907)

- 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.

+ References + Details

- 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

Restructuring and Impairments (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Summary of Restructuring Expense by Reportable Segment

The following table summarizes restructuring expense for the three and six months ended June 30, 2023 and 2022 by reporting segment:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Automotive	$	296	$	374	$	1,370	$	555
Medical		—		—		—		—
Corporate		748		—		943		—
Total	$	1,044	$	374	$	2,313	$	555

Summary of Restructuring Liability


	Employee Separation Costs			Other Related Costs			Total
Balance at December 31, 2022	$	588		$	—		$	588
Additions, charged to restructuring expenses		1,206			63			1,269
Cash payments		—			(63	)		(63	)
Currency translation		16			—			16
Balance at March 31, 2023	$	1,810		$	—		$	1,810
Additions, charged to restructuring expenses		337			707			1,044
Cash payments		(565	)		(707	)		(1,272	)
Currency translation		6			—			6
Balance at June 30, 2023	$	1,588		$	—		$	1,588

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		32,990,546
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 (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, par value
Common Stock, shares authorized	55,000,000	55,000,000
Common Stock, shares issued	32,987,809	33,202,082
Common Stock, shares outstanding	32,987,809	33,202,082

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 and 2022, is shown below:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Income tax expense	$	4,842		$	3,919		$	8,570		$	8,214
Earnings before income tax	$	3,291		$	10,991		$	14,982		$	27,033
Effective tax rate		147.1	%		35.7	%		57.2	%		30.4	%

Debt - Additional Information (Detail) - USD ($)		6 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jun. 10, 2022	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum percentage of stock of non US subsidiaries pledge to secure obligation		66.00%
Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Debt issuance cost	$ 1,417,000
Remaining borrowing capacity		$ 282,732,000
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
Debt maturity date	Jun. 10, 2027
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%
Standby Letters of Credit \| Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000

Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest Rate Swap
Derivative [Line Items]
Hedge Ineffectiveness Incurred	$ 0	$ 0	$ 0	$ 0
Floating to Fixed interest Rate Swap
Derivative [Line Items]
Notional Value	$ 100,000,000		$ 100,000,000
Maturity date			Jul. 31, 2025

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

+ Details

Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 9 – Financial Instruments

Derivative Financial Instruments

The Company is exposed to various market risks including, but not limited to, changes in foreign currency exchange rates, changes in interest rates and price fluctuations of certain material commodities such as copper. Market risks for changes in interest rates relate primarily to its debt obligations under the 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, 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, Czech Koruna 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 (loss) 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 (loss) income. Cash flows associated with derivatives are reported in Net cash provided by (used in) operating activities in the 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.

The Company is party to a floating-to-fixed interest rate swap agreement with a notional amount of $100,000 and a maturity date of July 2025. This interest rate swap is an undesignated hedge of the Company’s exposure to interest payment fluctuations on a portion of the Revolving 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.

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of June 30, 2023 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	$	54,861	Other current assets	$	9,380	Other current liabilities	$	—	$	9,380
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	3,445	Other current liabilities	$	—	$	3,445

Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of December 31, 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	$	40,063	Other current assets	$	3,791	Other current liabilities	$	—	$	3,791
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	2,772	Other current liabilities	$	—	$	2,772


		Three Months Ended June 30,					Six Months Ended June 30,
	Location (Income/(Loss))	2023		2022			2023		2022
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Cost of sales – income	$	1,984	$	333		$	3,043	$	486
	Other comprehensive income (loss)		2,905		(316	)		5,588		294
Total foreign currency derivatives		$	4,889	$	17		$	8,631	$	780

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

Derivatives Not Designated as Hedging Instruments
Foreign currency derivatives	Foreign currency gain	$	—	$	482		$	—	$	482
Total foreign currency derivatives		$	—	$	482		$	—	$	482

Interest rate contracts	Interest expense, net	$	1,371	$	(693	)	$	672	$	(693	)
Total interest rate derivatives		$	1,371	$	(693	)	$	672	$	(693	)

The Company did not incur any hedge ineffectiveness during the three and six months ended June 30, 2023 and 2022.

Accounts Receivable Factoring

The Company sells certain customer trade receivables on a non-recourse basis under factoring arrangements with designated financial institutions. The sale of receivables under these agreements is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and excluded from accounts receivable in the consolidated condensed balance sheets. These factoring arrangements include a deferred purchase price component in which a portion of the purchase price for the receivable is paid by the financial institution in cash upon sale and the remaining portion is recorded as a deferred purchase price receivable and paid at a later date. Deferred purchase price receivables are recorded in Other current assets within the consolidated condensed balance sheets. Cash proceeds received upon the sale of the receivables are included in Net cash provided by (used in) operating activities and the cash proceeds received on the deferred purchase price receivables are included in Net cash used in investing activities. All factoring arrangements incorporate customary representations, including representations as to validity of amounts due, completeness of performance obligations and absence of commercial disputes.

Receivables factored and availability under receivables factoring agreements balances as of June 30, 2023 and December 31, 2022 were as follows:


	June 30, 2023		December 31, 2022
Receivables factored and outstanding	$	21,623	$	19,108
Amount available under the credit limit		2,471		5,034
Collective factoring limit	$	24,094	$	24,142

Trade receivables sold and factoring fees incurred during the three and six months ended June 30, 2023 and 2022 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Trade receivables sold	$	38,261	$	—	$	76,801	$	—
Factoring fees incurred		207		—		368		—