0000950170-24-119052 | 10-Q | XBRL Viewer

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Note 7 – Commitments and Contingencies

Legal and other contingencies

The Company is subject to various legal actions and claims in the ordinary course of its business, which may include 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 outstanding as of September 30, 2024 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

Our products subject us to warranty claims and, from time to time product liability claims, based on the Company’s products alleged failure to perform as expected or resulting in alleged bodily injury or property damage. 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 warranty and product 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 warranty or product liability 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.

On February 14, 2024, the National Highway Traffic Safety Administration announced that Volkswagen Group of America, Inc. (“VW”) is recalling 261,257 vehicles from model years 2015-2020 to remedy an alleged problem with a suction jet pump seal inside the fuel tank system. VW informed Gentherm of its plan to conduct the recall on April 3, 2024. The suction jet pump is a product originally designed and manufactured by Alfmeier, the business Gentherm acquired in August 2022. The Company has not accepted any financial responsibility for the recall and intends to provide replacement parts for the recall at commercial pricing paid by VW. The Company is pursuing discussions with VW to advance its position and resolve this matter. No litigation has been threatened or filed as of the date of this report. If the Company is obligated to indemnify VW for the direct and indirect costs associated with the recall, such costs could be material. The Company has insurance policies that generally include coverage of the costs of a recall, subject to insured limits, although the Company’s costs related to manufacturing of replacement parts are generally not covered. In addition, the Company’s purchase agreement of Alfmeier includes indemnification provisions under which the Company believes it would have a claim against the sellers. Given the uncertainty that exists concerning the resolution of this matter, as of the date of this report, the Company cannot reasonably estimate the amount and timing of possible costs that may be incurred by the Company.

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


	Nine Months Ended September 30,
	2024			2023
Balance at the beginning of the period	$	3,945		$	2,380
Warranty claims paid		(4,882	)		(1,979	)
Warranty expense for products shipped during the current period		4,017			3,311
Adjustments to warranty estimates from prior periods		725			(434	)
Adjustments due to currency translation		(4	)		(72	)
Balance at the end of the period	$	3,801		$	3,206

New Accounting Pronouncements (Policies)	9 Months Ended
New Accounting Pronouncements (Policies)	Sep. 30, 2024
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, 2023. The operating results for interim periods are not necessarily indicative of results that may be expected for other interim periods 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 third-party 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. All amounts in these notes to the consolidated condensed financial statements are presented in thousands, except share and per share data.
Principles of Consolidation	Principles of Consolidation The consolidated condensed financial statements include the accounts of the Company, its wholly owned subsidiaries and those entities in which it has a controlling financial interest. The Company evaluates its relationship with other entities for consolidation and to identify whether such entities are variable interest entities (“VIE”) and to assess whether the Company is the primary beneficiary of such entities. Investments in affiliates in which Gentherm does not have control but does have the ability to exercise significant influence over operating and financial policies are accounted for under the equity method. When Gentherm does not have the ability to exercise significant influence (generally when ownership interest is less than 20%), investments in affiliates are measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer.
Variable Interest Entities	Variable Interest Entities The Company maintains an ownership interest in a VIE, Carrar Ltd. (“Carrar”). Carrar is a technology developer of advanced thermal management systems for the electric mobility market. The Company determined that Carrar is a VIE; however, the Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of the investment. Therefore, the Company has concluded that it is not the primary beneficiary. Gentherm’s investment in Carrar is measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. During the nine months ended September 30, 2024, we recognized an increase in the fair value of our investment in Carrar of $1,097 in other income in the consolidated condensed statements of income due to observable transactions. The Carrar investment was $3,897 and $2,800 as of September 30, 2024 and December 31, 2023, 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 September 30, 2024. 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 $11,050 and $7,305 as of September 30, 2024 and December 31, 2023, 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 income over the expected production life of the applicable program.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board. New ASUs effective in 2024 through September 30, 2024 were assessed and determined to be either not applicable or not expected to have a significant impact on the Company's consolidated condensed financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". ASU 2023-07 requires a public entity to disclose, on an annual and interim basis, significant segment expenses that are included within each reported measure of segment profit or loss and regularly reviewed by the chief operating decision maker ("CODM"), the title and position of the CODM, clarification regarding the CODM's use of multiple measures of a segment's profit or loss in assessing segment performance (this must include a measure that is consistent with the measurement principles under U.S. GAAP, but may also include additional measures of a segment's profit or loss), and a description of the composition of amounts within an "Other" segment line item. Further, ASU 2023-07 requires that all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 to be provided in interim periods. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. ASU 2023-07 should be adopted retrospectively to all periods presented in the financial statements and early adoption is permitted. We are currently in the process of determining the impact the implementation of ASU 2023-07 will have on the Company’s financial statement disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". ASU 2023-09 enhances income tax disclosures to further disaggregate the effective tax rate reconciliation and income taxes paid. This update is effective for fiscal years beginning after December 15, 2024. ASU 2023-09 should be adopted prospectively, but retrospective application is permitted. Further, early adoption is permitted. We are currently in the process of determining the impact the implementation of ASU 2023-09 will have on the Company’s financial statement disclosures.

Financial Instruments - Summary of Receivables Factored and Availability Under Receivables Factoring Agreements (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Receivables factored and outstanding

$ 15,722

$ 18,532

Amount available under the credit limit

5,891

Collective factoring limit

^[1]

$ 15,722

$ 24,423

[1]

During the three months ended September 30, 2024, the factoring agreements the Company was party to either expired or were terminated. As of September 30, 2024 there were remaining receivables factored and outstanding that will be collected in the future, however, no further factoring can occur under these factoring agreements.

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 3,445	$ 6,908	$ 16,531	$ 15,478
Earnings before income tax	$ 19,410	$ 22,752	$ 66,157	$ 37,734
Effective tax rate	17.70%	30.40%	25.00%	41.00%
Impairment of goodwill				$ 19,509
Impairment loss with tax benefit				$ 2,255
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.

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- Definition

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

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+ Details

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net income	$ 49,626	$ 22,256
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	40,085	38,531
Deferred income taxes	1,568	(3,017)
Stock based compensation	10,291	8,451
(Gain) loss on disposition of property and equipment	(1,702)	873
Provisions for inventory	502	6,597
Impairment of goodwill		19,509
Other	(1,057)	81
Changes in assets and liabilities:
Accounts receivable, net	(16,179)	(19,813)
Inventory	(27,826)	3,733
Other assets	(35,959)	(19,218)
Accounts payable	38,501	32,158
Other liabilities	15,239	(10,099)
Net cash provided by operating activities	73,089	80,042
Investing Activities:
Purchases of property and equipment	(50,354)	(26,526)
Proceeds from the sale of property and equipment	7,537	72
Proceeds from deferred purchase price of factored receivables	10,266	10,139
Cost of technology investments	(590)	(630)
Net cash used in investing activities	(33,141)	(16,945)
Financing Activities:
Borrowings on debt	53,000
Repayments of debt	(53,520)	(27,166)
Proceeds from the exercise of Common Stock options	4,650	263
Taxes withheld and paid on employees' stock-based compensation	(3,157)	(2,754)
Cash paid for the repurchase of Common Stock	(41,578)	(31,094)
Net cash used in financing activities	(40,605)	(60,751)
Foreign currency effect	1,565	(1,883)
Net increase in cash and cash equivalents	908	463
Cash and cash equivalents at beginning of period	149,673	153,891
Cash and cash equivalents at end of period	150,581	154,354
Supplemental disclosure of cash flow information:
Cash paid for taxes	19,470	18,893
Cash paid for interest	10,022	9,737
Non-Cash Investing Activities:
Period-end balance of accounts payable for property and equipment	7,646	4,501
Deferred purchase price of receivables factored in the period	$ 9,276	$ 11,344

Reclassifications Out of Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Loss

Note 13 – Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassification adjustments and other activities impacting accumulated other comprehensive loss during the three and nine months ended September 30, 2024 and 2023 were as follows:


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at June 30, 2024	$	(978	)	$	(53,822	)	$	(899	)		$	(55,699	)
Other comprehensive income (loss) before reclassifications		—			22,691			(1,754	)			20,937
Income tax effect of other comprehensive income (loss) before reclassifications		—			(253	)		382				129
Amounts reclassified from accumulated other comprehensive loss into net income		24			—			(518	)	a		(494	)
Income taxes reclassified into net income		(7	)		—			113				106
Net current period other comprehensive income (loss)		17			22,438			(1,777	)			20,678
Balance at September 30, 2024	$	(961	)	$	(31,384	)	$	(2,676	)		$	(35,021	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at June 30, 2023	$	(1,059	)	$	(43,602	)	$	7,248			$	(37,413	)
Other comprehensive (loss) income before reclassifications		—			(16,321	)		98				(16,223	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(135	)		(21	)			(156	)
Amounts reclassified from accumulated other comprehensive loss into net income		5			—			(2,771	)	a		(2,766	)
Income taxes reclassified into net income		(1	)		—			604				603
Net current period other comprehensive income (loss)		4			(16,456	)		(2,090	)			(18,542	)
Balance at September 30, 2023	$	(1,055	)	$	(60,058	)	$	5,158			$	(55,955	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2023	$	(1,011	)	$	(34,830	)	$	5,681			$	(30,160	)
Other comprehensive income (loss) before reclassifications		—			3,446			(1,948	)			1,498
Income tax effect of other comprehensive income (loss) before reclassifications		—			—			424				424
Amounts reclassified from accumulated other comprehensive loss into net income		69			—			(8,737	)	a		(8,668	)
Income taxes reclassified into net income		(19	)		—			1,904				1,885
Net current period other comprehensive income (loss)		50			3,446			(8,357	)			(4,861	)
Balance at September 30, 2024	$	(961	)	$	(31,384	)	$	(2,676	)		$	(35,021	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2022	$	(1,067	)	$	(48,269	)	$	2,847			$	(46,489	)
Other comprehensive (loss) income before reclassifications		—			(11,741	)		8,729				(3,012	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(48	)		(1,901	)			(1,949	)
Amounts reclassified from accumulated other comprehensive loss into net income		17			—			(5,814	)	a		(5,797	)
Income taxes reclassified into net income		(5	)		—			1,297				1,292
Net current period other comprehensive income (loss)		12			(11,789	)		2,311				(9,466	)
Balance at September 30, 2023	$	(1,055	)	$	(60,058	)	$	5,158			$	(55,955	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.

The Company expects that substantially all of the existing gains and losses related to foreign currency derivatives reported in accumulated other comprehensive loss as of September 30, 2024 to be reclassified into earnings during the next twelve months. See Note 10 for additional information about derivative financial instruments and the effects from reclassification to net income.

Financial Instruments - Summary of Trade Receivables Sold and Factoring Fees Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Trade receivables sold	$ 27,885	$ 35,115	$ 98,761	$ 111,915
Factoring fees incurred	$ 186	$ 221	$ 564	$ 588

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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

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 nine months ended September 30, 2024 and 2023.


Three Months Ended September 30,	Automotive		Medical			Corporate			Total
2024
Product revenues	$	358,804	$	12,708		$	—		$	371,512
Depreciation and amortization		12,118		870			364			13,352
Operating income (loss)		54,520		479			(22,662	)		32,337
2023
Product revenues	$	354,782	$	11,413		$	—		$	366,195
Depreciation and amortization		11,399		882			173			12,454
Operating income (loss)		41,690		(805	)		(17,144	)		23,741

Nine Months Ended September 30,	Automotive		Medical			Corporate			Total
2024
Product revenues	$	1,067,444	$	35,766		$	—		$	1,103,210
Depreciation and amortization		36,343		2,622			1,120			40,085
Operating income (loss)		153,894		274			(70,794	)		83,374
2023
Product revenues	$	1,069,007	$	33,136		$	—		$	1,102,143
Depreciation and amortization		34,910		2,756			865			38,531
Operating income (loss)		126,630		(21,838	)		(59,056	)		45,736

Segment Information About Reported Segment Product Revenues by Product Category

Automotive and Medical segment product revenues by product category for the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Climate Control Seat	$	115,498	$	124,905	$	352,789	$	360,868
Seat Heaters		72,982		77,238		227,114		231,132
Lumbar and Massage Comfort Solutions		48,970		33,260		133,090		109,602
Steering Wheel Heaters		44,711		39,861		126,939		115,166
Valve Systems		26,082		27,830		81,974		82,516
Automotive Cables		16,834		19,668		57,185		60,131
Battery Performance Solutions		16,869		17,242		46,540		57,138
Electronics		10,862		10,163		26,218		30,456
Other Automotive		5,996		4,615		15,595		21,998
Subtotal Automotive segment		358,804		354,782		1,067,444		1,069,007
Medical segment		12,708		11,413		35,766		33,136
Total Company	$	371,512	$	366,195	$	1,103,210	$	1,102,143

Product Revenues Information by Geographic Area

Total product revenues information by geographic area for the three and nine months ended September 30, 2024 and 2023 is as follows (based on shipment destination):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	$	127,869	$	134,588	$	380,681	$	414,359
China		54,791		61,004		162,476		161,530
Germany		26,394		24,456		81,635		77,007
South Korea		22,487		27,369		78,341		86,102
Czech Republic		20,830		16,684		60,520		51,706
Slovakia		13,970		13,828		41,870		39,797
Japan		13,370		10,946		40,562		35,254
Romania		13,069		16,906		40,299		44,995
Mexico		10,783		8,286		32,621		29,558
United Kingdom		9,674		15,251		31,480		34,701
Other		58,275		36,877		152,725		127,134
Total Non-U.S.		243,643		231,607		722,529		687,784
Total Company	$	371,512	$	366,195	$	1,103,210	$	1,102,143

Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 10 – Financial Instruments

Derivative Financial Instruments

The Company is exposed to various market risks including, but not limited to, changes in foreign currency exchange rates, changes in interest rates and price fluctuations of certain material commodities such as copper. Market risks for changes in interest rates relate primarily to its debt obligations under the Second Amended and Restated Credit Agreement. Foreign currency exchange risks are attributable to sales to foreign customers and purchases from foreign suppliers not denominated in a location’s functional currency, foreign plant operations, intercompany indebtedness, 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 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 instruments, if any, to cost of sales in the consolidated condensed statements of income. Cash flows associated with derivatives are reported in net cash provided by operating activities in the 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 that is an undesignated hedge of the Company’s exposure to interest payment fluctuations on a portion of the Revolving Credit Facility borrowings. The periodic changes in fair value are recognized in interest expense, net.

Information related to the recurring fair value measurement of derivative instruments in the consolidated condensed balance sheet as of September 30, 2024 is as follows:


				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Assets/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	63,714	Other current assets	$	—	Other current liabilities	$	490	$	(490	)
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	901	Other current liabilities	$	—	$	901

Information related to the recurring fair value measurement of derivative instruments in the consolidated condensed balance sheet as of December 31, 2023 is as follows:


				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Assets/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	101,109	Other current assets	$	8,655	Other current liabilities	$	—	$	8,655
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	2,062	Other current liabilities	$	—	$	2,062

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


		Three Months Ended September 30,						Nine Months Ended September 30,
	Location (Income/(Loss))	2024			2023			2024			2023
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Cost of sales – income	$	(455	)	$	2,771		$	5,817		$	5,814
	Other comprehensive (loss) income		(2,272	)		(2,673	)		(10,685	)		2,915
Total foreign currency derivatives		$	(2,727	)	$	98		$	(4,868	)	$	8,729

Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Interest (expense) income, net	$	(1,157	)	$	62		$	(1,161	)	$	734
Total interest rate derivatives		$	(1,157	)	$	62		$	(1,161	)	$	734

The Company did not incur any hedge ineffectiveness during the three and nine months ended September 30, 2024 and 2023.

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 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 September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024		December 31, 2023
Receivables factored and outstanding	$	15,722	$	18,532
Amount available under the credit limit		—		5,891
Collective factoring limit (a)	$	15,722	$	24,423

(a)

Trade receivables sold and factoring fees incurred during the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Trade receivables sold	$	27,885	$	35,115	$	98,761	$	111,915
Factoring fees incurred		186		221		564		588

Goodwill and Other Intangibles - Summary of Changes in the Carrying Amount of Goodwill, By Reportable Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Line Items]
Balance, beginning of period	$ 104,073
Balance, end of period	104,839
Operating Segments
Goodwill [Line Items]
Balance, beginning of period	104,073
Currency translation and other	766
Balance, end of period	104,839
Automotive Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period	76,696
Currency translation and other	567
Balance, end of period	77,263
Medical Segments \| Operating Segments
Goodwill [Line Items]
Balance, beginning of period	27,377
Currency translation and other	199
Balance, end of period	$ 27,576

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ 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.

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+ Details

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Note 6 – Debt

The following table summarizes the Company’s debt as of September 30, 2024 and December 31, 2023:


	September 30, 2024						December 31, 2023
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Credit Agreement:
Revolving Credit Facility (U.S. Dollar denominations)		6.07	%	$	222,000			6.58	%	$	222,000
Other loans		—			—			3.90	%		233
Finance leases		3.50	%		314			3.53	%		605
Total debt					222,314						222,838
Current maturities					(210	)					(621	)
Long-term debt, less current maturities				$	222,104					$	222,217

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 September 30, 2024 and December 31, 2023.

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 September 30, 2024, the Company was in compliance, in all material respects, 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 Chicago Mercantile Exchange 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, $278,000 remained available as of September 30, 2024 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 $1,520, which have been capitalized and are being amortized into interest expense, net over the term of the Revolving Credit Facility.

The scheduled principal maturities of our debt as of September 30, 2024 were as follows:


	U.S. Revolving Note		Other Debt		Total
2024	$	—	$	—	$	—
2025		—		78		78
2026		—		236		236
2027		222,000		—		222,000
2028		—		—		—
2029		—		—		—
Total	$	222,000	$	314	$	222,314

- 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

Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Rate Swap
Derivative [Line Items]
Hedge Ineffectiveness Incurred	$ 0	$ 0	$ 0	$ 0

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	15,965	$	15,844	$	49,626	$	22,256

Basic weighted average shares of Common Stock outstanding		31,186,867		32,944,386		31,420,826		33,049,097
Dilutive effect of stock options, restricted stock awards and restricted stock units		178,182		251,614		184,376		261,504
Diluted weighted average shares of Common Stock outstanding		31,365,049		33,196,000		31,605,202		33,310,601

Basic earnings per share	$	0.51	$	0.48	$	1.58	$	0.67
Diluted earnings per share	$	0.51	$	0.48	$	1.57	$	0.67

Goodwill and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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

Changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2024 was as follows:


	Automotive		Medical		Total
Balance as of December 31, 2023	$	76,696	$	27,377	$	104,073
Currency translation and other		567		199		766
Balance as of September 30, 2024	$	77,263	$	27,576	$	104,839

Summary of Other Intangible Assets and Accumulated Amortization Balances

Other intangible assets and accumulated amortization balances as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024										December 31, 2023
	Gross Carrying Value		Accumulated Amortization			Accumulated Impairment			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	114,113	$	(75,432	)	$	—		$	38,681	$	115,465	$	(73,737	)	$	41,728
Technology		46,254		(31,424	)		—			14,830		45,861		(29,317	)		16,544
Product development costs		19,646		(19,485	)		—			161		19,434		(19,270	)		164
Software development		1,007		(151	)		—			856		1,007		—			1,007
Indefinite-lived:
Tradenames		7,069		—			(530	)		6,539		7,039		—			7,039
Total	$	188,089	$	(126,492	)	$	(530	)	$	61,067	$	188,806	$	(122,324	)	$	66,482

- Definition

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

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+ Details

Overview

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview

Note 1 – Overview

Gentherm Incorporated, a Michigan corporation, and its consolidated subsidiaries (“Gentherm”, “we”, “us”, “our” or the “Company”) is the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management. 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, fuel management valves and other valves for brake and engine 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 U.S., 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.

During the first half of 2023, the Company launched Fit-for-Growth 2.0 to execute as part of our long-term growth strategy. Fit-for-Growth 2.0 has begun, and is expected to continue, to deliver significant cost reductions through sourcing excellence, value engineering, manufacturing productivity, manufacturing footprint optimization, product profitability and cost synergies from the 2022 acquisition of Alfmeier Präzision SE (“Alfmeier”). Additionally, the program is intended to drive operating expense efficiency to leverage scale.

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, 2023. The operating results for interim periods are not necessarily indicative of results that may be expected for other interim periods 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 third-party 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.

All amounts in these notes to the consolidated condensed financial statements are presented in thousands, except share and per share data.

Principles of Consolidation

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

Variable Interest Entities

The Company maintains an ownership interest in a VIE, Carrar Ltd. (“Carrar”). Carrar is a technology developer of advanced thermal management systems for the electric mobility market. The Company determined that Carrar is a VIE; however, the Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of the investment. Therefore, the Company has concluded that it is not the primary beneficiary. Gentherm’s investment in Carrar is measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. During the nine months ended September 30, 2024, we recognized an increase in the fair value of our investment in Carrar of $1,097 in other income in the consolidated condensed statements of income due to observable transactions. The Carrar investment was $3,897 and $2,800 as of September 30, 2024 and December 31, 2023, 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 September 30, 2024.

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 $11,050 and $7,305 as of September 30, 2024 and December 31, 2023, 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 income over the expected production life of the applicable program.

Summary of Company's Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 222,314	$ 222,838
Current maturities	(210)	(621)
Long-term debt, less current maturities	$ 222,104	$ 222,217
Revolving Credit Facility (U.S. Dollar denominations)
Debt Instrument [Line Items]
Interest Rate	6.07%	6.58%
Total debt	$ 222,000	$ 222,000
Other Loans
Debt Instrument [Line Items]
Interest Rate		3.90%
Total debt		$ 233
Finance Leases
Debt Instrument [Line Items]
Interest Rate	3.50%	3.53%
Total debt	$ 314	$ 605

- 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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- 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Product revenues	$ 371,512	$ 366,195	$ 1,103,210	$ 1,102,143
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 13,352	$ 12,454	$ 40,085	$ 38,531
Operating income (loss)	32,337	23,741	83,374	45,736
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	$ 358,804	$ 354,782	$ 1,067,444	$ 1,069,007
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 12,118	$ 11,399	$ 36,343	$ 34,910
Operating income (loss)	54,520	41,690	153,894	126,630
Medical Segments
Segment Reporting Information [Line Items]
Product revenues	$ 12,708	$ 11,413	$ 35,766	$ 33,136
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Depreciation and amortization	$ 870	$ 882	$ 2,622	$ 2,756
Operating income (loss)	$ 479	$ (805)	$ 274	$ (21,838)
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	$ 364	$ 173	$ 1,120	$ 865
Operating income (loss)	$ (22,662)	$ (17,144)	$ (70,794)	$ (59,056)

- 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

Overview - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Investment amount	$ 3,897	$ 2,800
Increase in the fair value of investment	1,097
Capitalized costs to obtain contract	$ 11,050	$ 7,305
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

Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Cumulative goodwill impairment expense		$ 19,509	$ 19,509
Medical Segments \| Tradenames
Goodwill [Line Items]
Non-cash impairment charges	$ 0	$ 530

- 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

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Company's Debt

The following table summarizes the Company’s debt as of September 30, 2024 and December 31, 2023:


	September 30, 2024						December 31, 2023
	Interest Rate			Principal Balance			Interest Rate			Principal Balance
Credit Agreement:
Revolving Credit Facility (U.S. Dollar denominations)		6.07	%	$	222,000			6.58	%	$	222,000
Other loans		—			—			3.90	%		233
Finance leases		3.50	%		314			3.53	%		605
Total debt					222,314						222,838
Current maturities					(210	)					(621	)
Long-term debt, less current maturities				$	222,104					$	222,217

Principal Maturities of Debt

The scheduled principal maturities of our debt as of September 30, 2024 were as follows:


	U.S. Revolving Note		Other Debt		Total
2024	$	—	$	—	$	—
2025		—		78		78
2026		—		236		236
2027		222,000		—		222,000
2028		—		—		—
2029		—		—		—
Total	$	222,000	$	314	$	222,314

- 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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-Paragraph 1
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+ Details

Details of Certain Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Balance Sheet Components [Abstract]

Details of Certain Balance Sheet Components

Note 4 – Details of Certain Balance Sheet Components


	September 30, 2024		December 31, 2023
Other current assets:
Income tax and other tax receivable	$	24,472	$	16,017
Billable tooling		19,778		16,877
Notes receivable		10,781		18,226
Prepaid expenses		10,131		7,889
Receivables due from factor		10,064		4,422
Short-term derivative financial instruments		901		10,717
Other		5,584		4,272
Total other current assets	$	81,711	$	78,420
Other current liabilities:
Accrued employee liabilities	$	42,523	$	43,176
Income tax and other taxes payable		22,466		19,327
Liabilities from discounts and rebates		20,926		22,916
Restructuring		4,818		2,150
Accrued warranty		3,801		3,945
Other		9,113		9,291
Total other current liabilities	$	103,647	$	100,805

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Information related to the recurring fair value measurement of derivative instruments in the consolidated condensed balance sheet as of September 30, 2024 is as follows:


				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Assets/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	63,714	Other current assets	$	—	Other current liabilities	$	490	$	(490	)
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	901	Other current liabilities	$	—	$	901

Information related to the recurring fair value measurement of derivative instruments in the consolidated condensed balance sheet as of December 31, 2023 is as follows:


				Asset Derivatives			Liability Derivatives
	Fair Value Hierarchy	Notional Amount		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Net Assets/ (Liabilities)
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Level 2	$	101,109	Other current assets	$	8,655	Other current liabilities	$	—	$	8,655
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Level 2	$	100,000	Other current assets	$	2,062	Other current liabilities	$	—	$	2,062

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


		Three Months Ended September 30,						Nine Months Ended September 30,
	Location (Income/(Loss))	2024			2023			2024			2023
Derivatives Designated as Cash Flow Hedges
Foreign currency derivatives	Cost of sales – income	$	(455	)	$	2,771		$	5,817		$	5,814
	Other comprehensive (loss) income		(2,272	)		(2,673	)		(10,685	)		2,915
Total foreign currency derivatives		$	(2,727	)	$	98		$	(4,868	)	$	8,729

Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Interest (expense) income, net	$	(1,157	)	$	62		$	(1,161	)	$	734
Total interest rate derivatives		$	(1,157	)	$	62		$	(1,161	)	$	734

Summary of Receivables Factored and Availability Under Receivables Factoring Agreements

Receivables factored and availability under receivables factoring agreements balances as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024		December 31, 2023
Receivables factored and outstanding	$	15,722	$	18,532
Amount available under the credit limit		—		5,891
Collective factoring limit (a)	$	15,722	$	24,423

(a)

Summary of Trade Receivables Sold and Factoring Fees Incurred

Trade receivables sold and factoring fees incurred during the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Trade receivables sold	$	27,885	$	35,115	$	98,761	$	111,915
Factoring fees incurred		186		221		564		588

Commitments and Contingencies - Reconciliation of Changes in Accrued Warranty Costs (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Loss Contingency [Abstract]
Balance at the beginning of the period	$ 3,945	$ 2,380
Warranty claims paid	(4,882)	(1,979)
Warranty expense for products shipped during the current period	4,017	3,311
Adjustments to warranty estimates from prior periods	725	(434)
Adjustments due to currency translation	(4)	(72)
Balance at the end of the period	$ 3,801	$ 3,206

Income Taxes - Summary of Provision for Income Taxes and Corresponding Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 3,445	$ 6,908	$ 16,531	$ 15,478
Earnings before income tax	$ 19,410	$ 22,752	$ 66,157	$ 37,734
Effective tax rate	17.70%	30.40%	25.00%	41.00%

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

+ References

+ Details

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 14 – 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 nine months ended September 30, 2024 and 2023, is shown below:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income tax expense	$	3,445		$	6,908		$	16,531		$	15,478
Earnings before income tax	$	19,410		$	22,752		$	66,157		$	37,734
Effective tax rate		17.7	%		30.4	%		25.0	%		41.0	%

Income tax expense was $3,445 for the three months ended September 30, 2024 on earnings before income tax of $19,410, representing an effective tax rate of 17.7%. 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. Federal statutory rate, the release of the uncertain tax position reserve accrual due to tax audit settlement, a partial valuation allowance release in the U.S. related to its capital loss carryforward, and favorable tax effects of equity vesting, partially offset by the unfavorable impact of the global intangible low-tax income (“GILTI”).

Income tax expense was $6,908 for the three months ended September 30, 2023 on earnings before income tax of $22,752, 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. Federal statutory rate and the unfavorable impact of the GILTI, partially offset by the impact of the release of accruals for uncertain tax positions.

Income tax expense was $16,531 for the nine months ended September 30, 2024 on earnings before income tax of $66,157, representing an effective tax rate of 25.0%. 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. Federal statutory rate and the unfavorable impact of the GILTI, partially offset by favorable tax effects of equity vesting, a partial valuation allowance release in the U.S. related to its capital loss carryforward and a one-time benefit related to the Alfmeier acquisition.

Income tax expense was $15,478 for the nine months ended September 30, 2023 on earnings before income tax of $37,734, representing an effective tax rate of 41.0%. The pre-tax earnings included the effect of an impairment loss of $19,509 with a tax benefit of $2,255. The effective tax rate differed from the U.S. Federal statutory rate of 21% primarily due to the impact of income taxes on foreign earnings taxed at rates varying from the U.S. Federal statutory rate and the unfavorable impact of the GILTI, partially offset by the impact of research and development credits in various jurisdictions, certain favorable tax effects of equity vesting and the release of accruals for uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 12
-Publisher FASB
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+ Details

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common Stock, par value
Common Stock, shares authorized	55,000,000	55,000,000
Common Stock, shares issued	30,976,821	31,542,001
Common Stock, shares outstanding	30,976,821	31,542,001

Information Related to Recurring Fair Value Measurement of Derivative Instruments in Our Consolidated Condensed Balance Sheet (Detail) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Foreign Currency Derivatives \| Derivatives Designated as Cash Flow Hedges
Derivatives Fair Value [Line Items]
Notional Amount	$ 63,714	$ 101,109
Net Assets/ (Liabilities)	(490)	8,655
Foreign Currency Derivatives \| Other Current Assets \| Derivatives Designated as Cash Flow Hedges
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		8,655
Foreign Currency Derivatives \| Other Current Liabilities \| Derivatives Designated as Cash Flow Hedges
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	490
Interest Rate Contracts \| Derivatives Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Notional Amount	100,000	100,000
Net Assets/ (Liabilities)	901	2,062
Interest Rate Contracts \| Other Current Assets \| Derivatives Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 901	$ 2,062

Consolidated Condensed Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Product revenues	$ 371,512	$ 366,195	$ 1,103,210	$ 1,102,143
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 276,639	$ 279,985	$ 822,883	$ 846,815
Gross margin	94,873	86,210	280,327	255,328
Operating expenses:
Net research and development expenses	23,013	23,150	67,619	72,991
Selling, general and administrative expenses	36,861	38,220	116,992	113,680
Restructuring expenses, net	2,662	1,099	12,342	3,412
Impairment of goodwill				19,509
Total operating expenses	62,536	62,469	196,953	209,592
Operating income	32,337	23,741	83,374	45,736
Interest expense, net	(4,710)	(3,368)	(11,956)	(9,444)
Foreign currency (loss) gain	(8,480)	2,107	(6,213)	384
Other income	263	272	952	1,058
Earnings before income tax	19,410	22,752	66,157	37,734
Income tax expense	3,445	6,908	16,531	15,478
Net income	$ 15,965	$ 15,844	$ 49,626	$ 22,256
Basic earnings per share	$ 0.51	$ 0.48	$ 1.58	$ 0.67
Diluted earnings per share	$ 0.51	$ 0.48	$ 1.57	$ 0.67
Weighted average number of shares – basic	31,186,867	32,944,386	31,420,826	33,049,097
Weighted average number of shares – diluted	31,365,049	33,196,000	31,605,202	33,310,601

Commitments and Contingencies - Additional Information (Detail)	Feb. 14, 2024 Vehicle
Loss Contingency [Abstract]
Number of vehicles recalled	261,257

Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

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

Reclassification adjustments and other activities impacting accumulated other comprehensive loss during the three and nine months ended September 30, 2024 and 2023 were as follows:


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at June 30, 2024	$	(978	)	$	(53,822	)	$	(899	)		$	(55,699	)
Other comprehensive income (loss) before reclassifications		—			22,691			(1,754	)			20,937
Income tax effect of other comprehensive income (loss) before reclassifications		—			(253	)		382				129
Amounts reclassified from accumulated other comprehensive loss into net income		24			—			(518	)	a		(494	)
Income taxes reclassified into net income		(7	)		—			113				106
Net current period other comprehensive income (loss)		17			22,438			(1,777	)			20,678
Balance at September 30, 2024	$	(961	)	$	(31,384	)	$	(2,676	)		$	(35,021	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at June 30, 2023	$	(1,059	)	$	(43,602	)	$	7,248			$	(37,413	)
Other comprehensive (loss) income before reclassifications		—			(16,321	)		98				(16,223	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(135	)		(21	)			(156	)
Amounts reclassified from accumulated other comprehensive loss into net income		5			—			(2,771	)	a		(2,766	)
Income taxes reclassified into net income		(1	)		—			604				603
Net current period other comprehensive income (loss)		4			(16,456	)		(2,090	)			(18,542	)
Balance at September 30, 2023	$	(1,055	)	$	(60,058	)	$	5,158			$	(55,955	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2023	$	(1,011	)	$	(34,830	)	$	5,681			$	(30,160	)
Other comprehensive income (loss) before reclassifications		—			3,446			(1,948	)			1,498
Income tax effect of other comprehensive income (loss) before reclassifications		—			—			424				424
Amounts reclassified from accumulated other comprehensive loss into net income		69			—			(8,737	)	a		(8,668	)
Income taxes reclassified into net income		(19	)		—			1,904				1,885
Net current period other comprehensive income (loss)		50			3,446			(8,357	)			(4,861	)
Balance at September 30, 2024	$	(961	)	$	(31,384	)	$	(2,676	)		$	(35,021	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.


	Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Foreign Currency Hedge Derivatives				Total
Balance at December 31, 2022	$	(1,067	)	$	(48,269	)	$	2,847			$	(46,489	)
Other comprehensive (loss) income before reclassifications		—			(11,741	)		8,729				(3,012	)
Income tax effect of other comprehensive (loss) income before reclassifications		—			(48	)		(1,901	)			(1,949	)
Amounts reclassified from accumulated other comprehensive loss into net income		17			—			(5,814	)	a		(5,797	)
Income taxes reclassified into net income		(5	)		—			1,297				1,292
Net current period other comprehensive income (loss)		12			(11,789	)		2,311				(9,466	)
Balance at September 30, 2023	$	(1,055	)	$	(60,058	)	$	5,158			$	(55,955	)

(a)

The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.

Segment Reporting - Product Revenues Information by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Product revenues	$ 371,512	$ 366,195	$ 1,103,210	$ 1,102,143
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	$ 127,869	$ 134,588	$ 380,681	$ 414,359
China
Segment Reporting Information [Line Items]
Product revenues	54,791	61,004	162,476	161,530
Germany
Segment Reporting Information [Line Items]
Product revenues	26,394	24,456	81,635	77,007
South Korea
Segment Reporting Information [Line Items]
Product revenues	22,487	27,369	78,341	86,102
Czech Republic
Segment Reporting Information [Line Items]
Product revenues	20,830	16,684	60,520	51,706
Slovakia
Segment Reporting Information [Line Items]
Product revenues	13,970	13,828	41,870	39,797
Japan
Segment Reporting Information [Line Items]
Product revenues	13,370	10,946	40,562	35,254
Romania
Segment Reporting Information [Line Items]
Product revenues	13,069	16,906	40,299	44,995
Mexico
Segment Reporting Information [Line Items]
Product revenues	10,783	8,286	32,621	29,558
United Kingdom
Segment Reporting Information [Line Items]
Product revenues	9,674	15,251	31,480	34,701
Other
Segment Reporting Information [Line Items]
Product revenues	58,275	36,877	152,725	127,134
Non U.S.
Segment Reporting Information [Line Items]
Product revenues	$ 243,643	$ 231,607	$ 722,529	$ 687,784

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended				9 Months Ended		13 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 2,662,000			$ 1,099,000	$ 12,342,000	$ 3,412,000
Cash payments for restructuring expenses		$ 3,008,000	$ 2,142,000
Impairment of goodwill						19,509,000
2023 Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses				0		0	$ 4,794,000
2023 Manufacturing Footprint Rationalization \| Greenville, South Carolina manufacturing facility
Restructuring Cost And Reserve [Line Items]
Gain on sale of manufacturing facility	1,686,000
2023 Manufacturing Footprint Rationalization \| Maximum
Restructuring Cost And Reserve [Line Items]
Additional restructuring costs					1,000,000
Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Other restructuring costs	616,000			0	1,007,000	770,000
Other Restructuring Activities \| Automotive Segments
Restructuring Cost And Reserve [Line Items]
Other restructuring costs	0				29,000
Other Restructuring Activities \| Maximum
Restructuring Cost And Reserve [Line Items]
Additional restructuring costs					1,000,000
Employee Separation Costs
Restructuring Cost And Reserve [Line Items]
Cash payments for restructuring expenses		2,762,000	1,762,000
Employee Separation Costs \| 2023 Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	287,000				1,773,000
Employee Separation Costs \| Other Restructuring Activities
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	661,000			$ 1,099,000	780,000	$ 2,642,000
Employee Separation Costs Related to Structural Cost Reductions \| Other Restructuring Activities \| Automotive Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	787,000				6,150,000
Employee Separation Costs Related to Relocation of Electronic Component Manufacturing Facility \| Other Restructuring Activities \| Automotive Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	60,000				1,965,000
Other Related Costs
Restructuring Cost And Reserve [Line Items]
Cash payments for restructuring expenses		$ 246,000	$ 380,000
Other Costs \| 2023 Manufacturing Footprint Rationalization
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 251,000				$ 638,000

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 15,965	$ 18,876	$ 14,785	$ 15,844	$ (1,551)	$ 7,963	$ 49,626	$ 22,256
Basic weighted average shares of Common Stock outstanding	31,186,867			32,944,386			31,420,826	33,049,097
Dilutive effect of stock options, restricted stock awards and restricted stock units	178,182			251,614			184,376	261,504
Diluted weighted average shares of Common Stock outstanding	31,365,049			33,196,000			31,605,202	33,310,601
Basic earnings per share	$ 0.51			$ 0.48			$ 1.58	$ 0.67
Diluted earnings per share	$ 0.51			$ 0.48			$ 1.57	$ 0.67

- Definition

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

+ References

+ 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

+ Details

- Definition

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

+ References

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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	THRM
Entity Registrant Name	GENTHERM INCORPORATED
Entity Central Index Key	0000903129
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		30,979,767
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

Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Equity

Note 12 – Equity

In December 2020, the Board of Directors of Gentherm Incorporated (“Board of Directors”) authorized a stock repurchase program (the “2020 Stock Repurchase Program”). Under the 2020 Stock Repurchase Program, the Company was authorized to repurchase up to $150,000 of its issued and outstanding Common Stock over a three-year period, expiring December 15, 2023. On November 1, 2023, the Board of Directors extended the maturity date of the program from December 15, 2023 to June 30, 2024.

During the nine months ended September 30, 2024, the Company repurchased $20,000 under the 2020 Stock Repurchase Program with an average price paid per share of $52.65. The 2020 Stock Repurchase Program had $17,491 of repurchase authorization remaining at the time of expiration.

On November 1, 2023, following the above-noted extension, the Company entered into a Confirmation of Issuer Forward Repurchase Transaction agreement (the “ASR Agreement”) with Bank of America, N.A. (“Bank of America”) that provided for the Company to purchase shares of Common Stock in an aggregate amount of $60,000 (the “ASR Repurchase Amount”) under the 2020 Stock Repurchase Program.

Under the terms of the ASR Agreement, on November 2, 2023, the Company paid $60,000 to Bank of America for an initial purchase of approximately 1.22 million shares of Common Stock, representing 80% of ASR Repurchase Amount. The final settlement date occurred in the second quarter of 2024. During the nine months ended September 30, 2024, the Company paid $286 in cash as the final settlement of the ASR Agreement.

In June 2024, the Board of Directors authorized a new stock repurchase program (the “2024 Stock Repurchase Program”) to commence upon expiration of the 2020 Stock Repurchase Program on June 30, 2024. Under the 2024 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 June 30, 2027. 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, accelerated share repurchase programs, 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 months ended September 30, 2024, the Company repurchased $19,883 under the 2024 Stock Repurchase Program with an average price paid per share of $48.97. The 2024 Stock Repurchase Program had $130,117 of repurchase authorization remaining as of September 30, 2024.

Stock repurchases are subject to excise tax, subject to specified exclusions and adjustments. Excise tax of $400 was charged to common stock for the three and nine months ended September 30, 2024.

- Definition

The entire disclosure for equity.

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+ Details

Supplier Finance Program

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Supplier Finance Program

Note 8 – Supplier Finance Program

The Company is party to a supplier finance program with a third-party service provider (“Service Provider”), pursuant to which the Company has offered the opportunity to participate to certain of the Company's suppliers. Although the program generally provides suppliers with a lower cost of capital than they could obtain individually due to the Company’s negotiated terms, the Company has no economic interest in a supplier’s participation and the Company has not pledged any assets to the Service Provider under this program.

Under this program, the Company and supplier initially agree on the contractual payment terms for the goods to be procured for the Company in the ordinary course. A supplier’s participation in this program is voluntary and does not impact its contractual payment terms with the Company, including the payment amount and timing of when payments are due. A participating supplier has the sole discretion to determine whether to sell one or more invoices, if any, to the Service Provider in exchange for payment by the Service Provider on an earlier date than provided for in the contract with the Company. Amounts due to participating suppliers are included in accounts payable in the consolidated condensed balance sheets until the Company makes payment to the Service Provider, even though the payment of such amount will be made to the supplier at an earlier date by the Service Provider. As of September 30, 2024, the Company had outstanding payment obligations to participating suppliers of $29,097 confirmed under the program. Payments of the Company’s obligations to the Service Provider are reported as operating cash flows in the consolidated condensed statements of cash flows.

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 15 – 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, battery performance solutions, lumbar and massage comfort solutions, fuel management valves and other valves for brake and engine systems, 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.


Three Months Ended September 30,	Automotive		Medical			Corporate			Total
2024
Product revenues	$	358,804	$	12,708		$	—		$	371,512
Depreciation and amortization		12,118		870			364			13,352
Operating income (loss)		54,520		479			(22,662	)		32,337
2023
Product revenues	$	354,782	$	11,413		$	—		$	366,195
Depreciation and amortization		11,399		882			173			12,454
Operating income (loss)		41,690		(805	)		(17,144	)		23,741

Nine Months Ended September 30,	Automotive		Medical			Corporate			Total
2024
Product revenues	$	1,067,444	$	35,766		$	—		$	1,103,210
Depreciation and amortization		36,343		2,622			1,120			40,085
Operating income (loss)		153,894		274			(70,794	)		83,374
2023
Product revenues	$	1,069,007	$	33,136		$	—		$	1,102,143
Depreciation and amortization		34,910		2,756			865			38,531
Operating income (loss)		126,630		(21,838	)		(59,056	)		45,736

Automotive and Medical segment product revenues by product category for the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Climate Control Seat	$	115,498	$	124,905	$	352,789	$	360,868
Seat Heaters		72,982		77,238		227,114		231,132
Lumbar and Massage Comfort Solutions		48,970		33,260		133,090		109,602
Steering Wheel Heaters		44,711		39,861		126,939		115,166
Valve Systems		26,082		27,830		81,974		82,516
Automotive Cables		16,834		19,668		57,185		60,131
Battery Performance Solutions		16,869		17,242		46,540		57,138
Electronics		10,862		10,163		26,218		30,456
Other Automotive		5,996		4,615		15,595		21,998
Subtotal Automotive segment		358,804		354,782		1,067,444		1,069,007
Medical segment		12,708		11,413		35,766		33,136
Total Company	$	371,512	$	366,195	$	1,103,210	$	1,102,143

Total product revenues information by geographic area for the three and nine months ended September 30, 2024 and 2023 is as follows (based on shipment destination):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	$	127,869	$	134,588	$	380,681	$	414,359
China		54,791		61,004		162,476		161,530
Germany		26,394		24,456		81,635		77,007
South Korea		22,487		27,369		78,341		86,102
Czech Republic		20,830		16,684		60,520		51,706
Slovakia		13,970		13,828		41,870		39,797
Japan		13,370		10,946		40,562		35,254
Romania		13,069		16,906		40,299		44,995
Mexico		10,783		8,286		32,621		29,558
United Kingdom		9,674		15,251		31,480		34,701
Other		58,275		36,877		152,725		127,134
Total Non-U.S.		243,643		231,607		722,529		687,784
Total Company	$	371,512	$	366,195	$	1,103,210	$	1,102,143

- Definition

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

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+ Details

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
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

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, 2022	$ 672,273	$ 122,658	$ 5,447	$ (46,489)	$ 590,657
Beginning Balance (in shares) at Dec. 31, 2022		33,202,000
Net income (loss)	7,963				7,963
Other comprehensive income (loss)	10,388			10,388
Stock based compensation, net	(309)	$ (241)	(68)
Stock based 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		33,202,000
Net income (loss)	22,256
Other comprehensive income (loss)	(9,466)
Ending Balance at Sep. 30, 2023	660,052	$ 97,715	5,379	(55,955)	612,913
Ending Balance (in shares) at Sep. 30, 2023		32,795,000
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 income (loss)	(1,551)				(1,551)
Other comprehensive income (loss)	(1,312)			(1,312)
Stock based compensation, net	3,101	$ 3,101
Stock based 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		32,988,000
Net income (loss)	15,844				15,844
Other comprehensive income (loss)	(18,542)			(18,542)
Stock based compensation, net	3,291	$ 3,291
Stock based compensation, net, shares		2,000
Stock repurchase	(11,101)	$ (11,101)
Stock repurchase (in shares)		(195,000)
Ending Balance at Sep. 30, 2023	660,052	$ 97,715	5,379	(55,955)	612,913
Ending Balance (in shares) at Sep. 30, 2023		32,795,000
Beginning Balance at Dec. 31, 2023	$ 644,722	$ 50,503		(30,160)	624,379
Beginning Balance (in shares) at Dec. 31, 2023	31,542,001	31,542,000
Net income (loss)	$ 14,785				14,785
Other comprehensive income (loss)	(15,035)			(15,035)
Stock based compensation, net	2,587	$ 2,766			(179)
Stock based compensation, net, shares		87,000
Ending Balance at Mar. 31, 2024	647,059	$ 53,269		(45,195)	638,985
Ending Balance (in shares) at Mar. 31, 2024		31,629,000
Beginning Balance at Dec. 31, 2023	$ 644,722	$ 50,503		(30,160)	624,379
Beginning Balance (in shares) at Dec. 31, 2023	31,542,001	31,542,000
Net income (loss)	$ 49,626
Other comprehensive income (loss)	(4,861)
Ending Balance at Sep. 30, 2024	$ 660,709	$ 10,698	4,552	(35,021)	680,480
Ending Balance (in shares) at Sep. 30, 2024	30,976,821	30,976,000
Beginning Balance at Mar. 31, 2024	$ 647,059	$ 53,269		(45,195)	638,985
Beginning Balance (in shares) at Mar. 31, 2024		31,629,000
Net income (loss)	18,876				18,876
Other comprehensive income (loss)	(10,504)			(10,504)
Stock based compensation, net	5,159	$ 5,555	(396)
Stock based compensation, net, shares		69,000
Stock repurchase	(20,286)	$ (32,285)	5,345		6,654
Stock repurchase (in shares)		(380,000)
Ending Balance at Jun. 30, 2024	640,304	$ 26,539	4,949	(55,699)	664,515
Ending Balance (in shares) at Jun. 30, 2024		31,318,000
Net income (loss)	15,965				15,965
Other comprehensive income (loss)	20,678			20,678
Stock based compensation, net	4,045	$ 4,442	(397)
Stock based compensation, net, shares		64,000
Stock repurchase	(20,283)	$ (20,283)
Stock repurchase (in shares)		(406,000)
Ending Balance at Sep. 30, 2024	$ 660,709	$ 10,698	$ 4,552	$ (35,021)	$ 680,480
Ending Balance (in shares) at Sep. 30, 2024	30,976,821	30,976,000

- Definition

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

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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

- 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

Supplier Finance Program - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Payables and Accruals [Abstract]
Outstanding payment obligations to suppliers	$ 29,097

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Nov. 02, 2023	Nov. 01, 2023	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2020
Class Of Stock [Line Items]
Cash paid to repurchased shares					$ 41,578	$ 31,094
Excise tax			$ 400		400
ASR Agreement
Class Of Stock [Line Items]
Cash paid to repurchased shares					286
Initial repurchase, shares	1,220,000
Initial repurchase, percentage	80.00%
ASR Agreement \| Bank of America
Class Of Stock [Line Items]
Cash paid to repurchased shares	$ 60,000
2020 Stock Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program period							3 years
Stock repurchase program expiration date		Jun. 30, 2024					Dec. 15, 2023
Cash paid to repurchased shares					$ 20,000
Average price paid per share					$ 52.65
Remaining authorized repurchase amount				$ 17,491
2020 Stock Repurchase Program \| ASR Agreement
Class Of Stock [Line Items]
Share repurchase authorized aggregate amount		$ 60,000
2024 Stock Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program period				3 years
Stock repurchase program expiration date					Jun. 30, 2027
Cash paid to repurchased shares			$ 19,883
Average price paid per share			$ 48.97
Remaining authorized repurchase amount			$ 130,117		$ 130,117
Maximum \| 2020 Stock Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized to repurchase amount							150,000
Maximum \| 2024 Stock Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized to repurchase amount				150,000,000,000

Debt - Additional Information (Detail) - USD ($)			9 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jun. 10, 2027	Jun. 10, 2022	Sep. 30, 2024	Dec. 31, 2023
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		$ 1,520,000
Remaining borrowing capacity			$ 278,000,000
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
Revolving Credit Facility \| Second Amended and Restated Credit Agreement \| Scenario Forecast
Debt Instrument [Line Items]
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

Acquisitions - Summary of Purchase Consideration and Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 104,839	$ 104,073

- Definition

+ References

+ Details

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes and Corresponding Effective Tax Rate

A summary of the provision for income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2024 and 2023, is shown below:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income tax expense	$	3,445		$	6,908		$	16,531		$	15,478
Earnings before income tax	$	19,410		$	22,752		$	66,157		$	37,734
Effective tax rate		17.7	%		30.4	%		25.0	%		41.0	%

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 150,581	$ 149,673
Accounts receivable, net	270,913	253,579
Inventory:
Raw materials	141,547	126,013
Work in process	20,116	15,704
Finished goods	72,083	64,175
Inventory, net	233,746	205,892
Other current assets	81,711	78,420
Total current assets	736,951	687,564
Property and equipment, net	253,531	245,234
Goodwill	104,839	104,073
Other intangible assets, net	61,067	66,482
Operating lease right-of-use assets	29,366	27,358
Deferred income tax assets	81,923	81,930
Other non-current assets	30,502	21,730
Total assets	1,298,179	1,234,371
Current Liabilities:
Accounts payable	254,555	215,827
Current lease liabilities	7,038	7,700
Current maturities of long-term debt	210	621
Other current liabilities	103,647	100,805
Total current liabilities	365,450	324,953
Long-term debt, less current maturities	222,104	222,217
Non-current lease liabilities	21,929	16,175
Pension benefit obligation	2,805	3,209
Other non-current liabilities	25,182	23,095
Total liabilities	637,470	589,649
Common Stock:
No par value; 55,000,000 shares authorized 30,976,821 and 31,542,001 issued and outstanding at September 30, 2024 and December 31, 2023, respectively	10,698	50,503
Paid-in capital	4,552
Accumulated other comprehensive loss	(35,021)	(30,160)
Accumulated earnings	680,480	624,379
Total shareholders’ equity	660,709	644,722
Total liabilities and shareholders’ equity	$ 1,298,179	$ 1,234,371

Goodwill and Other Intangibles - Summary of Other Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets [Line Items]
Gross Carrying Value	$ 188,089	$ 188,806
Accumulated Amortization	(126,492)	(122,324)
Accumulated impairment	(530)
Net Carrying Value	61,067	66,482
Net Carrying Value	61,067	66,482
Customer Relationships
Intangible Assets [Line Items]
Gross Carrying Value	114,113	115,465
Accumulated Amortization	(75,432)	(73,737)
Net Carrying Value	38,681	41,728
Technology
Intangible Assets [Line Items]
Gross Carrying Value	46,254	45,861
Accumulated Amortization	(31,424)	(29,317)
Net Carrying Value	14,830	16,544
Product Development Costs
Intangible Assets [Line Items]
Gross Carrying Value	19,646	19,434
Accumulated Amortization	(19,485)	(19,270)
Net Carrying Value	161	164
Software Development
Intangible Assets [Line Items]
Gross Carrying Value	1,007	1,007
Accumulated Amortization	(151)
Net Carrying Value	856	1,007
Tradenames
Intangible Assets [Line Items]
Gross Carrying Value	7,069	7,039
Accumulated impairment	(530)
Net Carrying Value	$ 6,539	$ 7,039

Restructuring - Summary of Restructuring Expenses, Net by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 2,662	$ 1,099	$ 12,342	$ 3,412
Operating Segments \| Automotive Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses	$ 2,662	852	11,470	2,222
Operating Segments \| Medical Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses			20
Operating Segments \| Corporate Segments
Restructuring Cost And Reserve [Line Items]
Restructuring expenses		$ 247	$ 852	$ 1,190

- 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

Principal Maturities of Debt (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Debt maturing in 2025	$ 78
Debt maturing in 2026	236
Debt maturing in 2027	222,000
Total	222,314
US and Euro Denominated Revolving Note
Debt Instrument [Line Items]
Debt maturing in 2027	222,000
Total	222,000
Other Debt
Debt Instrument [Line Items]
Debt maturing in 2025	78
Debt maturing in 2026	236
Total	$ 314

- 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

Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Note 5 – Goodwill and Other Intangibles

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2024 was as follows:


	Automotive		Medical		Total
Balance as of December 31, 2023	$	76,696	$	27,377	$	104,073
Currency translation and other		567		199		766
Balance as of September 30, 2024	$	77,263	$	27,576	$	104,839

The Company’s cumulative goodwill impairment expense since inception was $19,509 as of September 30, 2024 and December 31, 2023, which includes Gentherm’s goodwill impairment of the Medical reporting unit in 2023.

Other Intangible Assets

Other intangible assets and accumulated amortization balances as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024										December 31, 2023
	Gross Carrying Value		Accumulated Amortization			Accumulated Impairment			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	114,113	$	(75,432	)	$	—		$	38,681	$	115,465	$	(73,737	)	$	41,728
Technology		46,254		(31,424	)		—			14,830		45,861		(29,317	)		16,544
Product development costs		19,646		(19,485	)		—			161		19,434		(19,270	)		164
Software development		1,007		(151	)		—			856		1,007		—			1,007
Indefinite-lived:
Tradenames		7,069		—			(530	)		6,539		7,039		—			7,039
Total	$	188,089	$	(126,492	)	$	(530	)	$	61,067	$	188,806	$	(122,324	)	$	66,482

In addition to annual impairment testing, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore would require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. During the three and nine months ended September 30, 2024, we recorded a non-cash impairment charge of $0 and $530, respectively, for one of our tradenames within the Medical segment. We are not presently aware of any other events or circumstances that would require us to revise the carrying value of our goodwill or other intangible assets as of September 30, 2024.

Information Related to Effect of Derivative Instruments on Our Consolidated Condensed Statements of Income and Consolidated Condensed Statements of Comprehensive Income (loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign Currency Derivatives
Derivative Instruments Gain Loss [Line Items]
Total foreign currency derivatives	$ (2,727)	$ 98	$ (4,868)	$ 8,729
Foreign Currency Derivatives \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
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	$ (1,157)	$ 62	$ (1,161)	$ 734
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	$ (2,272)	$ (2,673)	$ (10,685)	$ 2,915
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	$ (455)	$ 2,771	$ 5,817	$ 5,814
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
Interest (expense) income , net \| Interest Rate Contracts \| Derivatives Not Designated as Hedging Instruments
Derivative Instruments Gain Loss [Line Items]
Total interest rate derivatives	$ (1,157)	$ 62	$ (1,161)	$ 734
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

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

$ (55,699)

$ (30,160)

$ (37,413)

$ (46,489)

$ (30,160)

$ (46,489)

Other comprehensive income (loss) before reclassifications

20,937

(16,223)

1,498

(3,012)

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

129

(156)

424

(1,949)

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

(494)

(2,766)

(8,668)

(5,797)

Income taxes reclassified into net (loss) income

106

603

1,885

1,292

Other comprehensive income (loss), net of tax

20,678

$ (10,504)

(15,035)

(18,542)

$ (1,312)

10,388

(4,861)

(9,466)

Ending Balance

(35,021)

(55,699)

(55,955)

(37,413)

(35,021)

(55,955)

Defined Benefit Pension Plans

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

(978)

(1,011)

(1,059)

(1,067)

(1,011)

(1,067)

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

Income taxes reclassified into net (loss) income

(7)

(1)

(19)

(5)

Other comprehensive income (loss), net of tax

Ending Balance

(961)

(978)

(1,055)

(1,059)

(961)

(1,055)

Foreign Currency Translation Adjustments

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

(53,822)

(34,830)

(43,602)

(48,269)

(34,830)

(48,269)

Other comprehensive income (loss) before reclassifications

22,691

(16,321)

3,446

(11,741)

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

(253)

(135)

(48)

Other comprehensive income (loss), net of tax

22,438

(16,456)

3,446

(11,789)

Ending Balance

(31,384)

(53,822)

(60,058)

(43,602)

(31,384)

(60,058)

Foreign Currency Hedge Derivatives

Accumulated Other Comprehensive Income Loss [Line Items]

Beginning Balance

(899)

$ 5,681

7,248

$ 2,847

5,681

2,847

Other comprehensive income (loss) before reclassifications

(1,754)

(1,948)

8,729

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

382

(21)

424

(1,901)

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

(518)

^[1]

(2,771)

^[1]

(8,737)

^[2]

(5,814)

^[2]

Income taxes reclassified into net (loss) income

113

604

1,904

1,297

Other comprehensive income (loss), net of tax

(1,777)

(2,090)

(8,357)

2,311

Ending Balance

$ (2,676)

$ (899)

$ 5,158

$ 7,248

$ (2,676)

$ 5,158

[1]	The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.
[2]	The amounts reclassified from accumulated other comprehensive loss were included in cost of sales in the consolidated condensed statements of income.

Details of Certain Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Components [Abstract]

Summary of Certain Balance Sheet Components


	September 30, 2024		December 31, 2023
Other current assets:
Income tax and other tax receivable	$	24,472	$	16,017
Billable tooling		19,778		16,877
Notes receivable		10,781		18,226
Prepaid expenses		10,131		7,889
Receivables due from factor		10,064		4,422
Short-term derivative financial instruments		901		10,717
Other		5,584		4,272
Total other current assets	$	81,711	$	78,420
Other current liabilities:
Accrued employee liabilities	$	42,523	$	43,176
Income tax and other taxes payable		22,466		19,327
Liabilities from discounts and rebates		20,926		22,916
Restructuring		4,818		2,150
Accrued warranty		3,801		3,945
Other		9,113		9,291
Total other current liabilities	$	103,647	$	100,805

Restructuring - Summary of Restructuring Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	$ 6,459	$ 7,140	$ 2,150
Additions, charged to restructuring expenses, net	2,662	2,442	7,238
Cash payments		(3,008)	(2,142)
Cash (payments) receipts	(3,462)
Non-cash utilization	(941)	(94)	(87)
Currency translation	100	(21)	(19)
Balance, end of period	4,818	6,459	7,140
Employee Separation Costs
Restructuring Cost And Reserve [Line Items]
Balance, beginning of period	6,459	7,140	2,150
Additions, charged to restructuring expenses, net	1,795	2,102	6,771
Cash payments		(2,762)	(1,762)
Cash (payments) receipts	(3,536)
Currency translation	100	(21)	(19)
Balance, end of period	4,818	6,459	7,140
Other Related Costs, Net
Restructuring Cost And Reserve [Line Items]
Additions, charged to restructuring expenses, net	867	340	467
Cash payments		(246)	(380)
Cash (payments) receipts	74
Non-cash utilization	$ (941)	$ (94)	$ (87)

- 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

Details of Certain Balance Sheet Components (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Income tax and other tax receivable	$ 24,472	$ 16,017
Billable tooling	19,778	16,877
Prepaid expenses	10,131	7,889
Short-term derivative financial instruments	901	10,717
Other	5,584	4,272
Total other current assets	81,711	78,420
Other current liabilities:
Accrued employee liabilities	42,523	43,176
Income tax and other taxes payable	22,466	19,327
Liabilities from discounts and rebates	20,926	22,916
Restructuring	4,818	2,150
Accrued warranty	3,801	3,945	$ 3,206	$ 2,380
Other	9,113	9,291
Total other current liabilities	103,647	100,805
Related Party
Current Assets:
Notes receivable	10,781	18,226
Receivables due from factor	$ 10,064	$ 4,422

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Segment Reporting - Segment Information About Reported Segment Product Revenues by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Product revenues	$ 371,512	$ 366,195	$ 1,103,210	$ 1,102,143
Automotive Segments
Segment Reporting Information [Line Items]
Product revenues	358,804	354,782	1,067,444	1,069,007
Automotive Segments \| Climate Control Seat
Segment Reporting Information [Line Items]
Product revenues	115,498	124,905	352,789	360,868
Automotive Segments \| Seat Heaters
Segment Reporting Information [Line Items]
Product revenues	72,982	77,238	227,114	231,132
Automotive Segments \| Lumbar and Massage Comfort Solutions
Segment Reporting Information [Line Items]
Product revenues	48,970	33,260	133,090	109,602
Automotive Segments \| Steering Wheel Heaters
Segment Reporting Information [Line Items]
Product revenues	44,711	39,861	126,939	115,166
Automotive Segments \| Valve System
Segment Reporting Information [Line Items]
Product revenues	26,082	27,830	81,974	82,516
Automotive Segments \| Automotive Cables
Segment Reporting Information [Line Items]
Product revenues	16,834	19,668	57,185	60,131
Automotive Segments \| Battery Performance Solutions
Segment Reporting Information [Line Items]
Product revenues	16,869	17,242	46,540	57,138
Automotive Segments \| Electronics
Segment Reporting Information [Line Items]
Product revenues	10,862	10,163	26,218	30,456
Automotive Segments \| Other Automotive
Segment Reporting Information [Line Items]
Product revenues	5,996	4,615	15,595	21,998
Industrial Segments \| Medical
Segment Reporting Information [Line Items]
Product revenues	$ 12,708	$ 11,413	$ 35,766	$ 33,136

Restructuring (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Summary of Restructuring Expenses, Net by Reportable Segment

The following table summarizes restructuring expenses, net for the three and nine months ended September 30, 2024 and 2023 by reporting segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Automotive	$	2,662	$	852	$	11,470	$	2,222
Medical		—		—		20		—
Corporate		—		247		852		1,190
Total	$	2,662	$	1,099	$	12,342	$	3,412

Summary of Restructuring Liability

The following table summarizes restructuring liability for the nine months ended September 30, 2024:


	Employee Separation Costs			Other Related Costs, Net			Total
Balance at December 31, 2023	$	2,150		$	—		$	2,150
Additions, charged to restructuring expenses, net		6,771			467			7,238
Cash payments		(1,762	)		(380	)		(2,142	)
Non-cash utilization		—			(87	)		(87	)
Currency translation		(19	)		—			(19	)
Balance at March 31, 2024	$	7,140		$	—		$	7,140
Additions, charged to restructuring expenses, net		2,102			340			2,442
Cash payments		(2,762	)		(246	)		(3,008	)
Non-cash utilization		—			(94	)		(94	)
Currency translation		(21	)		—			(21	)
Balance at June 30, 2024	$	6,459		$	—		$	6,459
Additions, charged to restructuring expenses, net		1,795			867			2,662
Cash (payments) receipts		(3,536	)		74			(3,462	)
Non-cash utilization		—			(941	)		(941	)
Currency translation		100			—			100
Balance at September 30, 2024	$	4,818		$	—		$	4,818

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11 – Fair Value Measurements

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

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

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

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

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

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

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

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

Items Measured at Fair Value on a Recurring Basis

Except for derivative instruments (see Note 10) and pension plan assets, the Company had no material financial assets and liabilities that were carried at fair value at September 30, 2024 and December 31, 2023. 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. During the year ended December 31, 2023, the Company utilized a third-party to assist in the Level 3 fair value estimates of other intangible assets for acquisitions and goodwill of the Medical reporting unit. 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 September 30, 2024, and December 31, 2023, there were no other significant assets or liabilities measured at fair value on a non-recurring basis.

Items Not Carried at Fair Value

The Company uses an income valuation technique to measure the fair values of its debt instruments by converting amounts of future cash flows to a single present value amount using rates based on current market expectations (Level 2 inputs). As of September 30, 2024, and December 31, 2023, 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).

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Reconciliation of Changes in Accrued Warranty Costs

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


	Nine Months Ended September 30,
	2024			2023
Balance at the beginning of the period	$	3,945		$	2,380
Warranty claims paid		(4,882	)		(1,979	)
Warranty expense for products shipped during the current period		4,017			3,311
Adjustments to warranty estimates from prior periods		725			(434	)
Adjustments due to currency translation		(4	)		(72	)
Balance at the end of the period	$	3,801		$	3,206

Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 15,965	$ 15,844	$ 49,626	$ 22,256
Other comprehensive income (loss):
Pension benefit obligations	17	4	50	12
Foreign currency translation adjustments	22,438	(16,456)	3,446	(11,789)
Unrealized (loss) gain on foreign currency derivative securities, net of tax	(1,777)	(2,090)	(8,357)	2,311
Other comprehensive income (loss), net of tax	20,678	(18,542)	(4,861)	(9,466)
Comprehensive income (loss)	$ 36,643	$ (2,698)	$ 44,765	$ 12,790

- 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

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

+ 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

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	Note 2 – New Accounting Pronouncements Recently Adopted Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board. New ASUs effective in 2024 through September 30, 2024 were assessed and determined to be either not applicable or not expected to have a significant impact on the Company's consolidated condensed financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". ASU 2023-07 requires a public entity to disclose, on an annual and interim basis, significant segment expenses that are included within each reported measure of segment profit or loss and regularly reviewed by the chief operating decision maker ("CODM"), the title and position of the CODM, clarification regarding the CODM's use of multiple measures of a segment's profit or loss in assessing segment performance (this must include a measure that is consistent with the measurement principles under U.S. GAAP, but may also include additional measures of a segment's profit or loss), and a description of the composition of amounts within an "Other" segment line item. Further, ASU 2023-07 requires that all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 to be provided in interim periods. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. ASU 2023-07 should be adopted retrospectively to all periods presented in the financial statements and early adoption is permitted. We are currently in the process of determining the impact the implementation of ASU 2023-07 will have on the Company’s financial statement disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". ASU 2023-09 enhances income tax disclosures to further disaggregate the effective tax rate reconciliation and income taxes paid. This update is effective for fiscal years beginning after December 15, 2024. ASU 2023-09 should be adopted prospectively, but retrospective application is permitted. Further, early adoption is permitted. We are currently in the process of determining the impact the implementation of ASU 2023-09 will have on the Company’s financial statement disclosures.

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 9 – Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted average number of shares of the Company’s Common Stock, no par value (“Common Stock”), outstanding during the period. The Company’s diluted earnings per share give effect to all potential shares of Common Stock outstanding during a period that do not have an anti-dilutive impact to the calculation. In computing the diluted earnings per share, the treasury stock method is used in determining the number of shares assumed to be issued from the exercise of Common Stock equivalents.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	15,965	$	15,844	$	49,626	$	22,256

Basic weighted average shares of Common Stock outstanding		31,186,867		32,944,386		31,420,826		33,049,097
Dilutive effect of stock options, restricted stock awards and restricted stock units		178,182		251,614		184,376		261,504
Diluted weighted average shares of Common Stock outstanding		31,365,049		33,196,000		31,605,202		33,310,601

Basic earnings per share	$	0.51	$	0.48	$	1.58	$	0.67
Diluted earnings per share	$	0.51	$	0.48	$	1.57	$	0.67

Restructuring

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Note 3 – Restructuring

The Company continuously monitors market developments, industry trends and changing customer needs and in response, has taken and may continue to 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.

2023 Manufacturing Footprint Rationalization

On September 19, 2023, the Company committed to a restructuring plan (“2023 Plan”) to improve the Company’s manufacturing productivity and rationalize its footprint. Under this 2023 Plan, the Company is in the process of relocating certain existing manufacturing and related activities in its Greenville, South Carolina facility to a new facility in Monterrey, Mexico.

During the three months ended September 30, 2024, the Company completed the sale of our Greenville, South Carolina manufacturing facility, resulting in a gain on sale of $1,686. The gain on sale was recorded as a reduction of restructuring expenses, net in the consolidated condensed statements of income.

During the three and nine months ended September 30, 2024, the Company recognized restructuring expense of $287 and $1,773, respectively, for employee separation costs and $251 and $638, respectively, for other costs, including the gain on sale of the Greenville facility.

During the three and nine months ended September 30, 2023, the Company did not recognize any material amounts of restructuring expense.

As of September 30, 2024, the Company has recorded $4,794 of restructuring expenses related to employee severance, retention termination costs, accelerated depreciation of fixed assets and other transition costs since the inception of this program. The actions under this 2023 Plan are expected to be substantially completed by the end of 2025. The Company expects to incur less than $1,000 of additional restructuring costs for the 2023 Plan.

Other Restructuring Actions

The Company has undertaken several discrete restructuring actions in an effort to optimize its cost structure.

During the three and nine months ended September 30, 2024, the Company’s Automotive segment recognized $787 and $6,150, respectively, for employee separation costs related to structural cost reductions impacting the Company’s global salaried workforce. These cost reductions are connected to Fit-for-Growth 2.0.

During the three and nine months ended September 30, 2024, the Company’s Automotive segment recognized $60 and $1,965, respectively, for employee separation costs and $0 and $29, respectively, for other costs related to the relocation of electronic component manufacturing in Germany to a manufacturing facility in China.

During the three and nine months ended September 30, 2024, the Company recognized $661 and $780, respectively, for employee separation costs and $616 and $1,007, respectively, for other costs related to all other restructuring actions. These other restructuring actions are focused on the reduction of global overhead costs.

The Company expects to incur less than $1,000 of additional restructuring costs for the other restructuring actions that have been approved as of September 30, 2024.

During the three and nine months ended September 30, 2023, the Company recognized $1,099 and $2,642, respectively, for employee separation costs and $0 and $770, respectively, for other costs. These restructuring expenses were primarily associated with restructuring actions focused on the rotation of our manufacturing footprint to best cost locations and the reduction of global overhead costs.

Restructuring Expenses, Net By Reporting Segment

The following table summarizes restructuring expenses, net for the three and nine months ended September 30, 2024 and 2023 by reporting segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Automotive	$	2,662	$	852	$	11,470	$	2,222
Medical		—		—		20		—
Corporate		—		247		852		1,190
Total	$	2,662	$	1,099	$	12,342	$	3,412

Restructuring Liability

Restructuring liabilities are classified as other current liabilities in the consolidated condensed balance sheets. The following table summarizes restructuring liability for the nine months ended September 30, 2024:


	Employee Separation Costs			Other Related Costs, Net			Total
Balance at December 31, 2023	$	2,150		$	—		$	2,150
Additions, charged to restructuring expenses, net		6,771			467			7,238
Cash payments		(1,762	)		(380	)		(2,142	)
Non-cash utilization		—			(87	)		(87	)
Currency translation		(19	)		—			(19	)
Balance at March 31, 2024	$	7,140		$	—		$	7,140
Additions, charged to restructuring expenses, net		2,102			340			2,442
Cash payments		(2,762	)		(246	)		(3,008	)
Non-cash utilization		—			(94	)		(94	)
Currency translation		(21	)		—			(21	)
Balance at June 30, 2024	$	6,459		$	—		$	6,459
Additions, charged to restructuring expenses, net		1,795			867			2,662
Cash (payments) receipts		(3,536	)		74			(3,462	)
Non-cash utilization		—			(941	)		(941	)
Currency translation		100			—			100
Balance at September 30, 2024	$	4,818		$	—		$	4,818