Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 147

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 147
---
 provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ ERNST & YOUNG LLP

Detroit, Michigan

February 19, 2025

 F-4

GENTHERM INCORPORATED 

CONSOLIDATED BALANCE SHEETS 

(In thousands, except share data) 

    December 31,

    2024

    2023

    ASSETS

    Current Assets:

    Cash and cash equivalents
     
    $
    134,134

    $
    149,673

    Accounts receivable, net

    258,112

    253,579

    Inventory, net

    227,356

    205,892

    Other current assets

    64,413

    78,420

    Total current assets

    684,015

    687,564

    Property and equipment, net

    252,970

    245,234

    Goodwill

    99,603

    104,073

    Other intangible assets, net

    57,251

    66,482

    Operating lease right-of-use assets

    43,954

    27,358

    Deferred income tax assets

    75,041

    81,