Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 168

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 168
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 and equipment are recorded in impairment of intangible assets and property and equipment in the accompanying consolidated statements of income. Subsequent EventsIn February 2025, the Company committed to additional restructuring plans intended to further optimize its manufacturing footprint by realigning its manufacturing capacity. As a result of these plans, the Company will close its facility in Plzeň, Czech Republic and relocate the manufacturing activities into other existing facilities within the region. Additionally, in Asia, we will relocate certain manufacturing activities from our facility in Shanghai, China to our new facility in Tianjin, China.In connection with these plans, the Company expects to incur total costs of between $13,000 and $21,000. The total expected costs include employee severance, retention and termination costs of between $7,000 and $11,000 and capital expenditures of between $3,000 and $5,000. The Company also expects to incur other transition costs including recruiting, relocation, and machinery and equipment move and set up costs of between $3,000 and $5,000.

 F-20

GENTHERM INCORPORATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)(In thousands, except share and per share data)  

Note 6 — Details of Certain Financial Statement Components

        December 31,

        2024

        2023

        Inventory:

        Raw materials, net
         
        $
        137,511

        $
        126,013

        Work in process, net

        19,059

        15,704

        Finished goods, net

        70,786

        64,175

        Total inventory, net
         
        $
        227,356

        $
        205,892

        Other current assets:

        Income tax and other tax receivable
         
        $
        20,611

        $
        16,017

        Billable tooling

        19,740

        16,877

        Notes receivable

        11,190

        18,226

        Prepaid expenses

        6,305

        7,889

        Receivables due from factor

        1,111

        4,422

        Short-term derivative financial instruments

        719

        10,717

        Other

        4,737

        4,272

        Total other current assets