Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 208

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 208
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 5, "Restructuring and Impairments," in the notes to the consolidated financial statements included in this Annual Report for additional information.

Impairment of Intangible Assets and Property and Equipment

Below is a summary of our impairment of intangible assets and property and equipment, in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Impairment of intangible assets and property and equipment
     
    $
    2,501

    $
    —

    $
    (2,501
    )

Impairment of intangible assets and property and equipment for the year ended December 31, 2024 is related to equipment determined to have no future use and one of our tradenames.

 41

Impairment of Goodwill

Below is a summary of our impairment of goodwill, in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Impairment of goodwill
     
    $
    —

    $
    19,509

    $
    19,509

Impairment of goodwill for the year ended December 31, 2023 is related to the recorded Medical reporting unit goodwill impairment.

Interest Expense, net

Below is a summary of our interest expense, net, in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Interest expense, net
     
    $
    (15,300
    )
     
    $
    (14,641
    )
     
    $
    (659
    )

The increase in interest expense during the year ended December 31, 2024 compared to 2023 is primarily related to the impact from the change in fair value of the interest rate swap derivative.

Foreign Currency Gain (Loss)

Below is a summary of our foreign currency gain (loss), in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Foreign currency gain (loss)