Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 181

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 181
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 2024, the factoring agreements the Company was party to either expired or were terminated.Receivables factored and availability under receivables factoring agreements balances as of December 31, 2024 and 2023 were as follows:

        December 31,

        2024

        2023

        Receivables factored and outstanding (a)
         
        $
        755

        $
        18,532

      (a)During the year ended December 31, 2024, the factoring agreements the Company was party to either expired or were terminated. As of December 31, 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.Trade receivables sold and factoring fees incurred during the years ended December 31, 2024 and 2023 were as follows: 

        Year Ended December 31,

        2024

        2023

        Trade receivables sold
         
        $
        98,761

        $
        135,116

        Factoring fees incurred

        615

        800

Note 15 — Fair Value Measurement 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 are used when little or no market data is available. The fair value hierarchy gives the lowest priority