Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 48

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 48
---
        )

        (881
        )

        Currency translation and other

        (165
        )

        —

        (165
        )

        Balance at December 31, 2024
         
        $
        3,288

        $
        —

        $
        3,288

      (a)Includes gain on sale of the Greenville facilityExit of Non-Automotive Electronics BusinessOn December 31, 2022, the Company approved a plan to exit its non-automotive electronics business to strengthen the Company’s core business and focus its resources and equipment with businesses and investments that are more strategic and profitable. The Company has substantially completed the exit of this business.During the year ended December 31, 2024, the Company recorded a benefit of $4,554 for the sale of previously reserved inventory. This benefit is recorded in product revenues in the accompanying consolidated statements of income.During the year ended December 31, 2023, the Company recorded non-cash impairment charges of $6,064 for the write down of inventory. This charge is recorded in cost of sales in the accompanying consolidated statements of income.During the year ended December 31, 2022, the Company recorded non-cash impairment charges of $9,378, $5,601 and $690 for write downs of inventory, intangible assets and property and equipment, respectively. Write downs of inventory are recorded in cost of sales and write downs of intangible assets and property 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