Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 170

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 170
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 future cash flows used in our calculations is affected by factors such as the success of strategic initiatives, changes in economic conditions, changes in our operating performance and changes in our business strategies. To further support the fair value estimate determined by the income approach, the Company utilized a market valuation approach to estimate the fair value of the Medical reporting unit. The market approach considered historical and anticipated financial metrics of the Medical reporting unit and applied valuation multiples based on recent observed transactions involving companies similar enough to the Medical reporting unit from which to draw meaningful conclusions.In addition to annual impairment testing, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore would require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. We are not presently aware of any other events or circumstances that would require us to revise the carrying value of our goodwill or other intangible assets as of December 31, 2024.A total of $7,019, $8,290, and $9,018 in other intangible assets were amortized in 2024, 2023 and 2022, respectively.An estimate of future amortization of other intangible assets, is as follows:

        2025
         
        $
        6,860

        2026

        6,424

        2027

        6,337

        2028

        6,276

        2029

        5,598

Note 8 — LeasesThe Company has operating and finance leases for real estate, office equipment, automobiles, forklifts and certain other equipment. Certain real estate leases are for land which have a remaining lease term of one to 38 years, and some of these arrangements have an end date that is at the discretion of the lessee. Excluding land leases, our leases have remaining lease terms ranging from less than one year to nine years and may include options to extend the lease. We do not have lease arrangements with related parties.Components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:

        Year Ended December 31,

        2024

        2023

        2022

        Lease cost:

        Operating lease cost