Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 125

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 125
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, closely reflect our levels of production, and are not long-term in nature. 

    Payments Due by Period

    Material Cash Requirements (in thousands)
     
    Total

    Less than 1 year

    1 to 3 years

    3 to 5 years

    More than 5 years

    Long-term debt obligations (1)
     
    $
    220,201

    $
    137

    $
    220,064

    $
    —

    $
    —

    Operating lease obligations (2)

    79,027

    11,440

    16,428

    12,284

    38,875

    Capital commitments (3)

    9,500

    9,500

    —

    —

    —

    Total
     
    $
    308,728

    $
    21,077

    $
    236,492

    $
    12,284

    $
    38,875

(1)Long-term debt obligations do not include an amount payable for interest. See Note 9, “Debt,” to the consolidated financial statements included in this Annual Report for additional information.

(2)See Note 8, “Leases,” to the consolidated financial statements included in this Annual Report for additional information.

(3)Capital commitments is comprised of commitments for capital expenditures. Such commitments are typically less than one year. 

Other Commitments

In December 2021, the Company committed to make a $5 million investment in Autotech Fund III, L.P., pursuant to a limited partnership agreement. As a limited partner, the Company will periodically make capital contributions toward this total commitment amount over the expected ten year life of the fund. The Company has made contributions of approximately $1.8 million to the Autotech Fund III, LP as of December 31, 2024. Timing of the remaining $3.2 million of capital contributions is unknown and therefore amounts have been excluded from the Material Cash Requirements table above.

Restructuring subsequent events

In 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