Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 166

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 166
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 optimize its cost structure.During the year ended December 31, 2024, the Company’s Automotive segment recognized $6,216 for employee separation costs related to structural cost reductions impacting the Company’s global salaried workforce. During the year ended December 31, 2024, the Company’s Automotive segment recognized $1,965 for employee separation costs and $474 for other costs related to the relocation of electronic component manufacturing in Germany to a manufacturing facility in China.During the year ended December 31, 2024, the Company recognized $876 for employee separation costs and $1,286 for other costs related to all other restructuring actions. These other restructuring actions are focused on the reduction of global overhead costs. The Company expects to incur less than $1,000 of additional restructuring costs for the other restructuring actions that have been approved as of December 31, 2024.During the years ended December 31, 2023 and 2022, the Company recognized $3,208 and $56 for employee separation costs, respectively, and $834 and $581 for other costs, respectively. These restructuring expenses were primarily associated with restructuring actions focused on the rotation of our manufacturing footprint to best cost locations and the reduction of global overhead costs.Restructuring Expenses, net by Reporting SegmentRestructuring expenses, net by reporting segment for the years ended December 31, 2024, 2023 and 2022 was as follows:

        Year Ended December 31,

        2024

        2023

        2022

        Automotive
         
        $
        12,238

        $
        3,187

        $
        637

        Medical

        20

        363

        —

        Corporate

        852

        1,189

        —

        Total
         
        $
        13,110

        $
        4,739

        $
        637

 F-19

GENTHERM INCORPORATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)(In thousands, except share and per share data)  

Restructuring LiabilityThe following table summarizes restructuring activity for all restructuring initiatives for the years ended December 31, 2024 and 2023:

        Employee Separation Costs

        Other Related Costs, net (a)

        Total

        Balance at December 31, 2022
         
        $
        588

        $
        —

        $