Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 118

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 118
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 and 2023:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Selling, general and administrative expenses
     
    $
    155,108

    $
    155,579

    $
    471

    Percentage of product revenues

    10.7
    %

    10.6
    %

Selling, general and administrative expenses for the year ended December 31, 2024 decreased 0.3% as compared to the year ended December 31, 2023. The decrease in selling, general and administrative expenses is primarily related to acquisition and integration expenses in the prior year and lower compensation expenses, partially offset by leadership transition costs and increased investment in information technology in the current year.

Restructuring Expenses, net

Below is a summary of our restructuring expenses, net, in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Restructuring expenses, net
     
    $
    13,110

    $
    4,739

    $
    (8,371
    )

Restructuring expenses, net primarily relate to the 2023 Plan and other discrete restructuring activities focused on optimizing our manufacturing and engineering footprint and the reduction of global overhead expenses. See Note 5, "Restructuring and Impairments," in the notes to the consolidated financial statements included in this Annual Report for additional information.

Impairment of Intangible Assets and Property and Equipment

Below is a summary of our impairment of intangible assets and property and equipment, in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Impairment of intangible assets and property and equipment
     
    $
    2,501

    $
    —

    $
    (2,501
    )

Impairment of intangible assets and property and equipment for the year ended December 31, 2024 is related to equipment determined to have no future use and one of our tradenames.

 41

Impairment of Goodwill

Below is a summary of our impairment of goodwill, in thousands, for the years ended December 31,