Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 180

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 180
---
496

        Total foreign currency derivatives

        $
        (7,542
        )
         
        $
        12,113

        $
        4,954

        Commodity derivatives
         
        Cost of sales – income
         
        $
        —

        $
        —

        $
        19

        Other comprehensive (loss) income

        —

        —

        (6
        )

        Total commodity derivatives

        $
        —

        $
        —

        $
        13

        Derivatives Not Designated as Hedging Instruments

        Foreign currency derivatives
         
        Foreign currency gain (loss)
         
        $
        —

        $
        —

        $
        (3,806
        )

        Total foreign currency derivatives

        $
        —

        $
        —

        $
        (3,806
        )

        Interest rate contracts
         
        Interest expense, net
         
        $
        (1,343
        )
         
        $
        (710
        )
         
        $
        2,772

        Total interest rate derivatives

        $
        (1,343
        )
         
        $
        (710
        )
         
        $
        2,772

      The Company did not incur any hedge ineffectiveness during the years ended December 31, 2024 and 2023.

 F-32

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

Accounts Receivable FactoringThe Company previously sold certain customer trade receivables on a non-recourse basis under factoring arrangements with designated financial institutions. The sale of receivables under these agreements was considered an off-balance sheet arrangement to the Company and was accounted for as a true sale and excluded from accounts receivable in the consolidated balance sheets. These factoring arrangements included a deferred purchase price component in which a portion of the purchase price for the receivable was paid by the financial institution in cash upon sale and the remaining portion was recorded as a deferred purchase price receivable and paid at a later date. Deferred purchase price receivables are recorded in other current assets within the consolidated balance sheets. Cash proceeds received upon the sale of the receivables are included in net cash provided by operating activities and the cash proceeds received on the deferred purchase price receivables are included in net cash used in investing activities. During the year ended December 31,