Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 174

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 174
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45
        %

        3.38
        %

        4.56
        %
       
      Pre-tax amounts included in AOCI that are expected to be recognized in net periodic benefit cost during the year ended December 31, 2025 are as follows:

        U.S Plan

        German Plan

        Actuarial losses
         
        $
        —

        $
        71

 F-27

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

The accumulated benefit obligations were as follows:

        U.S. Plan

        German Plan

        As of December 31,

        As of December 31,

        2024

        2023

        2024

        2023

        Accumulated benefit obligation
         
        $
        2,331

        $
        2,602

        $
        6,281

        $
        5,406

      Interest costs are recognized in selling, general and administrative expenses in the consolidated statements of income and actuarial gains and losses are included the consolidated balance sheets as part of accumulated other comprehensive loss within shareholders’ equity. Actuarial gains or losses are amortized to selling, general and administrative expense in the consolidated statements of income based on the average future life of the U.S Plan or German Plan using the corridor method. Prior service cost is included in selling, general and administrative expenses in the consolidated statements of income. Plan assets – German PlanPlan assets are comprised of Gentherm GmbH’s pension insurance policies and are pledged to the beneficiaries of the German Plan. A market valuation technique, based on observable underlying insurance charges, is used to determine the fair value of the pension plan assets (Level 2). The expected return on plan assets assumption used to calculate Gentherm GmbH’s pension benefit obligation was determined using actual returns realized on plan assets in the prior year. ContributionsWe do not expect contributions to be paid to the U.S. Plan or the German Plan during the next fiscal year. The schedule of future expected pension payments is as follows:

        Projected PensionBenefit Payments

        Year
         
        U.S Plan

        German Plan

        2025
         
        $
        342

        $
        248

        2026

        342

        249

        2027

        342

        249