Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 167

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 167
---
588

        Additions, charged to restructuring expenses, net

        3,892

        993

        4,885

        Change in estimate

        (146
        )

        —

        (146
        )

        Cash payments

        (2,224
        )

        (878
        )

        (3,102
        )

        Non-cash utilization

        —

        (115
        )

        (115
        )

        Currency translation and other

        40

        —

        40

        Balance at December 31, 2023
         
        $
        2,150

        $
        —

        $
        2,150

        Additions, charged to restructuring expenses, net

        10,896

        2,214

        13,110

        Cash payments

        (9,593
        )

        (1,333
        )

        (10,926
        )

        Non-cash utilization

        —

        (881
        )

        (881
        )

        Currency translation and other

        (165
        )

        —

        (165
        )

        Balance at December 31, 2024
         
        $
        3,288

        $
        —

        $
        3,288

      (a)Includes gain on sale of the Greenville facilityExit of Non-Automotive Electronics BusinessOn December 31, 2022, the Company approved a plan to exit its non-automotive electronics business to strengthen the Company’s core business and focus its resources and equipment with businesses and investments that are more strategic and profitable. The Company has substantially completed the exit of this business.During the year ended December 31, 2024, the Company recorded a benefit of $4,554 for the sale of previously reserved inventory. This benefit is recorded in product revenues in the accompanying consolidated statements of income.During the year ended December 31, 2023, the Company recorded non-cash impairment charges of $6,064 for the write down of inventory. This charge is recorded in cost of sales in the accompanying consolidated statements of income.During the year ended December 31, 2022, the Company recorded non-cash impairment charges of $9,378, $5,601 and $690 for write downs of inventory, intangible assets and property and equipment, respectively. Write downs of inventory are recorded in cost of sales and write downs of intangible assets and property