Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 155

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 155
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, 2024 and 2023, $447 and $179, respectively, was amortized into product revenues. The Company has no material contract assets or contract liabilities as of December 31, 2024.Medical RevenuesRevenues from our patient temperature management business unit are generated from the sale of products and equipment. Our medical products and equipment focus on patient temperature management. The Company sells medical products and equipment 

 F-11

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

primarily through distributor and group purchasing organization agreements. These agreements allow member participants to the distributor or group purchasing organization to make purchases at discounted prices negotiated by the distributor or group purchasing organization. A rebate is incurred at the point in time a member participant purchases product covered under these types of agreements. Rebates are accounted for as variable consideration, using an expected value, probability weighted approach, based on the level of sales to the distributor and the time lag between the initial sale and the rebate claim in determining the transaction price of a contract. Revenue is recognized when control of the medical products or equipment has transferred to the customer according to the terms of the contract, which typically occurs at the point in time when the parts are either shipped or delivered to the customer’s premises.Cash and Cash EquivalentsThe Company considers all highly liquid investments purchased with original maturities of less than 90 days to be cash equivalents. The Company had cash and cash equivalents of $106,905 and $125,251 held in foreign jurisdictions as of December 31, 2024 and 2023, respectively. Concentration of Credit Risk The following is a summary of the percentage of product revenues and accounts receivable from the Company's customers with a percentage of net sales greater than 10 percent: 

          Percentage of Total Product Revenues

          Percentage of Total Net Accounts Receivable

          Year Ended December 31,

          Year Ended December 31,

          2024

          2023

          2022

          2024

          2023

          Lear

          16
          %

          15
          %

          16
          %

          16
          %

          17
          %

          Adient

          11
          %

          13
          %

          15
          %

          11
          %

          19
          %
         
        Accounts Receivable