Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 214

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 214
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 Factoring 

The Company was party to receivable factoring agreements with unrelated third parties under which we could sell receivables for certain account debtors, on a revolving basis, subject to outstanding balances and concentration limits. The receivable factoring agreements were transferred in their entirety to the acquiring entities and were accounted for as a sale. Some of the agreements had deferred purchase price arrangements. During the year ended December 31, 2024, all past factoring arrangements were terminated or expired. As of December 31, 2024 there were remaining receivables factored and outstanding that will be collected in the future, however, no further factoring can occur under these factoring agreements.

Material Cash Requirements

The following table summarizes current and long-term material cash requirements as of December 31, 2024, which we expect to fund primarily with operating cash flows. We have not included amounts for material and component purchase obligations related to standard recurring purchases of materials for use in our manufacturing operations as these amounts are generally consistent from year to year, closely reflect our levels of production, and are not long-term in nature. 

    Payments Due by Period

    Material Cash Requirements (in thousands)
     
    Total

    Less than 1 year

    1 to 3 years

    3 to 5 years

    More than 5 years

    Long-term debt obligations (1)
     
    $
    220,201

    $
    137

    $
    220,064

    $
    —

    $
    —

    Operating lease obligations (2)

    79,027

    11,440

    16,428

    12,284

    38,875

    Capital commitments (3)

    9,500

    9,500

    —

    —

    —

    Total
     
    $
    308,728

    $
    21,077

    $
    236,492

    $
    12,284

    $
    38,875

(1)Long-term debt obligations do not include an amount payable for interest. See Note 9, “Debt,” to the consolidated financial statements included in this Annual Report for additional information.

(2)See Note 8, “Leases,” to the consolidated financial statements included in this Annual Report for additional information.

(3)Capital commitments is comprised of commitments for capital expenditures. Such commitments are typically less than one year. 

Other Commit