Company Quick10K Filing
Gentherm
Price40.75 EPS1
Shares33 P/E50
MCap1,362 P/FCF16
Net Debt52 EBIT46
TEV1,414 TEV/EBIT31
TTM 2019-09-30, in MM, except price, ratios
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10-K 2015-12-31 Filed 2016-02-25
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10-K 2013-12-31 Filed 2014-03-11
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10-K 2012-12-31 Filed 2013-03-15
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10-K 2009-12-31 Filed 2010-02-19
8-K 2020-10-29
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8-K 2020-09-30
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8-K 2020-06-23
8-K 2020-06-22
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8-K 2018-12-31
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8-K 2018-06-25
8-K 2018-06-11
8-K 2018-05-18
8-K 2018-04-26
8-K 2018-04-24
8-K 2018-03-05
8-K 2018-02-20
8-K 2018-02-12

THRM 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Overview
Note 2 - New Accounting Pronouncements
Note 3 - Restructuring
Note 4 - Details of Certain Balance Sheet Components
Note 5 - Goodwill and Other Intangibles
Note 6 - Leases
Note 7 - Debt
Note 8 - Commitments and Contingencies
Note 9 - Earnings per Share
Note 10 - Financial Instruments
Note 11 - Fair Value Measurements
Note 12 - Equity
Note 13 - Reclassifications Out of Accumulated Other Comprehensive Loss
Note 14 - Income Taxes
Note 15 - Revenue Recognition
Note 16 - Segment Reporting
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 thrm-ex311_9.htm
EX-31.2 thrm-ex312_8.htm
EX-32.1 thrm-ex321_7.htm
EX-32.2 thrm-ex322_6.htm

Gentherm Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
1.00.80.60.40.20.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

(Mark One)

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

OR

 

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from             to             .

Commission File Number: 0-21810

 

GENTHERM INCORPORATED

(Exact name of registrant as specified in its charter)

 

 

Michigan

 

95-4318554

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

21680 Haggerty Road, Northville, MI

 

48167

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (248504-0500

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, no par value

THRM

Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

At April 22, 2021, there were 33,114,639 issued and outstanding shares of Common Stock of the registrant.

 

 

 

 


 

 

GENTHERM INCORPORATED

TABLE OF CONTENTS

 

 

 

 

 

 

 

Part I. Financial Information

  

3

 

 

Item 1.

 

 

Financial Statements (Unaudited)

 

3

 

 

 

 

Consolidated Condensed Balance Sheets

 

3

 

 

 

 

Consolidated Condensed Statements of Income

 

4

 

 

 

 

Consolidated Condensed Statements of Comprehensive Income (Loss)

 

5

 

 

 

 

Consolidated Condensed Statements of Cash Flows

 

6

 

 

 

 

Consolidated Condensed Statements of Changes in Shareholders’ Equity

 

7

 

 

 

 

Notes to Unaudited Consolidated Condensed Financial Statements

 

8

 

Item 2.

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

 

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

 

33

 

Item 4.

 

 

Controls and Procedures

 

34

 

Part II. Other Information

  

35

 

 

Item 1.

 

Legal Proceedings

 

35

 

 

Item 1A.

 

Risk Factors

 

35

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

35

 

 

Item 6.

 

Exhibits

 

36

 

Signatures

  

37

 

 

 

2


 

 

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

GENTHERM INCORPORATED

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

March 31, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

170,955

 

 

$

268,345

 

Accounts receivable, net

 

 

222,385

 

 

 

211,672

 

Inventory:

 

 

 

 

 

 

 

 

Raw materials

 

 

74,549

 

 

 

68,362

 

Work in process

 

 

8,423

 

 

 

8,247

 

Finished goods

 

 

49,085

 

 

 

45,792

 

Inventory, net

 

 

132,057

 

 

 

122,401

 

Other current assets

 

 

39,072

 

 

 

41,188

 

Total current assets

 

 

564,469

 

 

 

643,606

 

Property and equipment, net

 

 

151,440

 

 

 

152,581

 

Goodwill

 

 

66,289

 

 

 

68,024

 

Other intangible assets, net

 

 

42,859

 

 

 

46,421

 

Operating lease right-of-use assets

 

 

27,200

 

 

 

30,642

 

Deferred income tax assets

 

 

71,983

 

 

 

73,912

 

Other non-current assets

 

 

8,214

 

 

 

7,653

 

Total assets

 

$

932,454

 

 

$

1,022,839

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

132,831

 

 

$

116,043

 

Current lease liabilities

 

 

6,168

 

 

 

6,032

 

Current maturities of long-term debt

 

 

2,500

 

 

 

2,500

 

Other current liabilities

 

 

81,251

 

 

 

81,409

 

Total current liabilities

 

 

222,750

 

 

 

205,984

 

Long-term debt, less current maturities

 

 

59,319

 

 

 

189,934

 

Non-current lease liabilities

 

 

22,354

 

 

 

24,233

 

Pension benefit obligation

 

 

7,612

 

 

 

8,163

 

Other non-current liabilities

 

 

7,661

 

 

 

8,194

 

Total liabilities

 

$

319,696

 

 

$

436,508

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common Stock:

 

 

 

 

 

 

 

 

No par value; 55,000,000 shares authorized 33,110,644 and 32,921,341 issued and outstanding at March 31, 2021 and December 31, 2020, respectively

 

 

129,600

 

 

 

121,073

 

Paid-in capital

 

 

6,123

 

 

 

7,458

 

Accumulated other comprehensive loss

 

 

(28,656

)

 

 

(14,982

)

Accumulated earnings

 

 

505,691

 

 

 

472,782

 

Total shareholders’ equity

 

 

612,758

 

 

 

586,331

 

Total liabilities and shareholders’ equity

 

$

932,454

 

 

$

1,022,839

 

 

 

3


 

 

GENTHERM INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Product revenues

 

$

288,535

 

 

$

228,613

 

Cost of sales

 

 

200,866

 

 

 

162,546

 

Gross margin

 

 

87,669

 

 

 

66,067

 

Operating expenses:

 

 

 

 

 

 

 

 

Net research and development expenses

 

 

17,603

 

 

 

17,760

 

Selling, general and administrative expenses

 

 

28,526

 

 

 

25,840

 

Restructuring expenses

 

 

791

 

 

 

3,766

 

Total operating expenses

 

 

46,920

 

 

 

47,366

 

Operating income

 

 

40,749

 

 

 

18,701

 

Interest expense, net

 

 

(1,039

)

 

 

(748

)

Foreign currency gain (loss)

 

 

773

 

 

 

(938

)

Other (loss) income

 

 

(9

)

 

 

264

 

Earnings before income tax

 

 

40,474

 

 

 

17,279

 

Income tax expense

 

 

7,565

 

 

 

5,406

 

Net income

 

$

32,909

 

 

$

11,873

 

Basic earnings per share

 

$

1.00

 

 

$

0.36

 

Diluted earnings per share

 

$

0.99

 

 

$

0.36

 

Weighted average number of shares – basic

 

 

32,946

 

 

 

32,693

 

Weighted average number of shares – diluted

 

 

33,390

 

 

 

32,869

 

 

See accompanying notes to the consolidated condensed financial statements.

 

 

4


 

 

GENTHERM INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Net income

 

$

32,909

 

 

$

11,873

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(13,152

)

 

 

(8,740

)

Unrealized loss on foreign currency derivative securities, net of tax

 

 

(522

)

 

 

(3,750

)

Other comprehensive loss, net of tax

 

 

(13,674

)

 

 

(12,490

)

Comprehensive income (loss)

 

$

19,235

 

 

$

(617

)

 

See accompanying notes to the consolidated condensed financial statements.

 

 

5


 

 

GENTHERM INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

32,909

 

 

$

11,873

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

9,854

 

 

 

10,406

 

Deferred income taxes

 

 

105

 

 

 

721

 

Non-cash stock based compensation

 

 

2,740

 

 

 

1,942

 

Change in defined benefit pension plans

 

 

(477

)

 

 

85

 

Loss on sale of property and equipment

 

 

242

 

 

 

119

 

Operating lease expense

 

 

2,575

 

 

 

1,651

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(13,931

)

 

 

(2,040

)

Inventory

 

 

(11,546

)

 

 

(404

)

Other assets

 

 

555

 

 

 

(4,805

)

Accounts payable

 

 

18,113

 

 

 

13,540

 

Other liabilities

 

 

(1,472

)

 

 

(3,669

)

Net cash provided by operating activities

 

 

39,667

 

 

 

29,419

 

Investing Activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(9,913

)

 

 

(3,231

)

Acquisition of intangible assets

 

 

 

 

 

(3,141

)

Proceeds from the sale of property and equipment

 

 

10

 

 

 

34

 

Other

 

 

(200

)

 

 

 

Net cash used in investing activities

 

 

(10,103

)

 

 

(6,338

)

Financing Activities:

 

 

 

 

 

 

 

 

Borrowing of debt

 

 

 

 

 

169,546

 

Repayments of debt

 

 

(130,000

)

 

 

(16,111

)

Cash paid for the repurchase of Common Stock

 

 

 

 

 

(9,092

)

Proceeds from the exercise of Common Stock options

 

 

5,984

 

 

 

5,902

 

Cash paid for the cancellation of restricted stock

 

 

(1,532

)

 

 

(404

)

Acquisition contingent consideration payment

 

 

(68

)

 

 

 

Net cash (used in) provided by financing activities

 

 

(125,616

)

 

 

149,841

 

Foreign currency effect

 

 

(1,338

)

 

 

(426

)

Net (decrease) increase in cash and cash equivalents

 

 

(97,390

)

 

 

172,496

 

Cash and cash equivalents at beginning of period

 

 

268,345

 

 

 

52,948

 

Cash and cash equivalents at end of period

 

$

170,955

 

 

$

225,444

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for taxes

 

$

2,555

 

 

$

3,525

 

Cash paid for interest

 

$

844

 

 

$

537

 

See accompanying notes to the consolidated condensed financial statements.

 

 

6


 

GENTHERM INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Earnings

 

 

Total

 

Balance at December 31, 2020

 

 

32,921

 

 

$

121,073

 

 

$

7,458

 

 

$

(14,982

)

 

$

472,782

 

 

$

586,331

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,909

 

 

 

32,909

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(13,674

)

 

 

 

 

 

(13,674

)

Stock compensation, net

 

 

190

 

 

 

8,527

 

 

 

(1,335

)

 

 

 

 

 

 

 

 

7,192

 

Balance at March 31, 2021

 

 

33,111

 

 

$

129,600

 

 

$

6,123

 

 

$

(28,656

)

 

$

505,691

 

 

$

612,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Earnings

 

 

Total

 

Balance at December 31, 2019

 

 

32,674

 

 

$

102,507

 

 

$

10,852

 

 

$

(42,441

)

 

$

401,732

 

 

$

472,650

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,873

 

 

 

11,873

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(12,490

)

 

 

 

 

 

(12,490

)

Stock compensation, net

 

 

171

 

 

 

8,644

 

 

 

(1,204

)

 

 

 

 

 

 

 

 

7,440

 

Stock repurchase

 

 

(246

)

 

 

(9,092

)

 

 

 

 

 

 

 

 

 

 

 

(9,092

)

Balance at March 31, 2020

 

 

32,599

 

 

$

102,059

 

 

$

9,648

 

 

$

(54,931

)

 

$

413,605

 

 

$

470,381

 

 

See accompanying notes to the consolidated condensed financial statements.

 

 

7


GENTHERM INCORPORATED

NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(In thousands, except per share data)

(Unaudited)

 

 

Note 1 – Overview

Gentherm Incorporated is a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications. Unless the context otherwise requires, the terms “Gentherm”, “Company”, “we”, “us” and “our” used herein refer to Gentherm Incorporated and its consolidated subsidiaries. Our products provide solutions for automotive passenger climate comfort and convenience, battery thermal management and cell connecting systems, as well as patient temperature management within the health care industry. Our automotive products can be found in the vehicles of nearly all major automotive manufacturers operating in North America and Europe, and several major automotive manufacturers in Asia. We operate in locations aligned with our major customers’ product strategies to provide locally enhanced design, integration and production capabilities. We are also developing a number of new technologies and products that are expected to help enable improvements to existing products and to create new product applications for existing and new markets.

Basis of Presentation

The unaudited consolidated condensed financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations. The information furnished in the consolidated condensed financial statements include all adjustments (consisting of only normal, recurring adjustments), considered necessary to present fairly the results of operations, financial position and cash flows of the Company. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.

In preparing these financial statements, management was required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates and assumptions are based on our historical experience, the terms of existing contracts, our evaluation of trends in the industry, information provided by our customers and suppliers and information available from other outside sources, as appropriate. These estimates and assumptions are subject to an inherent degree of uncertainty. We are not presently aware of any events or circumstances that would require us to update such estimates and assumptions or revise the carrying value of our assets or liabilities. Our estimates may change, however, as new events occur and additional information is obtained. As a result, actual results may differ significantly from our estimates, and any such differences may be material to our financial statements.

Impact of COVID-19

The COVID-19 pandemic began in China around December 2019.  The impact of the outbreak quickly expanded beyond China and its surrounding region.  The COVID-19 pandemic significantly disrupted and adversely impacted global economic activity and the global automotive markets in the first half of 2020, which had significant negative impacts on Gentherm’s financial performance in the first half of 2020.  During the first quarter of 2020, customer plants in North America and Europe were closed beginning in the second half of March due to the pandemic.  This resulted in temporary, partial closures of several of our manufacturing facilities in North America and Europe by the end of March 2020.  Customer plants and our manufacturing facilities in Asia were closed for several weeks in February and operated at reduced volumes in March 2020, resuming production to near full capacity by the end of the first quarter, which continued throughout the second quarter of 2020.  Other adverse impacts of the pandemic include supply chain and production disruptions, workforce restrictions, travel restrictions and reduced consumer spending.  We significantly recovered in the second half of 2020, with increased strong production volumes versus the first half of that year and stronger than pre-COVID levels.  This recovery continued in the first quarter of 2021.  However, the COVID-19 pandemic is ongoing globally and continues to have a significant impact on global automotive markets in 2021, in the form of supply chain and production disruptions, workforce restrictions and travel restrictions, among other factors, and we remain subject to related risks.  

The increased consumer demand and vehicle production schedules in the second half of 2020, particularly in the fourth quarter, was unexpected in certain areas of our supply chain. This surge in demand, as well as a significant increased consumer demand for

8


GENTHERM INCORPORATED

NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(In thousands, except per share data)

(Unaudited)

 

personal electronics, during the latter half of 2020 led to a worldwide semiconductor supply shortage in early 2021.  Semiconductor suppliers have not been able to quickly reallocate production lines to serve the full capacity needs of the automotive industry. Other recent pandemic-related issues have exacerbated port congestion and intermittent supplier shutdowns and delays, resulting in additional expenses to expedite delivery of critical parts and manufacturing delays.  Our suppliers also have experienced plant closures and production delays, and may continue to experience delays in manufacturing the materials and products we require according to our schedule and specifications.  We are working closely with our suppliers and customers to minimize any potential adverse impacts, and we continue to closely monitor the availability of semiconductor microchips and other component parts and raw materials, customer vehicle production schedules and any other supply chain inefficiencies that may arise.  The consequences of the pandemic and adverse impact to the economy continue to evolve and the future adverse impact on our business and financial statements remains subject to significant uncertainty as of the date of this filing.

Segment Reporting

The Company has two reportable segments: Automotive, which includes automotive climate comfort systems, automotive cable systems, battery performance solutions and automotive electronic and software systems; and Medical.

In 2020, the previously-named Industrial reporting segment was renamed the Medical reporting segment to reflect the patient temperature management business as the focus and strategic direction of this segment. Also, during 2020, the advanced research and development costs not associated with the Medical segment were presented within the Automotive segment, as this organization primarily supports the Automotive related research and development activities following the divestitures of our former remote power generation systems business, Gentherm Global Power Technologies (“GPT”) and our former environmental test equipment business, Cincinnati Sub Zero industrial chamber business (“CSZ-IC”).

Note 2 – New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". This ASU simplifies the accounting for income taxes by removing certain exceptions previously included in the guidance. In addition, the ASU amends existing guidance to improve consistent application. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. The Company adopted ASU 2019-12 as of January 1, 2021 and there was no significant impact on its consolidated condensed financial statements and related disclosures as a result.

Recently Issued Accounting Pronouncements Not Yet Adopted

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting”. ASU 2020-04 provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. In January 2021, the FASB subsequently issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope” to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition.  ASU 2020-04 and ASU 2021-01 is effective as of March 12, 2020 through December 31, 2022 and may be applied retrospectively to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are

9


GENTHERM INCORPORATED

NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(In thousands, except per share data)

(Unaudited)

 

available to be issued. The Company will adopt this standard when LIBOR is discontinued and does not expect a material impact to its consolidated financial statements.

Note 3 – Restructuring

Manufacturing Footprint Rationalization

On September 23, 2019, the Company committed to a restructuring plan to improve the Company’s manufacturing productivity and rationalize its footprint. Under this plan, the Company is relocating and consolidating certain existing automotive manufacturing and, as a result, reducing the number of plants by two.  On March 20, 2020, the Company announced the initial phase of this restructuring plan, which includes the consolidation of all North American electronics manufacturing to Celaya, Mexico. This will result in the closure of the Burlington, Canada facility, and the transfer of electronics manufacturing from Acuña, Mexico. On December 10, 2020, the Company announced the consolidation of its electronics manufacturing in Asia to Bantian, Shenzhen, China, which will result in the closure of our Longgang, Shenzhen, China facility.

During the three months ended March 31, 2021, the Company recognized restructuring expense of $206 for employee separation costs, $95 for accelerated depreciation and $164 for other costs, respectively. During the three months ended March 31, 2020, the Company recognized restructuring expense of $248 for employee separation costs and $242 of accelerated depreciation.  The Company has recorded approximately $7,602 of restructuring expenses since the inception of this program.

The Company expects to incur total costs of between $16,000 and $19,000, of which between $13,000 and $16,000 are expected to be cash expenditures. The total expected costs include employee separation costs of between $6,500 and $7,500, capital expenditures of between $3,500 and $4,500 and non-cash expenses for accelerated depreciation and impairment of fixed assets of approximately $3,000. The Company also expects to incur other transition costs including recruiting, relocation, and machinery and equipment move and set up costs of between $3,000 and $4,000. The actions under this plan are expected to be substantially completed by the end of 2021. The actual timing, costs and savings of the plan may differ materially from the Company’s current expectations and estimates.

Other Restructuring Activities

As part of the Company’s continued efforts to optimize its cost structure, the Company has undertaken several discrete restructuring actions. During the three months ended March 31, 2021, the Company recognized $326 of employee separation costs.  During the three months ended March 31, 2020, the Company recognized $3,054 of employee separation costs and $222 of other related costs.  These restructuring expenses were primarily associated with restructuring actions focused on the rotation of our manufacturing footprint to lower cost locations and the reduction of global overhead costs

Restructuring Expenses By Reporting Segment

The following table summarizes restructuring expense for the three months ended March 31, 2021 and 2020 by reporting segment:

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Automotive

 

$

791

 

 

$

3,122

 

Medical

 

 

 

 

 

96

 

Corporate

 

 

 

 

 

548

 

Total

 

$

791

 

 

$

3,766

 

 

 

 

 

 

10


GENTHERM INCORPORATED

NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(In thousands, except per share data)

(Unaudited)

 

 

Restructuring Liability

Restructuring liabilities are classified as Other current liabilities in the consolidated condensed balance sheets. The following table summarizes restructuring liability for the three months ended March 31, 2021:

 

 

 

Employee Separation Costs

 

 

Accelerated Depreciation and Asset Impairment Charges

 

 

Other Related Costs

 

 

Total

 

Balance at December 31, 2020

 

$

5,627

 

 

$

 

 

$

 

 

$

5,627

 

Additions, charged to restructuring expenses

 

 

632

 

 

 

95

 

 

 

164

 

 

 

891

 

Cash payments

 

 

(1,439

)

 

 

 

 

 

(164

)