<SEC-DOCUMENT>0001193125-16-797331.txt : 20170201
<SEC-HEADER>0001193125-16-797331.hdr.sgml : 20170201
<ACCEPTANCE-DATETIME>20161219163502
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-797331
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20161219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENTHERM Inc
		CENTRAL INDEX KEY:			0000903129
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				954318554
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		21680 HAGGERTY ROAD
		CITY:			NORTHVILLE
		STATE:			MI
		ZIP:			48167-8994
		BUSINESS PHONE:		248-504-0500

	MAIL ADDRESS:	
		STREET 1:		21680 HAGGERTY ROAD
		CITY:			NORTHVILLE
		STATE:			MI
		ZIP:			48167-8994

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERIGON INC
		DATE OF NAME CHANGE:	19930503
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<HTML><HEAD>
<TITLE>Correspondence</TITLE>
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</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>World Headquarters</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">21680 Haggerty Road,
Suite 101</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Northville, Michigan 48167</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">1 248 504 0500 TEL</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">1 248 348 9734 FAX</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">www.gentherm.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">VIA EDGAR </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;19, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lyn Shenk, Branch Chief,
Office of Transportation and Leisure </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Gentherm Inc. </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Form 10-K for the Fiscal Year Ended December&nbsp;31, 2015 </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Filed February&nbsp;25, 2016 </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">File No. 000-21810 </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Lyn Shenk: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following represents the response of Gentherm Incorporated (the &#147;Company&#148;) to your letter dated December&nbsp;15, 2016, with respect to the
Company&#146;s Form 10-K for the Fiscal Year Ended December&nbsp;31, 2015. For ease of reference, your comment is repeated in italics followed by the Company&#146;s response: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for Fiscal Year Ended December&nbsp;31, 2015 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Liquidity
and Capital Resources </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Cash and Cash Flows, page 31 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please provide a comparative analysis of changes in your cash from operating activities in your annual and interim period filings. Refer to instructions 1 and 4 to Item&nbsp;303(a) and instruction 3 to
Item&nbsp;303(b) of Regulation S-K for guidance. In preparing the analysis, refer to section IV.B.1 of SEC Release No.&nbsp;33-8350 for guidance. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that it considers the provisions cited by the Staff in connection with each periodic filing regarding the appropriate
comparative analysis of the Company&#146;s cash from operating activities. The changes in the Company&#146;s cash from operating activities from period to period has historically been very closely correlated to changes in net income, and the Company
generally has determined variances of each other factor to be immaterial. In particular, cash from operating activities for the year ended December&nbsp;31, 2015 was $24.4 million greater than cash from operating activities for the year ended
December&nbsp;31, 2014. Net income for the same periods increased by $25.3 million. The Company determined that each other variance was immaterial to the period comparison. In future periodic filings on Form 10-K and Form 10-Q, the Company will
expand its disclosures in Liquidity and Capital Resources to describe this correlation, or any material variance of any other relevant factor not otherwise addressed in the Company&#146;s disclosures regarding the changes in net income. </P>

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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to the Consolidated Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 4 &#150; Income Taxes, page F-16 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>You disclose on page F-18 that you received a tax holiday related to your new operating facility in Macedonia. To the extent material, please disclose the aggregate dollar and per share effects. Refer to Staff
Accounting Bulletin Topic 11.C for guidance. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During 2015, to entice the Company to construct a new facility in
Macedonia, the government of Macedonia granted the Company a tax holiday that released the Company from the obligation to pay corporate income taxes for a ten year period, subject to certain limitations.&nbsp;The amount of corporate income tax
savings actually realized by the Company as a result of this tax holiday during 2015 was zero as a result of operating losses generated during the period. The aggregate income statement dollar effect (less than $0.2 million income tax expense) and
per share effect (less than one half of $0.01 per share) of the corporate income tax holiday during 2015 was immaterial. Total future benefits to the Company resulting from this tax holiday will be based on the amount of income earned by the entity
in Macedonia during the ten year tax holiday period.&nbsp;At this time, the Company does not expect the aggregate amount of such benefit to be material to any individual financial reporting period; however, should this determination change and the
effects of the tax holiday become material, the Company will disclose the aggregate dollar and per share effects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any
questions or comments in connection with this response, please call the undersigned at (248)&nbsp;504-0585. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sincerely,
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/<U>s/ Barry G. Steele</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Barry G. Steele </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Daniel R. Coker, President and Chief Executive Officer, Gentherm Incorporated </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Kenneth J. Phillips, Vice-President and General Counsel, Gentherm Incorporated </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
