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Segment Reporting | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Segment Reporting | Note 5 – Segment Reporting Segment information is used by management for making strategic operating decisions for the Company. Management evaluates the performance of the Company’s segments based primarily on operating income or loss. As discussed in Note 3, Gentherm acquired Etratech on November 1, 2017. The Company’s reportable segments are as follows:
| ● | Automotive – this segment represents the design, development, manufacturing and sales of automotive seat comfort systems, specialized automotive cable systems and certain automotive and non-automotive thermal convenience products. All of our activities with respect to electronics are also included in our Automotive segment because the majority of these activities relate to the manufacture of electronic components for our automotive products or the automotive products of third parties. Etratech’s operating results are included within Gentherm’s Automotive segment due to the concentration of Etratech’s product applications within the automotive, recreational vehicle and marine industries.
| • | Industrial – the combined operating results of GPT, CSZ and Gentherm’s advanced research and development division. During the three-month period ended September 30, 2018, Gentherm launched a program to actively market GPT and CSZ-IC to potential buyers and initiated all other actions required to complete the divestiture plan. See Note 12 to our consolidated condensed financial statements for additional information regarding the Industrial segment assets and liabilities classified as held for sale.
| ● | Reconciling Items – include corporate selling, general and administrative costs and acquisition transaction costs.
The tables below present segment information about the reported product revenues, depreciation and amortization and operating income (loss) of the Company for three- and nine-month periods ended September 30, 2018 and 2017. With the exception of goodwill, asset information by segment is not reported since the Company does not manage assets at a segment level. As of September 30, 2018, goodwill assigned to our Automotive and Industrial segments were $37,927 and $30,773, respectively. Due to the classification GPT’s and CSZ-IC’s assets as held for sale, $12,995 of the goodwill assigned to our Industrial segment is classified within Assets held for sale on Gentherm’s consolidated condensed balance sheet as of September 30, 2018. As of September 30, 2017, goodwill assigned to our Automotive and Industrial segments were $23,514 and $30,773, respectively.
Three Months Ended September 30, |  | Automotive |  |  | Industrial |  |  | Reconciling Items |  |  | Consolidated Total |
2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  | $ | 236,576 |  |  | $ | 22,363 |  |  | $ |  |  |  | $ | 258,939 |
Depreciation and amortization |  |  | 11,060 |  |  |  | 1,170 |  |  |  | 668 |  |  |  | 12,898 |
Restructuring expenses |  |  | 4,332 |  |  |  | 1,486 |  |  |  | — |  |  |  | 5,818 |
Operating income (loss) |  |  | 38,023 |  |  |  | (4,449 | ) |  |  | (17,861 | ) |  |  | 15,713 |
2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  | $ | 215,175 |  |  | $ | 20,678 |  |  | $ | — |  |  | $ | 235,853 |
Depreciation and amortization |  |  | 9,423 |  |  |  | 1,334 |  |  |  | 715 |  |  |  | 11,472 |
Operating income (loss) |  |  | 37,142 |  |  |  | (5,613 | ) |  |  | (15,395 | ) |  |  | 16,134 |
Note 5 – Segment Reporting – Continued
Nine Months Ended September 30, |  | Automotive |  |  | Industrial |  |  | Reconciling Items |  |  | Consolidated Total |
2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  | $ | 717,655 |  |  | $ | 66,952 |  |  | $ | — |  |  | $ | 784,607 |
Depreciation and amortization |  |  | 32,839 |  |  |  | 3,822 |  |  |  | 2,060 |  |  |  | 38,721 |
Restructuring expenses |  |  | 7,578 |  |  |  | 5,320 |  |  |  | — |  |  |  | 12,898 |
Operating income (loss) |  |  | 116,427 |  |  |  | (19,010 | ) |  |  | (45,462 | ) |  |  | 51,955 |
2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  | $ | 652,820 |  |  | $ | 75,678 |  |  | $ | — |  |  | $ | 728,498 |
Depreciation and amortization |  |  | 26,602 |  |  |  | 4,040 |  |  |  | 2,021 |  |  |  | 32,663 |
Operating income (loss) |  |  | 127,885 |  |  |  | (10,747 | ) |  |  | (41,028 | ) |  |  | 76,110 |
Total product revenues information by geographic area is as follows:
| Three Months Ended September 30, |
| 2018 |  |  | 2017 |
United States | $ | 125,936 |  |  |  | 49 | % |  | $ | 104,033 |  |  |  | 44 | %
China |  | 22,756 |  |  |  | 9 | % |  |  | 25,741 |  |  |  | 11 | %
Germany |  | 22,681 |  |  |  | 9 | % |  |  | 17,711 |  |  |  | 7 | %
Japan |  | 16,672 |  |  |  | 6 | % |  |  | 15,727 |  |  |  | 7 | %
South Korea |  | 12,814 |  |  |  | 5 | % |  |  | 16,569 |  |  |  | 7 | %
Czech Republic |  | 10,742 |  |  |  | 4 | % |  |  | 9,175 |  |  |  | 4 | %
United Kingdom |  | 9,037 |  |  |  | 3 | % |  |  | 8,143 |  |  |  | 3 | %
Canada |  | 7,778 |  |  |  | 3 | % |  |  | 10,667 |  |  |  | 5 | %
Romania |  | 5,876 |  |  |  | 2 | % |  |  | 5,091 |  |  |  | 2 | %
Other |  | 24,647 |  |  |  | 10 | % |  |  | 22,996 |  |  |  | 10 | %
Total Non-U.S. |  | 133,003 |  |  |  | 51 | % |  |  | 131,820 |  |  |  | 56 | %
| $ | 258,939 |  |  |  | 100 | % |  | $ | 235,853 |  |  |  | 100 | %
| Nine Months Ended September 30, |
| 2018 |  |  | 2017 |
United States | $ | 369,798 |  |  |  | 47 | % |  | $ | 337,697 |  |  |  | 46 | %
China |  | 71,887 |  |  |  | 9 | % |  |  | 66,168 |  |  |  | 9 | %
Germany |  | 68,670 |  |  |  | 9 | % |  |  | 53,273 |  |  |  | 7 | %
Japan |  | 43,520 |  |  |  | 6 | % |  |  | 43,103 |  |  |  | 6 | %
South Korea |  | 42,419 |  |  |  | 5 | % |  |  | 50,714 |  |  |  | 7 | %
Czech Republic |  | 33,563 |  |  |  | 4 | % |  |  | 29,826 |  |  |  | 4 | %
Canada |  | 33,482 |  |  |  | 4 | % |  |  | 32,709 |  |  |  | 5 | %
United Kingdom |  | 28,349 |  |  |  | 4 | % |  |  | 26,250 |  |  |  | 4 | %
Romania |  | 16,775 |  |  |  | 2 | % |  |  | 13,173 |  |  |  | 2 | %
Other |  | 76,144 |  |  |  | 10 | % |  |  | 75,585 |  |  |  | 10 | %
Total Non-U.S. |  | 414,809 |  |  |  | 53 | % |  |  | 390,801 |  |  |  | 54 | %
| $ | 784,607 |  |  |  | 100 | % |  | $ | 728,498 |  |  |  | 100 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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