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The Company and Subsequent Events | 3 Months Ended
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Mar. 31, 2019
Company And Subsequent Events [Abstract] |
The Company and Subsequent Events | Note 1 – The Company and Subsequent Events Gentherm Incorporated is a global technology and industry leader in the design, development, and manufacturing of innovative thermal management technologies. 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 on the vehicles of nearly all major automotive manufacturers operating in North America, Europe and Asia. We operate in locations aligned with our major customers’ product strategies to provide locally enhanced design, integration and production capabilities and to identify future thermal technology product opportunities in both automotive and other markets. We concentrate our research on the development of new technologies and new applications from existing technologies to create product and market opportunities for a wide array of thermal management solutions. Sale of Cincinnati Sub-Zero Industrial Chamber Business (CSZ-IC) On February 1, 2019, as part of the Company’s Fit-for-Growth initiative to eliminate investments in non-core businesses, we completed the sale of the Cincinnati Sub-Zero industrial chamber business (“CSZ-IC”) and former Cincinnati Sub-Zero headquarters facility to Weiss Technik North America, Inc. for total cash proceeds of $47,500, including $2,500 of the cash proceeds were placed into an escrow account for a period of up to one year as partial security for the Company’s obligations under the sale agreement. In connection with the sale, Gentherm entered into an operating lease agreement for a portion of the office and manufacturing building space purchased by Weiss Technik North America, Inc. The Company recognized a $4,970 pre-tax gain on the sale of CSZ-IC during the three-month period ended March 31, 2019. Fit-for-Growth Gentherm recognized $395 and $0 of one-time employee termination costs in restructuring expenses pertaining to Fit-for-Growth during the three-month periods ended March 31, 2019 and 2018, respectively. Gentherm recognized $4 and $0 of contract termination costs in restructuring expenses pertaining to Fit-for-Growth during the respective three-month periods ended March 31, 2019 and 2018, respectively. GPT and CSZ-IC During 2018, Gentherm launched a program to actively market GPT and CSZ-IC and initiated all other actions required to complete the divestiture plan. Gentherm incurred $839 of consultant costs in restructuring expenses to execute the plan. Lastly, Gentherm recognized $251 of one-time employee termination costs in restructuring expenses related to the divestiture process during the three-month period ended March 31, 2019. See Note 12 to our consolidated condensed financial statements for additional information regarding the assets and liabilities classified as held for sale. Restructuring Liability Restructuring liabilities totaling $1,358 and $2,547 as of March 31, 2019 and December 31, 2018, respectively, are classified as accrued liabilities on the consolidated condensed balance sheets. A reconciliation of the beginning and ending restructuring liability is as follows:
|  | One-Time Employee Termination Benefit Costs |  |  | Contract Termination Costs |  |  | Consulting Costs |  |  | Asset Disposal Costs |  |  | Total |
Three Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 2,079 |  |  | $ | 389 |  |  | $ | 79 |  |  | $ | — |  |  | $ | 2,547 |
Additions, charged to restructuring expenses |  |  | 646 |  |  |  | 4 |  |  |  | 839 |  |  |  | 425 |  |  |  | 1,914 |
Payments |  |  | (1,675 | ) |  |  | (88 | ) |  |  | (915 | ) |  |  | (425 | ) |  |  | (3,103 | )
Balance, end of period |  | $ | 1,050 |  |  | $ | 305 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 1,358 |
Note 1 – The Company and Subsequent Events – Continued The cumulative amount of restructuring expenses incurred and recognized in the automotive and industrial reporting segments during the three-month period ended March 31, 2019 was $368 and $1,546, respectively. Subsequent Events On April 1, 2019, we acquired all of the equity interests of Stihler Electronic GmbH (“Stihler”) in an all-cash transaction for approximately $15,000, net of cash acquired, and an additional cash payment of up to $1,700 contingent upon achievement of future milestones. Based in Stuttgart, Germany, Stihler manufactures high quality patient and blood temperature systems and other medical equipment for the health care industry.

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- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e5967-108592 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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