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Pension and Other Post Retirement Benefit Plans | 12 Months Ended
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Dec. 31, 2021
Compensation And Retirement Disclosure [Abstract] |
Pension and Other Post Retirement Benefit Plans | Note 10 — Pension and Other Post Retirement Benefit Plans The Company maintains a U.S. defined benefit pension plan covering its former Chief Executive Officer (“U.S. Plan”) and a German defined benefit pension plan covering certain retired executive employees of the Company’s wholly owned subsidiary, Gentherm GmbH (“German Plan”). The components of net periodic benefit cost for the Company’s defined benefit plans for the years ended December 31, 2021, 2020 and 2019 were as follows:
|  | U.S. Plan |  |  | German Plan |
|  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 42 |  |  |  | 85 |  |  |  | 127 |  |  |  | 91 |  |  |  | 88 |  |  |  | 147 |
Expected return on plan assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (120 | ) |  |  | (121 | ) |  |  | (126 | )
Amortization of prior service cost and actuarial loss |  |  | 26 |  |  |  | 7 |  |  |  | — |  |  |  | 133 |  |  |  | 124 |  |  |  | 72 |
Net periodic benefit cost |  | $ | 68 |  |  | $ | 92 |  |  | $ | 127 |  |  | $ | 104 |  |  | $ | 91 |  |  | $ | 93 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1.20 | % |  |  | 2.40 | % |  |  | 3.65 | % |  |  | 1.08 | % |  |  | 1.06 | % |  |  | 1.06 | %
Long-term return on assets |  | N/A |  |  | N/A |  |  | N/A |  |  |  | 2.90 | % |  |  | 3.10 | % |  |  | 3.10 | %
A reconciliation of the change in benefit obligation and the change in plan assets for the years ended December 31, 2021 and 2020 is as follows:
|  | U.S. Plan |  |  | German Plan |
|  | As of December 31, |  |  | As of December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 3,847 |  |  | $ | 3,871 |  |  | $ | 8,934 |  |  | $ | 8,353 |
Interest cost |  |  | 42 |  |  |  | 85 |  |  |  | 91 |  |  |  | 88 |
Paid pension distributions |  |  | (342 | ) |  |  | (342 | ) |  |  | (310 | ) |  |  | (294 | )
Actuarial (gain) loss |  |  | (101 | ) |  |  | 233 |  |  |  | 9 |  |  |  | 40 |
Exchange rate impact |  |  | — |  |  |  | — |  |  |  | (622 | ) |  |  | 747 |
Balance at end of year |  | $ | 3,446 |  |  | $ | 3,847 |  |  | $ | 8,102 |  |  | $ | 8,934 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  |  | — |  |  |  | — |  |  |  | 4,276 |  |  |  | 3,825 |
Actual return on plan assets |  |  | — |  |  |  | — |  |  |  | 98 |  |  |  | 96 |
Contributions |  |  | — |  |  |  | — |  |  |  | 310 |  |  |  | 294 |
Paid pension distributions |  |  | — |  |  |  | — |  |  |  | (310 | ) |  |  | (294 | )
Exchange rate impact |  |  | — |  |  |  | — |  |  |  | (305 | ) |  |  | 355 |
Balance at end of year |  | $ | — |  |  | $ | — |  |  | $ | 4,069 |  |  | $ | 4,276 |
Underfunded Status |  | $ | (3,446 | ) |  | $ | (3,847 | ) |  | $ | (4,033 | ) |  | $ | (4,658 | )
Balance sheet classification: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | (342 | ) |  | $ | (342 | ) |  | $ | (306 | ) |  | $ | — |
Pension benefit obligation |  |  | (3,104 | ) |  |  | (3,505 | ) |  |  | (3,727 | ) |  |  | (4,658 | )
Accumulated other comprehensive loss (pre-tax): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial losses |  |  | 575 |  |  |  | 701 |  |  |  | 3,288 |  |  |  | 3,644 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1.80 | % |  |  | 1.20 | % |  |  | 1.25 | % |  |  | 1.08 | %
Pre-tax amounts included in AOCI that are expected to be recognized in net periodic benefit cost during the year ended December 31, 2022 are as follows:
|  | U.S Plan |  |  | German Plan |
Actuarial losses |  | $ | 21 |  |  | $ | 124 |
The accumulated benefit obligations were as follows:
|  | U.S. Plan |  |  | German Plan |
|  | As of December 31, |  |  | As of December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Accumulated benefit obligation |  | $ | 3,446 |  |  | $ | 3,847 |  |  | $ | 8,102 |  |  | $ | 8,934 |
Interest costs are recognized in Selling, general and administrative expenses in the consolidated statements of income and actuarial gains and losses are included the consolidated balance sheet as part of Accumulated other comprehensive loss within shareholders’ equity. Actuarial gains or losses are amortized to Selling, general and administrative expense in the consolidated statements of income based on the average future life of the Plan using the corridor method. Prior service cost is included in Selling, general and administrative expenses in the consolidated statements of income. Plan assets – German Plan Plan assets are comprised of Gentherm GmbH’s pension insurance policies and are pledged to the beneficiaries of the German Plan. A market valuation technique, based on observable underlying insurance charges, is used to determine the fair value of the pension plan assets (Level 2). The expected return on plan assets assumption used to calculate Gentherm GmbH’s pension benefit obligation was determined using actual returns realized on plan assets in the prior year. Contributions We do not expect contributions to be paid to the U.S. Plan or the German Plan during the next fiscal year. The schedule of future expected pension payments is as follows:
|  | Projected Pension Benefit Payments |
Year |  | U.S Plan |  |  | German Plan |
2022 |  | $ | 342 |  |  | $ | 306 |
2023 |  |  | 342 |  |  |  | 316 |
2024 |  |  | 342 |  |  |  | 309 |
2025 |  |  | 342 |  |  |  | 301 |
2026 |  |  | 342 |  |  |  | 292 |
2027-2031 |  |  | 1,710 |  |  |  | 2,988 |
Total |  | $ | 3,420 |  |  | $ | 4,512 |
Defined contribution plans The Company also sponsors defined contribution plans for eligible employees. On a discretionary basis, the Company matches a portion of the employee contributions and or makes additional discretionary contributions. Gentherm recognized costs of $1,724, $1,275 and $1,384 related to contributions to its defined contribution plans during the years ended December 31, 2021, 2020 and 2019, respectively.

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