10-Q Filing

GENTHERM INC CIK: 903129 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-009594`
Period End Date	20180331
Filing Date	20180427
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	thrm-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 34 Cash Flow Statement 58 Comprehensive Income 23

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.02M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$973.00K	USD	Point-in-time
Common Stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common Stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$177.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.91M	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	55.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$70.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$103.17M	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	55.00M	shares	Point-in-time
Accounts receivable, less allowance of $1,024 and $973, respectively	`AccountsReceivableNetCurrent`	$196.62M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	36.79M	shares	Point-in-time
Accounts receivable, less allowance of $1,024 and $973, respectively	`AccountsReceivableNetCurrent`	$185.06M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	36.76M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	36.76M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	36.79M	shares	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$64.87M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$64.17M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$13.81M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$16.14M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$41.96M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$41.09M	USD	Point-in-time
Inventory, net	`InventoryNet`	$120.64M	USD	Point-in-time
Inventory, net	`InventoryNet`	$121.41M	USD	Point-in-time
Derivative financial instruments	`DerivativeAssetsCurrent`	$1.17M	USD	Point-in-time
Derivative financial instruments	`DerivativeAssetsCurrent`	$213.00K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$56.85M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$51.22M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$445.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$461.07M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$205.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$200.29M	USD	Point-in-time
Goodwill	`Goodwill`	$70.44M	USD	Point-in-time
Goodwill	`Goodwill`	$69.69M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$83.29M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$80.81M	USD	Point-in-time
Deferred financing costs	`DeferredFinanceCostsNoncurrentNet`	$875.00K	USD	Point-in-time
Deferred financing costs	`DeferredFinanceCostsNoncurrentNet`	$936.00K	USD	Point-in-time
Deferred income tax assets	`DeferredTaxAssetsNetNoncurrent`	$84.95M	USD	Point-in-time
Deferred income tax assets	`DeferredTaxAssetsNetNoncurrent`	$30.15M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$37.98M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$13.37M	USD	Point-in-time
Total assets	`Assets`	$901.42M	USD	Point-in-time
Total assets	`Assets`	$883.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$89.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$88.09M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$77.21M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$72.91M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$3.48M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$3.46M	USD	Point-in-time
Derivative financial instruments	`DerivativeLiabilitiesCurrent`	$1.00K	USD	Point-in-time
Derivative financial instruments	`DerivativeLiabilitiesCurrent`	$1.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$171.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$164.48M	USD	Point-in-time
Pension benefit obligation	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$7.96M	USD	Point-in-time
Pension benefit obligation	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$7.91M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$2.75M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$6.76M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$105.74M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$141.21M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$6.03M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$6.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$290.98M	USD	Point-in-time
Total liabilities	`Liabilities`	$329.53M	USD	Point-in-time
No par value; 55,000,000 shares authorized, 36,794,573 and 36,761,362 issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$265.05M	USD	Point-in-time
No par value; 55,000,000 shares authorized, 36,794,573 and 36,761,362 issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$266.81M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStockNetOfAdjustments`	$15.62M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStockNetOfAdjustments`	$16.16M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-20.44M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-61.39M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-69.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.55M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$335.03M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$293.64M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$610.45M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$553.87M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$901.42M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$883.40M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Product revenues	`SalesRevenueGoodsNet`	$249.27M	USD	1 Quarter
Product revenues	`SalesRevenueGoodsNet`	$261.89M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$164.11M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$183.32M	USD	1 Quarter
Gross margin	`GrossProfit`	$78.57M	USD	1 Quarter
Gross margin	`GrossProfit`	$85.16M	USD	1 Quarter
Net research and development expenses	`ResearchAndDevelopmentExpense`	$19.50M	USD	1 Quarter
Net research and development expenses	`ResearchAndDevelopmentExpense`	$23.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$34.59M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$30.81M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$57.90M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$50.31M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$20.67M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$34.85M	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-1.18M	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-1.12M	USD	1 Quarter
Foreign currency loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-4.58M	USD	1 Quarter
Foreign currency loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.33M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$236.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$1.09M	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.63M	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.04M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.23M	USD	1 Quarter
Net income	`ProfitLoss`	$12.97M	USD	1 Quarter
Net income	`ProfitLoss`	$25.40M	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.35	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.69	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.69	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.35	USD	1 Quarter
Weighted average number of shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.77M	shares	1 Quarter
Weighted average number of shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.62M	shares	1 Quarter
Weighted average number of shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	36.87M	shares	1 Quarter
Weighted average number of shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	36.74M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$12.97M	USD	1 Quarter
Net income	`ProfitLoss`	$25.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.19M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$12.89M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-707.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$676.00K	USD	1 Quarter
Stock compensation	`ShareBasedCompensation`	$2.30M	USD	1 Quarter
Stock compensation	`ShareBasedCompensation`	$2.20M	USD	1 Quarter
Defined benefit plan expense	`PensionAndOtherPostretirementBenefitExpense`	$-16.00K	USD	1 Quarter
Defined benefit plan expense	`PensionAndOtherPostretirementBenefitExpense`	$298.00K	USD	1 Quarter
Provision of doubtful accounts	`ProvisionForDoubtfulAccounts`	$-54.00K	USD	1 Quarter
Provision of doubtful accounts	`ProvisionForDoubtfulAccounts`	$41.00K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-103.00K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-85.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$13.90M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.69M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-1.90M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.41M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.49M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.88M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.09M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.29M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-10.81M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-38.24M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$5.59M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-21.34M	USD	1 Quarter
Final payment for acquisition of subsidiary, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$2.00M	USD	1 Quarter
Final payment for acquisition of subsidiary, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$15.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.38M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.55M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-8.39M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-15.55M	USD	1 Quarter
Repayments of debt	`RepaymentsOfLongTermDebt`	$8.43M	USD	1 Quarter
Repayments of debt	`RepaymentsOfLongTermDebt`	$35.49M	USD	1 Quarter
Cash paid for the cancellation of restricted stock	`PaymentsForCancellationOfRestrictedStock`	$659.00K	USD	1 Quarter
Cash paid for the cancellation of restricted stock	`PaymentsForCancellationOfRestrictedStock`	$926.00K	USD	1 Quarter
Proceeds from the exercise of Common Stock options	`ProceedsFromStockOptionsExercised`	$881.00K	USD	1 Quarter
Proceeds from the exercise of Common Stock options	`ProceedsFromStockOptionsExercised`	$751.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-35.40M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-8.47M	USD	1 Quarter
Foreign currency effect	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$5.51M	USD	1 Quarter
Foreign currency effect	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$2.08M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-32.69M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-43.28M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$177.19M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$133.91M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$70.48M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$103.17M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$177.19M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$133.91M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$70.48M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$103.17M	USD	Point-in-time
Cash paid for taxes	`IncomeTaxesPaidNet`	$6.87M	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	$51.62M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$981.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$858.00K	USD	1 Quarter
Common Stock issued to Board of Directors and employees	`StockIssued1`	$1.36M	USD	1 Quarter
Common Stock issued to Board of Directors and employees	`StockIssued1`	$1.12M	USD	1 Quarter

Comprehensive Income 23 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$12.97M	USD	1 Quarter
Net income	`ProfitLoss`	$25.40M	USD	1 Quarter
Foreign currency translation adjustments gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$11.74M	USD	1 Quarter
Foreign currency translation adjustments gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$5.51M	USD	1 Quarter
Unrealized gain on foreign currency derivative securities	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax`	$2.11M	USD	1 Quarter
Unrealized gain on foreign currency derivative securities	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax`	$2.96M	USD	1 Quarter
Unrealized (loss) gain on commodity derivative securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$32.00K	USD	1 Quarter
Unrealized (loss) gain on commodity derivative securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$-218.00K	USD	1 Quarter
Other comprehensive income, gross of tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$13.63M	USD	1 Quarter
Other comprehensive income, gross of tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$8.51M	USD	1 Quarter
Cumulative effect of accounting change due to ASU 2018-02	`CumulativeEffectOnRetainedEarningsTax1`	$40.00K	USD	1 Quarter
Foreign currency translation adjustments gain	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$76.00K	USD	1 Quarter
Foreign currency translation adjustments gain	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$3.00K	USD	1 Quarter
Unrealized gain on foreign currency derivative securities	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	$795.00K	USD	1 Quarter
Unrealized gain on foreign currency derivative securities	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	$567.00K	USD	1 Quarter
Unrealized (loss) gain on commodity derivative securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$11.00K	USD	1 Quarter
Unrealized (loss) gain on commodity derivative securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$59.00K	USD	1 Quarter
Other comprehensive income (loss), related tax effect	`OtherComprehensiveIncomeLossTax`	$742.00K	USD	1 Quarter
Other comprehensive income (loss), related tax effect	`OtherComprehensiveIncomeLossTax`	$809.00K	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$12.89M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.70M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$25.86M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$33.10M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.