Goodwill and Other Intangibles

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Note 5 – Goodwill and Other Intangibles

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, for the three months ended March 31, 2024 was as follows:

	Automotive			Medical			Total
Balance as of December 31, 2023	$	76,696		$	27,377		$	104,073
Currency translation and other		(1,543	)		(336	)		(1,879	)
Balance as of March 31, 2024	$	75,153		$	27,041		$	102,194

The Company’s cumulative goodwill impairment expense since inception was $19,509 as of March 31, 2024 and December 31, 2023, which includes Gentherm’s goodwill impairment of the Medical reporting unit in 2023.

Other Intangible Assets

Other intangible assets and accumulated amortization balances as of March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024										December 31, 2023
	Gross Carrying Value		Accumulated Amortization			Accumulated Impairment			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Definite-lived:
Customer relationships	$	112,931	$	(72,958	)	$	—		$	39,973	$	115,465	$	(73,737	)	$	41,728
Technology		44,871		(29,268	)		—			15,603		45,861		(29,317	)		16,544
Product development costs		18,868		(18,705	)		—			163		19,434		(19,270	)		164
Software development		1,007		(50	)		—			957		1,007		—			1,007
Indefinite-lived:
Tradenames		6,999		—			(530	)		6,469		7,039		—			7,039
Total	$	184,676	$	(120,981	)	$	(530	)	$	63,165	$	188,806	$	(122,324	)	$	66,482

In addition to annual impairment testing, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore would require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. During the three months ended March 31, 2024, we recorded a non-cash impairment charge of $530 for one of our tradenames within the Medical segment. We are not presently aware of any other events or circumstances that would require us to revise the carrying value of our assets or liabilities as of March 31, 2024.