Revenue from Contract with Customer [Text Block] | Revenue Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The Company usually enters into agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. Revenue by customer group for the three months ended June 30, 2019 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 368,953 $ 189,160 $ 118,509 $ 25,027 $ 701,649 Commercial 5,927 7,872 17 60 13,876 Other 29,983 19,185 77 36 49,281 Revenue $ 404,863 $ 216,217 $ 118,603 $ 25,123 $ 764,806 Revenue by customer group for the six months ended June 30, 2019 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 805,819 $ 414,611 $ 245,907 $ 48,219 $ 1,514,556 Commercial 12,266 16,297 17 83 28,663 Other 61,485 39,908 174 58 101,625 Revenue $ 879,570 $ 470,816 $ 246,098 $ 48,360 $ 1,644,844 Revenue by customer group for the three months ended June 30, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 465,384 $ 247,656 $ 147,993 $ 23,412 $ 884,445 Commercial 5,746 9,557 1 95 15,399 Other 6,478 21,911 — 29 28,418 Revenue $ 477,608 $ 279,124 $ 147,994 $ 23,536 $ 928,262 Revenue by customer group for the six months ended June 30, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 954,121 $ 508,312 $ 297,162 $ 49,862 $ 1,809,457 Commercial 11,099 19,137 7 240 30,483 Other 11,566 44,076 — 71 55,713 Revenue $ 976,786 $ 571,525 $ 297,169 $ 50,173 $ 1,895,653 The automotive group consists of sales to automotive OEMs and automotive suppliers, while the commercial group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets. Substantially all of the Company’s revenues were generated from sealing, fuel and brake delivery, fluid transfer and anti-vibration systems for use in passenger vehicles and light trucks manufactured by global OEMs. On April 1, 2019, the Company completed the divestiture of its anti-vibration systems product line. See Note 4. "Divestiture" . A summary of the Company’s products is as follows: Product Line Description Sealing Systems Protect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment Fuel & Brake Delivery Systems Sense, deliver and control fluids to fuel and brake systems Fluid Transfer Systems Sense, deliver and control fluids and vapors for optimal powertrain & HVAC operation Anti-Vibration Systems (Divested on April 1, 2019) Control and isolate vibration and noise in the vehicle to improve ride and handling Revenue by product line for the three months ended June 30, 2019 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 143,010 $ 143,988 $ 78,303 $ 19,016 $ 384,317 Fuel and brake delivery systems 123,978 31,023 26,309 6,044 187,354 Fluid transfer systems 114,381 21,514 13,980 63 149,938 Anti-vibration systems — 158 11 — 169 Other 23,494 19,534 — — 43,028 Consolidated $ 404,863 $ 216,217 $ 118,603 $ 25,123 $ 764,806 Revenue by product line for the six months ended June 30, 2019 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 299,526 $ 299,548 $ 163,793 $ 36,844 $ 799,711 Fuel and brake delivery systems 255,681 66,321 51,500 11,379 384,881 Fluid transfer systems 227,829 44,312 29,341 137 301,619 Anti-vibration systems 56,457 20,807 1,464 — 78,728 Other 40,077 39,828 — — 79,905 Consolidated $ 879,570 $ 470,816 $ 246,098 $ 48,360 $ 1,644,844 Revenue by product line for the three months ended June 30, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 165,872 $ 175,637 $ 116,484 $ 17,479 $ 475,472 Fuel and brake delivery systems 139,308 36,661 24,234 5,973 206,176 Fluid transfer systems 107,495 23,055 5,042 84 135,676 Anti-vibration systems 64,751 20,567 2,234 — 87,552 Other 182 23,204 — — 23,386 Consolidated $ 477,608 $ 279,124 $ 147,994 $ 23,536 $ 928,262 Revenue by product line for the six months ended June 30, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 338,683 $ 360,089 $ 234,374 $ 37,388 $ 970,534 Fuel and brake delivery systems 278,109 75,614 46,329 12,576 412,628 Fluid transfer systems 227,168 46,064 11,656 209 285,097 Anti-vibration systems 132,272 41,749 4,810 — 178,831 Other 554 48,009 — — 48,563 Consolidated $ 976,786 $ 571,525 $ 297,169 $ 50,173 $ 1,895,653 Contract Estimates The amount of revenue recognized is usually based on the purchase order price and adjusted for variable consideration, including pricing concessions. The Company accrues for pricing concessions by reducing revenue as products are shipped or delivered. The accruals are based on historical experience, anticipated performance and management’s best judgment. The Company also generally has ongoing adjustments to customer pricing arrangements based on the content and cost of its products. Such pricing accruals are adjusted as they are settled with customers. Customer returns are usually related to quality or shipment issues and are recorded as a reduction of revenue. The Company generally does not recognize significant return obligations due to their infrequent nature. Contract Balances The Company’s contract assets consist of unbilled amounts associated with variable pricing arrangements in its Asia Pacific region. Once pricing is finalized, contract assets are transferred to accounts receivable. As a result, the timing of revenue recognition and billings, as well as changes in foreign exchange rates, will impact contract assets on an ongoing basis. Changes during the six months ended June 30, 2019 were not materially impacted by any other factors. The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: June 30, 2019 December 31, 2018 Change Contract assets $ 3,997 $ 14,757 $ (10,760 ) Contract liabilities (55 ) (143 ) 88 Net contract assets $ 3,942 $ 14,614 $ (10,672 ) Other |