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 September 30, 2019 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 361,246 $ 173,863 $ 112,625 $ 25,182 $ 672,916 Commercial 4,101 6,305 — 9 10,415 Other 28,400 17,241 17 32 45,690 Revenue $ 393,747 $ 197,409 $ 112,642 $ 25,223 $ 729,021 Revenue by customer group for the nine months ended September 30, 2019 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 1,167,065 $ 588,474 $ 358,532 $ 73,401 $ 2,187,472 Commercial 16,367 22,602 17 92 39,078 Other 89,885 57,149 191 90 147,315 Revenue $ 1,273,317 $ 668,225 $ 358,740 $ 73,583 $ 2,373,865 Revenue by customer group for the three months ended September 30, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 441,142 $ 201,885 $ 136,147 $ 25,466 $ 804,640 Commercial 5,926 7,693 4 101 13,724 Other 24,485 18,754 4 46 43,289 Revenue $ 471,553 $ 228,332 $ 136,155 $ 25,613 $ 861,653 Revenue by customer group for the nine months ended September 30, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 1,395,263 $ 710,197 $ 433,309 $ 75,328 $ 2,614,097 Commercial 17,025 26,830 11 341 44,207 Other 36,051 62,830 4 117 99,002 Revenue $ 1,448,339 $ 799,857 $ 433,324 $ 75,786 $ 2,757,306 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 September 30, 2019 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 139,318 $ 130,732 $ 73,576 $ 18,602 $ 362,228 Fuel and brake delivery systems 120,425 29,401 26,775 6,349 182,950 Fluid transfer systems 112,938 20,334 12,291 272 145,835 Other 21,066 16,942 — — 38,008 Consolidated $ 393,747 $ 197,409 $ 112,642 $ 25,223 $ 729,021 Revenue by product line for the nine months ended September 30, 2019 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 438,844 $ 430,280 $ 237,369 $ 55,446 $ 1,161,939 Fuel and brake delivery systems 376,106 95,722 78,275 17,728 567,831 Fluid transfer systems 340,767 64,646 41,632 409 447,454 Anti-vibration systems 56,457 20,807 1,464 — 78,728 Other 61,143 56,770 — — 117,913 Consolidated $ 1,273,317 $ 668,225 $ 358,740 $ 73,583 $ 2,373,865 Revenue by product line for the three months ended September 30, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 149,074 $ 142,342 $ 107,940 $ 19,398 $ 418,754 Fuel and brake delivery systems 136,903 31,752 22,044 6,122 196,821 Fluid transfer systems 104,058 19,642 4,309 93 128,102 Anti-vibration systems 63,563 15,328 1,862 — 80,753 Other 17,955 19,268 — — 37,223 Consolidated $ 471,553 $ 228,332 $ 136,155 $ 25,613 $ 861,653 Revenue by product line for the nine months ended September 30, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 487,757 $ 502,431 $ 342,314 $ 56,786 $ 1,389,288 Fuel and brake delivery systems 415,012 107,366 68,373 18,698 609,449 Fluid transfer systems 331,226 65,706 15,965 302 413,199 Anti-vibration systems 195,835 57,077 6,672 — 259,584 Other 18,509 67,277 — — 85,786 Consolidated $ 1,448,339 $ 799,857 $ 433,324 $ 75,786 $ 2,757,306 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. Contract assets were not materially impacted by any other factors during the nine months ended September 30, 2019 . The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: September 30, 2019 December 31, 2018 Change Contract assets $ 409 $ 14,757 $ (14,348 ) Contract liabilities (238 ) (143 ) (95 ) Net contract assets $ 171 $ 14,614 $ (14,443 ) Other |