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, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 350,016 $ 141,754 $ 129,822 $ 17,558 $ — $ 639,150 Commercial 3,179 4,066 1,190 6 911 9,352 Other 5,812 209 51 16 28,610 34,698 Revenue $ 359,007 $ 146,029 $ 131,063 $ 17,580 $ 29,521 $ 683,200 Revenue by customer group for the nine months ended September 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 796,937 $ 383,288 $ 312,871 $ 41,878 $ — $ 1,534,974 Commercial 8,328 12,846 3,149 16 2,868 27,207 Other 14,880 13,942 113 38 87,403 116,376 Revenue $ 820,145 $ 410,076 $ 316,133 $ 41,932 $ 90,271 $ 1,678,557 Revenue by customer group for the three months ended September 30, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 361,244 $ 173,868 $ 123,121 $ 25,179 $ — $ 683,412 Commercial 3,923 6,305 — 9 178 10,415 Other 6,937 7,265 18 32 31,439 45,691 Revenue $ 372,104 $ 187,438 $ 123,139 $ 25,220 $ 31,617 $ 739,518 Revenue by customer group for the nine months ended September 30, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,167,062 $ 588,473 $ 366,877 $ 73,399 $ 5 $ 2,195,816 Commercial 15,154 22,602 17 92 1,213 39,078 Other 16,727 23,792 192 90 106,516 147,317 Revenue $ 1,198,943 $ 634,867 $ 367,086 $ 73,581 $ 107,734 $ 2,382,211 The passenger and light duty 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 and fluid transfer systems for use in passenger vehicles and light trucks manufactured by global OEMs and, until March 31, 2019, anti-vibrations systems. On April 1, 2019, the Company completed the divestiture of its AVS product line. 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, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 138,823 $ 116,640 $ 82,754 $ 11,045 $ — $ 349,262 Fuel and brake delivery systems 118,997 25,218 29,877 5,134 — 179,226 Fluid transfer systems 101,187 4,171 18,432 1,401 — 125,191 Other — — — — 29,521 29,521 Consolidated $ 359,007 $ 146,029 $ 131,063 $ 17,580 $ 29,521 $ 683,200 Revenue by product line for the nine months ended September 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 312,331 $ 297,216 $ 201,295 $ 27,385 $ — $ 838,227 Fuel and brake delivery systems 266,203 65,078 75,061 11,707 — 418,049 Fluid transfer systems 241,611 35,673 39,777 2,840 — 319,901 Other — 12,109 — — 90,271 102,380 Consolidated $ 820,145 $ 410,076 $ 316,133 $ 41,932 $ 90,271 $ 1,678,557 Revenue by product line for the three months ended September 30, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 138,741 $ 130,737 $ 82,078 $ 18,599 $ — $ 370,155 Fuel and brake delivery systems 120,425 29,401 28,440 6,349 — 184,615 Fluid transfer systems 112,938 20,334 12,621 272 — 146,165 Other — 6,966 — — 31,617 38,583 Consolidated $ 372,104 $ 187,438 $ 123,139 $ 25,220 $ 31,617 $ 739,518 Revenue by product line for the nine months ended September 30, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 425,146 $ 430,116 $ 243,860 $ 55,445 $ — $ 1,154,567 Fuel and brake delivery systems 376,107 95,722 79,917 17,728 — 569,474 Fluid transfer systems 340,767 64,646 41,845 408 — 447,666 Anti-vibration systems 56,457 20,807 1,464 — — 78,728 Other 466 23,576 — — 107,734 131,776 Consolidated $ 1,198,943 $ 634,867 $ 367,086 $ 73,581 $ 107,734 $ 2,382,211 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, 2020. The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: September 30, 2020 December 31, 2019 Change Contract assets $ 281 $ 1,100 $ (819) Contract liabilities (31) (61) 30 Net contract assets $ 250 $ 1,039 $ (789) Other The Company, at times, enters into agreements that provide for lump sum payments to customers. These payment agreements are recorded as a reduction of revenue during the period the commitment is made. Amounts related to commitments of future payments to customers on the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019 were current liabilities of $8,352 and $12,916, respectively, and long-term liabilities of $6,724 and $9,502, respectively. |