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 March 31, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 331,613 $ 159,781 $ 113,041 $ 15,479 $ — $ 619,914 Commercial 4,281 5,881 1,182 7 1,251 12,602 Other 3,142 114 2 — 33,193 36,451 Revenue $ 339,036 $ 165,776 $ 114,225 $ 15,486 $ 34,444 $ 668,967 Revenue by customer group for the three months ended March 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 325,982 $ 170,781 $ 78,742 $ 20,439 $ — $ 595,944 Commercial 3,178 5,557 546 10 1,134 10,425 Other 5,641 8,904 56 22 33,898 48,521 Revenue $ 334,801 $ 185,242 $ 79,344 $ 20,471 $ 35,032 $ 654,890 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. 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 Revenue by product line for the three months ended March 31, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 121,175 $ 129,361 $ 69,673 $ 11,274 $ — $ 331,483 Fuel and brake delivery systems 112,656 30,790 28,369 2,865 — 174,680 Fluid transfer systems 105,205 5,625 16,183 1,347 — 128,360 Other — — — — 34,444 34,444 Consolidated $ 339,036 $ 165,776 $ 114,225 $ 15,486 $ 34,444 $ 668,967 Revenue by product line for the three months ended March 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 124,556 $ 127,246 $ 49,024 $ 13,549 $ — $ 314,375 Fuel and brake delivery systems 104,934 28,562 19,818 5,747 — 159,061 Fluid transfer systems 105,311 21,945 10,502 1,175 — 138,933 Other — 7,489 — — 35,032 42,521 Consolidated $ 334,801 $ 185,242 $ 79,344 $ 20,471 $ 35,032 $ 654,890 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 three months ended March 31, 2021. The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: March 31, 2021 December 31, 2020 Change Contract assets $ 5,274 $ 777 $ 4,497 Contract liabilities (21) (27) 6 Net contract assets $ 5,253 $ 750 $ 4,503 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 March 31, 2021 and December 31, 2020 were current liabilities of $15,882 and $16,932, respectively, and long-term liabilities of $6,427 and $6,828, respectively. |