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

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.

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	)