Revenue

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

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, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	120,939	$	70,753	$	104,307	$	3,881	$	—	$	299,880
Commercial	1,971		3,223		1,413		—		823		7,430
Other	3,427		4,829		6		—		24,895		33,157
Revenue	$	126,337	$	78,805	$	105,726	$	3,881	$	25,718	$	340,467

Revenue by customer group for the six months ended June 30, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	446,921	$	241,534	$	183,049	$	24,320	$	—	$	895,824
Commercial	5,149		8,780		1,959		10		1,957		17,855
Other	9,068		13,733		62		22		58,793		81,678
Revenue	$	461,138	$	264,047	$	185,070	$	24,352	$	60,750	$	995,357

Revenue by customer group for the three months ended June 30, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	368,952	$	189,154	$	118,401	$	25,028	$	5	$	701,540
Commercial	5,439		7,872		17		60		488		13,876
Other	4,730		8,003		77		36		36,436		49,282
Revenue	$	379,121	$	205,029	$	118,495	$	25,124	$	36,929	$	764,698

Revenue by customer group for the six months ended June 30, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	805,818	$	414,605	$	243,756	$	48,220	$	5	$	1,512,404
Commercial	11,231		16,297		17		83		1,035		28,663
Other	9,790		16,527		174		58		75,077		101,626
Revenue	$	826,839	$	447,429	$	243,947	$	48,361	$	76,117	$	1,642,693

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 June 30, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	48,952	$	53,330	$	69,517	$	2,791	$	—	$	174,590
Fuel and brake delivery systems	42,272		11,298		25,366		826		—		79,762
Fluid transfer systems	35,113		9,557		10,843		264		—		55,777
Other	—		4,620		—		—		25,718		30,338
Consolidated	$	126,337	$	78,805	$	105,726	$	3,881	$	25,718	$	340,467

Revenue by product line for the six months ended June 30, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	173,508	$	180,576	$	118,541	$	16,340	$	—	$	488,965
Fuel and brake delivery systems	147,206		39,860		45,184		6,573		—		238,823
Fluid transfer systems	140,424		31,502		21,345		1,439		—		194,710
Other	—		12,109		—		—		60,750		72,859
Consolidated	$	461,138	$	264,047	$	185,070	$	24,352	$	60,750	$	995,357

Revenue by product line for the three months ended June 30, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	140,759	$	143,988	$	78,253	$	19,017	$	—	$	382,017
Fuel and brake delivery systems	123,979		31,023		26,309		6,044		—		187,355
Fluid transfer systems	114,381		21,514		13,922		63		—		149,880
Anti-vibration systems	—		158		11		—		—		169
Other	2		8,346		—		—		36,929		45,277
Consolidated	$	379,121	$	205,029	$	118,495	$	25,124	$	36,929	$	764,698

Revenue by product line for the six months ended June 30, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	286,405	$	299,379	$	161,782	$	36,846	$	—	$	784,412
Fuel and brake delivery systems	255,682		66,321		51,477		11,379		—		384,859
Fluid transfer systems	227,829		44,312		29,224		136		—		301,501
Anti-vibration systems	56,457		20,807		1,464		—		—		78,728
Other	466		16,610		—		—		76,117		93,193
Consolidated	$	826,839	$	447,429	$	243,947	$	48,361	$	76,117	$	1,642,693

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 six months ended June 30, 2020.

The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following:

	June 30, 2020		December 31, 2019		Change
Contract assets	$	2,609	$	1,100	$	1,509
Contract liabilities	(34)		(61)		27
Net contract assets	$	2,575	$	1,039	$	1,536

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 June 30, 2020 and December 31, 2019 were current liabilities of $7,533 and $12,916, respectively, and long-term liabilities of $6,474 and $9,502, respectively.

The Company provides assurance-type warranties to its customers. Such warranties provide customers with assurance that the related product will function as intended and complies with any agreed-upon specifications, and are recognized in costs of products sold.