Revenue

9 Months Ended

Sep. 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 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.

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.