Revenue

6 Months Ended

Jun. 30, 2022

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, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	323,532	$	120,693	$	85,338	$	26,256	$	—	$	555,819
Commercial	4,049		5,546		441		5		1,665		11,706
Other	4,106		48		—		—		34,238		38,392
Revenue	$	331,687	$	126,287	$	85,779	$	26,261	$	35,903	$	605,917

Revenue by customer group for the six months ended June 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	638,119	$	246,061	$	188,742	$	47,769	$	—	$	1,120,691
Commercial	7,723		11,469		788		11		3,322		23,313
Other	7,739		171		2		—		66,985		74,897
Revenue	$	653,581	$	257,701	$	189,532	$	47,780	$	70,307	$	1,218,901

Revenue by customer group for the three months ended June 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	240,111	$	126,972	$	102,950	$	14,145	$	—	$	484,178
Commercial	3,405		5,471		965		8		1,445		11,294
Other	4,009		178		—		—		33,526		37,713
Revenue	$	247,525	$	132,621	$	103,915	$	14,153	$	34,971	$	533,185

Revenue by customer group for the six months ended June 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	571,724	$	286,753	$	215,991	$	29,624	$	—	$	1,104,092
Commercial	7,686		11,352		2,147		15		2,696		23,896
Other	7,151		292		2		—		66,719		74,164
Revenue	$	586,561	$	298,397	$	218,140	$	29,639	$	69,415	$	1,202,152

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 June 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	127,345	$	101,951	$	49,874	$	19,235	$	—	$	298,405
Fuel and brake delivery systems	107,614		21,638		20,481		4,814		—		154,547
Fluid transfer systems	96,728		2,698		15,424		2,212		—		117,062
Other	—		—		—		—		35,903		35,903
Revenue	$	331,687	$	126,287	$	85,779	$	26,261	$	35,903	$	605,917

Revenue by product line for the six months ended June 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	254,897	$	207,085	$	112,910	$	35,345	$	—	$	610,237
Fuel and brake delivery systems	210,335		44,676		44,228		8,375		—		307,614
Fluid transfer systems	188,349		5,940		32,394		4,060		—		230,743
Other	—		—		—		—		70,307		70,307
Revenue	$	653,581	$	257,701	$	189,532	$	47,780	$	70,307	$	1,218,901

Revenue by product line for the three months ended June 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	90,174	$	104,878	$	62,328	$	11,533	$	—	$	268,913
Fuel and brake delivery systems	82,389		23,991		25,166		2,148		—		133,694
Fluid transfer systems	74,962		3,752		16,421		472		—		95,607
Other	—		—		—		—		34,971		34,971
Revenue	$	247,525	$	132,621	$	103,915	$	14,153	$	34,971	$	533,185

Revenue by product line for the six months ended June 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	211,349	$	234,239	$	132,001	$	22,807	$	—	$	600,396
Fuel and brake delivery systems	195,045		54,781		53,535		5,013		—		308,374
Fluid transfer systems	180,167		9,377		32,604		1,819		—		223,967
Other	—		—		—		—		69,415		69,415
Revenue	$	586,561	$	298,397	$	218,140	$	29,639	$	69,415	$	1,202,152

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, which are infrequent, 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 the 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, 2022.

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

	June 30, 2022		December 31, 2021		Change
Contract assets	$	3,454	$	—	$	3,454
Contract liabilities	(14)		(143)		129
Net contract assets (liabilities)	$	3,440	$	(143)	$	3,583

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, 2022 and December 31, 2021 were current liabilities of $12,236 and $12,045, respectively, and long-term liabilities of $6,485 and $7,214, 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.