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Revenue Recognition
9 Months Ended
Sep. 24, 2022
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

9.

Revenue Recognition

Our primary source of revenue is from contracts with and purchase orders from customers. In most instances, our contract with a customer is the customer’s purchase order. Upon acceptance of the purchase order, a contract exists with a customer as a sales agreement indicates approval and commitment of the parties, identifies the rights of both parties, identifies the payment terms, and has commercial substance. At this point, we believe it is probable that we will collect the consideration to which we will be entitled in exchange for the goods transferred to the customer.

We record estimates for cash discounts, defective and slow-moving product returns, promotional rebates, core return deposits and other discounts in the period the related product revenue is recognized (“Customer Credits”). The provision for Customer Credits is recorded as a reduction from gross sales and reserves for Customer Credits are shown as an increase of accrued customer rebates and returns. Customer Credits are estimated based on contractual provisions, historical experience, and our assessment of current market conditions. Actual Customer Credits have not differed materially from estimated amounts for each period presented. Amounts billed to customers for shipping and handling are included in net sales. Costs associated with shipping and handling are included in cost of goods sold. We have concluded that our estimates of variable consideration are not constrained.

All our revenue was recognized under the point of time approach during the nine months ended September 24, 2022 and September 25, 2021. Also, we do not have significant financing arrangements with our customers. Our credit terms are all less than one year. Lastly, we do not receive noncash consideration (such as materials or equipment) from our customers to facilitate the fulfillment of our contracts.

Disaggregated Revenue

The following tables present our disaggregated revenue by type of major good / product line, and geography.

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(in thousands)

 

September 24, 2022

 

 

September 25, 2021

 

 

September 24, 2022

 

 

September 25, 2021

 

Powertrain

 

$

153,773

 

 

$

136,770

 

 

$

462,556

 

 

$

386,732

 

Chassis

 

 

174,707

 

 

 

118,273

 

 

 

513,301

 

 

 

302,219

 

Automotive body

 

 

72,717

 

 

 

78,477

 

 

 

215,764

 

 

 

214,180

 

Hardware

 

 

12,273

 

 

 

14,906

 

 

 

40,847

 

 

 

43,942

 

Total

 

$

413,470

 

 

$

348,426

 

 

$

1,232,468

 

 

$

947,073

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(in thousands)

 

September 24, 2022

 

 

September 25, 2021

 

 

September 24, 2022

 

 

September 25, 2021

 

Net sales to U.S. customers

 

$

380,842

 

 

$

328,315

 

 

$

1,138,683

 

 

$

896,545

 

Net sales to non-U.S. customers

 

 

32,628

 

 

 

20,111

 

 

 

93,785

 

 

 

50,528

 

Total

 

$

413,470

 

 

$

348,426

 

 

$

1,232,468

 

 

$

947,073