Revenue

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue

NOTE 2 - REVENUE

The Company disaggregates revenue from contracts with customers into our reportable segments, North America and Europe. Revenues by segment for the years ended December 31, 2020 and 2019 are summarized in Note 5, “Business Segments”.

The opening and closing balances of the Company’s receivables and current and long-term contract liabilities are as follows:

	December 31, 2020		December 31, 2019		Change
(Dollars in thousands)
Customer receivables	$	40,785	$	68,283	$	(27,498	)
Contract liabilities—current		8,249		5,880		2,369
Contract liabilities—noncurrent		13,106		13,577		(471	)

The changes in the contract liability balances primarily result from timing differences between our performance and customer payment while the decline in customer receivables is primarily due to the increase in receivables factoring (refer to Note 20, “Receivables Factoring”), as well as a decline in sales. During the years ended December 31, 2020 and 2019, the Company recognized tooling reimbursement revenue of $13.1 million and $10.7 million, respectively, which had been deferred in prior periods and was previously included in contract liability (deferred revenue), as well as revenue on tooling invoiced, deferred and partially recognized in 2020. During the year ended December 31, 2020 and 2019, the Company recognized revenue of $0.7 million and $1.7 million, respectively, from obligations satisfied in prior periods as a result of adjustments to pricing estimates for production efficiencies and other revenue adjustments.