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Revenue from Contracts with Customers | 12 Months Ended
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Dec. 31, 2021
Revenue from Contract with Customers [Abstract] |
Revenue from Contract with Customer [Text Block] | 13. REVENUE FROM CONTRACTS WITH CUSTOMERS The guidance in ASC 606 - Revenue from Contracts with Customers is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are obligated under our contracts with customers to manufacture and supply products for use in our customers’ operations. We satisfy these performance obligations at the point in time that the customer obtains control of the products, which is the point in time that the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the products. This typically occurs upon shipment to the customer in accordance with purchase orders and delivery releases issued by our customers. There is judgment involved in determining when the customer obtains control of the products and we have utilized the following indicators of control in our assessment: •We have the present right to payment for the asset; •The customer has legal title to the asset; •We have transferred physical possession of the asset; •The customer has the significant risks and rewards of ownership of the asset; and •The customer has accepted the asset. Our product offerings by segment are as follows: •Driveline products consist primarily of front and rear axles, driveshafts, differential assemblies, clutch modules, balance shaft systems, disconnecting driveline technology, and electric and hybrid driveline products and systems for light trucks, sport utility vehicles (SUVs), crossover vehicles (CUVs), passenger cars and commercial vehicles; and •Metal Forming products consist primarily of axle and transmission shafts, ring and pinion gears, differential gears and assemblies, connecting rods and variable valve timing products for OEMs and Tier 1 automotive suppliers. Our contracts with customers, which are comprised of purchase orders and delivery releases issued by our customers, generally state the terms of the sale, including the quantity and price of each product purchased. Trade accounts receivable from our customers are generally due approximately 50 days from the date our customers receive our product. Our contracts typically do not contain variable consideration as the contracts include stated prices. We provide our customers with assurance type warranties, which are not separate performance obligations and are outside the scope of ASC 606. Refer to Note 11 - Commitments and Contingencies for further information on our product warranties. Disaggregation of Net Sales Net sales recognized from contracts with customers, disaggregated by segment and geographical location, are presented in the following table for the years ended December 31, 2021, 2020 and 2019. Net sales are attributed to regions based on the location of production. Intersegment sales have been excluded from the table. In 2021, we reorganized our segments and moved certain of our Driveline facilities to our Metal Forming segment. The amounts previously reported in the tables below for the years ended December 31, 2020 and 2019 have been retrospectively recast to reflect this change. In 2019, we finalized the Casting Sale. The Casting Sale did not qualify for classification as discontinued operations, as it did not represent a strategic shift in our business that had a major effect on our operations and financial results. As such, we continue to present Casting as a segment in the tables below, which is comprised entirely of the U.S. casting operations that were included in the sale.
|  | Twelve Months Ended December 31, 2021
|  | Driveline |  | Metal Forming |  |  |  | Casting |  | Total
|  | (in millions)
North America |  | $ | 2,839.8 |  |  | $ | 1,142.6 |  |  |  |  | $ | — |  |  | $ | 3,982.4 |
Asia |  | 441.6 |  |  | 47.4 |  |  |  |  | — |  |  | 489.0 |
Europe |  | 374.8 |  |  | 216.1 |  |  |  |  | — |  |  | 590.9 |
South America |  | 85.3 |  |  | 9.0 |  |  |  |  | — |  |  | 94.3 |
Total |  | $ | 3,741.5 |  |  | $ | 1,415.1 |  |  |  |  | $ | — |  |  | $ | 5,156.6 |
|  | Twelve Months Ended December 31, 2020
|  | Driveline |  | Metal Forming |  |  |  | Casting |  | Total
North America |  | $ | 2,537.2 |  |  | $ | 1,087.9 |  |  |  |  | $ | — |  |  | $ | 3,625.1 |
Asia |  | 433.7 |  |  | 43.8 |  |  |  |  | — |  |  | 477.5 |
Europe |  | 352.5 |  |  | 198.0 |  |  |  |  | — |  |  | 550.5 |
South America |  | 49.2 |  |  | 8.5 |  |  |  |  | — |  |  | 57.7 |
Total |  | $ | 3,372.6 |  |  | $ | 1,338.2 |  |  |  |  | $ | — |  |  | $ | 4,710.8 |
|  | Twelve Months Ended December 31, 2019
|  | Driveline |  | Metal Forming |  |  |  | Casting |  | Total
North America |  | $ | 3,225.7 |  |  | $ | 1,393.7 |  |  |  |  | $ | 627.7 |  |  | $ | 5,247.1 |
Asia |  | 533.6 |  |  | 37.6 |  |  |  |  | — |  |  | 571.2 |
Europe |  | 351.0 |  |  | 256.3 |  |  |  |  | — |  |  | 607.3 |
South America |  | 98.8 |  |  | 6.5 |  |  |  |  | — |  |  | 105.3 |
Total |  | $ | 4,209.1 |  |  | $ | 1,694.1 |  |  |  |  | $ | 627.7 |  |  | $ | 6,530.9 |
Contract Assets and Liabilities The following table summarizes our beginning and ending balances for accounts receivable and contract liabilities associated with our contracts with customers (in millions):
| Accounts Receivable, Net | Contract Liabilities (Current) | Contract Liabilities (Long-term)
December 31, 2020 | $ | 793.2 |  | $ | 23.4 |  | $ | 91.0 |
December 31, 2021 | 762.8 |  | 28.1 |  | 94.8 |
Increase/(decrease) | $ | (30.4) |  | $ | 4.7 |  | $ | 3.8 |
Contract liabilities relate to deferred revenue associated with various settlements and commercial agreements for which we have future performance obligations to the customer. We recognize this deferred revenue into revenue over the life of the associated program as we satisfy our performance obligations to the customer. We do not have contract assets as defined in ASC 606. During the twelve months ended December 31, 2021 and December 31, 2020 we amortized $23.3 million and $22.7 million, respectively, of previously recorded contract liabilities into revenue as we satisfied performance obligations with our customers. Sales and Other Taxes ASC 606 provides a practical expedient that allows companies to exclude from the transaction price any amounts collected from customers for all sales (and other similar) taxes. We do not include sales and other taxes in our transaction price and thus do not recognize these amounts as revenue.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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