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Revenue Disaggregation
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Disaggregation

11. REVENUE DISAGGREGATION

 

The Company’s disaggregated revenue for the three months periods ended March 31, 2025 and 2024 were as follows (dollars in millions).

 

Net Sales by Products

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Airbags, Steering Wheels and Other1)

 

$

1,752

 

 

$

1,781

 

Seatbelt Products and Other1)

 

 

826

 

 

 

834

 

Total net sales

 

$

2,578

 

 

$

2,615

 

 

 

 

 

 

 

 

Net Sales by Region

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Americas

 

$

851

 

 

$

893

 

Europe

 

 

764

 

 

 

770

 

China

 

 

447

 

 

 

460

 

Asia excl. China

 

 

515

 

 

 

491

 

Total net sales

 

$

2,578

 

 

$

2,615

 

1) Including Corporate sales.

Contract Balances

Contract assets relate to the Company's rights to consideration for work completed but not billed (generally in conjunction with contracts for which revenue is recognized over time) at the reporting date on production parts and is included in Other current assets in the Condensed Consolidated Balance Sheet. The contract assets are reclassified into the receivables balance when the rights to receive payments become unconditional. The net change in the contract assets balance, reflecting the adjustments needed to align revenue recognition for work completed but not billed, for the three months periods ended March 31, 2025 and 2024, were not material in any period.