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REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended
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Sep. 30, 2023
Revenue from Contract with Customer [Abstract] |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS The Company manufactures and sells products, primarily to OEMs of light vehicles and, to a lesser extent, to other OEMs of commercial vehicles and off-highway vehicles, to certain tier one vehicle systems suppliers and into the aftermarket. The Company’s payment terms are based on customary business practices and vary by customer type and products offered. The Company evaluated the terms of its arrangements and determined that they do not contain significant financing components. Generally, revenue is recognized upon shipment or delivery; however, a limited number of the Company’s customer arrangements for its highly customized products with no alternative use provide the Company with the right to payment during the production process. As a result, for these limited arrangements, revenue is recognized as goods are produced and control transfers to the customer using the input cost-to-cost method. The Company recorded a contract asset of $16 million and $14 million at September 30, 2023 and December 31, 2022, respectively, for these arrangements. These amounts are reflected in Prepayments and other current assets in the Company’s Condensed Consolidated Balance Sheets. In limited instances, certain customers have provided payments in advance of receiving related products, typically at the onset of an arrangement prior to the beginning of production. These contract liabilities are reflected as Other current liabilities in the Condensed Consolidated Balance Sheets and were $11 million at September 30, 2023 and $14 million at December 31, 2022. These amounts are reflected as revenue over the term of the arrangement (typically 3 to 7 years) as the underlying products are shipped and represent the Company’s remaining performance obligations as of the end of the period. The Company continually seeks business development opportunities and, at times, provides customer incentives for new program awards. When the Company determines that the payments are incremental and incurred only if the new business is obtained and expects to recover these amounts from the customer over the term of the new business arrangement, the Company capitalizes these amounts. As of September 30, 2023 and December 31, 2022, the Company recorded customer incentive payments of $27 million and $34 million, respectively, in Prepayments and other current assets, and $75 million and $99 million, respectively, in Other non-current assets in the Condensed Consolidated Balance Sheets. The following tables represent a disaggregation of revenue from contracts with customers by reportable segment and region. The balances for the three and nine months ended September 30, 2022 have been recast for a change in reportable segments that was made during the first quarter of 2023. Refer to Note 22, “Reportable Segments And Related Information,” to the Condensed Consolidated Financial Statements for more information.
| Three Months Ended September 30, 2023
(in millions) | Air Management |  | Drivetrain & Battery Systems |  | ePropulsion |  | Total
North America | $ | 542 |  |  | $ | 405 |  |  | $ | 118 |  |  | $ | 1,065 |
Europe | 819 |  |  | 329 |  |  | 95 |  |  | 1,243 |
Asia | 511 |  |  | 408 |  |  | 343 |  |  | 1,262 |
Other | 50 |  |  | 2 |  |  | — |  |  | 52 |
Total | $ | 1,922 |  |  | $ | 1,144 |  |  | $ | 556 |  |  | $ | 3,622 |
| Three Months Ended September 30, 2022
(in millions) | Air Management |  | Drivetrain & Battery Systems |  | ePropulsion |  | Total
North America | $ | 526 |  |  | $ | 376 |  |  | $ | 109 |  |  | $ | 1,011 |
Europe | 729 |  |  | 226 |  |  | 49 |  |  | 1,004 |
Asia | 522 |  |  | 352 |  |  | 297 |  |  | 1,171 |
Other | 50 |  |  | — |  |  | (10) |  |  | 40 |
Total | $ | 1,827 |  |  | $ | 954 |  |  | $ | 445 |  |  | $ | 3,226 |
| Nine Months Ended September 30, 2023
(in millions) | Air Management |  | Drivetrain & Battery Systems |  | ePropulsion |  | Total
North America | $ | 1,622 |  |  | $ | 1,190 |  |  | $ | 388 |  |  | $ | 3,200 |
Europe | 2,577 |  |  | 980 |  |  | 227 |  |  | 3,784 |
Asia | 1,531 |  |  | 1,041 |  |  | 953 |  |  | 3,525 |
Other | 158 |  |  | 5 |  |  | 4 |  |  | 167 |
Total | $ | 5,888 |  |  | $ | 3,216 |  |  | $ | 1,572 |  |  | $ | 10,676 |
| Nine Months Ended September 30, 2022
(in millions) | Air Management |  | Drivetrain & Battery Systems |  | ePropulsion |  | Total
North America | $ | 1,497 |  |  | $ | 1,020 |  |  | $ | 375 |  |  | $ | 2,892 |
Europe | 2,156 |  |  | 724 |  |  | 148 |  |  | 3,028 |
Asia | 1,490 |  |  | 1,001 |  |  | 762 |  |  | 3,253 |
Other | 140 |  |  | — |  |  | 5 |  |  | 145 |
Total | $ | 5,283 |  |  | $ | 2,745 |  |  | $ | 1,290 |  |  | $ | 9,318 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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