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Revenue | 3 Months Ended
--- | ---
Mar. 31, 2018
Revenue [Abstract] |
Revenue | ﻿ (3) Revenue ﻿ The Company adopted ASC 606 using the modified retrospective method as applied to customer contracts that were not completed as of January 1, 2018. As a result, financial information for reporting periods beginning after January 1, 2018 are presented under ASC 606, while comparative financial information has not been adjusted and continues to be reported in accordance with the Company’s historical accounting policy for revenue recognition prior to the adoption of ASC 606. The Company did not record a cumulative adjustment related to the adoption of ASC 606, and the effects of the adoption were not significant. ﻿ Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our products and services. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The transaction price will include estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not occur. Incidental items that are not significant in the context of the contract are recognized as expense. The expected costs associat ed with our base warranties continue to be recognized as expense when the products are sold. Customer returns only occur if products do not meet the specifications of the contract and are not connected to any repurchase obligations of the Company. ﻿ The Company does not have any financing components or significant payment terms as payment occurs shortly after the point of sale. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue. Amounts billed to customers related to shipping and handling costs are included in net sales in the condensed consolidated statements of operations. Shipping and handling costs associated with outbound freight after control over a product is transferred to the customer are accounted for as a fulfillment cost and are included in cost of sales. ﻿ Revenue by Reportable Segment ﻿ Control Devices. Our Control Devices segment designs and manufactures products that monitor, measure or activate specific functions within a vehicle. This segment includes product lines such as sensors, actuators, valves and switches. We sell these products principally to the automotive market in the North American, European, and Asia Pacific markets. To a lesser extent, we also sell these products to the commercial vehicle and agricultural markets in our North America and European markets. Our customers included in these markets primarily consist of original equipment manufacturers (“OEM”) and companies supplying components directly to the OEMs (“tier one supplier”). ﻿ Electronics. Our Electronics segment designs and manufactures electronic instrument clusters, electronic control units and other driver information systems and includes the acquired Orlaco business, which designs and manufactures camera-based vision systems, monitors and related products. These products are sold principally to the commercial vehicle market primarily through our OEM and aftermarket channels in the North American and European markets, and to a lesser extent, the Asia Pacific market. The camera-based vision systems and related products are sold principally to the off-highway vehicle market in the North American and European markets. ﻿ PST. Our PST segment primarily serves the South American market and specializes in the design, manufacture and sale of in-vehicle audio and video devices, electronic vehicle security alarms, convenience accessories, vehicle tracking devices and monitoring services primarily for the automotive and motorcycle markets. PST sells its products through the aftermarket distribution channel, to factory authorized dealer installers, also referred to as original equipment services, direct to OEMs and through mass merchandisers. ﻿ The following tables disaggregate our revenue by reportable segment and geographical location(1) for the period ended March 31, 2018 and 2017: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿Three months ended March 31, 2018 |  | Control Devices |  | Electronics |  | PST |  | Consolidated
﻿Net Sales: |  |  |  |  |  |  |  |
﻿North America | $ | 104,443 | $ | 19,986 | $ | - | $ | 124,429
﻿South America |  | - |  | - |  | 20,545 |  | 20,545
﻿Europe |  | 2,891 |  | 68,544 |  | - |  | 71,435
﻿Asia Pacific |  | 8,023 |  | 1,498 |  | - |  | 9,521
﻿Total net sales | $ | 115,357 | $ | 90,028 | $ | 20,545 | $ | 225,930
﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿Three months ended March 31, 2017 |  | Control Devices |  | Electronics |  | PST |  | Consolidated
﻿Net Sales: |  |  |  |  |  |  |  |
﻿North America | $ | 110,521 | $ | 12,865 | $ | - | $ | 123,386
﻿South America |  | - |  | - |  | 21,633 |  | 21,633
﻿Europe |  | 1,709 |  | 50,074 |  | - |  | 51,783
﻿Asia Pacific |  | 6,643 |  | 866 |  | - |  | 7,509
﻿Total net sales | $ | 118,873 | $ | 63,805 | $ | 21,633 | $ | 204,311
﻿
| (1) |  | Company sales based on geographic location are where the sale originates not where the customer is located.
﻿ Performance Obligations ﻿ For OEM and tier one supplier customers, the Company enters into contracts with its customers to provide serial production parts that consist of a set of documents including, but not limited to, an Award Letter, Master Purchase Agreement and Master Terms and Conditions. For each production product, the Company enters into separate purchase orders that contain the product specifications and an agreed-upon price. The performance obligation does not exist until a customer release is received for a specific number of parts. The majority of the parts sold to OEM and tier one suppliers are specifically customized to the specific customer, with the exception of off-highway products that are common across all customers. The transaction price is equal to the contracted price per part and there is no expectation of material variable consideration in the transaction price. In addition, the majority of the contracts do not include an enforceable right to payment if the customer terminates the contract for convenience and therefore the revenue is recognized at a point in time based on the shipping terms. Certain customer contracts contain an enforceable right to payment if the customer terminate the contract for convenience and therefore are recognized over time using the cost to complete input method. ﻿ Our aftermarket products are focused on meeting the demand for repair and replacement parts, compliance parts and accessories and are sold primarily to aftermarket distributors and mass retailers in our South American, European, North American markets. Aftermarket products have one type of performance obligation which is the delivery of aftermarket parts and spare parts. For aftermarket customers, the Company typically has standard terms and conditions for all customers. In addition, aftermarket products have alternative use as they can be sold to multiple customers. Revenue for aftermarket part production contracts is recognized at a point in time when the control of the parts transfer to the customer which is based on the shipping terms. Aftermarket contracts may include variable consideration related to discounts and rebates and is included in the transaction price upon recognizing the product revenue. ﻿ A small portion of the Company’s sales are comprised of monitoring services that include both monitoring devices and fees to individual, corporate, fleet and cargo customers in our PST segment. These monitoring service contracts are generally not capable of being distinct and are accounted for a single performance obligation. We recognize revenue for our monitoring products and service s contracts over the life of the contract. There is no variable consideration associated with these contracts. The Company has the right to consideration from a customer in the amount that corresponds directly with the value to the customer of the entity’s performance to date. Therefore the Company recognizes revenue over time using the practical expedient ASC 606-10-55-18 in the amount the Company has a “right to invoice” rather than selecting an output or input method. ﻿ Contract Balances ﻿ The Company had no material contract assets, contract liabilities or capitalized contract acquisition costs as of March 31, 2018.

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- Definition The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 430 -URI http://asc.fasb.org/topic&trid=2122452 + Details
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