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Revenue
 12 Months Ended
Dec. 31, 2018
Revenue From Contract With Customer [Abstract]  
Revenue

4. Revenue

Disaggregation of revenue

In the following tables, revenue from the Company’s continuing operations is disaggregated by primary regions and products.

 

Net Sales by Region

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions)

 

Years ended December 31

 

 

 

2018

 

 

2017

 

 

2016

 

China

 

$

1,522.2

 

 

$

1,421.2

 

 

$

1,385.4

 

Japan

 

 

827.9

 

 

 

787.0

 

 

 

718.6

 

Rest of Asia

 

 

844.8

 

 

 

789.9

 

 

 

726.2

 

Americas

 

 

2,735.1

 

 

 

2,435.2

 

 

 

2,548.0

 

Europe

 

 

2,748.2

 

 

 

2,703.5

 

 

 

2,543.4

 

Total net sales

 

$

8,678.2

 

 

$

8,136.8

 

 

$

7,921.6

 

 

Net Sales by Products

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in millions)

 

Years ended December 31

 

 

 

2018

 

 

2017

 

 

2016

 

Airbag Products and Other1)

 

$

5,698.6

 

 

$

5,343.2

 

 

$

5,256.4

 

Seatbelt Products1)

 

 

2,979.6

 

 

 

2,793.6

 

 

 

2,665.2

 

Total net sales

 

$

8,678.2

 

 

$

8,136.8

 

 

$

7,921.6

 

1) Including Corporate and other sales.

 

 

 

 

 

 

 

 

 

 

 

 

Contract balances

The 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. The contract assets are reclassified into the receivables balance when the rights to receive payments become unconditional. There have been no impairment losses recognized related to contract assets arising from the Company’s contracts with customers. Certain contracts have resulted in consideration in advance of fulfilling the performance obligations and the amounts received have been classified as contract liabilities.

The following tables provides information about receivables, contract assets, and contract liabilities from contracts with customers.

 

Contract Balances with Customers

 

 

 

 

 

 

 

 

(Dollars in millions)

 

At December 31

 

 

 

2018

 

 

2017

 

Receivables, net

 

$

1,652.1

 

 

$

1,696.7

 

Contract assets 1)

 

 

19.5

 

 

 

—

 

Contract liabilities 2)

 

 

29.4

 

 

 

33.0

 

1) Included in other current assets.

 

 

 

 

 

 

 

 

2) Included in other current and other non-current liabilities.

 

 

 

 

 

 

 

 

 

Receivables, net of allowance

 

 

 

 

 

 

 

 

(Dollars in millions)

 

At December 31

 

 

 

2018

 

 

2017

 

Receivables

 

$

1,659.4

 

 

$

1,703.0

 

Allowance at beginning of period

 

 

(6.3

)

 

 

(4.2

)

Net decrease/(increase) of allowance

 

 

(1.3

)

 

 

(1.8

)

Translation difference

 

 

0.3

 

 

 

(0.3

)

Allowance at end of period

 

 

(7.3

)

 

 

(6.3

)

Receivables, net of allowance

 

$

1,652.1

 

 

$

1,696.7

 

 

Changes in the contract assets and the contract liabilities balances during the period are as follows:

 

Change in Contract Balances with Customers

 

 

 

 

 

 

 

 

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

At December 31, 2018

 

 

 

Contract assets

 

 

Contract liabilities

 

Beginning balance

 

$

—

 

 

$

33.0

 

Increases/(decreases) due to cumulative catch up

   adjustment

 

 

15.0

 

 

 

—

 

Increases/(decreases) due to revenue recognized

 

 

75.6

 

 

 

(7.4

)

Increases/(decreases) due to cash received

 

 

—

 

 

 

—

 

Increases/(decreases) due to transfer to receivables

 

 

(71.1

)

 

 

—

 

Translation difference

 

 

—

 

 

 

3.8

 

Ending balance

 

$

19.5

 

 

$

29.4

 

 

The increases/(decreases) in the table above related to contracts assets reflect the total adjustments needed to align revenue recognition for work completed but not billed at year end.