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Revenue
3 Months Ended
Mar. 31, 2019
Revenue From Contract With Customer [Abstract]  
Revenue

5. REVENUE

Disaggregation of revenue

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

 

 

Net Sales by Products

 

 

 

 

 

 

 

 

(Dollars in millions)

 

Three months ended

 

 

 

March 31, 2019

 

 

March 31, 2018

 

Airbag Products and Other1)

 

$

1,447.7

 

 

$

1,439.6

 

Seatbelt Products1)

 

 

726.3

 

 

 

801.3

 

Total net sales

 

$

2,174.0

 

 

$

2,240.9

 

1) Including Corporate and other sales.

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Region

 

 

 

 

 

 

 

 

(Dollars in millions)

 

Three months ended

 

 

 

March 31, 2019

 

 

March 31, 2018

 

China

 

$

330.4

 

 

$

366.4

 

Japan

 

 

208.1

 

 

 

214.7

 

Rest of Asia

 

 

212.2

 

 

 

211.1

 

Americas

 

 

743.1

 

 

 

667.2

 

Europe

 

 

680.2

 

 

 

781.5

 

Total net sales

 

$

2,174.0

 

 

$

2,240.9

 

 

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 and is included in Other current assets on 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 period ended March 31, 2019 is not material.

Certain contracts have resulted in consideration in advance of fulfilling the performance obligations and the amounts received have been classified as contract liabilities within Other current liabilities and Other non-current liabilities on the Condensed Consolidated Balance Sheet. The portion of the contract liabilities recognized as revenue for the three months period ended March 31, 2019 is not material.