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REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2024
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 has 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 $15 million and $18 million at December 31, 2024 and 2023, respectively, for these arrangements. These amounts are reflected in Prepayments and other current assets in the Company’s 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 and Other non-current liabilities in the Consolidated Balance Sheets and were $13 million and $29 million at December 31, 2024 and $18 million and $10 million at December 31, 2023, respectively. These amounts are reflected as revenue over the term of the arrangement (typically three to seven 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 December 31, 2024 and 2023, the Company recorded customer incentive payments of $22 million and
$27 million, respectively, in Prepayments and other current assets, and $23 million and $58 million, respectively, in Other non-current assets in the Consolidated Balance Sheets.
The Company’s products can be disaggregated by two types: eProducts and Foundational products. eProducts include all products utilized on or for electric vehicles (“EVs”) plus those same products and components that are included in hybrid powertrains whose underlying technologies are adaptable or applicable to those used in or for EVs. Foundational products include all products utilized on internal combustion engines plus those same products and components that are also included in hybrid powertrains. The following table represents a disaggregation of revenue from contracts with customers by Foundational products and eProducts for the years ended December 31, 2024, 2023, and 2022.
 Year Ended December 31,
(in millions)202420232022
Foundational products$11,751 $12,161 $11,163 
eProducts2,335 2,037 1,472 
Total$14,086 $14,198 $12,635 
The following table represents a disaggregation of revenue from contracts with customers by reportable segment and region for the years ended December 31, 2024, 2023, and 2022. The balances for prior periods have been recast for the reportable segment realignment for certain businesses that was completed in the third quarter of 2024. Refer to Note 24, “Reportable Segments and Related Information” of the Consolidated Financial Statements for additional details.
Year ended December 31, 2024
(in millions)
Turbos & Thermal TechnologiesDrivetrain & Morse SystemsPowerDrive SystemsBattery & Charging SystemsTotal
North America$1,432 $1,943 $310 $199 $3,884 
Europe2,941 1,273 548 484 5,246 
Asia1,304 2,348 1,050 17 4,719 
Other208 — — 29 237 
Total$5,885 $5,564 $1,908 $729 $14,086 
Year ended December 31, 2023
(in millions)
Turbos & Thermal TechnologiesDrivetrain & Morse SystemsPowerDrive SystemsBattery & Charging SystemsTotal
North America$1,529 $1,972 $458 $134 $4,093 
Europe3,026 1,299 372 384 5,081 
Asia1,250 2,272 1,268 20 4,810 
Other202 — 4 8 214 
Total$6,007 $5,543 $2,102 $546 $14,198 
Year ended December 31, 2022
(in millions)
Turbos & Thermal TechnologiesDrivetrain & Morse SystemsPowerDrive SystemsBattery & Charging SystemsTotal
North America$1,422 $1,900 $500 $47 $3,869 
Europe2,571 1,017 198 287 4,073 
Asia1,293 2,110 1,099 — 4,502 
Other182 — 9 — 191 
Total$5,468 $5,027 $1,806 $334 $12,635