Revenue

For the three months ended March 31, 2019 and 2018, the Company recognized revenue of $1,365 and $1,428 over time and $1,390 and $769 at a point in time. See Note S for further disaggregation of the Company's revenue. The Company has applied the practical expedient to exclude disclosure of remaining performance obligations as its binding orders typically have a term of one year or less.

Contract Assets and Contract Liabilities

Contract assets are recorded for revenue recognized over time when the Company has determined that control for a performance obligation has passed to the customer, but the right to invoice the customer is contingent upon the completion of the performance obligations included in the contract.

Contract liabilities are established if the Company must defer the recognition of a portion of consideration received because it has to satisfy a future obligation.

Contract assets are typically recognized for work in process related to the Company's three-piece printed products. The Company's equipment business may record contract assets or contract liabilities depending on the timing of satisfaction of performance obligations and receipt of consideration from the customer.

Contract assets and liabilities are reported in a net position on a contract-by-contract basis. Net contract assets were as follows:



	March 31, 2019			December 31, 2018
Contract assets included in prepaid and other current assets	$	20		$	16
Contract liabilities included in accrued liabilities	(3		)	(3		)
Contract liabilities included in other non-current liabilities	(4		)	(5		)
Net contract asset	$	13		$	8

During the three months ended March 31, 2018, the Company recognized revenue of $1 related to contract liabilities at December 31, 2018 for performance obligations satisfied during the period.