Revenue

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

For the years ended December 31, 2019 and 2018, the Company recognized revenue as follows:

	2019		2018
Revenue recognized over time	$	5,724	$	5,765
Revenue recognized at a point in time	5,941		5,386
Total revenue	$	11,665	$	11,151

See Note Y 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 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. These equipment contracts, including payment terms, are typically less than one year in duration.

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

	December 31, 2019			December 31, 2018
Contract assets included in prepaid and other current assets	$	30		$	16
Contract liabilities included in accrued liabilities	(5		)	(3		)
Contract liabilities included in other non-current liabilities	—			(5		)
Net contract asset	$	25		$	8

For the year ended December 31, 2019, the Company satisfied performance obligations related to contract assets recorded by the Company's equipment business at December 31, 2018. The Company also recorded new contract assets related to work in process for the Company's equipment business and European food business.

For the year ended December 31, 2019, the Company recognized revenue of $3 related to contract liabilities at December 31, 2018 for performance obligations satisfied during the period.