Revenue

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

For the three and nine months ended September 30, 2020 and 2019, the Company recognized revenue as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Revenue recognized over time	$	1,495	$	1,474	$	4,409	$	4,335
Revenue recognized at a point in time	1,672		1,610		4,204		4,539
Total revenue	$	3,167	$	3,084	$	8,613	$	8,874

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

	September 30, 2020		December 31, 2019
Contract assets included in prepaid and other current assets	$	42	$	30
Contract liabilities included in accrued liabilities	(1)		(5)
Net contract asset	$	41	$	25

Contract assets at September 30, 2020 primarily relates to revenue recognized for customized work-in-process inventory in the Company's equipment business and European three-piece food can product businesses.

During the nine months ended September 30, 2020, the Company recognized revenue of $4 related to contract liabilities at December 31, 2019 for performance obligations satisfied during the period.