Revenue

12 Months Ended

Dec. 31, 2019

Revenue

Revenue

3. Revenue

On January 1, 2018, the Company adopted accounting standard ASC 606, “Revenue from Contracts with Customers,” and selected the modified retrospective transition method. The adoption of this new standard did not impact the Company’s consolidated results of operations or balance sheet and there was no cumulative effect of initially applying this new revenue standard to the opening balance of retained earnings.

Revenue is recognized at a point in time when obligations under the terms of the Company’s contracts and related purchase orders with its customers are satisfied. This occurs with the transfer of control of glass containers, which primarily takes place when products are shipped from the Company’s manufacturing or warehousing facilities to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimated provisions for rebates, discounts, returns and allowances. Sales, value added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company’s payment terms are based on customary business practices and can vary by customer type. The term between invoicing and when payment is due is not significant. Also, the Company elected to account for shipping and handling costs as a fulfillment cost at the time of shipment.

For the year ended December 31, 2019, the Company had no material bad debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Consolidated Balance Sheet. For the year ended December 31, 2019, revenue recognized from prior periods (for example, due to changes in transaction price) was not material.

The following table for the year ended December 31, 2019 disaggregates the Company’s revenue by customer end use:

	Americas		Europe		Asia Pacific		Total
Alcoholic beverages (beer, wine, spirits)	$	2,301	$	1,715	$	443	$	4,459
Food and other		760		433		114		1,307
Non-alcoholic beverages		561		239		77		877
Reportable segment totals	$	3,622	$	2,387	$	634	$	6,643
Other								48
Net sales							$	6,691

The following table for the year ended December 31, 2018 disaggregates the Company’s revenue by customer end use:

	Americas		Europe		Asia Pacific		Total
Alcoholic beverages (beer, wine, spirits)	$	2,281	$	1,780	$	493	$	4,554
Food and other		780		461		101		1,342
Non-alcoholic beverages		577		248		81		906
Reportable segment totals	$	3,638	$	2,489	$	675	$	6,802
Other								75
Net sales							$	6,877