Revenue

12 Months Ended

Dec. 31, 2020

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 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 years ended December 31, 2020 and 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 years ended December 31, 2020, 2019 and 2018, revenue recognized from prior periods (for example, due to changes in transaction price) was not material.

Consistent with the disclosures in Note 2 related to the ANZ sale, Asia Pacific revenue for the year ended December 31, 2020 reflects only seven months of revenue from the ANZ businesses. For the years ended December 31, 2019 and December 31, 2018, revenue of the Asia Pacific segment has been recast to reflect only the revenue of the ANZ businesses. The other businesses that comprised the Asia Pacific segment and that have been retained by the Company have been reclassified to the Other sales line.

The following table for the year ended December 31, 2020 disaggregates the Company’s revenue by customer end use:

	Americas		Europe		Asia Pacific		Total
Alcoholic beverages (beer, wine, spirits)	$	2,008	$	1,681	$	217	$	3,906
Food and other		823		481		38		1,342
Non-alcoholic beverages		491		202		26		719
Reportable segment totals	$	3,322	$	2,364	$	281	$	5,967
Other								124
Net sales							$	6,091

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	$	412	$	4,428
Food and other		760		433		71		1,264
Non-alcoholic beverages		561		239		51		851
Reportable segment totals	$	3,622	$	2,387	$	534	$	6,543
Other								148
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	$	468	$	4,529
Food and other		780		461		60		1,301
Non-alcoholic beverages		577		248		54		879
Reportable segment totals	$	3,638	$	2,489	$	582	$	6,709
Other								168
Net sales							$	6,877