Revenue

12 Months Ended

Dec. 31, 2022

Revenue

Revenue

3. Revenue

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. Amounts billed to customers related to shipping and handling or other pass-through items are included in net sales in the Consolidated Results of Operations. 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, 2022 and 2021, 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, 2022, 2021 and 2020, 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. 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, 2022 disaggregates the Company’s revenue by customer end use:

	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	2,367	$	2,169	$	4,536
Food and other		832		467		1,299
Non-alcoholic beverages		636		242		878
Reportable segment totals	$	3,835	$	2,878	$	6,713
Other						143
Net sales					$	6,856

The following table for the year ended December 31, 2021 disaggregates the Company’s revenue by customer end use:

	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	2,165	$	1,976	$	4,141
Food and other		830		487		1,317
Non-alcoholic beverages		562		224		786
Reportable segment totals	$	3,557	$	2,687	$	6,244
Other						113
Net sales					$	6,357

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