XML 22 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Revenue
3 Months Ended
Mar. 31, 2024
Revenue  
Revenue

2. 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 Condensed 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 three-month periods ended March 31, 2024 and March 31, 2023, the Company had no material bad debt expense, and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Condensed Consolidated Balance Sheets. For the three-month periods ended March 31, 2024 and March 31, 2023, revenue recognized from prior periods was not material.

The following tables for the three months ended March 31, 2024 and 2023 disaggregate the Company’s revenue by customer end use:

Three months ended March 31, 2024

    

Americas

Europe

Total

Alcoholic beverages (beer, wine, spirits)

 

$

468

 

$

517

 

$

985

Food and other

 

214

 

120

 

334

Non-alcoholic beverages

 

172

 

72

 

244

Reportable segment totals

$

854

$

709

$

1,563

Other

 

30

Net sales

 

$

1,593

Three months ended March 31, 2023

    

Americas

Europe

Total

Alcoholic beverages (beer, wine, spirits)

 

$

609

$

604

$

1,213

Food and other

 

218

126

 

344

Non-alcoholic beverages

 

173

69

 

242

Reportable segment totals

$

1,000

$

799

$

1,799

Other

 

32

Net sales

 

$

1,831