Revenue

6 Months Ended

Jun. 30, 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- and six-month periods ended June 30, 2024 and June 30, 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- and six-month periods ended June 30, 2024 and June 30, 2023, revenue recognized from prior periods was not material.

The following tables for the three months ended June 30, 2024 and 2023 disaggregate the Company’s revenue by customer end use:

	Three months ended June 30, 2024
	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	494	$	600	$	1,094
Food and other		220		116		336
Non-alcoholic beverages		185		86		271
Reportable segment totals	$	899	$	802	$	1,701
Other						28
Net sales					$	1,729
	Three months ended June 30, 2023
	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	585	$	647	$	1,232
Food and other		226		130		356
Non-alcoholic beverages		185		86		271
Reportable segment totals	$	996	$	863	$	1,859
Other						31
Net sales					$	1,890

The following tables for the six months ended June 30, 2024 and 2023 disaggregate the Company’s revenue by customer end use:

	Six months ended June 30, 2024
	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	963	$	1,117	$	2,080
Food and other		433		236		669
Non-alcoholic beverages		357		158		515
Reportable segment totals	$	1,753	$	1,511	$	3,264
Other						58
Net sales					$	3,322
	Six months ended June 30, 2023
	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	1,194	$	1,251	$	2,445
Food and other		444		256		700
Non-alcoholic beverages		358		155		513
Reportable segment totals	$	1,996	$	1,662	$	3,658
Other						63
Net sales					$	3,721