Revenue

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2024 and September 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 nine-month periods ended September 30, 2024 and September 30, 2023, revenue recognized from prior periods was not material.

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

	Three months ended September 30, 2024
	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	530	$	501	$	1,031
Food and other		226		128		354
Non-alcoholic beverages		184		77		261
Reportable segment totals	$	940	$	706	$	1,646
Other						33
Net sales					$	1,679
	Three months ended September 30, 2023
	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	557	$	565	$	1,122
Food and other		208		128		336
Non-alcoholic beverages		183		73		256
Reportable segment totals	$	948	$	766	$	1,714
Other						29
Net sales					$	1,743

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

	Nine months ended September 30, 2024
	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	1,492	$	1,618	$	3,110
Food and other		660		363		1,023
Non-alcoholic beverages		541		235		776
Reportable segment totals	$	2,693	$	2,216	$	4,909
Other						93
Net sales					$	5,002
	Nine months ended September 30, 2023
	Americas		Europe		Total
Alcoholic beverages (beer, wine, spirits)	$	1,752	$	1,816	$	3,568
Food and other		651		384		1,035
Non-alcoholic beverages		540		228		768
Reportable segment totals	$	2,943	$	2,428	$	5,371
Other						93
Net sales					$	5,464