Revenue from Contracts With Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contracts with Customers

Revenue from Contracts with Customers

5. Revenue from Contracts with Customers

The following table disaggregates the company’s net sales based on the timing of transfer of control:

	($ in millions)
Year Ended December 31,	Point in Time		Over Time		Total
2024	$	2,454	$	9,341	$	11,795
2023		2,352		9,710		12,062
2022		2,691		10,681		13,372

The company did not have any contract assets at December 31, 2024, 2023, or 2022. The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows:

	Contract		Contract
	Liabilities		Liabilities
($ in millions)	(Current)		(Noncurrent)
Balance at December 31, 2022	$	49	$	2
Increase (decrease)		65		1
Balance at December 31, 2023		114		3
Increase (decrease)		(64)		(1)
Balance at December 31, 2024	$	50	$	2

During the year ended December 31, 2024, contract liabilities decreased by $65 million, which is net of cash received of $109 million and amounts recognized as sales of $174 million, the majority of which related to current contract liabilities. The amount of sales recognized during the year ended December 31, 2024, that was included in the company’s opening contract liabilities balance was $114 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company’s contract liabilities primarily results from timing differences between the company’s performance and the customer’s payments. Current contract liabilities are classified within other current liabilities on the consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities.