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Revenue from Contracts With Customers | 12 Months Ended
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Dec. 31, 2019
Revenue from Contract with Customer |
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2019
($ in millions) |  | Point in Time | ​ | Over Time | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total net sales | ​ | $ | 2,220 | ​ | $ | 9,254 | ​ | $ | 11,474
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2018
($ in millions) |  | Point in Time | ​ | Over Time | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total net sales | ​ | $ | 2,634 | ​ | $ | 9,001 | ​ | $ | 11,635
​ The company did not have any contract assets at either December 31, 2019, or December 31, 2018. 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, 2017 | ​ | $ | 45 | ​ | $ | —
Increase | ​ | ​ | — | ​ | ​ | 8
Balance at December 31, 2018 | ​ | $ | 45 | ​ | $ | 8
Increase | ​ | ​ | 42 | ​ | ​ | 1
Balance at December 31, 2019 | ​ | $ | 87 | ​ | $ | 9
​ | ​ | ​ | ​ | ​ | ​ | ​
​ During the year ended December 31, 2019, contract liabilities increased by $43 million, which is net of cash received of $254 million and amounts recognized as sales of $211 million, all of which related to current contract liabilities. The amount of sales recognized during the year ended December 31, 2019, that were included in the company’s opening contract liabilities balance was $45 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 payment. Current contract liabilities are classified within other current liabilities on the consolidated balance sheet and noncurrent contract liabilities are classified within other liabilities. ​ The company also recognized sales of $15 million and $18 million during the years ended December 31, 2019 and 2018, respectively, from performance obligations satisfied (or partially satisfied) in prior periods. These sales amounts are the result of changes in the transaction price of the company’s contracts with customers. ​ Transaction Price Allocated to Remaining Performance Obligations ​ The table below discloses: (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period, for those contracts with an original duration of at least one year, and (2) when the company expects to record sales on these multi-year contracts. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
($ in millions) |  | Next Twelve Months | ​ | Thereafter | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales expected to be recognized on multi-year contracts in place as of December 31, 2019 | ​ | $ | 1,409 | ​ | $ | 1,067 | ​ | $ | 2,476
​ The contracts with an original duration of less than one year, which are excluded from the table above based on the company’s election of the practical expedient, are primarily related to contracts where control will be fully transferred to the customers in less than one year. The nature of the remaining performance obligations within these contracts, as well as the nature of the variability and how it will be resolved, are described in Note 1.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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