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Revenue from Contracts With Customers
 9 Months Ended
Sep. 30, 2025
Revenue from Contracts with Customers  
Revenue from Contracts with Customers

5.     Revenue from Contracts with Customers

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

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Three Months Ended September 30,

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Nine Months Ended September 30,

($ in millions)

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Point in Time

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Over Time

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Total

 

Point in Time

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Over Time

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Total

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2025

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$

603

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$

2,776

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$

3,379

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$

1,715

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$

8,099

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$

9,814

2024

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678

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2,404

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3,082

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1,861

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7,054

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8,915

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The company did not have any contract assets at either September 30, 2025, or December 31, 2024. The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows:

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Contract

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Contract

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Liabilities

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Liabilities

($ in millions)

    

(Current)

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(Noncurrent)

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Balance at December 31, 2024

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$

50

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$

2

Increase (decrease)

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21

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Balance at September 30, 2025

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$

71

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$

2

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During the nine months ended September 30, 2025, contract liabilities increased by $21 million, which is net of cash received of $61 million and amounts recognized as sales of $40 million, the majority of which related to current contract liabilities. The amount of sales recognized in the nine months ended September 30, 2025, that was included in the opening contract liabilities balance was $40 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 unaudited condensed consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities.