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Revenue | 3 Months Ended
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Mar. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue For the three months ended March 31, 2020 and 2019, the Company recognized revenue as follows:
| Three Months Ended
| March 31,
| 2020 |  | 2019
Revenue recognized over time | $ | 1,475 |  |  | $ | 1,365 |
Revenue recognized at a point in time | 1,282 |  |  | 1,390 |
Total revenue | $ | 2,757 |  |  | $ | 2,755 |
See Note Q for further disaggregation of the Company's revenue. The Company has applied the practical expedient to exclude disclosure of remaining performance obligations as its binding orders typically have a term of one year or less. Contract Assets and Contract Liabilities Contract assets and liabilities are reported in a net position on a contract-by-contract basis. Net contract assets were as follows:
| March 31, 2020 |  | December 31, 2019
Contract assets included in prepaid and other current assets | $ | 32 |  |  | $ | 30 |
Contract liabilities included in accrued liabilities | (4 | ) |  | (5 | )
Net contract asset | $ | 28 |  |  | $ | 25 |
Contract assets at March 31, 2020 primarily relates to revenue recognized for customized work-in-process inventory in the Company's equipment business and European three-piece food can product businesses. During the three months ended March 31, 2020, the Company recognized revenue of $1 related to contract liabilities at December 31, 2019 for performance obligations satisfied during the period.

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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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