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Revenue

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

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.