XML 43 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Revenue
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
For the years ended December 31, 2020 and 2019, the Company recognized revenue as follows:
20202019
Revenue recognized over time$5,975 $5,724 
Revenue recognized at a point in time5,600 5,941 
Total$11,575 $11,665 

See Note X 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 are typically recognized for work in process related to the Company's three-piece printed products. The Company's equipment business may record contract assets or contract liabilities depending on the timing of satisfaction of performance obligations and receipt of consideration from the customer. These equipment contracts, including payment terms, are typically less than one year in duration.
Contract assets and liabilities are reported in a net position on a contract-by-contract basis. Net contract assets and liabilities as of December 31 were as follows:
20202019
Contract assets included in prepaid and other current assets$37 $30 
Contract liabilities included in accrued liabilities— (5)
Net contract assets$37 $25 

For the year ended December 31, 2020, the Company satisfied performance obligations related to contract assets at December 31, 2019 related to the Company's equipment business and European food business and also recorded new contract assets related to work in process for these businesses.

For the year ended December 31, 2020, the Company recognized revenue of $5 related to contract liabilities at December 31, 2019 for performance obligations satisfied during the period.