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Revenue Recognition
 12 Months Ended
Dec. 31, 2020
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

 

Note 6. Revenue Recognition

Disaggregated Revenue

Revenues by channel are as follows for the years ended December 31:

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Comfort

 

$

1,079

 

 

$

1,103

 

 

$

1,114

 

Security

 

 

538

 

 

 

520

 

 

 

479

 

Residential Thermal Solutions

 

 

504

 

 

 

552

 

 

 

576

 

Products & Solutions

 

 

2,121

 

 

 

2,175

 

 

 

2,169

 

U.S. and Canada

 

 

2,427

 

 

 

2,294

 

 

 

2,147

 

EMEA (1)

 

 

480

 

 

 

459

 

 

 

456

 

APAC (2)

 

 

43

 

 

 

60

 

 

 

55

 

ADI Global Distribution

 

 

2,950

 

 

 

2,813

 

 

 

2,658

 

Net revenue

 

$

5,071

 

 

$

4,988

 

 

$

4,827

 

 

(1)

EMEA represents Europe, the Middle East and Africa.

(2)

APAC represents Asia and Pacific countries.

 

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For product sales, typically each product sold to a customer represents a distinct performance obligation. The Company recognizes the majority of its revenue from performance obligations outlined in contracts with its customers that are satisfied at a point in time. Approximately 3% of the Company’s revenue is satisfied over time. As of December 31, 2020 and December 31, 2019, contract assets and liabilities were not material.

The timing of satisfaction of the Company’s performance obligations does not significantly vary from the typical timing of payment. For some contracts, the Company may be entitled to receive an advance payment.

The Company has applied the practical expedient to not disclose the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which it recognizes revenue in proportion to the amount it has the right to invoice for services performed.