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Revenue | 6 Months Ended
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Jun. 30, 2018
Revenue |
Revenue | 2. Revenue On January 1, 2018, the Company adopted accounting standard ASC 606, Revenue from Contracts with Customers, and selected the modified retrospective transition method. The adoption of this new standard did not impact the Company’s consolidated results of operations or balance sheet and there was no cumulative effect of initially applying this new revenue standard to the opening balance of retained earnings. Revenue is recognized when obligations under the terms of the Company’s contracts and related purchase orders with its customers are satisfied. This occurs with the transfer of control of glass containers, which primarily takes place when products are shipped from the Company’s manufacturing or warehousing facilities to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimated provisions for rebates, discounts, returns and allowances. Sales, value added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company’s payment terms are based on customary business practices and can vary by customer type. The term between invoicing and when payment is due is not significant. Also, the Company elected to account for shipping and handling costs as a fulfillment cost at the time of shipment. For the three and six months ended June 30, 2018, the Company had no material bad debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Condensed Consolidated Balance Sheet. For the three and six months ended June 30, 2018, revenue recognized from prior periods (for example, due to changes in transaction price) was not material. The following table for three months ended June 30, 2018 disaggregates the Company’s revenue by customer end use:
|  | Three months ended June 30, 2018
|  | Americas |  | Europe |  | Asia Pacific |  | Total
Alcoholic beverages (beer, wine, spirits) |  | $ | 585 |  | $ | 493 |  | $ | 113 |  | $ | 1,191
Food and other |  |  | 197 |  |  | 112 |  |  | 23 |  |  | 332
Non-alcoholic beverages |  |  | 148 |  |  | 69 |  |  | 17 |  |  | 234
Reportable segment totals |  | $ | 930 |  | $ | 674 |  | $ | 153 |  | $ | 1,757
Other |  |  |  |  |  |  |  |  |  |  |  | 15
Net sales |  |  |  |  |  |  |  |  |  |  | $ | 1,772
The following table for six months ended June 30, 2018 disaggregates the Company’s revenue by customer end use:
|  | Six months ended June 30, 2018
|  | Americas |  | Europe |  | Asia Pacific |  | Total
Alcoholic beverages (beer, wine, spirits) |  | $ | 1,161 |  | $ | 964 |  | $ | 240 |  | $ | 2,365
Food and other |  |  | 386 |  |  | 224 |  |  | 47 |  |  | 657
Non-alcoholic beverages |  |  | 291 |  |  | 129 |  |  | 39 |  |  | 459
Reportable segment totals |  | $ | 1,838 |  | $ | 1,317 |  | $ | 326 |  | $ | 3,481
Other |  |  |  |  |  |  |  |  |  |  |  | 27
Net sales |  |  |  |  |  |  |  |  |  |  | $ | 3,508

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- References No definition available. + Details
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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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