CROWN HOLDINGS INC
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
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P. Revenue
The Company recognized revenue as follows:
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2024 | 2023 | |
| Revenue recognized over time | $1,571 | $1,664 |
| Revenue recognized at a point in time | 1,213 | 1,310 |
| Total revenue | $2,784 | $2,974 |
See Note R 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 are typically recognized for work in process related to the Company's three-piece printed products and equipment business. Contract assets and liabilities are reported in a net position on a contract-by-contract basis. The Company had net contract assets of $14 and $8 as of March 31, 2024 and December 31, 2023, respectively, included in prepaid and other current assets. During the three months ended March 31, 2024, the Company satisfied performance obligations related to contract assets at December 31, 2023 and also recorded new contract assets primarily related to work in process for the equipment business.
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