CROWN HOLDINGS INC
For the period ended Sep 30, 2024. Filed Nov 1, 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.
Sep 30, 2024 · Filed Nov 1, 2024
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P. Revenue
The Company recognized revenue as follows:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Revenue recognized over time | $1,730 | $1,646 | $5,027 | $4,968 |
| Revenue recognized at a point in time | 1,344 | 1,423 | 3,871 | 4,184 |
| Total revenue | $3,074 | $3,069 | $8,898 | $9,152 |
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 $16 and $8 as of September 30, 2024 and December 31, 2023, respectively, included in prepaid and other current assets. During the nine months ended September 30, 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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