Revenue from Contracts With Customers |
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| Revenue from Contracts with Customers | 5. Revenue from Contracts with Customers The following table disaggregates the company’s net sales based on the timing of transfer of control:
The company did not have any contract assets at either March 31, 2025, or December 31, 2024. The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows:
During the three months ended March 31, 2025, contract liabilities increased by $13 million, which is net of cash received of $18 million and amounts recognized as sales of $5 million, the majority of which related to current contract liabilities. The amount of sales recognized in the three months ended March 31, 2025, that was included in the opening contract liabilities balance, was $5 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company’s contract liabilities primarily results from timing differences between the company’s performance and the customer’s payments. Current contract liabilities are classified within other current liabilities on the unaudited condensed consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities. |
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