Revenue
For the years ended December 31, 2025, 2024, and 2023, the Company recognized revenue as follows:
202520242023
Revenue recognized over time$7,068 $6,632 $6,472 
Revenue recognized at a point in time5,297 5,169 5,538 
Total$12,365 $11,801 $12,010 

See Note Z 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 $30 and $9, respectively, as of December 31, 2025 and 2024 included in prepaid and other current assets. For the year ended December 31, 2025, the Company satisfied performance obligations related to contract assets at December 31, 2024 and also recorded new contract assets primarily related to work in process for the equipment business.

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Mar 3, 2025
2023Feb 27, 2024
2022Feb 27, 2023
2021Feb 28, 2022
2020Feb 26, 2021
2019Feb 28, 2020
2018Feb 28, 2019
2017Feb 26, 2018

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.