R
EVENUE The following tables present our revenues disaggregated by reportable segment and geography as they best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Revenues by segment were as follows: | | | | | | | | | | | | | | | | | |
| 2025 | | 2024 | | 2023 |
| | (Dollars in thousands) |
| Dispensing and Specialty Closures | $ | 2,707,244 | | | $ | 2,304,370 | | | $ | 2,221,430 | |
| Metal Containers | 3,138,318 | | | 2,900,678 | | | 3,140,830 | |
| Custom Containers | 637,604 | | | 649,646 | | | 625,945 | |
| | $ | 6,483,166 | | | $ | 5,854,694 | | | $ | 5,988,205 | |
Revenues by geography were as follows: | | | | | | | | | | | | | | | | | |
| 2025 | | 2024 | | 2023 |
| | (Dollars in thousands) |
| North America | $ | 4,567,882 | | | $ | 4,399,422 | | | $ | 4,582,356 | |
| Europe and other | 1,915,284 | | | 1,455,272 | | | 1,405,849 | |
| | $ | 6,483,166 | | | $ | 5,854,694 | | | $ | 5,988,205 | |
Our contracts generally include standard commercial payment terms generally acceptable in each region. We do not provide financing with extended payment terms beyond generally standard commercial payment terms for the applicable industry. We have no significant obligations for refunds, warranties or similar obligations.
Trade accounts receivable, net are shown separately on our Consolidated Balance Sheets. Contract assets are the result of the timing of revenue recognition, billings and cash collections. Our contract assets primarily consist of unbilled accounts receivable related to over time revenue recognition and were $112.5 million and $115.6 million as of December 31, 2025 and 2024, respectively. Unbilled receivables are included in trade accounts receivable, net on our Consolidated Balance Sheets. We have entered into various supply chain financing, or SCF, arrangements with financial institutions pursuant to which we sell receivables of certain customers to such financial institutions without recourse and accelerate payment in respect of such receivables sooner than provided in the applicable supply agreements with such customers. Receivables sold under these arrangements totaled $1.6 billion, $1.1 billion and $1.5 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
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.