Disaggregation of Revenue Dow disaggregates its revenue from contracts with customers by operating segment and business, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See details in the tables below: Net Trade Sales by Segment and Business 2021 2020 2019 In millions Hydrocarbons & Energy $ 8,149 $ 4,271 $ 5,357 Packaging and Specialty Plastics 19,979 14,030 14,888 Packaging & Specialty Plastics $ 28,128 $ 18,301 $ 20,245 Industrial Solutions $ 5,139 $ 3,929 $ 4,310 Polyurethanes & Construction Chemicals 11,700 8,080 9,117 Others 12 12 13 Industrial Intermediates & Infrastructure $ 16,851 $ 12,021 $ 13,440 Coatings & Performance Monomers $ 4,050 $ 3,258 $ 3,517 Consumer Solutions 5,622 4,693 5,406 Performance Materials & Coatings $ 9,672 $ 7,951 $ 8,923 Corporate $ 317 $ 269 $ 343 Total $ 54,968 $ 38,542 $ 42,951 Net Trade Sales by Geographic Region 2021 2020 2019 In millions U.S. & Canada $ 19,613 $ 13,582 $ 15,549 EMEAI 1 19,746 12,969 14,612 Asia Pacific 10,043 8,165 8,676 Latin America 5,566 3,826 4,114 Total $ 54,968 $ 38,542 $ 42,951 1. Europe, Middle East, Africa and India. Contract Assets and Liabilities The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the Company’s contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities include payments received in advance of performance under the contract and are recognized in revenue when the performance obligations are met. "Contract liabilities - current" primarily reflects deferred revenue from prepayments from customers for product to be delivered in 12 months or less and royalty payments that are deferred and will be recognized in 12 months or less. "Contract liabilities - noncurrent" includes advance payments that the Company has received from customers related to long-term supply agreements and royalty payments that are deferred and recognized over the life of the contract. Revenue recognized in 2021 from amounts included in contract liabilities at the beginning of the period was approximately $295 million (approximately $145 million in 2020 and 2019 ). In 2021 , the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was approximately $35 million (approximately $25 million in 2020 ). The Company did not recognize any asset impairment charges related to contract assets in 2021 , 2020 or 2019 . 93