Revenue (Notes)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue

The following table presents the Company’s disaggregated net sales by primary market served (dollars in thousands):

	Three months ended March 31,
Customer Markets	2026		2025
Consumer Products	$	114,590	$	102,850
Industrial	53,690		49,610
Total net sales	$	168,280	$	152,460

The Company’s Packaging segment earns revenues from the consumer products (comprised of the beauty and personal care, food and beverage, home care, pharmaceutical, nutraceutical and medical submarkets) and industrial markets. The Specialty Products segment earns revenues from a variety of submarkets within the industrial market.

Contract Assets and Contract Liabilities

The Company has contract assets and contract liabilities primarily related to in-process tooling projects for long-term supply arrangements with a contractual guarantee for reimbursement by the customer. Contract assets primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the Company has not yet met performance obligations. Contract liabilities include deferred tooling revenue, where the performance obligation was not met. The performance obligation is satisfied and cost of goods sold is recognized and released from the balance sheet when control of the tooling is transferred to the customer.

The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (dollars in thousands):

	March 31, 2026		December 31, 2025
Contract asset	$	5,020	$	8,010
Contract liabilities	6,730		11,610

During the three months ended March 31, 2026, $5.1 million of revenue was recognized that was recorded as a contract liability as of December 31, 2025. The remainder of the change in the contract liability balance was driven by additional deferrals, primarily from new billings, partially offset by a decrease in the balance resulting from changes in foreign currency exchange rates and revenue recognized on current year deferrals.