Revenue Recognition

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

The Company records revenue when control is transferred to the customer, which is either upon shipment or over time in cases where the Company is entitled to payment with margin for products produced that are customer specific without alternative use. The Company recognizes over time revenue under the input method as goods are produced. Revenue that is recognized at a point in time is recognized when the customer obtains control of the goods. Customers obtain control either when goods are delivered to the customer facility, if the Company is responsible for arranging transportation, or when picked up by the customer's designated carrier. The Company commonly enters into Master Supply Arrangements (MSA) with customers to provide goods and/or services over specific time periods. Customers submit purchase orders with quantities and prices to create a contract for accounting purposes. Shipping and handling expenses are included in "Cost of Sales," and freight charged to customers is included in "Net Sales" in the Company's Consolidated Statements of Income.

The Company has rebate agreements with certain customers. These rebates are recorded as reductions of sales and are accrued using sales data and rebate percentages specific to each customer agreement. Accrued customer rebates are included in "Accrued expenses and other" in the Company's Consolidated Balance Sheets.

Payment terms under the Company's arrangements are short term in nature, generally no longer than 120 days. The Company does provide prompt payment discounts to certain customers if invoices are paid within a predetermined period. Prompt payment discounts are treated as a reduction of revenue and are determinable within a short period after the originating sale.

The following table sets forth information about contract assets and liabilities from contracts with customers. The balances of the contract assets and liabilities are located in "Other receivables" and "Accrued expenses and other" on the Consolidated Balance Sheets.


	December 31, 2019		December 31, 2018
Contract Assets	$	56,364	$	48,786
Contract Liabilities	(17,047)		(18,533)

Significant changes in the contract assets and liabilities balances during the period were as follows:


	December 31, 2019						December 31, 2018
	Contract Asset		Contract Liability		Contract Asset		Contract Liability
Beginning balance	$	48,786	$	(18,533)	$	45,877	$	(17,736)
Revenue deferred or rebates accrued	—		(29,062)		—		(19,730)
Recognized as revenue	—		8,473		—		1,652
Rebates paid to customers	—		22,075		—		17,281
Increases due to rights to consideration for customer specific goods produced, but not billed during the period	51,797		—		48,786		—
Transferred to receivables from contract assets recognized at the beginning of the period	(48,786)		—		(45,877)		—
Increase as a result of cumulative catch-up arising from changes in the estimate of completion, excluding amounts transferred to receivables during the period	—		—		—		—
Impairment of contract asset	—		—		—		—
Contract asset acquired in a business combination	4,567		—		—		—
Ending balance	$	56,364	$	(17,047)	$	48,786	$	(18,533)

Contract assets and liabilities are generally short in duration given the nature of products produced by the Company. Contract assets represents goods produced without alternative use for which the Company is entitled to payment with margin prior to shipment. Upon shipment, the Company is entitled to bill the customer, and therefore amounts included in contract assets will be reduced with the recording of an account receivable as they represent an unconditional right to payment. Contract liabilities represent revenue deferred due to pricing mechanisms utilized by the Company in certain multi-year arrangements, volume rebates, and receipts of advanced payments. For multi-year arrangements with pricing mechanisms, the Company will generally defer revenue during the initial term of the arrangement, and will release the deferral over the back half of the contract term. The Company's reportable segments are aligned by product nature as disclosed in Note 18.

The following tables set forth information about revenue disaggregated by primary geographic regions for the years ended December 31, 2019 and 2018. The tables also include a reconciliation of disaggregated revenue with reportable segments.


Twelve Months Ended December 31, 2019	Consumer Packaging		Display and Packaging		Paper and Industrial Converted Products		Protective Solutions		Total
Primary geographical markets:
United States	$	1,659,071	$	246,735	$	1,095,437	$	407,216	$	3,408,459
Europe	407,759		301,866		346,102		23,039		1,078,766
Canada	108,848		—		117,201		—		226,049
Asia Pacific	70,504		—		277,385		2,370		350,259
Other	87,204		5,524		138,614		79,332		310,674
Total	$	2,333,386	$	554,125	$	1,974,739	$	511,957	$	5,374,207


Twelve Months Ended December 31, 2018	Consumer Packaging		Display and Packaging		Paper and Industrial Converted Products		Protective Solutions		Total
Primary geographical markets:
United States	$	1,676,204	$	290,295	$	1,108,735	$	415,135	$	3,490,369
Europe	418,129		294,156		354,705		25,664		1,092,654
Canada	115,183		—		131,025		—		246,208
Asia Pacific	69,242		—		178,509		3,548		251,299
Other	81,241		7,858		137,979		83,330		310,408
Total	$	2,359,999	$	592,309	$	1,910,953	$	527,677	$	5,390,938