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Revenue Recognition
9 Months Ended
Sep. 27, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue RecognitionThe 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 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 Condensed Consolidated Statements of Income.
The Company has rebate agreements with certain customers. These rebates are recorded as reductions of revenue 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 Condensed Consolidated Balance Sheets.
Payment terms under the Company's sales arrangements are short term, 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 time period following the sale.
The following table sets forth information about receivables, contract assets, and liabilities from contracts with customers. Contract assets and liabilities are reported in "Other receivables" and "Accrued expenses and other," respectively, on the Company's Condensed Consolidated Balance Sheets.
September 27, 2020December 31, 2019
Contract Assets$57,288 $56,364 
Contract Liabilities$(18,813)$(17,047)

Significant changes in the contract assets and liabilities balances during the nine months ended September 27, 2020 and the year ended December 31, 2019 were as follows:
September 27, 2020December 31, 2019
Contract
Asset
Contract
Liability
Contract
Asset
Contract
Liability
Beginning Balance$56,364 $(17,047)$48,786 $(18,533)
Revenue deferred or rebates accrued— (25,840)— (29,062)
Recognized as revenue6,315 8,473 
Rebates paid to customers— 17,759 — 22,075 
Increases due to rights to consideration for customer specific goods produced, but not billed during the period57,288 — 51,797 — 
Transferred to receivables from contract assets recognized at the beginning of the period(56,364)— (48,786)— 
Acquired as part of a business combination— — 4,567 — 
Ending Balance$57,288 $(18,813)$56,364 $(17,047)

Contract assets and liabilities are generally short in duration given the nature of products produced by the Company. Contract assets represent 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 payments received in advance. For multi-year arrangements with pricing mechanisms, the Company will generally defer revenue during the first half 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 15.
The following tables set forth information about revenue disaggregated by primary geographic regions for the three-month periods ended September 27, 2020 and September 29, 2019. The tables also include a reconciliation of disaggregated revenue with reportable segments.
Three months ended September 27, 2020Consumer
Packaging
Display and
Packaging
Paper and
Industrial
Converted
Products
Protective
Solutions
Total
Primary Geographical Markets:
  United States$414,070 $53,296 $272,810 $108,406 $848,582 
  Europe107,849 84,314 78,780 4,953 275,896 
  Canada22,131 — 17,750 — 39,881 
  Asia19,710 — 61,463 147 81,320 
  Other19,976 — 28,509 18,150 66,635 
Total$583,736 $137,610 $459,312 $131,656 $1,312,314 

Three months ended September 29, 2019Consumer PackagingDisplay and
Packaging
Paper and
Industrial
Converted
Products
Protective
Solutions
Total
Primary Geographical Markets:
  United States$415,567 $59,688 $279,908 $104,082 $859,245 
  Europe99,276 83,888 83,421 6,456 273,041 
  Canada26,567 — 26,960 — 53,527 
  Asia17,714 — 71,313 496 89,523 
  Other22,244 1,440 34,227 20,684 78,595 
Total$581,368 $145,016 $495,829 $131,718 $1,353,931 

The following tables set forth information about revenue disaggregated by primary geographic regions for the nine-month periods ended September 27, 2020 and September 29, 2019. The tables also include a reconciliation of disaggregated revenue with reportable segments.
Nine months ended September 27, 2020Consumer
Packaging
Display and
Packaging
Paper and
Industrial
Converted
Products
Protective
Solutions
Total
Primary Geographical Markets:
  United States$1,284,095 $156,809 $808,810 $278,671 $2,528,385 
  Europe313,199 209,460 237,599 15,648 775,906 
  Canada74,708 — 64,322 — 139,030 
  Asia53,993 — 170,046 535 224,574 
  Other60,779 — 87,957 44,464 193,200 
Total$1,786,774 $366,269 $1,368,734 $339,318 $3,861,095 
Nine months ended September 29, 2019Consumer PackagingDisplay and
Packaging
Paper and
Industrial
Converted
Products
Protective
Solutions
Total
Primary Geographical Markets:
  United States$1,268,863 $187,347 $817,364 $309,318 $2,582,892 
  Europe306,495 225,695 262,084 17,918 812,192 
  Canada82,706 — 89,696 — 172,402 
  Asia51,072 — 209,961 1,932 262,965 
  Other64,698 4,361 104,089 61,758 234,906 
Total$1,773,834 $417,403 $1,483,194 $390,926 $4,065,357