Revenue Recognition | Revenue Recognition 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 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 period of 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 Condensed Consolidated Balance Sheets. June 30, 2019 December 31, 2018 Contract Assets $ 53,085 $ 48,786 Contract Liabilities $ (18,074) $ (18,533) Significant changes in the contract assets and liabilities balances during the period were as follows: June 30, 2019 December 31, 2018 Contract Contract Contract Contract Beginning Balance $ 48,786 $ (18,533) $ 45,877 $ (17,736) Revenue deferred or rebates accrued — (16,458) — (19,730) Recognized as revenue 3,091 1,652 Rebates paid to customers — 13,826 — 17,281 Increases due to rights to consideration for customer specific goods produced, but not billed during the period 54,570 — 48,786 — Transferred to receivables from contract assets recognized at the beginning of the period (50,271) — (45,877) — Ending Balance $ 53,085 $ (18,074) $ 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 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, and timing of revenue recognition for the three-month periods ended June 30, 2019 and July 1, 2018. The tables also include a reconciliation of disaggregated revenue with reportable segments. Three months ended June 30, 2019 Consumer Display and Paper and Protective Total Primary Geographical Markets: United States $ 436,896 $ 62,097 $ 268,890 $ 104,058 $ 871,941 Europe 99,007 71,564 87,958 5,595 264,124 Canada 28,839 — 29,903 — 58,742 Asia Pacific 17,445 — 69,588 516 87,549 Other 20,563 1,172 34,989 20,641 77,365 Total $ 602,750 $ 134,833 $ 491,328 $ 130,810 $ 1,359,721 Timing of Revenue Recognition: Products transferred at a point in time $ 343,324 $ 60,450 $ 472,363 $ 111,208 $ 987,345 Products transferred over time 259,426 74,383 18,965 19,602 372,376 Total $ 602,750 $ 134,833 $ 491,328 $ 130,810 $ 1,359,721 Three months ended July 1, 2018 Consumer Packaging Display and Packaging Paper and Industrial Converted Products Protective Solutions Total Primary Geographical Markets: United States $ 446,573 $ 69,180 $ 279,752 $ 103,777 $ 899,282 Europe 101,953 72,377 90,398 6,816 271,544 Canada 30,595 — 33,762 — 64,357 Asia Pacific 16,713 — 35,689 903 53,305 Other 20,228 1,703 34,536 21,418 77,885 Total $ 616,062 $ 143,260 $ 474,137 $ 132,914 $ 1,366,373 Timing of Revenue Recognition 1 : Products transferred at a point in time $ 376,406 $ 68,324 $ 452,576 $ 109,636 $ 1,006,942 Products transferred over time 239,656 74,936 21,561 23,278 359,431 Total $ 616,062 $ 143,260 $ 474,137 $ 132,914 $ 1,366,373 The following tables set forth information about revenue disaggregated by primary geographic regions, and timing of revenue recognition for the six-month periods ended June 30, 2019 and July 1, 2018. The tables also include a reconciliation of disaggregated revenue with reportable segments. Six months ended June 30, 2019 Consumer Display and Paper and Protective Total Primary Geographical Markets: United States $ 853,296 $ 127,659 $ 537,456 $ 205,236 $ 1,723,647 Europe 207,219 141,807 178,663 11,462 539,151 Canada 56,139 — 62,736 — 118,875 Asia 33,358 — 138,648 1,436 173,442 Other 42,454 2,921 69,862 41,074 156,311 Total $ 1,192,466 $ 272,387 $ 987,365 $ 259,208 $ 2,711,426 Timing of Revenue Recognition: Products transferred at a point in time $ 671,820 $ 128,826 $ 951,843 $ 219,105 $ 1,971,594 Products transferred over time 520,646 143,561 35,522 40,103 739,832 Total $ 1,192,466 $ 272,387 $ 987,365 $ 259,208 $ 2,711,426 Six months ended July 1, 2018 Consumer Packaging Display and Paper and Protective Total Primary Geographical Markets: United States $ 844,559 $ 143,064 $ 545,464 $ 205,848 $ 1,738,935 Europe 209,017 138,322 183,253 13,605 544,197 Canada 58,301 — 66,635 — 124,936 Asia 33,203 — 70,998 1,891 106,092 Other 40,834 4,532 68,440 42,594 156,400 Total $ 1,185,914 $ 285,918 $ 934,790 $ 263,938 $ 2,670,560 Timing of Revenue Recognition 1 : Products transferred at a point in time $ 712,113 $ 142,898 $ 893,667 $ 221,435 $ 1,970,113 Products transferred over time 473,801 143,020 41,123 42,503 700,447 Total $ 1,185,914 $ 285,918 $ 934,790 $ 263,938 $ 2,670,560 1 The Company has revised the amounts from those previously reported in 2018 to reflect corrections in the classification of revenue between "Products transferred at a point in time" and "Products transferred over time" for the Consumer Packaging and Display and Packaging reportable segments. Revised disclosures for the three- and nine-month periods ended September 30, 2018 and year ended December 31, 2018 are presented below: Consumer Packaging Display and Packaging As Originally Reported Adjustment As Revised As Originally Reported Adjustment As Revised Products transferred at a point in time Three months ended September 30, 2018 $ 368,709 $ (10,476) $ 358,233 $ 124,437 $ (45,198) $ 79,239 Nine months ended September 30, 2018 1,101,125 (30,779) 1,070,346 325,313 (103,176) 222,137 Year ended December 31, 2018 1,440,662 (41,837) 1,398,825 248,034 41,837 289,871 Products transferred over time Three months ended September 30, 2018 $ 231,445 $ 10,476 $ 241,921 $ 40,727 $ 45,198 $ 85,925 Nine months ended September 30, 2018 684,943 30,779 715,722 125,769 103,176 228,945 Year ended December 31, 2018 919,337 41,837 961,174 344,275 (41,837) 302,438 |