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Revenue Recognition | 3 Months Ended
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Mar. 31, 2019
Revenue from Contract with Customer [Abstract] |
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 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 of the sale. The following table sets forth information about receivables, 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 Condensed Consolidated Balance Sheets.
|  | March 31, 2019 |  | December 31, 2018
Contract Assets |  | $ | 51,332 |  | $ | 48,786
Contract Liabilities |  | $ | (14,757) |  | $ | (18,533)
Significant changes in the contract assets and liabilities balances during the period were as follows:
|  | March 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 |  | — |  | (6,928) |  | — |  | (19,730) |  |  |  |  |  |  |  |  |  |  |  |
Recognized as revenue |  |  |  | 2,098 |  |  |  | 1,652 |  |  |  |  |  |  |  |  |  |  |  |
Rebates paid to customers |  | — |  | 8,606 |  | — |  | 17,281 |  |  |  |  |  |  |  |  |  |  |  |
Increases due to rights to consideration for customer specific goods produced, but not billed during the period |  | 51,332 |  | — |  | 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 |  | — |  | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance |  | $ | 51,332 |  | $ | (14,757) |  | $ | 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 14. The following tables set forth information about revenue disaggregated by primary geographic regions, and timing of revenue recognition for the three-month periods ended March 31, 2019 and April 1, 2018. The tables also include a reconciliation of disaggregated revenue with reportable segments.
Three months ended March 31, 2019 |  | Consumer Packaging |  | Display and Packaging |  | Paper and Industrial Converted Products |  | Protective Solutions
Primary Geographical Markets: |  |  |  |  |  |  |  |
United States |  | $ | 416,397 |  | $ | 65,563 |  | $ | 268,566 |  | $ | 101,178
Europe |  | 108,213 |  | 70,242 |  | 90,705 |  | 5,867
Canada |  | 27,301 |  | — |  | 32,833 |  | —
Asia |  | 15,913 |  | — |  | 69,060 |  | 920
Other |  | 21,892 |  | 1,749 |  | 34,873 |  | 20,433
Total |  | $ | 589,716 |  | $ | 137,554 |  | $ | 496,037 |  | $ | 128,398
Timing of Revenue Recognition: |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 339,462 |  | $ | 57,410 |  | $ | 479,480 |  | $ | 107,897
Products transferred over time |  | 250,254 |  | 80,144 |  | 16,557 |  | 20,501
Total |  | $ | 589,716 |  | $ | 137,554 |  | $ | 496,037 |  | $ | 128,398
Three months ended April 1, 2018 |  | Consumer Packaging |  | Display and Packaging |  | Paper and Industrial Converted Products |  | Protective Solutions
Primary Geographical Markets: |  |  |  |  |  |  |  |
United States |  | $ | 397,986 |  | $ | 73,884 |  | $ | 265,762 |  | $ | 110,500
Europe |  | 107,230 |  | 65,945 |  | 92,855 |  | 6,789
Canada |  | 27,706 |  | — |  | 32,873 |  | —
Asia |  | 16,490 |  | — |  | 35,309 |  | 988
Other |  | 20,440 |  | 2,829 |  | 33,854 |  | 12,747
Total |  | $ | 569,852 |  | $ | 142,658 |  | $ | 460,653 |  | $ | 131,024
Timing of Revenue Recognition: |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 345,003 |  | $ | 64,715 |  | $ | 440,477 |  | $ | 111,798
Products transferred over time |  | 224,849 |  | 77,943 |  | 20,176 |  | 19,226
Total |  | $ | 569,852 |  | $ | 142,658 |  | $ | 460,653 |  | $ | 131,024

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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