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Revenue recognition | 12 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue recognition | Revenue recognition The following tables set forth information about revenue disaggregated by primary geographic regions for the years ende d December 31, 2024, 2023 and 2022. The tables also include a reconciliation of disaggregated revenue with reportable segments. The Company’s reportable segments are aligned by product nature as disclosed in Note 20.
Year Ended December 31, 2024 |  | Consumer Packaging |  | Industrial Paper Packaging |  | All Other |  | Total |
Primary geographical markets: |  |  |  |  |  |  |  |  |
United States |  | $ | 1,785,857 |  |  | $ | 1,431,232 |  |  | $ | 352,717 |  |  | $ | 3,569,806 |  |
Europe |  | 524,699 |  |  | 371,896 |  |  | 58,925 |  |  | 955,520 |  |
Canada |  | 17,486 |  |  | 95,863 |  |  | — |  |  | 113,349 |  |
Asia Pacific |  | 96,154 |  |  | 213,127 |  |  | 1,771 |  |  | 311,052 |  |
Other |  | 107,656 |  |  | 237,370 |  |  | 10,612 |  |  | 355,638 |  |
Total |  | $ | 2,531,852 |  |  | $ | 2,349,488 |  |  | $ | 424,025 |  |  | $ | 5,305,365 |  |
Year Ended December 31, 2023 |  | Consumer Packaging |  | Industrial Paper Packaging |  | All Other |  | Total |  |  |  |  |  |
Primary geographical markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,817,268 |  |  | $ | 1,389,492 |  |  | $ | 494,112 |  |  | $ | 3,700,872 |  |  |  |  |  |  |
Europe |  | 431,189 |  |  | 389,261 |  |  | 64,936 |  |  | 885,386 |  |  |  |  |  |  |
Canada |  | 16,076 |  |  | 100,095 |  |  | — |  |  | 116,171 |  |  |  |  |  |  |
Asia Pacific |  | 94,136 |  |  | 233,446 |  |  | 1,812 |  |  | 329,394 |  |  |  |  |  |  |
Other |  | 112,379 |  |  | 261,819 |  |  | 35,405 |  |  | 409,603 |  |  |  |  |  |  |
Total |  | $ | 2,471,048 |  |  | $ | 2,374,113 |  |  | $ | 596,265 |  |  | $ | 5,441,426 |  |  |  |  |  |  |
Year Ended December 31, 2022 |  | Consumer Packaging |  | Industrial Paper Packaging |  | All Other |  | Total |  |  |  |  |  |
Primary geographical markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,936,847 |  |  | $ | 1,611,390 |  |  | $ | 503,526 |  |  | $ | 4,051,763 |  |  |  |  |  |  |
Europe |  | 421,276 |  |  | 434,076 |  |  | 68,949 |  |  | 924,301 |  |  |  |  |  |  |
Canada |  | 18,372 |  |  | 109,997 |  |  | — |  |  | 128,369 |  |  |  |  |  |  |
Asia Pacific |  | 91,151 |  |  | 275,395 |  |  | 1,158 |  |  | 367,704 |  |  |  |  |  |  |
Other |  | 96,358 |  |  | 253,705 |  |  | 37,127 |  |  | 387,190 |  |  |  |  |  |  |
Total |  | $ | 2,564,004 |  |  | $ | 2,684,563 |  |  | $ | 610,760 |  |  | $ | 5,859,327 |  |  |  |  |  |  |
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 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. Contract assets and liabilities are generally short in duration given the nature of products produced by the Company. 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”, respectively, in the Consolidated Balance Sheets.
|  | December 31, 2024 |  | December 31, 2023
Contract Assets |  | $ | 67,062 |  |  | $ | 14,754 |
Contract Liabilities |  | $ | (60,024) |  |  | $ | (15,252) |
Significant changes in the contract assets and liabilities balances during the twelve months ended December 31, 2024 and 2023 were as follows:
|  | December 31, 2024 |  | December 31, 2023
|  | Contract Asset |  | Contract Liability |  | Contract Asset |  | Contract Liability
Beginning balance |  | $ | 14,754 |  |  | $ | (15,252) |  |  | $ | 18,037 |  |  | $ | (12,588) |
Acquired as part of a business combination |  | 62,439 |  |  | (47,478) |  |  | — |  |  | (1,436) |
Revenue deferred or rebates accrued |  | — |  |  | (25,736) |  |  | — |  |  | (25,094) |
Recognized as revenue |  | — |  |  | 2,341 |  |  | — |  |  | 1,936 |
Rebates paid to customers |  | — |  |  | 26,101 |  |  | — |  |  | 21,930 |
Increases due to rights to consideration for customer specific goods produced, but not billed during the period |  | 67,062 |  |  | — |  |  | 14,754 |  |  | — |
Transferred to receivables from contract assets recognized at the beginning of the period and acquired as part of business combination |  | (77,193) |  |  | — |  |  | (18,037) |  |  | — |
Ending balance |  | $ | 67,062 |  |  | $ | (60,024) |  |  | $ | 14,754 |  |  | $ | (15,252) |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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