v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 28, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
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 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 payables” 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 estimated revenue and are determinable within a short time period following the sale.
The following table sets forth the effects of contract assets and liabilities from contracts with customers. Contract assets and liabilities are reported in “Other receivables” and “Accrued expenses and other payables,” respectively, in the Company’s Condensed Consolidated Balance Sheets.
June 28, 2026December 31, 2025
Contract Assets$93,133 $77,978 
Contract Liabilities(44,407)(58,784)
Significant changes in the contract assets and liabilities balances during the six-month period ended June 28, 2026 and the year ended December 31, 2025 were as follows:
June 28, 2026December 31, 2025
Contract
Assets		Contract
Liabilities
Contract
Assets
Contract
Liabilities
Beginning Balance$77,978 $(58,784)$67,062 $(60,024)
Acquired/ sold as part of a business combination/ divestiture— — (53)(324)
Revenue deferred or rebates accrued— (46,153)— (94,947)
Recognized as revenue— 511 — 1,183 
Rebates paid to customers— 60,019 — 95,328 
Increases due to rights to consideration for customer specific goods produced, but not billed during the period93,133 — 77,978 — 
Transferred to receivables from contract assets recognized at the beginning of the period and acquired as part of business combination(77,978)— (67,009)— 
Ending Balance$93,133 $(44,407)$77,978 $(58,784)

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. 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 advance payments. 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 second half of the contract term. Contract assets and liabilities are generally short in duration given the nature of products produced by the Company.
As described in Note 1, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial Paper Packaging segment effective January 1, 2026. Following this realignment, the Company no longer reports the results of any of its businesses in All Other. Prior year results for the Industrial Paper Packaging segment and the All Other group of businesses have been recast to conform to the new presentation.
The following tables set forth information about revenue disaggregated by primary geographic regions for the three- and six-month periods ended June 28, 2026 and June 29, 2025. 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 17.
Three-month period ended June 28, 2026Consumer PackagingIndustrial Paper PackagingTotal
Primary Geographical Markets:
United States$468,040 $409,938 $877,978 
EMEA705,379 110,224 815,603 
Canada1,936 22,443 24,379 
APAC32,561 38,122 70,683 
Other33,923 62,919 96,842 
Total$1,241,839 $643,646 $1,885,485 
Three-month period ended June 29, 2025Consumer PackagingIndustrial Paper PackagingAll OtherTotal
Primary Geographical Markets:
United States$467,148 $392,259 $60,296 $919,703 
EMEA707,327 105,276 5,106 817,709 
Canada4,404 23,312 — 27,716 
APAC23,675 36,582 345 60,602 
Other24,479 60,232 — 84,711 
Total$1,227,033 $617,661 $65,747 $1,910,441 
Six-month period ended June 28, 2026Consumer PackagingIndustrial Paper PackagingTotal
Primary Geographical Markets:
United States$909,006 $775,035 $1,684,041 
EMEA1,302,963 210,714 1,513,677 
Canada4,500 42,579 47,079 
APAC61,311 72,845 134,156 
Other61,134 121,840 182,974 
Total$2,338,914 $1,223,013 $3,561,927 
Six-month period ended June 29, 2025Consumer PackagingIndustrial Paper PackagingAll OtherTotal
Primary Geographical Markets:
United States$915,182 $769,424 $110,195 $1,794,801 
EMEA1,274,351 200,905 10,059 1,485,315 
Canada8,269 44,746 — 53,015 
APAC48,314 72,419 596 121,329 
Other47,510 117,699 — 165,209 
Total$2,293,626 $1,205,193 $120,850 $3,619,669