v3.26.1
Revenue (Notes)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue
The following table presents the Company’s disaggregated net sales by primary market served (dollars in thousands):
Three months ended June 30, Six months ended June 30,
Customer Markets2026202520262025
Consumer Products$115,960 $117,650 $230,550 $220,500 
Industrial58,620 54,100 112,310 103,710 
Total net sales$174,580 $171,750 $342,860 $324,210 
The Company’s Packaging segment earns revenues from the consumer products (comprised of the beauty and personal care, food and beverage, home care, pharmaceutical, nutraceutical and medical submarkets) and industrial markets. The Specialty Products segment earns revenues from a variety of submarkets within the industrial market.
Contract Assets and Contract Liabilities
The Company has contract assets and contract liabilities primarily related to in-process tooling projects for long-term supply arrangements with a contractual guarantee for reimbursement by the customer. Contract assets primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the Company has not yet met performance obligations. Contract liabilities include deferred tooling revenue, where the performance obligation was not met. The performance obligation is satisfied and cost of goods sold is recognized and released from the balance sheet when control of the tooling is transferred to the customer.
The opening and closing balances of the Company’s contract assets and contract liabilities are as follows (dollars in thousands):
June 30, 2026December 31, 2025
Contract asset$6,340 $8,010 
Contract liabilities9,010 11,610 
During the six months ended June 30, 2026, the Company recognized $7.1 million of revenue that was recorded as a contract liability as of December 31, 2025. The remainder of the change in the contract liability balance was primarily due to additional deferrals from new billings.