Revenue Recognition

6 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition

2. Revenue Recognition

Disaggregation of Revenue

The following table presents net sales disaggregated by products and services:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Products
Commercial print	$	275.5	$	413.5	$	638.9	$	835.9
Packaging		150.4		162.6		265.5		302.1
Labels		113.7		119.6		235.3		240.1
Direct marketing		108.0		137.0		290.8		285.5
Statements		101.9		133.6		228.8		283.1
Digital print and fulfillment		84.6		115.1		198.2		224.7
Supply chain management		64.9		74.1		134.6		152.6
Forms		48.6		59.2		101.0		121.6
Total products net sales	$	947.6	$	1,214.7	$	2,093.1	$	2,445.6
Services
Logistics	$	155.2	$	208.0	$	350.4	$	409.7
Business process outsourcing		38.0		60.6		79.4		122.4
Digital and creative solutions		21.4		25.4		48.8		52.9
Total services net sales	$	214.6	$	294.0	$	478.6	$	585.0
Total net sales	$	1,162.2	$	1,508.7	$	2,571.7	$	3,030.6

Variable Consideration

Certain clients may receive volume-based rebates or early payment discounts, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be earned by our clients and reduce revenue accordingly. We do not expect significant changes to estimates of variable consideration. Given the nature of our products and the history of returns, product returns are not significant.

Contract Balances

The following table provides information about contract assets and liabilities from contracts with clients:

	Contract Assets		Contract Liabilities
	Short-Term		Short-Term		Long-Term
Balance at December 31, 2019	$	2.0	$	18.9	$	0.2
Balance at June 30, 2020		3.5		11.3		0.2

Contract liabilities primarily relate to client advances received prior to completion of performance obligations. Reductions in contract liabilities are a result of our completion of performance obligations.

Revenue recognized during the six months ended June 30, 2020 from amounts included in contract liabilities at the beginning of the period was approximately $14.4 million. During the six months ended June 30, 2020, we reclassified $2.0 million of contract assets to receivables as a result of the completion of the performance obligation and the right to the consideration becoming unconditional.