Net Sales and Revenue Recognition

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Net Sales and Revenue Recognition

Net Sales and Revenue Recognition

Customer Concentration

A significant portion of the Company’s revenues are realized from the sale of process fluids and services to manufacturers of steel, aluminum, automotive, aerospace, industrial and agricultural equipment, and durable goods. As previously disclosed in the Company’s 2024 Form 10-K, the Company’s five largest customers combined (each composed of multiple subsidiaries or divisions with semiautonomous purchasing authority) accounted for approximately 12% of consolidated net sales for 2024, with its largest customer accounting for approximately 3% of consolidated net sales.

Contract Assets and Liabilities

The Company had no material contract assets recorded on its Condensed Consolidated Balance Sheets as of September 30, 2025 or December 31, 2024.

The Company had approximately $2.8 million and $4.2 million of deferred revenue as of September 30, 2025 and December 31, 2024, respectively. For the nine months ended September 30, 2025, the Company satisfied materially all of the associated performance obligations and recognized into revenue materially all advance payments received and recorded as of December 31, 2024.

Disaggregated Revenue

The Company sells its industrial process fluids, specialty chemicals and technical expertise as a global product portfolio. The Company generally manages and evaluates its performance by reportable segment first, and then by customer industries. Net sales of each of the Company’s major product lines are generally spread throughout all three of the Company’s reportable segments, and in most cases, are approximately proportionate to the level of total sales in each reportable segment.

The following tables disaggregate the Company’s net sales by segment and customer industry.

	Three Months Ended September 30, 2025
Customer Industries	Americas		EMEA		Asia/Pacific		Consolidated Total
Metals	$	66,807	$	37,227	$	56,230	$	160,264
Metalworking and other	155,980		106,673		70,925		333,578
	$	222,787	$	143,900	$	127,155	$	493,842

	Nine Months Ended September 30, 2025
Customer Industries	Americas		EMEA		Asia/Pacific		Consolidated Total
Metals	$	193,928	$	106,535	$	161,879	$	462,342
Metalworking and other	463,632		306,566		187,616		957,814
	$	657,560	$	413,101	$	349,495	$	1,420,156

	Three Months Ended September 30, 2024
Customer Industries	Americas		EMEA		Asia/Pacific		Consolidated Total
Metals	$	65,393	$	34,782	$	52,385	$	152,560
Metalworking and other	154,882		99,353		55,479		309,714
	$	220,275	$	134,135	$	107,864	$	462,274

	Nine Months Ended September 30, 2024
Customer Industries	Americas		EMEA		Asia/Pacific		Consolidated Total
Metals	$	195,172	$	102,909	$	153,446	$	451,527
Metalworking and other	478,374		307,649		158,050		944,073
	$	673,546	$	410,558	$	311,496	$	1,395,600