Net Sales and Revenue Recognition

3 Months Ended

Mar. 31, 2026

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 2025 Form 10-K, the Company’s five largest customers combined (each composed of multiple subsidiaries or divisions with semiautonomous purchasing authority) accounted for approximately 11% of consolidated net sales for 2025, 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 March 31, 2026 or December 31, 2025.

The Company had approximately $7.4 million and $3.6 million of deferred revenue as of March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026, 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, 2025.

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 March 31, 2026
Customer Industries	Americas		EMEA		Asia/Pacific		Consolidated Total
Metals	$	64,860	$	35,926	$	51,139	$	151,925
Metalworking and other	148,868		106,157		73,529		328,554
	$	213,728	$	142,083	$	124,668	$	480,479

	Three Months Ended March 31, 2025
Customer Industries	Americas		EMEA		Asia/Pacific		Consolidated Total
Metals	$	64,296	$	32,960	$	49,867	$	147,123
Metalworking and other	149,415		96,318		50,058		295,791
	$	213,711	$	129,278	$	99,925	$	442,914