Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contracts with Customers [Abstract]

Revenue from Contracts with Customers

Note 3.  Revenue from Contracts with Customers

The Company's revenues are primarily derived from the sale of products in product lines within our Consumer & Specialties and Engineered Solutions businesses.

Our primary performance obligation (the sale of products) is satisfied upon shipment or delivery to our customers based on written sales terms, which is also when control is transferred.  In most of our contracts in our Specialty Additives product line, which is in our Consumer & Specialties segment, the price per ton is based upon the total number of tons sold to the customer during the year.  Under these contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to such customer.  Revenues are adjusted at the end of each year to reflect the actual volume sold.

Revenue from sales of equipment, primarily in our High-Temperature Technologies product line within our Engineered Solutions segment, is recorded upon completion of installation and control is transferred to the customer.  Revenue from services is recorded when the services have been performed.  Included within our High-Temperature Technologies product line are certain consignment arrangements with certain customers in our Engineered Solutions segment.  Revenues for these transactions are recorded when the consigned products are consumed by the customer and control is transferred.

Revenue where our performance obligations are satisfied in phases is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved.

The following table disaggregates our revenue by major source (product line) for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
(millions of dollars)	2024		2023		2022
Net Sales
Household & Personal Care	$	530.0	$	517.6	$	476.2
Specialty Additives		610.2		642.6		648.4
Consumer & Specialties Segment		1,140.2		1,160.2		1,124.6
High-Temperature Technologies		713.2		720.9		702.5
Environmental & Infrastructure		265.1		288.8		298.4
Engineered Solutions Segment		978.3		1,009.7		1,000.9
Total	$	2,118.5	$	2,169.9	$	2,125.5