Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2022

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

13.REVENUE FROM CONTRACTS WITH CUSTOMERS

As of September 30, 2022, the Company had $1,028,000 of contract liabilities and no contract assets. A contract liability would typically arise when an advance or deposit is received from a customer before the Company recognizes revenue. In practice, this is rare as it would require a customer to make a payment prior to a performance obligation being satisfied. When such situations do arise, the Company maintains a deferred revenue liability until the time a performance obligation has been satisfied. The Company recognized $1,376,000 of revenue in the first nine months of 2022 from pre-existing contract liabilities at December 31, 2021. During 2020 the Company recorded $10,709,000 of long-term deferred revenue associated with a payment received to defray the cost of capital expenditures necessary to service a customer’s future product needs. On September 30, 2022, $9,249,000 was classified as long-term and $1,460,000 was classified as short-term. This deferred revenue will be recognized over the period of the contract and no revenue has been recognized from this contract as of September 30, 2022.

The tables below provide a geographic disaggregation of net sales for the three and nine months ended September 30, 2022 and 2021. The Company’s business segmentation by geographic region most effectively captures the nature and economic characteristics of the Company’s revenue streams impacted by economic factors.

(In thousands)	For the Three Months Ended September 30, 2022
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	272,557	$	128,992	$	24,370	$	425,919
Europe		86,344		76,022		4,814		167,180
Latin America		98,313		1,081		333		99,727
Asia		17,647		8,712		—		26,359
Total	$	474,861	$	214,807	$	29,517	$	719,185

(In thousands)	For the Three Months Ended September 30, 2021
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	217,481	$	104,055	$	13,913	$	335,449
Europe		73,199		82,872		1,986		158,057
Latin America		81,164		1,095		214		82,473
Asia		15,890		10,819		—		26,709
Total	$	387,734	$	198,841	$	16,113	$	602,688

(In thousands)	For the Nine Months Ended September 30, 2022
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	824,095	$	357,303	$	64,050	$	1,245,448
Europe		269,952		251,229		12,067		533,248
Latin America		281,734		3,450		995		286,179
Asia		52,430		28,789		—		81,219
Total	$	1,428,211	$	640,771	$	77,112	$	2,146,094

(In thousands)	For the Nine Months Ended September 30, 2021
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	660,061	$	270,524	$	45,668	$	976,253
Europe		209,632		233,625		6,904		450,161
Latin America		221,301		3,071		931		225,303
Asia		51,678		32,544		—		84,222
Total	$	1,142,672	$	539,764	$	53,503	$	1,735,939