Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

13.REVENUE FROM CONTRACTS WITH CUSTOMERS

As of June 30, 2023, the Company had $647,000 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 $739,000 of revenue in the first six months of 2023 from pre-existing contract liabilities at December 31, 2022. 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. At June 30, 2023, $7,755,000 was classified as long-term and $2,216,000 was classified as short-term. This deferred revenue is being recognized over the period of the contract and $738,000 of revenue has been recognized from this contract as of June 30, 2023.

The tables below provide a geographic disaggregation of net sales for the three and six months ended June 30, 2023 and 2022. 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 June 30, 2023
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	231,477	$	88,149	$	20,498	$	340,124
Europe		68,742		65,896		3,174		137,812
Latin America		78,217		273		102		78,592
Asia		13,250		10,197		—		23,447
Total	$	391,686	$	164,515	$	23,774	$	579,975

(In thousands)	For the Three Months Ended June 30, 2022
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	278,310	$	133,455	$	23,004	$	434,769
Europe		92,591		94,424		4,121		191,136
Latin America		97,987		1,149		539		99,675
Asia		16,196		9,857		—		26,053
Total	$	485,084	$	238,885	$	27,664	$	751,633

(In thousands)	For the Six Months Ended June 30, 2023
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	508,617	$	169,318	$	38,097	$	716,032
Europe		159,861		134,953		8,046		302,860
Latin America		159,315		1,058		112		160,485
Asia		31,721		20,313		—		52,034
Total	$	859,514	$	325,642	$	46,255	$	1,231,411

(In thousands)	For the Six Months Ended June 30, 2022
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	551,538	$	228,311	$	39,680	$	819,529
Europe		183,608		175,207		7,253		366,068
Latin America		183,421		2,369		662		186,452
Asia		34,783		20,077		—		54,860
Total	$	953,350	$	425,964	$	47,595	$	1,426,909