Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

13.REVENUE FROM CONTRACTS WITH CUSTOMERS

As of June 30, 2024, the Company had $481,000 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 $688,000 of revenue in the first six months of 2024 from pre-existing contract liabilities at December 31, 2023.

In addition, 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, 2024, $5,539,000 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 $2,954,000 of revenue has been recognized from the beginning of the contract term through June 30, 2024.

The tables below provide a geographic disaggregation of net sales for the three and six months ended June 30, 2024 and 2023. The Company’s business disaggregation 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, 2024
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	220,520	$	79,828	$	15,395	$	315,743
Europe		63,460		67,401		1,322		132,183
Latin America		83,569		326		136		84,031
Asia		12,246		12,202		—		24,448
Total	$	379,795	$	159,757	$	16,853	$	556,405

(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 Six Months Ended June 30, 2024
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	450,110	$	149,637	$	28,641	$	628,388
Europe		134,238		131,278		3,157		268,673
Latin America		161,437		743		145		162,325
Asia		24,830		23,607		—		48,437
Total	$	770,615	$	305,265	$	31,943	$	1,107,823

(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