The Company deems a contract with a customer to exist when a purchase order is received from a customer for a specified quantity of product or products and the Company acknowledges receipt of such purchase order. In some instances the Company has entered into manufacturing supply agreements with customers but these agreements typically do not bind a customer to any purchase volume requirements and thus an obligation is not created until the customer submits a purchase order to the Company. The Company’s contracts typically have a single performance obligation that is satisfied at the time a product is shipped and control passes to the customer. For a small portion of the business, performance obligations are deemed satisfied when product is delivered to a customer location.

As of March 31, 2020, the Company had $274,000 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 would maintain a deferred revenue liability until the time a performance obligation has been satisfied. The Company recognized $350,000 of revenue in the current period from pre-existing contract liabilities at December 31, 2019.

The tables below provide a geographic disaggregation of net sales for the three months ended March 31, 2020 and 2019. 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.

	For the Three Months Ended March 31, 2020
(In thousands)
	Surfactants		Polymers		Specialty		Total
Geographic Market
North America	$	207,946	$	61,841	$	13,494	$	283,281
Europe		59,660		36,560		2,931		99,151
Latin America		46,510		639		—		47,149
Asia		12,955		7,451		—		20,406
Total	$	327,071	$	106,491	$	16,425	$	449,987

	For the Three Months Ended March 31, 2019
(In thousands)
	Surfactants		Polymers		Specialty		Total
Geographic Market
North America	$	214,297	$	71,323	$	16,025	$	301,645
Europe		71,478		42,105		3,316		116,899
Latin America		50,812		197		—		51,009
Asia		13,063		6,554		—		19,617
Total	$	349,650	$	120,179	$	19,341	$	489,170