Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

13. REVENUE FROM CONTRACTS WITH CUSTOMERS

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 September 30, 2021, the Company had $921,000 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 $773,000 of revenue in the first nine months of 2021 from pre-existing contract liabilities at December 31, 2020. During 2020 the Company recognized $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. This deferred revenue will be recognized over the period of the contract. As of September 30, 2021, no revenue has been recognized from this contract.

The tables below provide a geographic disaggregation of net sales for the three and nine months ended September 30, 2021 and 2020. 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 September 30, 2021
(In thousands)
	Surfactants		Polymers		Specialty Products		Total
Geographic Market
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

	For the Three Months Ended September 30, 2020
(In thousands)
	Surfactants		Polymers		Specialty Products		Total
Geographic Market
North America	$	202,121	$	68,635	$	12,060	$	282,816
Europe		56,468		38,337		1,899		96,704
Latin America		60,393		723		—		61,116
Asia		14,857		8,987		—		23,844
Total	$	333,839	$	116,682	$	13,959	$	464,480

	For the Nine Months Ended September 30, 2021
(In thousands)
	Surfactants		Polymers		Specialty Products		Total
Geographic Market
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

	For the Nine Months Ended September 30, 2020
(In thousands)
	Surfactants		Polymers		Specialty Products		Total
Geographic Market
North America	$	617,638	$	199,256	$	38,883	$	855,777
Europe		171,940		107,589		7,306		286,835
Latin America		163,097		1,825		—		164,922
Asia		40,570		26,912		—		67,482
Total	$	993,245	$	335,582	$	46,189	$	1,375,016