Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2022

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

13. REVENUE FROM CONTRACTS WITH CUSTOMERS

As of June 30, 2022, the Company had $1,606,000 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 six 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 June 30, 2022, $8,762,000 continued to be classified as long-term and $1,947,000 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 June 30, 2022.

The tables below provide a geographic disaggregation of net sales for the three and six months ended June 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 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 Three Months Ended June 30, 2021
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	221,645	$	95,591	$	17,818	$	335,054
Europe		65,339		82,453		2,436		150,228
Latin America		79,968		986		717		81,671
Asia		17,050		11,508		—		28,558
Total	$	384,002	$	190,538	$	20,971	$	595,511

(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

(In thousands)	For the Six Months Ended June 30, 2021
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	442,580	$	166,469	$	31,755	$	640,804
Europe		136,433		150,753		4,918		292,104
Latin America		140,137		1,976		717		142,830
Asia		35,788		21,725		—		57,513
Total	$	754,938	$	340,923	$	37,390	$	1,133,251