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Net Sales and Revenue Recognition | 12 Months Ended
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Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Net Sales and Revenue Recognition | Net Sales and Revenue Recognition Arrangements Resulting in Net Reporting As part of the Company’s Fluidcare TM business, certain third-party product sales to customers are managed by the Company. The Company transferred third-party products under arrangements resulting in net reporting of $83.8 million, $71.7 million and $42.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. Customer Concentration A significant portion of the Company’s revenues are realized from the sale of process fluids and services to manufacturers of steel, aluminum, automobiles, aircraft, industrial equipment, and durable goods. During the year ended December 31, 2022, the Company’s five largest customers (each composed of multiple subsidiaries or divisions with semiautonomous purchasing authority) accounted for approximately 11% of consolidated net sales, with its largest customer accounting for approximately 3% of consolidated net sales. Contract Assets and Liabilities The Company had no material contract assets recorded on its Consolidated Balance Sheets as of December 31, 2022 and 2021. The Company had approximately $5.7 million and $7.0 million of deferred revenue as of December 31, 2022 and 2021, respectively. During the years ended December 31, 2022 and 2021, respectively, the Company satisfied all of the associated performance obligations and recognized into revenue the advance payments received and recorded as of December 31, 2021 and 2020, respectively. Disaggregated Revenue The Company sells its various industrial process fluids, its specialty chemicals and its technical expertise as a global product portfolio. The Company generally manages and evaluates its performance by segment first, and then by customer industry, rather than by individual product lines. Also, net sales of each of the Company’s major product lines are generally spread throughout all three of the Company’s geographic regions, and in most cases, approximately proportionate to the level of total sales in each region. The following tables present disaggregated information regarding the Company’s net sales, first by major product lines that represent more than 10% of the Company’s consolidated net sales for any of the years ended December 31, 2022, 2021 and 2020, and followed then by a disaggregation of the Company’s net sales by segment, geographic region, customer industry, and timing of revenue recognized for the years ended December 31, 2022, 2021 and 2020.
| 2022 |  | 2021 |  | 2020
Metal removal fluids | 22.9 | % |  | 23.4 | % |  | 23.9 | %
Rolling lubricants | 20.8 | % |  | 22.2 | % |  | 21.8 | %
Hydraulic fluids | 14.1 | % |  | 13.6 | % |  | 13.3 | %
|  | Net sales for the year ending December 31, 2022
|  | Americas |  | EMEA |  | Asia/Pacific |  | Consolidated Total
Customer Industries |  |  |  |  |  |  |  |
Metals |  | $ | 252,513 |  |  | $ | 137,767 |  |  | $ | 214,377 |  |  | $ | 604,657 |
Metalworking and other |  | 443,589 |  |  | 336,837 |  |  | 172,073 |  |  | 952,499 |
|  | 696,102 |  |  | 474,604 |  |  | 386,450 |  |  | 1,557,156 |
Global Specialty Businesses |  | 247,646 |  |  | 83,738 |  |  | 55,045 |  |  | 386,429 |
|  | $ | 943,748 |  |  | $ | 558,342 |  |  | $ | 441,495 |  |  | $ | 1,943,585 |
Timing of Revenue Recognized |  |  |  |  |  |  |  |
Product sales at a point in time |  | $ | 903,610 |  |  | $ | 526,977 |  |  | $ | 430,857 |  |  | $ | 1,861,444 |
Services transferred over time |  | 40,138 |  |  | 31,365 |  |  | 10,638 |  |  | 82,141 |
|  | $ | 943,748 |  |  | $ | 558,342 |  |  | $ | 441,495 |  |  | $ | 1,943,585 |
|  | Net sales for the year ending December 31, 2021 |
|  | Americas |  | EMEA |  | Asia/Pacific |  | Consolidated Total |
Customer Industries |  |  |  |  |  |  |  |  |
Metals |  | $ | 210,340 |  |  | $ | 141,950 |  |  | $ | 207,160 |  |  | $ | 559,450 |  |
Metalworking and other |  | 362,303 |  |  | 338,176 |  |  | 181,000 |  |  | 881,479 |  |
|  | 572,643 |  |  | 480,126 |  |  | 388,160 |  |  | 1,440,929 |  |
Global Specialty Businesses |  | 186,859 |  |  | 80,541 |  |  | 52,829 |  |  | 320,229 |  |
|  | $ | 759,502 |  |  | $ | 560,667 |  |  | $ | 440,989 |  |  | $ | 1,761,158 |  |
Timing of Revenue Recognized |  |  |  |  |  |  |  |  |
Product sales at a point in time |  | $ | 724,357 |  |  | $ | 527,083 |  |  | $ | 429,130 |  |  | $ | 1,680,570 |  |
Services transferred over time |  | 35,145 |  |  | 33,584 |  |  | 11,859 |  |  | 80,588 |  |
|  | $ | 759,502 |  |  | $ | 560,667 |  |  | $ | 440,989 |  |  | $ | 1,761,158 |  |
|  | Net sales for the year ending December 31, 2020 |
|  | Americas |  | EMEA |  | Asia/Pacific |  | Consolidated Total |
Customer Industries |  |  |  |  |  |  |  |  |
Metals |  | $ | 163,135 |  |  | $ | 107,880 |  |  | $ | 168,096 |  |  | $ | 439,111 |  |
Metalworking and other |  | 287,026 |  |  | 275,307 |  |  | 147,203 |  |  | 709,536 |  |
|  | 450,161 |  |  | 383,187 |  |  | 315,299 |  |  | 1,148,647 |  |
Global Specialty Businesses |  | 154,796 |  |  | 68,164 |  |  | 46,070 |  |  | 269,030 |  |
|  | $ | 604,957 |  |  | $ | 451,351 |  |  | $ | 361,369 |  |  | $ | 1,417,677 |  |
Timing of Revenue Recognized |  |  |  |  |  |  |  |  |
Product sales at a point in time |  | $ | 580,663 |  |  | $ | 434,549 |  |  | $ | 352,917 |  |  | $ | 1,368,129 |  |
Services transferred over time |  | 24,294 |  |  | 16,802 |  |  | 8,452 |  |  | 49,548 |  |
|  | $ | 604,957 |  |  | $ | 451,351 |  |  | $ | 361,369 |  |  | $ | 1,417,677 |  |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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