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Net Sales and Revenue Recognition | 9 Months Ended
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Sep. 30, 2023
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 recognized on a net reporting basis of $21.6 million and $63.2 million for the three and nine months ended September 30, 2023, respectively, and $21.4 million and $61.7 million for the three and nine months ended September 30, 2022, 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, aerospace, industrial and agricultural equipment, and durable goods. As previously disclosed in the Company’s 2022 Form 10-K, the Company’s five largest customers combined (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 Condensed Consolidated Balance Sheets as of September 30, 2023 or December 31, 2022. The Company had approximately $2.8 million and $5.7 million of deferred revenue as of September 30, 2023 and December 31, 2022, respectively. For the nine months ended September 30, 2023, the Company satisfied all of the associated performance obligations and recognized into revenue the advance payments received and recorded as of December 31, 2022. 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 reportable segment first, and then by customer industries. 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, are approximately proportionate to the level of total sales in each region. The following tables disaggregate the Company’s net sales by geographic region, customer industries, and timing of revenue recognized. Prior period information has been recast to reflect the Company’s current period customer industry disaggregation. See Note 1 of Notes to Condensed Consolidated Financial Statements.
| Three Months Ended September 30, 2023
| Americas |  | EMEA |  | Asia/Pacific |  | Consolidated Total
Customer Industries |  |  |  |  |  |  |
Metals | $ | 67,957 |  |  | $ | 32,630 |  |  | $ | 49,320 |  |  | $ | 149,907 |
Metalworking and other | 177,942 |  |  | 106,990 |  |  | 55,773 |  |  | 340,705 |
| $ | 245,899 |  |  | $ | 139,620 |  |  | $ | 105,093 |  |  | $ | 490,612 |
Timing of Revenue Recognized |  |  |  |  |  |  |
Product sales at a point in time | $ | 235,209 |  |  | $ | 128,586 |  |  | $ | 102,305 |  |  | $ | 466,100 |
Services transferred over time | 10,690 |  |  | 11,034 |  |  | 2,788 |  |  | 24,512 |
| $ | 245,899 |  |  | $ | 139,620 |  |  | $ | 105,093 |  |  | $ | 490,612 |
| Nine Months Ended September 30, 2023
| Americas |  | EMEA |  | Asia/Pacific |  | Consolidated Total
Customer Industries |  |  |  |  |  |  |
Metals | $ | 204,834 |  |  | $ | 104,376 |  |  | $ | 144,109 |  |  | $ | 453,319 |
Metalworking and other | 545,697 |  |  | 331,226 |  |  | 155,962 |  |  | 1,032,885 |
| $ | 750,531 |  |  | $ | 435,602 |  |  | $ | 300,071 |  |  | $ | 1,486,204 |
Timing of Revenue Recognized |  |  |  |  |  |  |
Product sales at a point in time | $ | 718,187 |  |  | $ | 402,508 |  |  | $ | 291,740 |  |  | $ | 1,412,435 |
Services transferred over time | 32,344 |  |  | 33,094 |  |  | 8,331 |  |  | 73,769 |
| $ | 750,531 |  |  | $ | 435,602 |  |  | $ | 300,071 |  |  | $ | 1,486,204 |
| Three Months Ended September 30, 2022
| Americas |  | EMEA |  | Asia/Pacific |  | Consolidated Total
Customer Industries |  |  |  |  |  |  |
Metals | $ | 67,943 |  |  | $ | 32,748 |  |  | $ | 51,341 |  |  | $ | 152,032 |
Metalworking and other | 186,735 |  |  | 101,638 |  |  | 51,813 |  |  | 340,186 |
| $ | 254,678 |  |  | $ | 134,386 |  |  | $ | 103,154 |  |  | $ | 492,218 |
Timing of Revenue Recognized |  |  |  |  |  |  |
Product sales at a point in time | $ | 243,699 |  |  | $ | 124,566 |  |  | $ | 99,929 |  |  | $ | 468,194 |
Services transferred over time | 10,979 |  |  | 9,820 |  |  | 3,225 |  |  | 24,024 |
| $ | 254,678 |  |  | $ | 134,386 |  |  | $ | 103,154 |  |  | $ | 492,218 |
| Nine Months Ended September 30, 2022
| Americas |  | EMEA |  | Asia/Pacific |  | Consolidated Total
Customer Industries |  |  |  |  |  |  |
Metals | $ | 185,784 |  |  | $ | 107,163 |  |  | $ | 163,239 |  |  | $ | 456,186 |
Metalworking and other | 516,796 |  |  | 319,576 |  |  | 166,219 |  |  | 1,002,591 |
| $ | 702,580 |  |  | $ | 426,739 |  |  | $ | 329,458 |  |  | $ | 1,458,777 |
Timing of Revenue Recognized |  |  |  |  |  |  |
Product sales at a point in time | $ | 669,945 |  |  | $ | 396,944 |  |  | $ | 321,031 |  |  | $ | 1,387,920 |
Services transferred over time | 32,635 |  |  | 29,795 |  |  | 8,427 |  |  | 70,857 |
| $ | 702,580 |  |  | $ | 426,739 |  |  | $ | 329,458 |  |  | $ | 1,458,777 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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