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Revenue from Contracts with Customers | 6 Months Ended
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Jun. 30, 2019
Revenue From Contract With Customer [Abstract] |
Revenue from Contracts with Customers |
14. | REVENUE FROM CONTRACTS WITH CUSTOMERS
In the majority of instances 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 June 30, 2019, the Company did not have any contract assets or contract liabilities. 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 extremely rare as it would require a customer to make a payment prior to a performance obligation being satisfied. If such a situation did arise the Company would maintain a deferred revenue liability until the time a performance obligation has been satisfied. The Company did not recognize any revenue in the current period from any pre-existing contract liability balance. The tables below provide a geographic disaggregation of net sales for the three and six months ended June 30, 2019 and 2018. The Company’s business segmentation by geographic region most effectively captures the nature and economic characteristics of the Company’s revenue streams.
|  | For the Three Months Ended June 30, 2019 |
(In thousands) |  |  |  |  |  |  |
|  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
Geographic Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 191,720 |  |  | $ | 86,434 |  |  | $ | 16,067 |  |  | $ | 294,221 |
Europe |  |  | 54,360 |  |  |  | 44,085 |  |  |  | 2,920 |  |  |  | 101,365 |
Latin America |  |  | 53,957 |  |  |  | 1,450 |  |  |  | — |  |  |  | 55,407 |
Asia |  |  | 13,343 |  |  |  | 8,667 |  |  |  | — |  |  |  | 22,010 |
Total |  | $ | 313,380 |  |  | $ | 140,636 |  |  | $ | 18,987 |  |  | $ | 473,003 |
|  | For the Three Months Ended June 30, 2018 |
(In thousands) |  |  |  |  |  |  |
|  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
Geographic Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 218,029 |  |  | $ | 86,966 |  |  | $ | 18,674 |  |  | $ | 323,669 |
Europe |  |  | 66,065 |  |  |  | 45,028 |  |  |  | 3,441 |  |  |  | 114,534 |
Latin America |  |  | 56,579 |  |  |  | 633 |  |  |  | — |  |  |  | 57,212 |
Asia |  |  | 16,211 |  |  |  | 8,240 |  |  |  | — |  |  |  | 24,451 |
Total |  | $ | 356,884 |  |  | $ | 140,867 |  |  | $ | 22,115 |  |  | $ | 519,866 |
|  | For the Six Months Ended June 30, 2019 |
(In thousands) |  |  |  |  |  |  |
|  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
Geographic Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 406,017 |  |  | $ | 157,757 |  |  | $ | 32,092 |  |  | $ | 595,866 |
Europe |  |  | 125,838 |  |  |  | 86,190 |  |  |  | 6,236 |  |  |  | 218,264 |
Latin America |  |  | 104,769 |  |  |  | 1,647 |  |  |  | — |  |  |  | 106,416 |
Asia |  |  | 26,406 |  |  |  | 15,221 |  |  |  | — |  |  |  | 41,627 |
Total |  | $ | 663,030 |  |  | $ | 260,815 |  |  | $ | 38,328 |  |  | $ | 962,173 |
|  | For the Six Months Ended June 30, 2018 |
(In thousands) |  |  |  |  |  |  |
|  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
Geographic Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 438,434 |  |  | $ | 160,440 |  |  | $ | 33,488 |  |  | $ | 632,362 |
Europe |  |  | 144,436 |  |  |  | 86,812 |  |  |  | 7,089 |  |  |  | 238,337 |
Latin America |  |  | 98,267 |  |  |  | 1,460 |  |  |  | — |  |  |  | 99,727 |
Asia |  |  | 34,687 |  |  |  | 14,088 |  |  |  | — |  |  |  | 48,775 |
Total |  | $ | 715,824 |  |  | $ | 262,800 |  |  | $ | 40,577 |  |  | $ | 1,019,201 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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