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Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2020
Revenue From Contract With Customer [Abstract]  
Revenue from Contracts with Customers

21. 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 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 December 31, 2020, the Company had $773,000 of contract liabilities and no contract assets associated with normal product supply arrangements. 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 $350,000 of revenue in the current period from pre-existing contract liabilities at December 31, 2019.  During 2020 the Company also 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.

The tables below provide a geographic disaggregation of net sales for the years ended December 31, 2020, 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 impacted by economic factors.

 

 

 

2020

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty

Products

 

 

Total

 

Geographic Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

826,841

 

 

$

265,700

 

 

$

56,455

 

 

$

1,148,996

 

Europe

 

 

234,631

 

 

 

147,289

 

 

 

9,332

 

 

 

391,252

 

Latin America

 

 

234,568

 

 

 

2,498

 

 

 

—

 

 

 

237,066

 

Asia

 

 

55,646

 

 

 

36,790

 

 

 

—

 

 

 

92,436

 

Total

 

$

1,351,686

 

 

$

452,277

 

 

$

65,787

 

 

$

1,869,750

 

 

 

 

2019

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty

Products

 

 

Total

 

Geographic Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

766,341

 

 

$

314,549

 

 

$

61,501

 

 

 

1,142,391

 

Europe

 

 

240,711

 

 

 

158,455

 

 

 

12,174

 

 

 

411,340

 

Latin America

 

 

212,405

 

 

 

3,304

 

 

 

—

 

 

 

215,709

 

Asia

 

 

53,266

 

 

 

36,039

 

 

 

—

 

 

 

89,305

 

Total

 

$

1,272,723

 

 

$

512,347

 

 

$

73,675

 

 

$

1,858,745

 

 

 

 

2018

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty

Products

 

 

Total

 

Geographic Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

831,592

 

 

$

323,360

 

 

$

68,201

 

 

 

1,223,153

 

Europe

 

 

276,742

 

 

 

172,632

 

 

 

12,304

 

 

 

461,678

 

Latin America

 

 

212,824

 

 

 

3,463

 

 

 

—

 

 

 

216,287

 

Asia

 

 

64,774

 

 

 

27,965

 

 

 

—

 

 

 

92,739

 

Total

 

$

1,385,932

 

 

$

527,420

 

 

$

80,505

 

 

$

1,993,857