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Revenue from Contracts with Customers | 9 Months Ended
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Sep. 30, 2021
Revenue From Contract With Customer [Abstract] |
Revenue from Contracts with Customers |
13. | 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 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 September 30, 2021, the Company had $921,000 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 would maintain a deferred revenue liability until the time a performance obligation has been satisfied. The Company recognized $773,000 of revenue in the first nine months of 2021 from pre-existing contract liabilities at December 31, 2020. During 2020 the Company 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. As of September 30, 2021, no revenue has been recognized from this contract. The tables below provide a geographic disaggregation of net sales for the three and nine months ended September 30, 2021 and 2020. 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.
|  | For the Three Months Ended September 30, 2021 |
(In thousands) |  |  |  |  |  |  |
|  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
Geographic Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 217,481 |  |  | $ | 104,055 |  |  | $ | 13,913 |  |  | $ | 335,449 |
Europe |  |  | 73,199 |  |  |  | 82,872 |  |  |  | 1,986 |  |  |  | 158,057 |
Latin America |  |  | 81,164 |  |  |  | 1,095 |  |  |  | 214 |  |  |  | 82,473 |
Asia |  |  | 15,890 |  |  |  | 10,819 |  |  |  | — |  |  |  | 26,709 |
Total |  | $ | 387,734 |  |  | $ | 198,841 |  |  | $ | 16,113 |  |  | $ | 602,688 |
|  | For the Three Months Ended September 30, 2020 |
(In thousands) |  |  |  |  |  |  |
|  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
Geographic Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 202,121 |  |  | $ | 68,635 |  |  | $ | 12,060 |  |  | $ | 282,816 |
Europe |  |  | 56,468 |  |  |  | 38,337 |  |  |  | 1,899 |  |  |  | 96,704 |
Latin America |  |  | 60,393 |  |  |  | 723 |  |  |  | — |  |  |  | 61,116 |
Asia |  |  | 14,857 |  |  |  | 8,987 |  |  |  | — |  |  |  | 23,844 |
Total |  | $ | 333,839 |  |  | $ | 116,682 |  |  | $ | 13,959 |  |  | $ | 464,480 |
|  | For the Nine Months Ended September 30, 2021 |
(In thousands) |  |  |  |  |  |  |
|  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
Geographic Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 660,061 |  |  | $ | 270,524 |  |  | $ | 45,668 |  |  | $ | 976,253 |
Europe |  |  | 209,632 |  |  |  | 233,625 |  |  |  | 6,904 |  |  |  | 450,161 |
Latin America |  |  | 221,301 |  |  |  | 3,071 |  |  |  | 931 |  |  |  | 225,303 |
Asia |  |  | 51,678 |  |  |  | 32,544 |  |  |  | — |  |  |  | 84,222 |
Total |  | $ | 1,142,672 |  |  | $ | 539,764 |  |  | $ | 53,503 |  |  | $ | 1,735,939 |
|  | For the Nine Months Ended September 30, 2020 |
(In thousands) |  |  |  |  |  |  |
|  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
Geographic Market |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 617,638 |  |  | $ | 199,256 |  |  | $ | 38,883 |  |  | $ | 855,777 |
Europe |  |  | 171,940 |  |  |  | 107,589 |  |  |  | 7,306 |  |  |  | 286,835 |
Latin America |  |  | 163,097 |  |  |  | 1,825 |  |  |  | — |  |  |  | 164,922 |
Asia |  |  | 40,570 |  |  |  | 26,912 |  |  |  | — |  |  |  | 67,482 |
Total |  | $ | 993,245 |  |  | $ | 335,582 |  |  | $ | 46,189 |  |  | $ | 1,375,016 |

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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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