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Revenue from Contracts with Customers | 9 Months Ended
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Sep. 30, 2023
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | 13. REVENUE FROM CONTRACTS WITH CUSTOMERS As of September 30, 2023, the Company had $478,000 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 maintains a deferred revenue liability until the time a performance obligation has been satisfied. The Company recognized $739,000 of revenue in the first nine months of 2023 from pre-existing contract liabilities at December 31, 2022. During 2020, the Company recorded $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. At September 30, 2023, $7,201,000 was classified as long-term and $2,216,000 was classified as short-term. This deferred revenue is being recognized over the period of the contract and $1,292,000 of revenue has been recognized from this contract as of September 30, 2023. The tables below provide a geographic disaggregation of net sales for the three and nine months ended September 30, 2023 and 2022. The Company’s business disaggregation by geographic region most effectively captures the nature and economic characteristics of the Company’s revenue streams impacted by economic factors.
(In thousands) |  | For the Three Months Ended September 30, 2023 |
Geographic Market |  | Surfactants |  |  | Polymers |  |  | Specialty |  |  | Total |
North America |  | $ | 223,912 |  |  | $ | 90,521 |  |  | $ | 15,455 |  |  | $ | 329,888 |
Europe |  |  | 60,126 |  |  |  | 66,752 |  |  |  | 3,268 |  |  |  | 130,146 |
Latin America |  |  | 76,469 |  |  |  | 412 |  |  |  | 108 |  |  |  | 76,989 |
Asia |  |  | 13,329 |  |  |  | 11,874 |  |  |  | — |  |  |  | 25,203 |
Total |  | $ | 373,836 |  |  | $ | 169,559 |  |  | $ | 18,831 |  |  | $ | 562,226 |
(In thousands) |  | For the Three Months Ended September 30, 2022 |
Geographic Market |  | Surfactants |  |  | Polymers |  |  | Specialty |  |  | Total |
North America |  | $ | 272,557 |  |  | $ | 128,992 |  |  | $ | 24,370 |  |  | $ | 425,919 |
Europe |  |  | 86,344 |  |  |  | 76,022 |  |  |  | 4,814 |  |  |  | 167,180 |
Latin America |  |  | 98,313 |  |  |  | 1,081 |  |  |  | 333 |  |  |  | 99,727 |
Asia |  |  | 17,647 |  |  |  | 8,712 |  |  |  | — |  |  |  | 26,359 |
Total |  | $ | 474,861 |  |  | $ | 214,807 |  |  | $ | 29,517 |  |  | $ | 719,185 |
(In thousands) |  | For the Nine Months Ended September 30, 2023 |
Geographic Market |  | Surfactants |  |  | Polymers |  |  | Specialty |  |  | Total |
North America |  | $ | 732,530 |  |  | $ | 259,839 |  |  | $ | 53,552 |  |  | $ | 1,045,921 |
Europe |  |  | 219,988 |  |  |  | 201,705 |  |  |  | 11,314 |  |  |  | 433,007 |
Latin America |  |  | 235,784 |  |  |  | 1,470 |  |  |  | 220 |  |  |  | 237,474 |
Asia |  |  | 45,049 |  |  |  | 32,186 |  |  |  | — |  |  |  | 77,235 |
Total |  | $ | 1,233,351 |  |  | $ | 495,200 |  |  | $ | 65,086 |  |  | $ | 1,793,637 |
(In thousands) |  | For the Nine Months Ended September 30, 2022 |
Geographic Market |  | Surfactants |  |  | Polymers |  |  | Specialty |  |  | Total |
North America |  | $ | 824,095 |  |  | $ | 357,303 |  |  | $ | 64,050 |  |  | $ | 1,245,448 |
Europe |  |  | 269,952 |  |  |  | 251,229 |  |  |  | 12,067 |  |  |  | 533,248 |
Latin America |  |  | 281,734 |  |  |  | 3,450 |  |  |  | 995 |  |  |  | 286,179 |
Asia |  |  | 52,430 |  |  |  | 28,789 |  |  |  | — |  |  |  | 81,219 |
Total |  | $ | 1,428,211 |  |  | $ | 640,771 |  |  | $ | 77,112 |  |  | $ | 2,146,094 |

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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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