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Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
13.
REVENUE FROM CONTRACTS WITH CUSTOMERS

As of September 30, 2025 and December 31, 2024, the Company had $282,000 and $689,000 of contract liabilities and no contract assets, respectively. 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 $689,000 of revenue in the first nine months of 2025 from pre-existing contract liabilities at December 31, 2024.

In addition, 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, 2025, $2,769,000 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 $5,724,000 of revenue has been recognized from the beginning of the contract term through September 30, 2025.

The tables below provide a geographic disaggregation of net sales for the three and nine months ended September 30, 2025 and 2024. 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.

 

(In thousands)

 

For the Three Months Ended September 30, 2025

 

Geographic Market

 

Surfactants

 

 

Polymers

 

 

Specialty

 

 

Total

 

North America

 

$

233,333

 

 

$

78,795

 

 

$

20,689

 

 

$

332,817

 

Europe

 

 

74,382

 

 

 

53,830

 

 

 

3,095

 

 

 

131,307

 

Latin America

 

 

98,444

 

 

 

200

 

 

 

214

 

 

 

98,858

 

Asia

 

 

16,199

 

 

 

11,103

 

 

 

—

 

 

 

27,302

 

       Total

 

$

422,358

 

 

$

143,928

 

 

$

23,998

 

 

$

590,284

 

 

(In thousands)

 

For the Nine Months Ended September 30, 2025

 

Geographic Market

 

Surfactants

 

 

Polymers

 

 

Specialty

 

 

Total

 

North America

 

$

719,432

 

 

$

239,839

 

 

$

50,986

 

 

$

1,010,257

 

Europe

 

 

230,585

 

 

 

178,268

 

 

 

9,876

 

 

 

418,729

 

Latin America

 

 

271,735

 

 

 

700

 

 

 

420

 

 

 

272,855

 

Asia

 

 

42,399

 

 

 

33,988

 

 

 

—

 

 

 

76,387

 

       Total

 

$

1,264,151

 

 

$

452,795

 

 

$

61,282

 

 

$

1,778,228

 

 

(In thousands)

 

For the Three Months Ended September 30, 2024

 

Geographic Market

 

Surfactants

 

 

Polymers

 

 

Specialty

 

 

Total

 

North America

 

$

217,809

 

 

$

73,999

 

 

$

12,072

 

 

$

303,880

 

Europe

 

 

66,387

 

 

 

63,632

 

 

 

2,119

 

 

 

132,138

 

Latin America

 

 

84,609

 

 

 

346

 

 

 

131

 

 

 

85,086

 

Asia

 

 

13,919

 

 

 

11,819

 

 

 

—

 

 

 

25,738

 

       Total

 

$

382,724

 

 

$

149,796

 

 

$

14,322

 

 

$

546,842

 

 

(In thousands)

 

For the Nine Months Ended September 30, 2024

 

Geographic Market

 

Surfactants

 

 

Polymers

 

 

Specialty

 

 

Total

 

North America

 

$

667,919

 

 

$

223,636

 

 

$

40,713

 

 

$

932,268

 

Europe

 

 

200,625

 

 

 

194,910

 

 

 

5,276

 

 

 

400,811

 

Latin America

 

 

246,046

 

 

 

1,089

 

 

 

276

 

 

 

247,411

 

Asia

 

 

38,749

 

 

 

35,426

 

 

 

—

 

 

 

74,175

 

       Total

 

$

1,153,339

 

 

$

455,061

 

 

$

46,265

 

 

$

1,654,665