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Net Sales
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Net Sales

13. Net Sales

Disaggregated Net Sales

As discussed in Note 1 – Summary of Significant Accounting Policies, we primarily derive our revenues from the sales of various chemical products. The following table presents our net sales disaggregated by certain of our products, which disaggregation is consistent with other financial information utilized or provided outside of our consolidated financial statements:

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In Thousands)

 

Net sales:

 

 

 

 

 

 

 

 

 

AN & Nitric Acid

 

$

212,478

 

 

$

221,818

 

 

$

315,679

 

Urea ammonium nitrate (UAN)

 

 

139,435

 

 

 

154,206

 

 

 

239,463

 

Ammonia

 

 

136,662

 

 

 

166,581

 

 

 

284,005

 

Other

 

 

33,825

 

 

 

51,104

 

 

 

62,564

 

Total net sales

 

$

522,400

 

 

$

593,709

 

 

$

901,711

 

Other Information

Although most of our contracts have an original expected duration of one year or less, for our contracts with a duration greater than one year at contract inception, the average remaining expected duration was approximately 33 months as of December 31, 2024.

Liabilities associated with contracts with customers (contract liabilities) primarily relate to deferred revenue and customer deposits associated with cash payments received in advance from customers for volume shortfall charges and product shipments. We had approximately $1.1 million and $1.0 million of contract liabilities as of December 31, 2024 and 2023, respectively which are reflected as accrued liabilities in our consolidated balance sheets. During 2024 and 2023, deferred revenues of $0.8 million and $1.6 million, respectively were recognized and included in the balance as of December 31, 2024 and 2023. Our contract assets consist of unconditional rights to payment from our customers, which are reflected as accounts receivable in our consolidated balance sheets.

For most of our contracts with customers, the transaction price from the inception of a contract is constrained to a short period of time (generally one month) as these contracts contain terms with variable consideration related to both price and quantity. As of December 31, 2024, we have remaining performance obligations with certain customer contracts, excluding contracts with original durations of less than one year and contracts with variable consideration for which we have elected the practical expedient for consideration recognized in revenue as invoiced. The remaining performance obligations total approximately $133.9 million, of which approximately 62% of this amount relates to 2025 through 2027, approximately 23% relates to 2028 through 2029, with the remainder thereafter.