XML 23 R11.htm IDEA: XBRL DOCUMENT v3.23.2
Revenues
6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Revenue Recognition

We serve approximately 400 customers annually in approximately 40 countries across a wide variety of industries. For the three months ended June 30, 2023 and 2022, the Company's ten largest customers accounted for approximately 41% and 40% of total sales, respectively. For each of the six months ended June 30, 2023 and 2022, the Company's ten largest customers accounted for approximately 38% of total sales during both periods.

We typically sell to customers under master service agreements, with primarily one-year terms, or by purchase orders. We have historically experienced low customer turnover and have long-standing customer relationships, which span decades. Our largest customer is Shaw Industries Group, Inc. (“Shaw”), a significant consumer of caprolactam and Nylon 6 resin, to whom we sell under a long-term agreement. For each of the three and six months ended June 30, 2023 and 2022, the Company's sales to Shaw were 10% of our total sales.

The Company's revenue by product line, and related approximate percentage of total sales, for the three and six months ended June 30, 2023 and 2022 were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Nylon$92,953 22%$132,105 23%$192,325 23%$250,715 23%
Caprolactam74,682 18%87,169 15%147,073 18%157,174 15%
Chemical Intermediates121,365 28%158,611 27%235,929 28%294,300 28%
Ammonium Sulfate138,940 32%205,851 35%253,157 31%360,620 34%
Total$427,940 100%$583,736 100%$828,484 100%$1,062,809 100%
The Company's revenues by geographic area, and related approximate percentage of total sales, for the three and six months ended June 30, 2023 and 2022 were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
United States$367,608 86%$494,155 85%$688,534 83 %$897,174 84 %
International60,332 14%89,581 15%139,950 17 %165,635 16 %
Total$427,940 100%$583,736 100%$828,484 100 %$1,062,809 100 %
Deferred Income and Customer Advances
The Company defers revenues when cash payments are received in advance of our performance. Below is a roll-forward of Deferred income and customer advances for the six months ended June 30, 2023:
Opening balance January 1, 2023$34,430 
Additional cash advances5,878 
Less amounts recognized in revenues(37,975)
Ending balance June 30, 2023$2,333 
The Company expects to recognize as revenue the June 30, 2023 ending balance of Deferred income and customer advances within one year or less.