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Note 4 - Revenue Recognition | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
4. | REVENUE RECOGNITION
The majority of revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied. Certain of the Company’s custom chemical contracts within the chemical segment contain a material right, as defined by ASC Topic 606, from the provision of a customer option to purchase future goods or services at a discounted price as a result of upfront payments provided by customers. Each contract also has a performance obligation to transfer products with 30-day payment terms. The Company recognizes revenue when the customer takes control of the inventory, either upon shipment or when the material is made available for pick up. If the customer is deemed to take control of the inventory prior to pick up, the Company recognizes the revenue as a bill-and-hold transaction in accordance with ASC Topic 606. The Company applies the renewal option approach in allocating the transaction price to these material rights and transfer of product. As a basis for allocating the transaction price to the material right and transfer of product, the Company estimates the expected life of the contract, the expected contractual volumes to be sold over that life, and the most likely expected sales price. Each estimate is updated quarterly on a prospective basis. Contract Assets and Liabilities: Contract assets consist of unbilled amounts resulting from revenue recognized through bill-and-hold arrangements. The contract assets for 2023 and 2022 consist of unbilled revenue from only one customer and are recorded as accounts receivable in the consolidated balance sheets. Contract liabilities consist of advance payments related to material rights recorded as deferred revenue in the consolidated balance sheets. Increases to contract liabilities from cash received for a performance obligation of chemical segment plant expansions were $538 and $1,983 in 2023 and 2022, respectively. Contract liabilities are reduced as the Company transfers product to the customer under the renewal option approach. Revenue recognized in the chemical segment from the contract liability reductions were $2,734 and $5,816 in 2023 and 2022, respectively. These contract asset and liability balances are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. The following table provides the balances of receivables, contract assets, and contract liabilities from contracts with customers. Contract balances Contract Assets and Liabilities
|  | December 31, |
|  | 2023 |  |  | 2022 |
Trade receivables, included in accounts receivable* |  | $ | 15,897 |  |  | $ | 16,459 |
Contract assets, included in accounts receivable |  |  | 1,128 |  |  |  | 775 |
Contract liabilities, included in Deferred revenue - short-term |  |  | 3,656 |  |  |  | 3,565 |
Contract liabilities, included in Deferred revenue - long-term |  |  | 9,318 |  |  |  | 11,605 |
*Exclusive of the BTC of $11,381 and $8,970, respectively, and net of allowances for bad debt of $55 and $48, respectively, as of the dates noted. Transaction price allocated to the remaining performance obligations As of December 31, 2023, approximately $12,974 of revenue is expected to be recognized in the future from remaining performance obligations. The Company expects to recognize this revenue ratably based upon the expected sales over the expected term of its long-term contracts which range from one to four years. Approximately 28% of this revenue is expected to be recognized over the next 12 months, and 72% is expected to be recognized between one and three years. These amounts are subject to change based upon changes in the estimated contract life, estimated quantities, and most-likely expected sales price over the contract life. See Note 2 for further information. Disaggregation of revenue - contractual and non-contractual
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Contract revenue from customers with > 1-year arrangement |  | $ | 37,055 |  |  | $ | 33,686 |  |  | $ | 25,918 |
Contract revenue from customer with < 1-year arrangement |  |  | 330,973 |  |  |  | 362,106 |  |  |  | 295,246 |
Revenue from non-contractual arrangements |  |  | 222 |  |  |  | 222 |  |  |  | 222 |
Total revenue |  | $ | 368,250 |  |  | $ | 396,014 |  |  | $ | 321,386 |
Timing of revenue
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Bill-and-hold revenue |  | $ | 43,766 |  |  | $ | 36,805 |  |  | $ | 34,695 |
Non-bill-and-hold revenue |  |  | 324,484 |  |  |  | 359,209 |  |  |  | 286,691 |
Total revenue |  | $ | 368,250 |  |  | $ | 396,014 |  |  | $ | 321,386 |
Bill-and-hold transactions consisted of five specialty chemical customers in 2023, and four in each of 2022 and 2021, whereby revenue was recognized in accordance with contractual agreements based on product produced, readied for use and loaded into customer provided containers. These sales were subject to written monthly purchase orders with revenue recognized upon production and loading into customer provided containers. The inventory was segregated from other Company inventory as it was custom manufactured and stored at the customer’s request and could not be sold to another buyer. Credit and payment terms for bill-and-hold transactions are similar to other specialty chemical customers. Sales revenue under bill-and-hold arrangements totaled $43,766, $36,805, and $34,695, for the years ended December 31, 2023, 2022, and 2021, respectively. Of the bill-and-hold sales revenue recognized, $4,317, $4,473, and $3,154 had not been shipped for the years ended December 31, 2023, 2022, and 2021, respectively. These balances do not include contract assets that have not been billed or shipped as described above. The Company’s revenues for the years ended December 31, 2023, 2022 and 2021 attributable to the United States and foreign countries (based upon the billing addresses of its customers) were as follows.
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
United States |  | $ | 367,368 |  |  | $ | 394,671 |  |  | $ | 320,148 |
All Foreign Countries |  |  | 882 |  |  |  | 1,343 |  |  |  | 1,238 |
Total |  | $ | 368,250 |  |  | $ | 396,014 |  |  | $ | 321,386 |
For the years ended December 31, 2023, 2022 and 2021, no revenues from a single foreign country were greater than 1% of total revenues.

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