XML 19 R13.htm IDEA: XBRL DOCUMENT v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition —The Company recognizes revenue from the sale of its products, which include crop and non-crop products. The Company sells its products to customers, which include distributors, retailers, and growers. In addition, the Company recognizes royalty income from licensing agreements. Substantially all revenue is recognized at a point in time. During the three and nine months ended September 30, 2024, the Company recorded a reduction to sales in the amount of $11,783 related to the U.S. Crop business and $620 related to the international businesses in connection with the Company's voluntarily recall of the Dacthal product line. These amounts are based on estimated return claims from retailers and growers. The Company has one reportable segment. Selective enterprise information of sales disaggregated by category and geographic region is as follows:

 

 

 

For the Three Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

Change

 

 

% Change

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. crop

 

$

35,533

 

 

$

67,749

 

 

$

(32,216

)

 

 

-48

%

U.S. non-crop

 

 

22,454

 

 

 

19,250

 

 

 

3,204

 

 

 

17

%

Total U.S.

 

 

57,987

 

 

 

86,999

 

 

 

(29,012

)

 

 

-33

%

International

 

 

60,320

 

 

 

62,517

 

 

 

(2,197

)

 

 

-4

%

Total net sales

 

$

118,307

 

 

$

149,516

 

 

$

(31,209

)

 

 

-21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

Change

 

 

% Change

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. crop

 

$

155,075

 

 

$

185,823

 

 

$

(30,748

)

 

 

-17

%

U.S. non-crop

 

 

59,241

 

 

 

50,041

 

 

 

9,200

 

 

 

18

%

Total U.S.

 

 

214,316

 

 

 

235,864

 

 

 

(21,548

)

 

 

-9

%

International

 

 

167,343

 

 

 

171,327

 

 

 

(3,984

)

 

 

-2

%

Total net sales

 

$

381,659

 

 

$

407,191

 

 

$

(25,532

)

 

 

-6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company sometimes receives payments from its customers in advance of goods and services being provided in return for early cash incentive programs. These payments are included in customer prepayments on the condensed consolidated balance sheets. Revenue recognized for the three and nine months ended September 30, 2024, that was included in customer prepayments at the beginning of 2024, was $12,042 and $65,512, respectively. The remaining balance of those customer prepayments from the start of 2024 in the amount of $48 is expected to be recognized as revenue in fiscal 2024. During the three months ended September 30, 2024, the Company received customer prepayments in the amount of $57,000 that are expected to be recognized as revenue during the 2024-2025 growing season in the United States, which began on September 1, 2024.