Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

4. Revenue

The Company disaggregates revenues from contracts with customers by both geographic reportable segments and revenue contract types. Geographic reportable segmentation is pertinent to understanding the Company's revenues, as it aligns with how the Company reviews the financial performance of its operations. Revenue contract types are differentiated by the type of good or service the Company offers customers, since the contractual terms necessary for revenue recognition are unique to each of the identified revenue contract types.

The following table disaggregates external customer net sales by major category:

	Three months ended June 30,				Six months ended June 30,
(in millions)	2023		2022		2023		2022
USA
Chemical distribution	$	1,594.0	$	1,900.2	$	3,246.4	$	3,677.3
Services	72.2		70.0		149.0		136.1
Total external customer net sales	$	1,666.2	$	1,970.2	$	3,395.4	$	3,813.4
EMEA
Chemical distribution	$	474.9	$	547.1	$	989.0	$	1,109.3
Services	—		0.1		—		0.1
Total external customer net sales	$	474.9	$	547.2	$	989.0	$	1,109.4
Canada
Chemical distribution	$	243.0	$	298.2	$	517.2	$	591.6
Total external customer net sales	$	243.0	$	298.2	$	517.2	$	591.6
LATAM
Chemical distribution	$	182.9	$	196.8	$	348.1	$	377.5
Services	7.1		4.2		9.3		7.3
Total external customer net sales	$	190.0	$	201.0	$	357.4	$	384.8
Consolidated
Chemical distribution	$	2,494.8	$	2,942.3	$	5,100.7	$	5,755.7
Services	79.3		74.3		158.3		143.5
Total external customer net sales	$	2,574.1	$	3,016.6	$	5,259.0	$	5,899.2

Deferred revenue

Deferred revenues are recognized as contract liabilities when customers provide the Company with consideration prior to the Company satisfying its performance obligations and are recognized in revenue when the performance obligations are met. Deferred revenues relate to revenues that are expected to be recognized within one year and are recorded within other accrued expenses in the condensed consolidated balance sheets. Deferred revenues as of June 30, 2023 and December 31, 2022 were $5.9 million and $15.3 million, respectively.

Revenue recognized for the six months ended June 30, 2023 and 2022 from amounts included in contract liabilities at the beginning of the respective periods was $12.9 million and $16.4 million, respectively.