Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

We serve approximately 400 customers annually in approximately 50 countries and across a wide variety of industries. For 2023, 2022 and 2021, the Company's ten largest customers accounted for approximately 39%, 39% and 40% of total sales, respectively.

We typically sell to customers under master services agreements, with primarily one-year terms, or by purchase orders. We have historically experienced low customer turnover and have an average customer relationship of approximately 20 years. Our largest customer is Shaw Industries Group Inc. ("Shaw"), a significant consumer of caprolactam and Nylon 6 resin. We sell caprolactam and Nylon 6 resin to Shaw under a long-term agreement. Sales to Shaw were 11% of our total sales for the year ended December 31, 2023, 12% for the year ended December 31, 2022 and 12% for the year ended December 31, 2021.

The Company’s revenue by product line, and related approximate percentage of total sales for 2023, 2022 and 2021 were as follows:

	Twelve Months Ended December 31, 2023 and 2022
	2023			2022			2021
Nylon	$	356,632	23%	$	485,241	25%	$	422,897	25%
Caprolactam	298,375		19%	319,863		16%	316,132		19%
Ammonium Sulfate	440,915		29%	629,021		33%	401,092		24%
Chemical Intermediates	437,677		29%	511,515		26%	544,504		32%
	$	1,533,599	100%	$	1,945,640	100%	$	1,684,625	100%

The Company’s revenues by geographic area, and related approximate percentage of total sales for 2023, 2022 and 2021 were as follows:

	Twelve Months Ended December 31, 2023 and 2022
	2023				2022				2021
United States	$	1,250,094	82	%	$	1,622,537	83	%	$	1,382,464	82	%
International	283,505		18	%	323,103		17	%	302,161		18	%
Total	$	1,533,599	100	%	$	1,945,640	100	%	$	1,684,625	100	%

Deferred Income and Customer Advances

The Company defers revenues when cash payments are received in advance of our performance. Customer advances relate primarily to sales from the ammonium sulfate business. Below is a roll-forward of Deferred income and customer advances for the twelve months ended December 31, 2023:

Deferred Income and Customer Advances	2023
Opening balance January 1, 2023	$	34,430
Additional cash advances	21,916
Less amounts recognized in revenues	(40,668)
Ending balance December 31, 2023	$	15,678

The Company expects to recognize as revenue the December 31, 2023 ending balance of Deferred income and customer advances within one year or less.