Net Sales and Revenue Recognition

12 Months Ended

Dec. 31, 2021

Net sales and revenue recognition [Abstract]

Net sales and revenue recognition [TextBlock]

Note 5 – Net Sales and Revenue Recognition

Arrangements Resulting in Net Reporting 

As part of the Company’s Fluidcare

TM

 business, certain third-party product sales to customers are managed by the Company. The

Company transferred third-party products under arrangements resulting in net reporting of $

71.7

 million, $

42.5

 million and $

48.0

million for the years ended December 31, 2021, 2020 and 2019, respectively.

Customer Concentration

A significant portion of the Company’s revenues are realized from the sale of process fluids and services to manufacturers of

steel, aluminum, automobiles, aircraft, industrial equipment, and durable goods. During the year ended December 31, 2021, the

Company’s five largest customers (each composed of multiple subsidiaries or divisions with semiautonomous purchasing authority)

accounted for approximately

10

% of consolidated net sales, with its largest customer accounting for approximately

3

% of consolidated

net sales.

Contract Assets and Liabilities

The Company had no material contract assets recorded on its Consolidated Balance Sheets as of December 31, 2021 and 2020.

The Company had approximately $

7.0

 million and $

4.0

 million of deferred revenue as of December 31, 2021 and 2020,

respectively. During the years ended December 31, 2021 and 2020, respectively, the Company satisfied all of the associated

performance obligations and recognized into revenue the advance payments received and recorded as of December 31, 2020 and 2019,

respectively.

Disaggregated Revenue

The Company sells its various industrial process fluids, its specialty chemicals and its technical expertise as a global product

portfolio. The Company generally manages and evaluates its performance by segment first, and then by customer industry, rather than

by individual product lines. Also, net sales of each of the Company’s major product lines are generally spread throughout all three of

the Company’s geographic regions, and in most cases, approximately proportionate to the level of total sales in each region.

The following tables present disaggregated information regarding the Company’s net sales, first by major product lines that

represent more than

10

% of the Company’s consolidated net sales for any of the years ended December 31, 2021, 2020 and 2019, and

followed then by a disaggregation of the Company’s net sales by segment, geographic region, customer industry, and timing of

revenue recognized for the years ended December 31, 2021, 2020 and 2019.

2021

2020

2019

Metal removal fluids

23.4

%

23.9

%

19.9

%

Rolling lubricants

22.2

%

21.8

%

21.9

%

Hydraulic fluids

13.6

%

13.3

%

13.0

%

Net sales for the year ending December 31, 2021

Consolidated

Americas

EMEA

Asia/Pacific

Total

Customer Industries

Metals

$

210,340

$

141,950

$

207,160

$

559,450

Metalworking and other

362,303

338,176

181,000

881,479

572,643

480,126

388,160

1,440,929

Global Specialty Businesses

186,859

80,541

52,829

320,229

$

759,502

$

560,667

$

440,989

$

1,761,158

Timing of Revenue Recognized

Product sales at a point in time

$

724,357

$

527,083

$

429,130

$

1,680,570

Services transferred over time

35,145

33,584

11,859

80,588

$

759,502

$

560,667

$

440,989

$

1,761,158

Net sales for the year ending December 31, 2020

Consolidated

Americas

EMEA

Asia/Pacific

Total

Customer Industries

Metals

$

163,135

$

107,880

$

168,096

$

439,111

Metalworking and other

287,026

275,307

147,203

709,536

450,161

383,187

315,299

1,148,647

Global Specialty Businesses

154,796

68,164

46,070

269,030

$

604,957

$

451,351

$

361,369

$

1,417,677

Timing of Revenue Recognized

Product sales at a point in time

$

580,663

$

434,549

$

352,917

$

1,368,129

Services transferred over time

24,294

16,802

8,452

49,548

$

604,957

$

451,351

$

361,369

$

1,417,677

Net sales for the year ending December 31, 2019

Consolidated

Americas

EMEA

Asia/Pacific

Total

Customer Industries

Metals

$

171,784

$

100,605

$

141,870

$

414,259

Metalworking and other

220,337

184,965

105,969

511,271

392,121

285,570

247,839

925,530

Global Specialty Businesses

149,428

30,115

28,430

207,973

$

541,549

$

315,685

$

276,269

$

1,133,503

Timing of Revenue Recognized

Product sales at a point in time

$

525,802

$

310,274

$

269,228

$

1,105,304

Services transferred over time

15,747

5,411

7,041

28,199

$

541,549

$

315,685

$

276,269

$

1,133,503