Net Sales and Revenue Recognition

3 Months Ended

Mar. 31, 2022

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 recognized on a net reporting basis of $

19.8

 million and $

17.8

 million

for the three months ended March 31, 2022 and 2021, 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. As previously disclosed in the 2021 Form 10-K,

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 Condensed Consolidated Balance Sheets as of March 31, 2022 or

December 31, 2021.

The Company had approximately $

6.9

 million and $

7.0

 million of deferred revenue as of March 31, 2022 and December 31,

2021, respectively. For three months ended March 31, 2022, the Company satisfied all of the associated performance obligations and

recognized into revenue the advance payments received and recorded as of December 31, 2021.

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 disaggregate the Company’s net sales by segment, geographic region, customer industry, and timing of

revenue recognized for the three months ended March 31, 2022 and 2021.

Three Months Ended March 31, 2022

Consolidated

Americas

EMEA

Asia/Pacific

Total

Customer Industries

Metals

$

56,160

$

36,839

$

55,287

$

148,286

Metalworking and other

97,984

88,848

48,947

235,779

154,144

125,687

104,234

384,065

Global Specialty Businesses

57,264

20,021

12,821

90,106

$

211,408

$

145,708

$

117,055

$

474,171

Timing of Revenue Recognized

Product sales at a point in time

$

201,284

$

137,203

$

114,625

$

453,112

Services transferred over time

10,124

8,505

2,430

21,059

$

211,408

$

145,708

$

117,055

$

474,171

Three Months Ended March 31, 2021

Consolidated

Americas

EMEA

Asia/Pacific

Total

Customer Industries

Metals

$

46,793

$

34,274

$

49,743

$

130,810

Metalworking and other

88,078

85,540

46,963

220,581

134,871

119,814

96,706

351,391

Global Specialty Businesses

45,256

20,272

12,864

78,392

$

180,127

$

140,086

$

109,570

$

429,783

Timing of Revenue Recognized

Product sales at a point in time

$

171,594

$

131,162

$

106,399

$

409,155

Services transferred over time

8,533

8,924

3,171

20,628

$

180,127

$

140,086

$

109,570

$

429,783