| Revenue from Contracts with Customers |
3. Revenue from Contracts with Customers:
Disaggregated Revenue
The Company’s primary means of disaggregating revenues is by reportable segments, which can be found in Note 18 to these condensed consolidated financial statements.
The Company’s portfolio of products are integrated into a variety of end uses, which are described in the table below.
|
|
|
Key End Uses |
Key Products |
Industrial & process chemicals |
• Silicate precursors for the tire industry |
|
• Glass beads, or microspheres, for metal finishing end uses |
Fuels & emission control |
• Refinery catalysts |
|
• Emission control catalysts |
|
• Catalyst recycling services |
|
• Silicate for catalyst manufacturing |
Packaging & engineered plastics |
• Catalysts for high-density polyethlene and chemicals syntheses |
|
• Antiblocks for film packaging |
|
• Solid and hollow microspheres for composite plastics |
|
• Sulfur derivatives for nylon production |
Highway safety & construction |
• Reflective markings for roadways and airports |
|
• Silica gels for surface coatings |
Consumer products |
• Silica gels for edible oil and beer clarification |
|
• Precipitated silicas, silicates and zeolites for the dentifrice and |
|
dishwasher and laundry detergent applications |
Natural resources |
• Silicates for drilling muds |
|
• Hollow glass beads, or microspheres, for oil well cements |
|
• Silicates and alum for water treatment mining |
|
• Bleaching aids for paper |
|
|
The following tables disaggregate the Company’s sales, by segment and end use, for the three and nine months ended September 30, 2019 and 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2019 |
|
Refining
Services
|
|
Catalysts |
|
Performance Materials |
|
Performance Chemicals |
|
Total |
Industrial & process chemicals |
$ |
20,180 |
|
|
$ |
47 |
|
|
$ |
12,225 |
|
|
$ |
54,696 |
|
|
$ |
87,148 |
|
Fuels & emission control (1)
|
70,048 |
|
|
— |
|
|
— |
|
|
— |
|
|
70,048 |
|
Packaging & engineered plastics |
12,197 |
|
|
25,565 |
|
|
16,886 |
|
|
12,048 |
|
|
66,696 |
|
Highway safety & construction (1)
|
— |
|
|
— |
|
|
82,502 |
|
|
20,800 |
|
|
103,302 |
|
Consumer products |
— |
|
|
— |
|
|
— |
|
|
64,849 |
|
|
64,849 |
|
Natural resources |
15,910 |
|
|
— |
|
|
3,521 |
|
|
15,556 |
|
|
34,987 |
|
Total segment sales |
118,335 |
|
|
25,612 |
|
|
115,134 |
|
|
167,949 |
|
|
427,030 |
|
Eliminations |
(813 |
) |
|
(47 |
) |
|
(18 |
) |
|
(2,351 |
) |
|
(3,229 |
) |
Total |
$ |
117,522 |
|
|
$ |
25,565 |
|
|
$ |
115,116 |
|
|
$ |
165,598 |
|
|
$ |
423,801 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2019 |
|
Refining
Services
|
|
Catalysts |
|
Performance Materials |
|
Performance Chemicals |
|
Total |
Industrial & process chemicals |
$ |
60,485 |
|
|
$ |
109 |
|
|
$ |
38,037 |
|
|
$ |
175,009 |
|
|
$ |
273,640 |
|
Fuels & emission control (1)
|
191,243 |
|
|
— |
|
|
— |
|
|
— |
|
|
191,243 |
|
Packaging & engineered plastics |
38,953 |
|
|
62,226 |
|
|
51,863 |
|
|
41,121 |
|
|
194,163 |
|
Highway safety & construction (1)
|
— |
|
|
— |
|
|
195,119 |
|
|
65,036 |
|
|
260,155 |
|
Consumer products |
— |
|
|
— |
|
|
— |
|
|
198,798 |
|
|
198,798 |
|
Natural resources |
50,788 |
|
|
— |
|
|
10,076 |
|
|
46,275 |
|
|
107,139 |
|
Total segment sales |
341,469 |
|
|
62,335 |
|
|
295,095 |
|
|
526,239 |
|
|
1,225,138 |
|
Eliminations |
(2,595 |
) |
|
(109 |
) |
|
(170 |
) |
|
(7,567 |
) |
|
(10,441 |
) |
Total |
$ |
338,874 |
|
|
$ |
62,226 |
|
|
$ |
294,925 |
|
|
$ |
518,672 |
|
|
$ |
1,214,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2018 |
|
|
Refining
Services
|
|
Catalysts |
|
Performance Materials |
|
Performance Chemicals |
|
Total |
Industrial & process chemicals |
|
$ |
21,027 |
|
|
$ |
— |
|
|
$ |
11,263 |
|
|
$ |
55,589 |
|
|
$ |
87,879 |
|
Fuels & emission control (1)
|
|
66,095 |
|
|
— |
|
|
— |
|
|
— |
|
|
66,095 |
|
Packaging & engineered plastics |
|
16,636 |
|
|
16,347 |
|
|
17,763 |
|
|
14,086 |
|
|
64,832 |
|
Highway safety & construction (1)
|
|
— |
|
|
— |
|
|
82,738 |
|
|
22,466 |
|
|
105,204 |
|
Consumer products |
|
— |
|
|
— |
|
|
— |
|
|
67,138 |
|
|
67,138 |
|
Natural resources |
|
19,611 |
|
|
— |
|
|
3,616 |
|
|
15,443 |
|
|
38,670 |
|
Total segment sales |
|
123,369 |
|
|
16,347 |
|
|
115,380 |
|
|
174,722 |
|
|
429,818 |
|
Eliminations |
|
(833 |
) |
|
— |
|
|
119 |
|
|
(1,901 |
) |
|
(2,615 |
) |
Total |
|
$ |
122,536 |
|
|
$ |
16,347 |
|
|
$ |
115,499 |
|
|
$ |
172,821 |
|
|
$ |
427,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2018 |
|
|
Refining
Services
|
|
Catalysts |
|
Performance Materials |
|
Performance Chemicals |
|
Total |
Industrial & process chemicals |
|
$ |
55,347 |
|
|
$ |
54 |
|
|
$ |
38,070 |
|
|
$ |
186,886 |
|
|
$ |
280,357 |
|
Fuels & emission control (1)
|
|
182,304 |
|
|
— |
|
|
— |
|
|
— |
|
|
182,304 |
|
Packaging & engineered plastics |
|
45,032 |
|
|
50,113 |
|
|
57,247 |
|
|
40,375 |
|
|
192,767 |
|
Highway safety & construction (1)
|
|
— |
|
|
— |
|
|
198,165 |
|
|
64,930 |
|
|
263,095 |
|
Consumer products |
|
— |
|
|
— |
|
|
— |
|
|
209,256 |
|
|
209,256 |
|
Natural resources |
|
53,471 |
|
|
— |
|
|
11,178 |
|
|
46,999 |
|
|
111,648 |
|
Total segment sales |
|
336,154 |
|
|
50,167 |
|
|
304,660 |
|
|
548,446 |
|
|
1,239,427 |
|
Eliminations |
|
(2,456 |
) |
|
(54 |
) |
|
(214 |
) |
|
(8,590 |
) |
|
(11,314 |
) |
Total |
|
$ |
333,698 |
|
|
$ |
50,113 |
|
|
$ |
304,446 |
|
|
$ |
539,856 |
|
|
$ |
1,228,113 |
|
|
|
(1)
|
As described in Note 1, the Company experiences seasonal sales fluctuations to customers in the fuels & emission control and highway safety & construction end uses.
|
Contract Assets and Liabilities
A contract asset is a right to consideration in exchange for goods that the Company has transferred to a customer when that right is conditional on something other than the passage of time. A contract liability exists when the Company receives consideration in advance of performance obligations. The Company has not recorded any contract assets on its condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018, and no contract liabilities existed as of December 31, 2018.
The Company recognized a $9,000 contract liability associated with the sale of a portion of its sulfate salts product line, of which $7,965 of deferred revenue remained as of September 30, 2019. The Company recognized revenue of $1,035 related to this contract liability during the three and nine months ended September 30, 2019. Refer to Note 6 of these condensed consolidated financial statements for additional information related to the sale of the product line.
|