Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

v3.20.2
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
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 • Refining catalysts
• Emission control catalysts
• Catalyst recycling services
• Silicate for catalyst manufacturing
Packaging & engineered plastics • Catalysts for high-density polyethlene and chemicals syntheses
• Antiblock 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, 2020 and 2019:
Three months ended September 30, 2020
Refining
Services		 Catalysts Performance
Materials		 Performance
Chemicals		 Total
Industrial & process chemicals $ 17,447  $ 51  $ 11,134  $ 47,786  $ 76,418 
Fuels & emission control(1)
60,022  —  —  700  60,722 
Packaging & engineered plastics 10,941  23,020  15,438  11,987  61,386 
Highway safety & construction(1)
—  —  74,672  19,553  94,225 
Consumer products —  —  —  56,304  56,304 
Natural resources 19,194  —  3,330  12,183  34,707 
Total segment sales 107,604  23,071  104,574  148,513  383,762 
Eliminations (764) (51) (57) (2,571) (3,443)
Total $ 106,840  $ 23,020  $ 104,517  $ 145,942  $ 380,319 
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, 2020
Refining
Services		 Catalysts Performance
Materials		 Performance
Chemicals		 Total
Industrial & process chemicals $ 53,518  $ 100  $ 32,571  $ 151,367  $ 237,556 
Fuels & emission control(1)
166,416  —  3  700  167,119 
Packaging & engineered plastics 29,147  73,043  46,554  35,814  184,558 
Highway safety & construction(1)
—  —  185,733  58,054  243,787 
Consumer products —  —  —  180,238  180,238 
Natural resources 49,646  —  9,485  39,260  98,391 
Total segment sales 298,727  73,143  274,346  465,433  1,111,649 
Eliminations (2,469) (100) (166) (7,472) (10,207)
Total $ 296,258  $ 73,043  $ 274,180  $ 457,961  $ 1,101,442 
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 

(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 no contract assets on its condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019.
The Company recognized a $11,486 contract liability associated with the sale of its magnesium silicate product line in July 2020, of which $10,785 of deferred revenue remained as of September 30, 2020. The Company recognized revenue of $806 related to this contract liability during the three and nine months ended September 30, 2020. Refer to Note 7 of these condensed consolidated financial statements for additional information related to the sale of the product line.
The Company recognized a $9,000 contract liability associated with the sale of a portion of its sulfate salts product line in June 2019, of which $3,105 and $6,450 of deferred revenue remained as of September 30, 2020 and December 31, 2019, respectively. The Company recognized revenue of $1,035 and $3,339 related to this contract liability during the three and nine months ended September 30, 2020. 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 7 of these condensed consolidated financial statements for additional information related to the sale of the product line.