乐天堂fun88(中国区)官方网站 Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

REVENUE RECOGNITION

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2020

REVENUE RECOGNITION

听

REVENUE RECOGNITION

11. REVENUE RECOGNITION

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We generate substantially all of our revenues through sales in the open market and long-term supply agreements. We recognize revenue when control of the promised goods is transferred to our customers. Control of goods usually passes to the customer at the time shipment is made. Revenue is measured as the amount that reflects the consideration that we expect to be entitled to in exchange for those goods. Sales, value add and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. We have elected to account for all shipping and handling activities as fulfillment costs. We have also elected to expense commissions when incurred as the amortization period of the commission asset that we would have otherwise recognized is less than one year.

The following tables disaggregate our revenue from continuing operations by major source for the three months ended September 30, 2020 and 2019 (dollars in millions):

鈥�

2020

Polyurethanes

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Performance Products

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Advanced Materials

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Textile Effects

鈥�

Corporate and Eliminations

鈥�

Total

Primary Geographic Markets(1)

鈥�

U.S. and Canada

350

鈥�

104

鈥�

(5)

鈥�

513

Europe

鈥�

253

鈥�

400

Asia Pacific

鈥�

264

鈥�

470

Rest of world

鈥�

127

鈥�

936

鈥�

238

鈥�

199

鈥�

142

鈥�

(5)

鈥�

1,510

鈥�

Major Product Groupings

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MDI urethanes

936

鈥�

936

Differentiated

鈥�

238

鈥�

238

Specialty

鈥�

178

鈥�

178

Non-specialty

鈥�

Textile chemicals, dyes and digital inks

鈥�

142

鈥�

142

Eliminations

鈥�

(5)

鈥�

(5)

鈥�

936

鈥�

238

鈥�

199

鈥�

142

鈥�

(5)

鈥�

1,510

鈥�

2019

Polyurethanes

鈥�

Performance Products

鈥�

Advanced Materials

鈥�

Textile Effects

鈥�

Corporate and Eliminations

鈥�

Total

Primary Geographic Markets(1)

鈥�

U.S. and Canada

362

鈥�

132

鈥�

(19)

鈥�

564

Europe

鈥�

272

鈥�

(2)

鈥�

466

Asia Pacific

鈥�

287

鈥�

104

鈥�

520

Rest of world

鈥�

(1)

鈥�

137

鈥�

993

鈥�

281

鈥�

256

鈥�

179

鈥�

(22)

鈥�

1,687

鈥�

Major Product Groupings

鈥�

MDI urethanes

993

鈥�

993

Differentiated

鈥�

281

鈥�

281

Specialty

鈥�

222

鈥�

222

Non-specialty

鈥�

Textile chemicals, dyes and digital inks

鈥�

179

鈥�

179

Eliminations

鈥�

(22)

鈥�

(22)

鈥�

993

鈥�

281

鈥�

256

鈥�

179

鈥�

(22)

鈥�

1,687

鈥�

The following tables disaggregate our revenue from continuing operations by major source for the nine months ended September 30, 2020 and 2019 (dollars in millions):

鈥�

2020

Polyurethanes

鈥�

Performance Products

鈥�

Advanced Materials

鈥�

Textile Effects

鈥�

Corporate and Eliminations

鈥�

Total

Primary Geographic Markets(1)

鈥�

U.S. and Canada

1,015

鈥�

333

鈥�

167

鈥�

(16)

鈥�

1,535

Europe

鈥�

681

鈥�

184

鈥�

243

鈥�

(1)

鈥�

1,178

Asia Pacific

鈥�

673

鈥�

194

鈥�

164

鈥�

251

鈥�

1,282

Rest of world

鈥�

185

鈥�

(1)

鈥�

355

鈥�

2,554

鈥�

758

鈥�

632

鈥�

424

鈥�

(18)

鈥�

4,350

鈥�

Major Product Groupings

鈥�

MDI urethanes

2,554

鈥�

2,554

Differentiated

鈥�

758

鈥�

758

Specialty

鈥�

561

鈥�

561

Non-specialty

鈥�

Textile chemicals, dyes and digital inks

鈥�

424

鈥�

424

Eliminations

鈥�

(18)

鈥�

(18)

鈥�

2,554

鈥�

758

鈥�

632

鈥�

424

鈥�

(18)

鈥�

4,350

鈥�

2019

Polyurethanes

鈥�

Performance Products

鈥�

Advanced Materials

鈥�

Textile Effects

鈥�

Corporate and Eliminations

鈥�

Total

Primary Geographic Markets(1)

鈥�

U.S. and Canada

1,094

鈥�

404

鈥�

224

鈥�

(44)

鈥�

1,726

Europe

鈥�

802

鈥�

249

鈥�

322

鈥�

(8)

鈥�

1,464

Asia Pacific

鈥�

803

鈥�

179

鈥�

201

鈥�

336

鈥�

(1)

鈥�

1,518

Rest of world

鈥�

232

鈥�

100

鈥�

(4)

鈥�

432

鈥�

2,931

鈥�

880

鈥�

803

鈥�

583

鈥�

(57)

鈥�

5,140

鈥�

Major Product Groupings

鈥�

MDI urethanes

2,931

鈥�

2,931

Differentiated

鈥�

880

鈥�

880

Specialty

鈥�

683

鈥�

683

Non-specialty

鈥�

120

鈥�

120

Textile chemicals, dyes and digital inks

鈥�

583

鈥�

583

Eliminations

鈥�

(57)

鈥�

(57)

鈥�

2,931

鈥�

880

鈥�

803

鈥�

583

鈥�

(57)

鈥�

5,140

(1)	Geographic information for revenues is based upon countries into which product is sold.

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Substantially all of our revenue is generated through product sales in which revenue is recognized at a point in time. At contract inception, we assess the goods and services, if any, promised in our contracts and identify a performance obligation for each promise to transfer to the customer a good or service that is distinct. In substantially all cases, a contract has a single performance obligation to deliver a promised good to the customer. Revenue is recognized

when control of the product is transferred to the customer (i.e., when our performance obligation is satisfied), which typically occurs at shipment. Further, in determining whether control has transferred, we consider if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer.

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The amount of consideration we receive and revenue we recognize is based upon the terms stated in the sales contract, which may contain variable consideration such as discounts or rebates. We allocate the transaction price to each distinct product based on their relative standalone selling price. The product price as specified on the purchase order or in the sales contract is considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar customer in similar circumstances. In order to estimate the applicable variable consideration, we use historical and current trend information to estimate the amount of discounts or rebates to which customers are likely to be entitled. Historically, actual discount or rebate adjustments relative to those estimated and included when determining the transaction price have not materially differed. Payment terms vary but are generally less than one year. As our standard payment terms are less than one year, we have elected to not assess whether a contract has a significant financing component. In the normal course of business, we do not accept product returns unless the item is defective as manufactured. We establish provisions for estimated returns based on an analysis of historical experience.