Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SENSIENT TECHNOLOGIES CORP | |
Entity Central Index Key | 310,142 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,258,871 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) [Abstract] | ||
Revenue | $ 341,397 | $ 342,468 |
Cost of products sold | 220,452 | 226,625 |
Selling and administrative expenses | 96,908 | 68,324 |
Operating income | 24,037 | 47,519 |
Interest expense | 4,811 | 4,800 |
Earnings before income taxes | 19,226 | 42,719 |
Income taxes | 6,034 | 11,526 |
Earnings from continuing operations | 13,192 | 31,193 |
Loss from discontinued operations, net of tax | 0 | (22) |
Net earnings | $ 13,192 | $ 31,171 |
Weighted average number of shares outstanding: | ||
Basic (in shares) | 44,202 | 44,718 |
Diluted (in shares) | 44,479 | 44,981 |
Basic: | ||
Continuing operations (in dollars per share) | $ 0.30 | $ 0.70 |
Discontinued operations (in dollars per share) | 0 | 0 |
Earnings per common share (in dollars per share) | 0.30 | 0.70 |
Diluted: | ||
Continuing operations (in dollars per share) | 0.30 | 0.69 |
Discontinued operations (in dollars per share) | 0 | 0 |
Earnings per common share (in dollars per share) | 0.30 | 0.69 |
Dividends declared per common share (in dollars per share) | $ 0.30 | $ 0.27 |
CONSOLIDATED CONDENSED STATEME3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||
Comprehensive Income | $ 37,271 | $ 46,750 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 29,109 | $ 25,865 |
Trade accounts receivable, net | 202,343 | 194,509 |
Inventories | 410,067 | 404,320 |
Prepaid expenses and other current assets | 51,422 | 50,974 |
Assets held for sale | 6,788 | 41,393 |
TOTAL CURRENT ASSETS | 699,729 | 717,061 |
OTHER ASSETS | 70,298 | 70,462 |
DEFERRED TAX ASSETS | 6,787 | 12,120 |
INTANGIBLE ASSETS, NET | 7,900 | 8,126 |
GOODWILL | 387,906 | 383,568 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 32,925 | 33,015 |
Buildings | 283,677 | 265,157 |
Machinery and equipment | 686,858 | 643,869 |
Construction in progress | 35,218 | 79,981 |
Property, plant and equipment, gross | 1,038,678 | 1,022,022 |
Less accumulated depreciation | (560,096) | (545,499) |
Property, plant and equipment, net | 478,582 | 476,523 |
TOTAL ASSETS | 1,651,202 | 1,667,860 |
CURRENT LIABILITIES: | ||
Trade accounts payable | 81,260 | 92,450 |
Accrued salaries, wages and withholdings from employees | 19,606 | 26,502 |
Other accrued expenses | 55,774 | 54,752 |
Income taxes | 14,163 | 14,080 |
Short-term borrowings | 20,281 | 20,578 |
Liabilities held for sale | 0 | 5,313 |
TOTAL CURRENT LIABILITIES | 191,084 | 213,675 |
DEFERRED INCOME TAXES | 11,375 | 9,650 |
OTHER LIABILITIES | 6,278 | 6,103 |
ACCRUED EMPLOYEE AND RETIREE BENEFITS | 20,430 | 19,911 |
LONG-TERM DEBT | 572,200 | 582,780 |
SHAREHOLDERS' EQUITY: | ||
Common stock | 5,396 | 5,396 |
Additional paid-in capital | 108,593 | 107,686 |
Earnings reinvested in the business | 1,378,809 | 1,378,923 |
Treasury stock, at cost | (453,577) | (442,799) |
Accumulated other comprehensive loss | (189,386) | (213,465) |
TOTAL SHAREHOLDERS' EQUITY | 849,835 | 835,741 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,651,202 | $ 1,667,860 |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 13,192 | $ 31,171 |
Adjustments to arrive at net cash provided by operating activities: | ||
Depreciation and amortization | 12,141 | 11,612 |
Share-based compensation | 1,930 | 2,018 |
Net loss on assets | 386 | 458 |
Loss on divestiture of businesses | 31,882 | 0 |
Deferred income taxes | 2,202 | (1,349) |
Changes in operating assets and liabilities | (24,167) | 2,263 |
Net cash provided by operating activities | 37,566 | 46,173 |
Cash Flows from Investing Activities: | ||
Acquisition of property, plant and equipment | (10,069) | (14,120) |
Proceeds from sale of assets | 105 | 37 |
Proceeds from divestiture of businesses | 12,457 | 0 |
Other investing activity | (63) | (18) |
Net cash used in investing activities | 2,430 | (14,101) |
Cash flows from financing activities: | ||
Proceeds from additional borrowings | 5,657 | 95,562 |
Debt payments | (19,350) | (87,284) |
Purchase of treasury stock | (12,365) | (17,920) |
Dividends paid | (13,306) | (12,163) |
Other financing activity | (477) | 161 |
Net cash used in financing activities | (39,841) | (21,644) |
Effect of exchange rate changes on cash and cash equivalents | 3,089 | 2,278 |
Net increase in cash and cash equivalents | 3,244 | 12,706 |
Cash and cash equivalents at beginning of period | 25,865 | 11,997 |
Cash and cash equivalents at end of period | $ 29,109 | $ 24,703 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. Accounting Policies In the opinion of Sensient Technologies Corporation (the “Company”), the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) that are necessary to present fairly the financial position of the Company as of March 31, 2017, and the results of operations, comprehensive income, and cash flows for the three months ended March 31, 2017 and 2016. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Expenses are charged to operations in the period incurred. In July 2015, the Financial Accounting Standards Board (FASB) affirmed its proposed one-year deferral of the effective date for Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU No. 2016-02, Leases In December 2016, the FASB issued ASU 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Please refer to the notes in the Company’s annual consolidated financial statements for the year ended December 31, 2016, for additional details of the Company’s financial condition and a description of the Company’s accounting policies, which have been continued without change. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value [Abstract] | |
Fair Value | 2. Fair Value Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, accounts payable, accrued expenses, and short-term borrowings approximated fair values as of March 31, 2017. The fair value of the Company’s long-term debt, including current maturities, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2 inputs). The carrying value of the long-term debt at March 31, 2017, was $572.2 million. The fair value of the long-term debt at March 31, 2017, was $587.0 million. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | 3. Segment Information Operating results by segment for the periods presented are as follows: (In thousands) Flavors & Fragrances Color Asia Pacific Corporate & Other Consolidated Three months ended March 31, 2017: Revenue from external customers $ 181,075 $ 130,840 $ 29,482 $ - $ 341,397 Intersegment revenue 5,800 3,226 154 - 9,180 Total revenue $ 186,875 $ 134,066 $ 29,636 $ - $ 350,577 Operating income (loss) $ 28,770 $ 30,217 $ 5,150 $ (40,100 ) $ 24,037 Interest expense - - - 4,811 4,811 Earnings (loss) before income taxes $ 28,770 $ 30,217 $ 5,150 $ (44,911 ) $ 19,226 Three months ended March 31, 2016: Revenue from external customers $ 191,137 $ 123,164 $ 28,167 $ - $ 342,468 Intersegment revenue 7,347 3,318 40 - 10,705 Total revenue $ 198,484 $ 126,482 $ 28,207 $ - $ 353,173 Operating income (loss) $ 27,647 $ 28,116 $ 5,596 $ (13,840 ) $ 47,519 Interest expense - - - 4,800 4,800 Earnings (loss) before income taxes $ 27,647 $ 28,116 $ 5,596 $ (18,640 ) $ 42,719 Beginning in the first quarter of 2017, the results of operations for certain of the Company’s cosmetic and fragrance businesses in the Asia Pacific segment are now reported in the Color segment and Flavors & Fragrances segment, respectively. The results for 2016 have been restated to reflect these changes. The Company evaluates performance based on operating income of the respective segments before restructuring and other costs, interest expense and income taxes. The 2017 and 2016 restructuring and other costs related to continuing operations are reported in Corporate & Other. See Note 11, Restructuring Divestiture |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventories [Abstract] | |
Inventories | 4. Inventories At March 31, 2017, and December 31, 2016, inventories included finished and in-process products totaling $273.1 million and $273.8 million, respectively, and raw materials and supplies of $137.0 million and $130.5 million, respectively. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2017 | |
Retirement Plans [Abstract] | |
Retirement Plans | 5. Retirement Plans The Company’s components of annual benefit cost for the defined benefit plans for the periods presented are as follows: Three Months Ended March 31, (In thousands) 2017 2016 Service cost $ 461 $ 503 Interest cost 355 420 Expected return on plan assets (255 ) (297 ) Amortization of actuarial (gain) loss (21 ) 53 Total defined benefit expense $ 540 $ 679 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 6. Shareholders’ Equity The Company repurchased 155,849 shares of its common stock for an aggregate cost of $12.4 million during the three months ended March 31, 2017, and 263,770 shares of its common stock for an aggregate cost of $15.4 million during the three months ended March 31, 2016. The amount of treasury stock purchases reported in the Company’s Consolidated Condensed Statements of Cash Flow represent purchases that have settled within each respective three-month period. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activity | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activity [Abstract] | |
Derivative Instruments and Hedging Activity | 7. Derivative Instruments and Hedging Activity The Company may use forward exchange contracts and foreign currency denominated debt to manage its exposure to foreign exchange risk by reducing the effect of fluctuating foreign currencies on short-term foreign currency denominated intercompany transactions, non-functional currency raw material purchases, non-functional currency sales, and other known foreign currency exposures. These forward exchange contracts generally have maturities of less than 18 months. The Company’s primary hedging activities and their accounting treatment are summarized below: Forward exchange contracts Net investment hedges |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes The effective income tax rates for continuing operations for the quarters ended March 31, 2017 and 2016, were 31.4% and 27.0%, respectively. The effective tax rates in both 2017 and 2016 were impacted by restructuring activities, changes in estimates associated with the finalization of prior year foreign and domestic tax items, audit settlements, adjustments to valuation allowances, and mix of foreign earnings. The tax rate in 2017 was also impacted by the limited tax deductibility of losses related to the divestitures discussed in Note 11, Restructuring Divestiture. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | 9. Accumulated Other Comprehensive Income The following table summarizes the changes in OCI during the three-month period ended March 31, 2017: (In thousands) Cash Flow Hedges (a) Pension Items (a) Foreign Currency Items Total Balance as of December 31, 2016 $ (85 ) $ (2,537 ) $ (210,843 ) $ (213,465 ) Other comprehensive income before reclassifications 327 - 17,276 17,603 Amounts reclassified from OCI (20 ) (28 ) 6,524 6,476 Balance as of March 31, 2017 $ 222 $ (2,565 ) $ (187,043 ) $ (189,386 ) (a) Cash Flow Hedges and Pension Items are net of tax. During the three months ended March 31, 2017, the Company completed the divestiture of a facility and certain related business lines in the Flavors & Fragrances segment (see Note 13 , Divestiture Restructuring |
Accounts Receivable Securitizat
Accounts Receivable Securitization | 3 Months Ended |
Mar. 31, 2017 | |
Accounts Receivable Securitization [Abstract] | |
Accounts Receivable Securitization | 10. Accounts Receivable Securitization During October 2016, the Company entered into an accounts receivable securitization program with a commitment size of $40 million, whereby transactions under the program are accounted for as sales of trade receivables in accordance with ASC Topic 860, Transfers and Servicing The initial trade receivables sold to the third-party financial institution, Wells Fargo, in October 2016, totaled $60.6 million, for which $40 million in proceeds was received. The fair value of the receivables sold equaled the carrying cost at the time of sale and no gain or loss was recorded as a result of the sale. The sale also resulted in the recording of a deferred purchase price amount, which represents the retained interest in the sold receivables. This amount is adjusted each month based on collections and other activity. The fair value of the deferred purchase price receivable recorded on the initial sale in October 2016 was $20.6 million. The Company estimates the fair value of the deferred purchase price receivable based on historical performance of similar receivables including an allowance for doubtful accounts, as well as estimated cash discounts to be taken by customers and potential credits issued to customers. The Company deems the interest rate risk related to the deferred purchase price receivable to be de minimis primarily due to the short average collection cycle of the related receivables. As of March 31, 2017, the trade receivables sold to Wells Fargo totaled $57.1 million. The fair value of the deferred purchase price receivable was $17.1 million which is recorded in Trade Accounts Receivable in the Company’s Consolidated Balance Sheets. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring [Abstract] | |
Restructuring | 11. Restructuring The Company incurred restructuring costs in both continuing and discontinued operations. The discussion in this note relates to the combination of both continuing and discontinued operations unless otherwise noted. Restructuring costs related to discontinued operations are recorded in discontinued operations within the Company’s Consolidated Condensed Statements of Earnings and are discussed in Note 12, Discontinued Operations In March 2014, the Company announced that it was initiating a restructuring plan (“2014 Restructuring Plan” or “Plan”) to eliminate underperforming operations, consolidate manufacturing facilities, and improve efficiencies within the Company. The Company determined that it had redundant manufacturing capabilities in both North America and Europe and that it could lower costs and operate more efficiently by consolidating into fewer facilities. Eight facilities were identified for consolidation in the Flavors & Fragrances segment, four in North America and four in Europe. Closures have been announced in Indianapolis, Indiana, United States; Cornwall, Mississauga and Halton Hills, Canada; Bremen, Germany; and Milan, Italy. The Company also identified its two European Natural Ingredients facilities to be sold as part of the Plan, as discussed below. In addition, the Company discontinued one of the businesses in the Color segment, located near Leipzig, Germany, because it did not fit with the Company’s long-term strategic plan and it had generated losses for several years. In 2015, the Company identified additional opportunities to consolidate manufacturing operations at one of the Color segment’s facilities in Europe and eliminate additional positions in the European Flavors & Fragrances businesses. The Company has operationally completed all of the above mentioned activities and closures with the exception of the closure of the Indianapolis facility, which is anticipated to be closed in the second quarter of 2017. Based on this Plan, the Company determined that certain long-lived assets associated with the underperforming operations were impaired. The Company reduced the carrying amounts of these assets to their aggregate respective fair values, which were determined based on independent market valuations. The fair values of the remaining long-lived assets are estimated to be approximately $14 million, which includes certain of the land, buildings, and equipment in the assets held for sale, as noted below. Also, certain machinery and equipment has been identified to be disposed of at the time of the facility closures and the associated depreciation for these assets has been accelerated. The Company recorded long-lived asset impairments, including the impairment charges and accelerated depreciation of $0.5 million during each of the three months ended March 31, 2017 and 2016. Since initiating the Plan, the Company has recorded $87.2 million of long-lived asset impairments, including the impairment charges and accelerated depreciation. In addition, certain intangible assets, inventory and other current assets were also determined to be impaired and were written down. The Company has also incurred employee separation and other restructuring costs as a result of this Plan. The Company anticipates that it will reduce headcount by approximately 400 positions at the affected facilities, primarily in the Flavors & Fragrances segment, related to direct and indirect labor at manufacturing sites. As of March 31, 2017, 355 positions had been eliminated as a result of this Plan. During the three months ended March 31, 2017, the Company sold its European Natural Ingredients business (also known as the European Dehydrated Vegetable business), a business in the Flavors & Fragrances segment. This business had two facilities, located in Marchais, France, and Elburg, the Netherlands. The European Natural Ingredients business had not generated significant profits for several years and did not fit with the Company’s long-term strategic plan. The Company completed the sale of this business on March 27, 2017, for a de minimis amount and recognized a non-cash loss of approximately $21 million. As of March 31, 2017, the Company has recorded assets held for sale of land, buildings, and equipment of $6.8 million related to the 2014 Restructuring Plan. The Company recorded total restructuring costs of $20.2 million for the three months ended March 31, 2017, and $3.3 million for the three months ended March 31, 2016, in accordance with GAAP. Since initiating the 2014 Restructuring Plan, the Company has incurred $172.7 million of restructuring costs through March 31, 2017. The Company expects to incur approximately $7 million of additional restructuring costs by the end of 2017. The increase in the 2017 expected costs are primarily due to the delay in closing the Indianapolis facility, which is now anticipated to be closed in the second quarter of 2017. The closure and sale of these operations have significantly lowered the Company’s operating costs over the last few years and anticipates additional savings in 2018. Upon initiating the Plan, the Company estimated the annual cost reductions to be approximately $30 million, when fully implemented. The U.S. dollar has strengthened considerably since the initiation of the Plan, and as a result the dollar value of the cost savings has been reduced. In 2015, the Company identified additional cost savings opportunities, and as a result of these actions, the current estimate of annual cost savings is approximately $27 million. The Company has also implemented price increases to further mitigate the impact of foreign currency movements. Since initiating the Plan, the Company has realized total savings of approximately $22 million as of March 31, 2017. During the three months ended March 31, 2017, the Company realized a de minimis amount of savings and expects to realize approximately $1 million of additional savings by the end of 2017 and approximately $3 to $4 million in 2018. Expected savings have shifted from 2017 to 2018 primarily due to the delay in closing the Indianapolis facility. The Company intends to continue to optimize production at the consolidating sites after the completion of the restructuring activities. In connection with the 2014 Restructuring Plan, the Company approved a plan to dispose of a certain business, located near Leipzig, Germany, within the Color segment. Production ceased in 2014 and the business met the criteria to be reported as a discontinued operation. In 2016, the facility and remaining assets were sold and the entity was liquidated. The Company evaluates performance based on operating income of each segment before restructuring and other costs. All restructuring and other costs related to continuing operations are recorded in Corporate & Other. The following table summarizes the restructuring expense by segment and discontinued operations for the three months ended March 31, 2017 and 2016, respectively: Three Months Ended March 31, (In thousands) 2017 2016 Flavors & Fragrances $ 20,153 $ 2,942 Color - 39 Asia Pacific - - Corporate & Other 59 361 Total Continuing Operations 20,212 3,342 Discontinued Operations - - Total Restructuring $ 20,212 $ 3,342 The Company recorded restructuring costs in continuing operations for the three months ended March 31, 2017, as follows: Three Months Ended March 31, 2017 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation (1) $ (4,485 ) $ - $ (4,485 ) Long-lived asset impairment 456 - 456 Loss on sale of business 20,909 - 20,909 Write-down of inventory - 342 342 Other restructuring costs (2) 2,990 - 2,990 Total $ 19,870 $ 342 $ 20,212 (1) Employee separation costs include a reversal of the employee separation accrual for the European Natural Ingredients business, which is no longer expected to be paid due to the sale of this business. (2) Other costs include decommissioning costs, professional services, temporary labor, moving costs and other related costs. The Company recorded restructuring costs in continuing operations for the three months ended March 31, 2016, as follows: Three Months Ended March 31, 2016 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 131 $ - $ 131 Long-lived asset impairment 471 - 471 Write-down of inventory - 644 644 Other restructuring costs (1) 2,096 - 2,096 Total $ 2,698 $ 644 $ 3,342 (1) Other costs include decommissioning costs, professional services, temporary labor, moving costs, and other related costs. The following table summarizes the accrual activities for the restructuring activities for the three months ended March 31, 2017: (In thousands) Employee Separations Other Total Balance as of December 31, 2016 $ 6,959 $ 570 $ 7,529 Expense activity (1) (4,485 ) 2,990 (1,495 ) Cash spent (1,252 ) (3,327 ) (4,579 ) Translation adjustment 77 - 77 Balance as of March 31, 2017 $ 1,299 $ 233 $ 1,532 (1) Employee separation costs include a reversal of the employee separation accrual for the European Natural Ingredients business, which is no longer expected to be paid due to the sale of this business. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 12. Discontinued Operations In connection with the 2014 Restructuring Plan, the Company approved a plan to dispose of a business unit within the Color segment, located near Leipzig, Germany. Since 2014, the business has met the criteria to be presented as a discontinued operation as established in ASC Subtopic 205-20, Discontinued Operations The following table summarizes the discontinued operation’s results for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, (In thousands) 2017 2016 Revenue $ - $ - Loss from discontinued operations before income taxes - (31 ) Income tax benefit - 9 Loss from discontinued operations, net of tax $ - $ (22 ) |
Divestiture
Divestiture | 3 Months Ended |
Mar. 31, 2017 | |
Divestiture [Abstract] | |
Divestiture | 13. Divestiture In 2016, the Company’s Board of Directors authorized management to explore strategic alternatives for a facility and certain related business lines within the Flavors & Fragrances segment in Strasbourg, France. In 2016, the Company recorded a non-cash impairment charge of $10.8 million, in selling and administrative expense, reducing the carrying value of the long-lived assets for this facility to zero. An estimate of the fair value of this business less cost to sell was determined to be lower than its carrying value. The difference between the fair value and its carrying value exceeded the existing net book value of the long-lived assets. In addition, the Company incurred $0.7 million of outside professional fees and other related costs in 2016, as a result of the then anticipated divestiture. On January 6, 2017, the Company completed the sale of this facility and certain related business lines for approximately $12.5 million. The Company recognized an additional non-cash loss of approximately $11 million during the three months ended March 31, 2017. The additional non-cash loss is primarily due to changes in the estimates related to the amount of the cumulative translation loss, deferred tax assets, and updating working capital balances and other estimates upon closing the transaction. The Company also incurred approximately $0.1 million of outside professional fees and other related costs. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On May 3, 2017, the Company issued three new fixed-rate notes consisting of a 7-year note of €50 million (approximately $53 million) at a fixed rate of 1.27%; a 10-year note of €40 million (approximately $43 million) at a fixed rate of 1.71%; and a 7-year note of $27 million at a fixed rate of 3.65%. Also, on May 3, 2017, the Company extended the maturity date of its revolver from November 2020 to May 2022, and increased its credit facility term loan from $115 million to $145 million. Proceeds were used to refinance existing debt. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies U.S. Equal Employment Opportunity Commission Civil Complaint On September 21, 2015, the U.S. Equal Employment Opportunity Commission (EEOC) filed a civil complaint against Sensient Natural Ingredients LLC (SNI) in the U.S. District Court for the Eastern District of California. SNI is a wholly owned subsidiary of the Company. The EEOC’s complaint alleges that SNI failed to comply with the Americans with Disabilities Act (ADA), as amended, when it terminated five employees in 2011. The EEOC seeks to enjoin SNI from engaging in employment practices that discriminate on the basis of disability; asks the Court to order SNI to implement policies, practices, and programs to ensure it does not violate the ADA; and requests back pay with prejudgment interest, reinstatement, front pay, compensation for past and future pecuniary and non-pecuniary losses, and punitive damages on behalf of the five named former employees and any similarly aggrieved individuals. Recoverable compensatory and punitive damages are subject to statutory caps. The complaint does not request a specific damages amount. To date, the EEOC has provided the Company with a list of 13 additional potentially aggrieved former employees not listed in the complaint who may have been terminated in violation of the ADA during the relevant time period. In its discovery responses, the EEOC has identified 3 of those 13 former employees as additional claimants for whom the Agency seeks relief. As of May 1, 2017, the parties finalized a settlement, which is pending Court approval. The Company previously accrued $0.6 million for the settlement of this matter, which it will pay to claimants after the settlement is approved by the Court. Other Claims and Litigation The Company is subject to various claims and litigation arising in the normal course of business. The Company establishes reserves for claims and proceedings when it is probable that liabilities exist and reasonable estimates of loss can be made. While it is not possible to predict the outcome of these matters, based on our assessment of the facts and circumstances now known, we do not believe that these matters, individually or in the aggregate, will have a material adverse effect on our financial position. However, actual outcomes may be different from those expected and could have a material effect on our results of operations or cash flows in a particular period. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | Operating results by segment for the periods presented are as follows: (In thousands) Flavors & Fragrances Color Asia Pacific Corporate & Other Consolidated Three months ended March 31, 2017: Revenue from external customers $ 181,075 $ 130,840 $ 29,482 $ - $ 341,397 Intersegment revenue 5,800 3,226 154 - 9,180 Total revenue $ 186,875 $ 134,066 $ 29,636 $ - $ 350,577 Operating income (loss) $ 28,770 $ 30,217 $ 5,150 $ (40,100 ) $ 24,037 Interest expense - - - 4,811 4,811 Earnings (loss) before income taxes $ 28,770 $ 30,217 $ 5,150 $ (44,911 ) $ 19,226 Three months ended March 31, 2016: Revenue from external customers $ 191,137 $ 123,164 $ 28,167 $ - $ 342,468 Intersegment revenue 7,347 3,318 40 - 10,705 Total revenue $ 198,484 $ 126,482 $ 28,207 $ - $ 353,173 Operating income (loss) $ 27,647 $ 28,116 $ 5,596 $ (13,840 ) $ 47,519 Interest expense - - - 4,800 4,800 Earnings (loss) before income taxes $ 27,647 $ 28,116 $ 5,596 $ (18,640 ) $ 42,719 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Retirement Plans [Abstract] | |
Components of Annual Benefit Cost | The Company’s components of annual benefit cost for the defined benefit plans for the periods presented are as follows: Three Months Ended March 31, (In thousands) 2017 2016 Service cost $ 461 $ 503 Interest cost 355 420 Expected return on plan assets (255 ) (297 ) Amortization of actuarial (gain) loss (21 ) 53 Total defined benefit expense $ 540 $ 679 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Summary of Changes in OCI | The following table summarizes the changes in OCI during the three-month period ended March 31, 2017: (In thousands) Cash Flow Hedges (a) Pension Items (a) Foreign Currency Items Total Balance as of December 31, 2016 $ (85 ) $ (2,537 ) $ (210,843 ) $ (213,465 ) Other comprehensive income before reclassifications 327 - 17,276 17,603 Amounts reclassified from OCI (20 ) (28 ) 6,524 6,476 Balance as of March 31, 2017 $ 222 $ (2,565 ) $ (187,043 ) $ (189,386 ) (a) Cash Flow Hedges and Pension Items are net of tax. |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring [Abstract] | |
Restructuring Cost by Segment | The following table summarizes the restructuring expense by segment and discontinued operations for the three months ended March 31, 2017 and 2016, respectively: Three Months Ended March 31, (In thousands) 2017 2016 Flavors & Fragrances $ 20,153 $ 2,942 Color - 39 Asia Pacific - - Corporate & Other 59 361 Total Continuing Operations 20,212 3,342 Discontinued Operations - - Total Restructuring $ 20,212 $ 3,342 |
Summary of Restructuring Costs | The Company recorded restructuring costs in continuing operations for the three months ended March 31, 2017, as follows: Three Months Ended March 31, 2017 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation (1) $ (4,485 ) $ - $ (4,485 ) Long-lived asset impairment 456 - 456 Loss on sale of business 20,909 - 20,909 Write-down of inventory - 342 342 Other restructuring costs (2) 2,990 - 2,990 Total $ 19,870 $ 342 $ 20,212 (1) Employee separation costs include a reversal of the employee separation accrual for the European Natural Ingredients business, which is no longer expected to be paid due to the sale of this business. (2) Other costs include decommissioning costs, professional services, temporary labor, moving costs and other related costs. The Company recorded restructuring costs in continuing operations for the three months ended March 31, 2016, as follows: Three Months Ended March 31, 2016 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 131 $ - $ 131 Long-lived asset impairment 471 - 471 Write-down of inventory - 644 644 Other restructuring costs (1) 2,096 - 2,096 Total $ 2,698 $ 644 $ 3,342 (1) Other costs include decommissioning costs, professional services, temporary labor, moving costs, and other related costs. |
Summary of Accrual for Restructuring and Other Charges | The following table summarizes the accrual activities for the restructuring activities for the three months ended March 31, 2017: (In thousands) Employee Separations Other Total Balance as of December 31, 2016 $ 6,959 $ 570 $ 7,529 Expense activity (1) (4,485 ) 2,990 (1,495 ) Cash spent (1,252 ) (3,327 ) (4,579 ) Translation adjustment 77 - 77 Balance as of March 31, 2017 $ 1,299 $ 233 $ 1,532 (1) Employee separation costs include a reversal of the employee separation accrual for the European Natural Ingredients business, which is no longer expected to be paid due to the sale of this business. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations [Abstract] | |
Certain Consolidated Condensed Statements of Earnings Information for Discontinued Operations | The following table summarizes the discontinued operation’s results for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, (In thousands) 2017 2016 Revenue $ - $ - Loss from discontinued operations before income taxes - (31 ) Income tax benefit - 9 Loss from discontinued operations, net of tax $ - $ (22 ) |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 1.5 | $ 1.8 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Forward exchange contracts, assets | 0.2 | |
Forward exchange contracts, liability | $ 0.2 | |
Level 2 [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt | 572.2 | |
Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt | $ 587 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenue from external customers | $ 341,397 | $ 342,468 |
Total revenue | 350,577 | 353,173 |
Operating income (loss) | 24,037 | 47,519 |
Interest expense | 4,811 | 4,800 |
Earnings before income taxes | 19,226 | 42,719 |
Flavors & Fragrances [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 186,875 | 198,484 |
Color [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 134,066 | 126,482 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 29,636 | 28,207 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from external customers | 0 | 0 |
Total revenue | 0 | 0 |
Operating income (loss) | (40,100) | (13,840) |
Interest expense | 4,811 | 4,800 |
Earnings before income taxes | (44,911) | (18,640) |
Operating Segments [Member] | Flavors & Fragrances [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from external customers | 181,075 | 191,137 |
Operating income (loss) | 28,770 | 27,647 |
Interest expense | 0 | 0 |
Earnings before income taxes | 28,770 | 27,647 |
Operating Segments [Member] | Color [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from external customers | 130,840 | 123,164 |
Operating income (loss) | 30,217 | 28,116 |
Interest expense | 0 | 0 |
Earnings before income taxes | 30,217 | 28,116 |
Operating Segments [Member] | Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from external customers | 29,482 | 28,167 |
Operating income (loss) | 5,150 | 5,596 |
Interest expense | 0 | 0 |
Earnings before income taxes | 5,150 | 5,596 |
Intersegment Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from external customers | 9,180 | 10,705 |
Intersegment Revenue [Member] | Flavors & Fragrances [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from external customers | 5,800 | 7,347 |
Intersegment Revenue [Member] | Color [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from external customers | 3,226 | 3,318 |
Intersegment Revenue [Member] | Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from external customers | 154 | 40 |
Intersegment Revenue [Member] | Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from external customers | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Inventories, including finished and in-process products | $ 273.1 | $ 273.8 |
Raw materials and supplies | $ 137 | $ 130.5 |
Retirement Plans (Details)
Retirement Plans (Details) - Defined Benefit Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 461 | $ 503 |
Interest cost | 355 | 420 |
Expected return on plan assets | (255) | (297) |
Amortization of actuarial (gain) loss | (21) | 53 |
Total defined benefit expense | $ 540 | $ 679 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Shareholders' Equity [Abstract] | ||
Common stock repurchased during the period (in shares) | 155,849 | 263,770 |
Common stock repurchased during the period, value | $ 12.4 | $ 15.4 |
Derivative Instruments and He31
Derivative Instruments and Hedging Activity (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Forward Exchange Contracts [Member] | |||
Derivative instruments and hedging activity for the period [Abstract] | |||
Amount of gain (loss) reclassified into net earnings | $ (0.5) | ||
Forward Exchange Contracts [Member] | Maximum [Member] | |||
Derivative instruments and hedging activity for the period [Abstract] | |||
Number of months for contracts to mature | 18 months | ||
Forward Exchange Contracts [Member] | Cash Flow Hedges [Member] | |||
Derivative instruments and hedging activity for the period [Abstract] | |||
Derivative, fair value | $ 19.5 | $ 25.4 | |
Foreign Currency Denominated Debt, Net Investment Hedging [Member] | |||
Derivative instruments and hedging activity for the period [Abstract] | |||
Carrying value of foreign denominated debt | 198.2 | $ 195.6 | |
Impact of foreign exchange rates on debt instruments recorded in Other Comprehensive Income | $ 2.6 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Taxes [Abstract] | ||
Effective income tax rates for continuing operations | 31.40% | 27.00% |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Beginning balance | $ 835,741 | |
Other comprehensive income before reclassifications | 17,603 | |
Amounts reclassified from OCI | 6,476 | |
Ending balance | 849,835 | |
Flavors & Fragrances [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Translation adjustment functional to reporting currency, net of tax | (2,800) | |
European Natural Ingredients Business [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Translation adjustment functional to reporting currency, net of tax | (3,700) | |
Accumulated Other Comprehensive (Loss) Income [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Beginning balance | (213,465) | |
Ending balance | (189,386) | |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Beginning balance | (85) | [1] |
Other comprehensive income before reclassifications | 327 | [1] |
Amounts reclassified from OCI | (20) | [1] |
Ending balance | 222 | [1] |
Pension Items [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Beginning balance | (2,537) | [1] |
Other comprehensive income before reclassifications | 0 | [1] |
Amounts reclassified from OCI | (28) | [1] |
Ending balance | (2,565) | [1] |
Foreign Currency Items [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Beginning balance | (210,843) | |
Other comprehensive income before reclassifications | 17,276 | |
Amounts reclassified from OCI | 6,524 | |
Ending balance | $ (187,043) | |
[1] | Cash Flow Hedges and Pension Items are net of tax. |
Accounts Receivable Securitiz34
Accounts Receivable Securitization (Details) - USD ($) $ in Millions | 1 Months Ended | |
Oct. 31, 2016 | Mar. 31, 2017 | |
Accounts Receivable Securitization [Abstract] | ||
Accounts receivable securitization program | $ 60.6 | $ 57.1 |
Proceeds from accounts receivable securitization program | 40 | |
Fair value of the deferred purchase price receivable | $ 20.6 | $ 17.1 |
Restructuring (Details)
Restructuring (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017USD ($)FacilityPosition | Mar. 31, 2016USD ($) | |||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated fair values of the remaining long-lived assets | $ 14,000 | |||
Long-lived asset impairment | 500 | $ 500 | ||
Long lived asset impairments recorded to date | $ 87,200 | |||
Position reduction due to restructuring | Position | 400 | |||
Number of positions eliminated due to restructuring | Position | 355 | |||
Total restructuring costs incurred to date | $ 172,700 | |||
Future restructuring costs, 2017 | 7,000 | |||
Estimated cost savings due to restructuring | 30,000 | |||
Annual cost of savings | 27,000 | |||
Realized cost of savings | 22,000 | |||
Expected incremental saving realized | 1,000 | |||
Expected incremental savings in 2017 | 3,000 | |||
Expected incremental savings in 2018 | 4,000 | |||
Restructuring cost by segment [Abstract] | ||||
Total restructuring | 20,212 | 3,342 | ||
Detail of the restructuring costs [Abstract] | ||||
Employee separation | (4,485) | [1] | 131 | |
Long-lived asset impairment | 456 | 471 | ||
Loss on sale of business | 20,909 | |||
Write-down of inventory | 342 | 644 | ||
Other restructuring costs | [2] | 2,990 | 2,096 | |
Summary of accrual for restructuring and other charges [Roll Forward] | ||||
Balance as of beginning of period | 7,529 | |||
Expense activity | [1] | (1,495) | ||
Cash spent | (4,579) | |||
Translation adjustment | 77 | |||
Balance as of end of period | 1,532 | |||
Continuing Operations [Member] | ||||
Restructuring cost by segment [Abstract] | ||||
Total restructuring | 20,212 | 3,342 | ||
Discontinued Operations [Member] | ||||
Restructuring cost by segment [Abstract] | ||||
Total restructuring | 0 | 0 | ||
Selling & Administrative [Member] | ||||
Restructuring cost by segment [Abstract] | ||||
Total restructuring | 19,870 | 2,698 | ||
Detail of the restructuring costs [Abstract] | ||||
Employee separation | (4,485) | [1] | 131 | |
Long-lived asset impairment | 456 | 471 | ||
Loss on sale of business | 20,909 | |||
Write-down of inventory | 0 | 0 | ||
Other restructuring costs | [2] | 2,990 | 2,096 | |
Cost of Products Sold [Member] | ||||
Restructuring cost by segment [Abstract] | ||||
Total restructuring | 342 | 644 | ||
Detail of the restructuring costs [Abstract] | ||||
Employee separation | 0 | [1] | 0 | |
Long-lived asset impairment | 0 | 0 | ||
Loss on sale of business | 0 | |||
Write-down of inventory | 342 | 644 | ||
Other restructuring costs | [2] | $ 0 | 0 | |
Flavors & Fragrances [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Facilities identified for consolidation | Facility | 8 | |||
Flavors & Fragrances [Member] | Continuing Operations [Member] | ||||
Restructuring cost by segment [Abstract] | ||||
Total restructuring | $ 20,153 | 2,942 | ||
Flavors & Fragrances [Member] | North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Facilities identified for consolidation | Facility | 4 | |||
Flavors & Fragrances [Member] | Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Facilities identified for consolidation | Facility | 4 | |||
Number of facilities for sale | Facility | 2 | |||
Color [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Facilities identified for closure | Facility | 1 | |||
Color [Member] | Continuing Operations [Member] | ||||
Restructuring cost by segment [Abstract] | ||||
Total restructuring | $ 0 | 39 | ||
Asia Pacific [Member] | Continuing Operations [Member] | ||||
Restructuring cost by segment [Abstract] | ||||
Total restructuring | 0 | 0 | ||
Corporate & Other [Member] | Continuing Operations [Member] | ||||
Restructuring cost by segment [Abstract] | ||||
Total restructuring | 59 | $ 361 | ||
2014 Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Assets held for sale of land, building and equipment | 6,800 | |||
Employee Separations [Member] | ||||
Summary of accrual for restructuring and other charges [Roll Forward] | ||||
Balance as of beginning of period | 6,959 | |||
Expense activity | [1] | (4,485) | ||
Cash spent | (1,252) | |||
Translation adjustment | 77 | |||
Balance as of end of period | 1,299 | |||
Other [Member] | ||||
Summary of accrual for restructuring and other charges [Roll Forward] | ||||
Balance as of beginning of period | 570 | |||
Expense activity | [1] | 2,990 | ||
Cash spent | (3,327) | |||
Translation adjustment | 0 | |||
Balance as of end of period | $ 233 | |||
[1] | Employee separation costs include a reversal of the employee separation accrual for the European Natural Ingredients business, which is no longer expected to be paid due to the sale of this business. | |||
[2] | Other costs include decommissioning costs, professional services, temporary labor, moving costs and other related costs. |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Certain Consolidated Condensed Statements of Earnings information for discontinued operations [Abstract] | ||
Revenue | $ 0 | $ 0 |
Loss from discontinued operations before income taxes | 0 | (31) |
Income tax benefit | 0 | 9 |
Loss from discontinued operations, net of tax | $ 0 | $ (22) |
Divestiture (Details)
Divestiture (Details) - USD ($) $ in Thousands | Jan. 06, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Long Lived Assets Held-for-sale [Line Items] | ||||
Long-lived assets | $ 0 | |||
Non-cash loss on assets held for sale | 11,000 | |||
Proceeds from the sale of facility and related business lines | $ 12,500 | 12,457 | $ 0 | |
Outside professional fees related to anticipated divestiture | $ 100 | $ 700 | ||
Selling, General and Administrative Expenses [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Impairment charges | $ 10,800 |
Subsequent Events (Details)
Subsequent Events (Details) € in Millions, $ in Millions | May 03, 2017USD ($)Note | Mar. 31, 2017USD ($) | May 03, 2017EUR (€) |
Subsequent Event [Line Items] | |||
Credit facility amount | $ 115 | ||
Credit facility maturity date | Nov. 6, 2020 | ||
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Number of fixed-rate notes | Note | 3 | ||
Credit facility amount | $ 145 | ||
Credit facility maturity date | May 31, 2022 | ||
Subsequent Events [Member] | 1.27% Senior Note [Member] | |||
Subsequent Event [Line Items] | |||
Debt instrument term | 7 years | ||
Debt instrument amount | $ 53 | € 50 | |
Debt instrument interest rate | 1.27% | 1.27% | |
Subsequent Events [Member] | 1.71% Senior Note [Member] | |||
Subsequent Event [Line Items] | |||
Debt instrument term | 10 years | ||
Debt instrument amount | $ 43 | € 40 | |
Debt instrument interest rate | 1.71% | 1.71% | |
Subsequent Events [Member] | 3.65% Senior Note [Member] | |||
Subsequent Event [Line Items] | |||
Debt instrument term | 7 years | ||
Debt instrument amount | $ 27 | ||
Debt instrument interest rate | 3.65% | 3.65% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Sensient Natural Ingredients LLC [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($)Employee | |
Loss Contingencies [Line Items] | |
Number of employees terminated | 5 |
Number of additional claimants | 3 |
Number of additional potentially aggrieved former employees | 13 |
Amount accrued for settlement | $ | $ 0.6 |