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SXT Sensient Technologies

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 29, 2021
Cover [Abstract]
Entity Registrant NameSensient Technologies Corp
Entity Central Index Key0000310142
Current Fiscal Year End Date--12-31
Document Type10-Q
Amendment Flagfalse
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Document Transition Reportfalse
Entity File Number001-07626
Entity Incorporation, State or Country CodeWI
Entity Tax Identification Number39-0561070
Entity Address, Address Line One777 EAST WISCONSIN AVENUE
Entity Address, City or TownMILWAUKEE
Entity Address, State or ProvinceWI
Entity Address, Postal Zip Code53202-5304
City Area Code414
Local Phone Number271-6755
Title of 12(b) SecurityCommon stock, par value $0.10 per share
Trading SymbolSXT
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding42,279,800

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CONSOLIDATED STATEMENTS OF EARNINGS [Abstract]
Revenue $ 359,702 $ 350,677
Cost of products sold244,089 238,784
Selling and administrative expenses68,716 77,332
Operating income46,897 34,561
Interest expense3,433 4,307
Earnings (loss) before income taxes43,464 30,254
Income taxes11,796 9,481
Net earnings $ 31,668 $ 20,773
Weighted average number of common shares outstanding:
Basic (in shares)42,263 42,284
Diluted (in shares)42,389 42,307
Earnings per common share:
Basic (in dollars per share) $ 0.75 $ 0.49
Diluted (in dollars per share)0.750.49
Dividends declared per common share (in dollars per share) $ 0.39 $ 0.39

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Comprehensive income (loss) $ 16,529 $ (23,580)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current Assets:
Cash and cash equivalents $ 28,000 $ 24,770
Trade accounts receivable257,289 234,132
Inventories350,294 381,346
Prepaid expenses and other current assets51,978 48,578
Assets held for sale49,597 52,760
Total current assets737,158 741,586
Other assets88,816 89,883
Deferred tax assets25,502 29,678
Intangible assets, net10,509 10,930
Goodwill416,944 423,290
Property, Plant, and Equipment:
Land30,814 31,422
Buildings315,157 316,533
Machinery and equipment703,012 703,485
Construction in progress28,762 21,759
Property, plant, and equipment, gross1,077,745 1,073,199
Less accumulated depreciation(635,665)(627,706)
Property, plant, and equipment, net442,080 445,493
Total assets1,721,009 1,740,860
Current Liabilities:
Trade accounts payable101,225 107,324
Accrued salaries, wages, and withholdings from employees23,151 34,462
Other accrued expenses42,663 42,985
Income taxes10,324 4,598
Short-term borrowings6,057 9,247
Liabilities held for sale15,353 17,339
Total current liabilities198,773 215,955
Deferred tax liabilities13,339 13,411
Other liabilities29,809 30,213
Accrued employee and retiree benefits29,198 28,941
Long-term debt524,244 518,004
Shareholders' Equity:
Common stock5,396 5,396
Additional paid-in capital104,725 102,909
Earnings reinvested in the business1,593,795 1,578,662
Treasury stock, at cost(604,040)(593,540)
Accumulated other comprehensive loss(174,230)(159,091)
Total shareholders' equity925,646 934,336
Total liabilities and shareholders' equity $ 1,721,009 $ 1,740,860

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Cash flows from operating activities:
Net earnings $ 31,668 $ 20,773
Adjustments to arrive at net cash provided by operating activities:
Depreciation and amortization12,799 12,404
Share-based compensation expense2,113 1,177
Net loss on assets161 14
Loss on divestitures and other charges1,238 10,558
Deferred income taxes4,257 4,077
Changes in operating assets and liabilities:
Trade accounts receivable(27,237)(41,684)
Inventories27,621 29,058
Prepaid expenses and other assets(13,239)(6,048)
Accounts payable and other accrued expenses(6,242)2,773
Accrued salaries, wages, and withholdings from employees(10,872)1,611
Income taxes5,742 1,662
Other liabilities955 553
Net cash provided by operating activities28,964 36,928
Cash Flows from Investing Activities:
Acquisition of property, plant, and equipment(14,244)(9,411)
Proceeds from sale of assets69 6
Proceeds from divesture of businesses4,059 0
Other investing activities286 4,505
Net cash used in investing activities(9,830)(4,900)
Cash flows from financing activities:
Proceeds from additional borrowings21,530 9,669
Debt payments(8,999)(11,104)
Purchase of treasury stock(11,665)0
Dividends paid(16,535)(16,500)
Other financing activities(228)(249)
Net cash used in financing activities(15,897)(18,184)
Effect of exchange rate changes on cash and cash equivalents(7)(11,912)
Net increase in cash and cash equivalents3,230 1,932
Cash and cash equivalents at beginning of period24,770 21,153 $ 21,153
Cash and cash equivalents at end of period $ 28,000 $ 23,085 $ 24,770

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in ThousandsCommon Stock [Member]Additional Paid-In Capital [Member]Earnings Reinvested in the Business [Member]Treasury Stock [Member]Accumulated Other Comprehensive Income (Loss) [Member]TotalCumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-In Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]Earnings Reinvested in the Business [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning balance at Dec. 31, 2019 $ 5,396 $ 98,425 $ 1,536,100 $ (595,324) $ (163,008) $ 881,589
Beginning balance (ASU 2016-13 [Member]) at Dec. 31, 2019 $ 0 $ 0 $ (853) $ 0 $ 0 $ (853)
Beginning balance (in shares) at Dec. 31, 201911,682,636
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings0 0 20,773 $ 0 0 20,773
Other comprehensive loss0 0 0 0 (44,353)(44,353)
Cash dividends paid0 0 (16,500)0 0 (16,500)
Share-based compensation0 1,177 0 0 0 1,177
Non-vested stock issued upon vesting0 (724)0 $ 724 0 0
Non-vested stock issued upon vesting (in shares)(14,200)
Benefit plans0 241 0 $ 833 0 1,074
Benefit plans (in shares)(16,344)
Other0 (39)0 $ (210)0 (249)
Other (in shares)4,114
Ending balance at Mar. 31, 20205,396 99,080 1,539,520 $ (593,977)(207,361)842,658
Ending balance (in shares) at Mar. 31, 202011,656,206
Beginning balance at Dec. 31, 20205,396 102,909 1,578,662 $ (593,540)(159,091)934,336
Beginning balance (in shares) at Dec. 31, 202011,647,627
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings0 0 31,668 $ 0 0 31,668
Other comprehensive loss0 0 0 0 (15,139)(15,139)
Cash dividends paid0 0 (16,535)0 0 (16,535)
Share-based compensation0 2,113 0 0 0 2,113
Non-vested stock issued upon vesting0 (563)0 $ 563 0 0
Non-vested stock issued upon vesting (in shares)(11,045)
Benefit plans0 338 0 $ 756 0 1,094
Benefit plans (in shares)(14,791)
Purchase of treasury stock0 0 0 $ (11,665)0 (11,665)
Purchase of treasury stock (in shares)151,843
Other0 (72)0 $ (154)0 (226)
Other (in shares)3,020
Ending balance at Mar. 31, 2021 $ 5,396 $ 104,725 $ 1,593,795 $ (604,040) $ (174,230) $ 925,646
Ending balance (in shares) at Mar. 31, 202111,776,654

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]
Cash dividends per share (in dollars per share) $ 0.39 $ 0.39

Accounting Policies

Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Accounting Policies1. 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, 2021, and the results of operations, comprehensive income, cash flows, and shareholders’ equity for the three months ended March 31, 2021 and 2020 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. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Recently Issued Accounting Pronouncements In March 2020 the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848 ) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other inter-bank offered rates to alternative rates. The guidance is effective upon issuance and generally can be applied through December 31, 2022 The Company is currently evaluating the potential impact of this standard on its consolidated financial statements and its related disclosures. Please refer to the notes in the Company’s annual consolidated financial statements for the year ended December 31, 2020 for additional details of the Company’s financial condition and a description of the Company’s accounting policies, which have been continued without change.

Divestitures

Divestitures3 Months Ended
Mar. 31, 2021
Divestitures [Abstract]
Divestitures2. Divestitures I n , the Company announced its intent to divest its inks, fragrances (excluding its essential oils product line), and yogurt fruit preparations product lines. The divesting and exit of these product lines does not meet the criteria to be presented as a discontinued operation on the Consolidated Statements of Earnings. On , the Company completed the sale of its inks product line. In , the Company received $ million of net cash and expects to receive additional cash when it completes certain post-closing asset sales. On , the Company completed the sale of its yogurt fruit preparations product line for $ million. The sale included an earn-out based on future performance, which could result in additional cash consideration for the Company. On April 1, 2021 , the Company completed the sale of its fragrances product line (excluding its essential oils product line). The Company received $ million as of March 31, 2021, in advance of the closing and received or expects to receive, an estimated additional $ million $ million primarily related to the reclassification of accumulated foreign currency translation and related items from Accumulated Other Comprehensive Loss to Selling and Administrative Expenses in the T he assets and liabilities related to the inks and fragrances (excluding its essential oils product line) product lines are recorded in Assets Held for Sale and Liabilities Held for Sale as of , and , as
(In thousands) March 31, 2021 December 31, 2020
Assets held for sale:
Trade accounts receivable $ 20,433 $ 20,722
Inventories 21,897 25,045
Prepaid expenses and other current assets 2,049 1,843
Property, plant, and equipment, net 3,540 3,434
Intangible assets 1,678 1,716
Assets held for sale $ 49,597 $ 52,760
Liabilities held for sale:
Trade accounts payable $ 12,469 $ 13,967
Accrued salaries, wages, and withholdings from employees 1,557 1,739
Other accrued expenses 1,327 1,633
Liabilities held for sale $ 15,353 $ 17,339 The Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the months ended :
(In thousands) Yogurt Fruit Preparations Fragrances Inks Corporate/ Other Total
Non-cash charges – Cost of products sold $ - $ 34 $ (9 ) $ - $ 25
Other costs - Selling and administrative expenses (1) 265 1,014 (107 ) 375 1,547
Total $ 265 $ 1,048 $ (116 ) $ 375 $ 1,572 ( ) Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, accelerated depreciation, and other related costs. The Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the months ended :
(In thousands) Yogurt Fruit Preparations Fragrances Inks Corporate/ Other Total
Non-cash impairment charges – Selling and administrative expenses $ - $ 339 $ 9,437 $ 351 $ 10,127
Non-cash charges – Cost of products sold - - - 190 190
Other costs - Selling and administrative expenses (1) 68 818 102 538 1,526
Total $ 68 $ 1,157 $ 9,539 $ 1,079 $ 11,843 ( ) Other costs – Selling and administrative expenses include employee separation costs, professional services, and other related costs. The Company recorded non-cash impairment charges in Selling and Administrative Expenses, primarily related to property, plant, and equipment and allocated goodwill, during the months ended , when the estimated fair value less costs to sell the product line was lower than its carrying value. The Company recorded non-cash charges in Cost of Products Sold during the months ended and , to reduce the carrying value of certain inventories, when they were determined to be excess I n March 2020 , the Company was notified by the buyer of the Company’s fragrances product line that environmental sampling conducted at the Company’s Granada, Spain location had identified the presence of contaminants in soil and groundwater in certain areas of the property. The Company records liabilities related to environmental remediation obligations when estimated future expenditures are probable and the amount of the liability is reasonably estimable. The Company recorded $ million in the three months ended June 30, 2020 , based upon an environmental investigation and a quantitative risk assessment performed by a consultant hired by the Company. During the three months ended March 31, 2021 , the Company recorded an additional $ million related to these obligations in Selling and Administrative Expenses based on further analysis at the site during the period As of , the Company estimates divestiture & other related costs will be $ to $ , including the expected non-cash charge of $ in the quarter of related to the closing of the sale of the fragrances product line (excluding its essential oils product line) primarily for the reclassification of accumulated foreign currency translation and related items from Accumulated Other Comprehensive Loss to Selling and Administrative Expenses in the Consolidated Statement of Earnings. The Company anticipates that it will complete the remaining exit activities related to these product lines in

Operational Improvement Plan

Operational Improvement Plan3 Months Ended
Mar. 31, 2021
Operational Improvement Plan [Abstract]
Operational Improvement Plan3. Operational Improvement Plan Du ring the third quarter of 2020, the Company approved an operational improvement plan (Operational Improvement Plan) to consolidate manufacturing facilities and improve efficiencies within the Company. As part of the Operational Improvement Plan, the Company is combining its New Jersey cosmetics manufacturing facility in the Personal Care product line of the Color segment into its existing Color segment facility in Missouri. In addition, the Company is centralizing certain Flavors & Extracts segment support functions in Europe into one location. In the Asia Pacific segment, the Company incurred costs in connection with the elimination of certain selling and administrative positions. The Company reports all costs associated with the Operational Improvement Plan in Corporate & Other T he following table summarizes the Operational Improvement Plan expenses recorded in Selling and Administrative Expenses by segment for the three months ended March 31, 2021
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Employee separation costs $ (19 ) $ 54 $ (44 ) $ (9 )
Other costs (1) - 1,009 1 1,010
Total $ (19 ) $ 1,063 $ (43 ) $ 1,001
(1) Other costs include professional services, accelerated depreciation, and other related costs As of March 31, 2021 and December 31, 2020, the Company recorded $ million and $ million, respectively, of accrued liabilities in Other Accrued Expenses on the Company’s Consolidated Balance Sheet related to this plan. The Company expects the total costs in 2020 and 2021 associated with the Operational Improvement Plan to be between $ million and llion, primarily related to severance and accelerated depreciation

Trade Accounts Receivable

Trade Accounts Receivable3 Months Ended
Mar. 31, 2021
Trade Accounts Receivable [Abstract]
Trade Accounts Receivable4. Trade Accounts Receivable Trade accounts receivables are recorded at their face amount, less an allowance for expected losses on doubtful accounts. The allowance for doubtful accounts is calculated based on customer-specific analysis and an aging methodology using historical loss information. The Company believes historical loss information is a reasonable basis for expected credit losses as the Company’s historical credit loss experience correlates with its customer delinquency status. This information is also adjusted for any known current economic conditions, including the current and expected impact of COVID- Currently, the COVID- pandemic has not had and is not anticipated to have a material impact on trade accounts receivable. Forecasted economic conditions have not had a significant impact on the current credit loss estimate due to the short-term nature of the Company’s customer receivables; however, the Company will continue to monitor and evaluate the rapidly changing economic conditions. Additionally, as the Company only has portfolio segment, there are not different risks between portfolios. Specific accounts are written off against the allowance for doubtful accounts when the receivable is deemed no longer collectible. The following table summarizes the changes in the allowance for doubtful accounts during the three month periods ended March 31, 2021 and 2020
(In thousands) Three Months Ended March 31, 2021 Allowance for Doubtful Accounts
Balance at December $ 3,891
Provision for expected credit losses 156
Accounts written off (353 )
Translation and other activity (80 )
Balance at March 31, 2021 $ 3,614
(In thousands) Three Months Ended March 31, 2020 Allowance for Doubtful Accounts
Balance at December $ 6,913
Adoption of ASU - 853
Provision for expected credit losses 240
Accounts written off (336 )
Translation and other activity (643 )
Balance at March 31, 2020 $ 7,027

Inventories

Inventories3 Months Ended
Mar. 31, 2021
Inventories [Abstract]
Inventories5. Inventories At March 31, 2021, and December 31, 2020, inventories included finished and in-process products totaling

Fair Value

Fair Value3 Months Ended
Mar. 31, 2021
Fair Value [Abstract]
Fair Value6. Fair Value Accounting Standards Codification 820, Fair Value Measurement , defines fair value for financial assets and liabilities, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. As of March 31, 2021 and December 31, 2020, the Company’s assets and liabilities subject to this standard are forward exchange contracts. The net fair value of the forward exchange contracts based on current pricing obtained for comparable derivative products (Level 2 inputs) was an asset of $ million and $ million as of March 31, 2021 and December 31, 2020, respectively. The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, trade accounts payable, accrued expenses, and short-term borrowings were approximately the same as the fair values as of March 31, 2021 and December 31, 2020. 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, 2021 and December 31, 2020, was $ million and $ million. The fair value of the long-term debt at March 31, 2021 and December 31, 2020, was $ million and $ million, respectively

Segment Information

Segment Information3 Months Ended
Mar. 31, 2021
Segment Information [Abstract]
Segment Information7. Segment Information The Company evaluates performance based on operating income before divestiture & other related costs, share-based compensation, restructuring and other charges including operational improvement plan costs, interest expense, and income taxes (segment operating income). Total revenue and segment operating income by business segment and geographic region include both sales to customers, as reported in the Company’s Consolidated Statements of Earnings, and intersegment sales, which are accounted for at prices that approximate market prices and are eliminated in consolidation. The Company determines its operating segments based on information utilized by its chief operating decision maker to allocate resources and assess performance. The Company’s three reportable segments are the Flavors & Extracts and Color segments, which are both managed on a product line basis, and the Asia Pacific segment, which is managed on a geographic basis. The Company’s Flavors & Extracts segment produces flavor and fragrance products that impart a desired taste, texture, aroma, or other characteristic to a broad range of consumers and other products. The Color segment produces natural and synthetic color systems for foods, beverages, pharmaceuticals and nutraceuticals; colors, ingredients, and systems for cosmetics; specialty inks and technical colors for industrial applications. The Asia Pacific segment is managed on a geographic basis and produces and distributes color and flavor products for the Asia Pacific countries. The Company’s corporate expenses, divestiture & other related costs, share-based compensation, operational improvement plan expenses, and other costs are included in the “Corporate & Other” category. Divestiture & other related costs and restructuring and other costs, including the operational improvement plan costs, for the three months ended March 31, 2021 and 2020, are further described in Note 2, Divestitures Operational Improvement Plan Operating results by segment for the periods presented are as follows:
(In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated
Three months ended March 31, 2021 :
Revenue from external customers $ 194,661 $ 131,201 $ 33,840 $ - $ 359,702
Intersegment revenue 6,250 4,519 - - 10,769
Total revenue $ 200,911 $ 135,720 $ 33,840 $ - $ 370,471
Operating income (loss) $ 27,018 $ 26,594 $ 6,752 $ (13,467 ) $ 46,897
Interest expense - - - 3,433 3,433
Earnings (loss) before income taxes $ 27,018 $ 26,594 $ 6,752 $ (16,900 ) $ 43,464
Three months ended March 31, 2020 :
Revenue from external customers $ 181,187 $ 139,193 $ 30,297 $ - $ 350,677
Intersegment revenue 5,311 4,302 152 - 9,765
Total revenue $ 186,498 $ 143,495 $ 30,449 $ - $ 360,442
Operating income (loss) $ 20,871 $ 29,664 $ 5,059 $ (21,033 ) $ 34,561
Interest expense - - - 4,307 4,307
Earnings (loss) before income taxes $ 20,871 $ 29,664 $ 5,059 $ (25,340 ) $ 30,254 Product Lines
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Three months ended March 31, 2021 :
Flavors, Extracts & Flavor Ingredients $ 108,090 $ - $ - $ 108,090
Natural Ingredients 62,204 - - 62,204
Fragrances 28,467 - - 28,467
Yogurt Fruit Preparations 2,150 - - 2,150
Food & - 93,785 - 93,785
Personal Care - 41,515 - 41,515
Inks - 420 - 420
Asia Pacific - - 33,840 33,840
Intersegment Revenue (6,250 ) (4,519 ) - (10,769 )
Total revenue from external customers $ 194,661 $ 131,201 $ 33,840 $ 359,702
Three months ended March 31, 2020 :
Flavors, Extracts & Flavor Ingredients $ 101,453 $ - $ - $ 101,453
Natural Ingredients 57,600 - - 57,600
Fragrances 22,284 - - 22,284
Yogurt Fruit Preparations 5,161 - - 5,161
Food & - 90,793 - 90,793
Personal Care - 43,743 - 43,743
Inks - 8,959 - 8,959
Asia Pacific - - 30,449 30,449
Intersegment Revenue (5,311 ) (4,302 ) (152 ) (9,765 )
Total revenue from external customers $ 181,187 $ 139,193 $ 30,297 $ 350,677 Geographic Markets
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Three months ended March 31, 2021 :
North America $ 129,643 $ 63,670 $ 25 $ 193,338
Europe 44,568 37,278 22 81,868
Asia Pacific 9,717 14,838 32,558 57,113
Other 10,733 15,415 1,235 27,383
Total revenue from external customers $ 194,661 $ 131,201 $ 33,840 $ 359,702
Three months ended March 31, 2020 :
North America $ 116,701 $ 66,265 $ - $ 182,966
Europe 43,877 38,738 22 82,637
Asia Pacific 9,355 15,975 29,122 54,452
Other 11,254 18,215 1,153 30,622
Total revenue from external customers $ 181,187 $ 139,193 $ 30,297 $ 350,677

Retirement Plans

Retirement Plans3 Months Ended
Mar. 31, 2021
Retirement Plans [Abstract]
Retirement Plans8. 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) 2021 2020
Service cost $ 436 $ 400
Interest cost 212 256
Expected return on plan assets (184 ) (209 )
Recognized actuarial loss 69 16
Total defined benefit expense $ 533 $ 463 The Company’s non-service cost portion of defined benefit expense is recorded in Interest Expense Selling and Administrative Expenses .

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activity [Abstract]
Derivative Instruments and Hedging Activity9. 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 in order to reduce 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 . Forward exchange contracts and of Net investment hedges .

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Taxes [Abstract]
Income Taxes10. Income Taxes The effective income tax rates for the three months ended March 31, 2021 and 2020, were and , respectively. . On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The CARES Act allows for the deferral of income and social security tax payments, a five-year carryback for net operating losses, changes to interest expense and business loss limitation rules, certain new tax credits, and certain new loans and grants to businesses. The Company has reviewed its income tax assumptions and projections in light of the CARES Act and has determined the CARES Act does not materially impact the Company’s income tax expense or projections. As of March 31, 2021, the Company has deferred certain payroll tax payments of as permitted by the CARES Act

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income3 Months Ended
Mar. 31, 2021
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income11. Accumulated Other Comprehensive Income The following table summarizes the changes in OCI during the three month periods ended March 31, 2021 and 2020 :
(In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total
Balances at December 31, 2020 $ 749 $ (1,965 ) $ (157,875 ) $ (159,091 )
Other comprehensive loss before reclassifications 720 - (15,623 ) (14,903 )
Amounts reclassified from OCI (289 ) 52 1 (236 )
Balances at March 31, 2021 $ 1,180 $ (1,913 ) $ (173,497 ) $ (174,230 )
(In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total
Balances at December 31, 2019 $ (199 ) $ (672 ) $ (162,137 ) $ (163,008 )
Other comprehensive loss before reclassifications (1,865 ) - (42,925 ) (44,790 )
Amounts reclassified from OCI 429 8 - 437
Balances at March 31, 2020 $ (1,635 ) $ (664 ) $ (205,062 ) $ (207,361 )
(1) Cash Flow Hedges and Pension Items are net of tax.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies12. Commitments and Contingencies Agar v. Sensient Natural Ingredients LLC On March 29, 2019, Calvin Agar (Agar), a former employee, filed a Class Action Complaint in Stanislaus County Superior Court against Sensient Natural Ingredients LLC (SNI). On May 22, 2019, Agar filed a First Amended Class Action Complaint against SNI (the Complaint). Agar alleges that SNI improperly reported overtime pay on employees’ wage statements, in violation of the California Labor Code. The Complaint alleges two causes of action, both of which concern the wage statements. The Complaint does not allege that SNI failed to pay any overtime due to Agar or any of the putative class or group members. The Complaint merely challenges the manner in which SNI has reported overtime pay on its wage statements. SNI maintains that it has accurately paid Agar and the putative class members for all overtime worked, and that they have not experienced any harm. SNI further maintains that the format of its wage statements does not violate the requirements of state law or any specific guidance from California decisional law, the California Division of Labor Standards Enforcement, or the California Labor Commissioner's Office. Finally, SNI contended that certain of the state law claims are subject to mandatory individual arbitration. SNI filed its Answer and Affirmative Defenses to the Complaint on July 10, 2019. The parties participated in an early mediation in the case in December 2019, which was not successful. On March 17, 2020, the Court granted Agar leave to file a Second Amended Complaint, which removed the claim that SNI had asserted was subject to mandatory individual arbitration. SNI filed a Demurrer to the Second Amended Complaint, seeking dismissal of the remaining claim, on May 1, 2020. The Court overruled the Demurrer on September 1, 2020. SNI requested discretionary appellate review of this decision. The Court of Appeal of the State of California, Fifth Appellate District granted SNI’s application on February 19, 2021 and ordered briefing by the Parties. Discovery is currently stayed in the matter pending the outcome of appellate review. SNI continues to evaluate the developing legal authority on this issue. SNI intends to continue to vigorously defend its interests, absent a reasonable resolution. Kelley v. Sensient Natural Ingredients LLC; Bryan v. Sensient Natural Ingredients LLC On March 4, 2020 Monique Kelley filed a Class Action Complaint against SNI in Merced County Superior Court in California. Ms. Kelley worked at SNI for less than a week in 2017 through a temporary staffing company. Ms. Kelley has brought suit for purported violations of the California Labor Code and the California Business and Professions Code on her own behalf, and on behalf of all current and former California-based hourly-paid or non-exempt employees of SNI. Ms. Kelley specifically asserts claims for unpaid overtime wages, unpaid minimum wages, unpaid meal and rest break premiums, failure to timely pay final wages upon termination, non-compliant wage statements, and unreimbursed business expenses. SNI filed a Demurrer on May 21, 2020 seeking dismissal of the Complaint in its entirety on the grounds that it contains only boilerplate allegations that fail to state facts sufficient to constitute a cause of action, and it is otherwise uncertain, ambiguous, and unintelligible. SNI further sought dismissal of one cause of action based upon the statute of limitations. SNI simultaneously filed a Motion to Strike certain allegations in the Complaint as improperly pled. The Court sustained the Demurrer with leave to amend on August 25, 2020. The Court also granted the Motion to Strike. Ms. Kelley has amended her original pleading, asserting the same causes of action, to which SNI has filed a responsive pleading. The parties have begun discovery. On June 15, 2020 the same law firm representing Ms. Kelley also filed notice with the State of California of the intent to pursue a claim on a representative basis pursuant to the California Private Attorneys General Act of 2004 (PAGA). This notice was served on behalf of Julie Bryan, who worked at SNI through a temporary staffing agency in early 2020 The notice states the intent to pursue relief on behalf of Ms. Bryan as well as other alleged aggrieved employees, identified as all current and former hourly or non-exempt employees of SNI, whether hired directly or through staffing agencies or labor contractors. The notice alleges that SNI failed to properly pay Ms. Bryan and the other alleged aggrieved employees for all hours worked, failed to properly provide or compensate minimum and overtime wages and for meal and rest breaks, failed to issue compliant wage statements, and failed to reimburse for all necessary business-related expenses, in violation of the California Labor Code and California Industrial Welfare Commission Orders. On August 19, 2020, Ms. Bryan filed a Complaint in Merced County Superior Court asserting the claims set forth in her PAGA notice. SNI has filed its Answer and Affirmative Defenses, and the parties have entered the discovery phase of the case. SNI intends to vigorously defend its interests in both of these matters, absent a reasonable resolution. Other Claims 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. See Note 2, Divestitures

Subsequent Events

Subsequent Events3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events13. Subsequent Events On April 1, 2021, the Company completed the sale of its fragrances product line. See Note 2, Divestitures On the Company announced its quarterly dividend of $ per share would be payable on .

Accounting Policies (Policies)

Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Recently Adopted/Issued Accounting PronouncementsRecently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Recently Issued Accounting Pronouncements In March 2020 the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848 ) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other inter-bank offered rates to alternative rates. The guidance is effective upon issuance and generally can be applied through December 31, 2022 The Company is currently evaluating the potential impact of this standard on its consolidated financial statements and its related disclosures. Please refer to the notes in the Company’s annual consolidated financial statements for the year ended December 31, 2020 for additional details of the Company’s financial condition and a description of the Company’s accounting policies, which have been continued without change.

Divestitures (Tables)

Divestitures (Tables)3 Months Ended
Mar. 31, 2021
Divestitures [Abstract]
Assets and Liabilities Held for SaleT he assets and liabilities related to the inks and fragrances (excluding its essential oils product line) product lines are recorded in Assets Held for Sale and Liabilities Held for Sale as of , and , as
(In thousands) March 31, 2021 December 31, 2020
Assets held for sale:
Trade accounts receivable $ 20,433 $ 20,722
Inventories 21,897 25,045
Prepaid expenses and other current assets 2,049 1,843
Property, plant, and equipment, net 3,540 3,434
Intangible assets 1,678 1,716
Assets held for sale $ 49,597 $ 52,760
Liabilities held for sale:
Trade accounts payable $ 12,469 $ 13,967
Accrued salaries, wages, and withholdings from employees 1,557 1,739
Other accrued expenses 1,327 1,633
Liabilities held for sale $ 15,353 $ 17,339
Divestiture and Other Related CostsThe Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the months ended :
(In thousands) Yogurt Fruit Preparations Fragrances Inks Corporate/ Other Total
Non-cash charges – Cost of products sold $ - $ 34 $ (9 ) $ - $ 25
Other costs - Selling and administrative expenses (1) 265 1,014 (107 ) 375 1,547
Total $ 265 $ 1,048 $ (116 ) $ 375 $ 1,572 ( ) Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, accelerated depreciation, and other related costs. The Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the months ended :
(In thousands) Yogurt Fruit Preparations Fragrances Inks Corporate/ Other Total
Non-cash impairment charges – Selling and administrative expenses $ - $ 339 $ 9,437 $ 351 $ 10,127
Non-cash charges – Cost of products sold - - - 190 190
Other costs - Selling and administrative expenses (1) 68 818 102 538 1,526
Total $ 68 $ 1,157 $ 9,539 $ 1,079 $ 11,843 ( ) Other costs – Selling and administrative expenses include employee separation costs, professional services, and other related costs.

Operational Improvement Plan (T

Operational Improvement Plan (Tables)3 Months Ended
Mar. 31, 2021
Operational Improvement Plan [Abstract]
Operational Improvement Plan Costs by SegmentT he following table summarizes the Operational Improvement Plan expenses recorded in Selling and Administrative Expenses by segment for the three months ended March 31, 2021
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Employee separation costs $ (19 ) $ 54 $ (44 ) $ (9 )
Other costs (1) - 1,009 1 1,010
Total $ (19 ) $ 1,063 $ (43 ) $ 1,001
(1) Other costs include professional services, accelerated depreciation, and other related costs

Trade Accounts Receivable (Tabl

Trade Accounts Receivable (Tables)3 Months Ended
Mar. 31, 2021
Trade Accounts Receivable [Abstract]
Changes in Allowance for Doubtful AccountsThe following table summarizes the changes in the allowance for doubtful accounts during the three month periods ended March 31, 2021 and 2020
(In thousands) Three Months Ended March 31, 2021 Allowance for Doubtful Accounts
Balance at December $ 3,891
Provision for expected credit losses 156
Accounts written off (353 )
Translation and other activity (80 )
Balance at March 31, 2021 $ 3,614
(In thousands) Three Months Ended March 31, 2020 Allowance for Doubtful Accounts
Balance at December $ 6,913
Adoption of ASU - 853
Provision for expected credit losses 240
Accounts written off (336 )
Translation and other activity (643 )
Balance at March 31, 2020 $ 7,027

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Mar. 31, 2021
Segment Information [Abstract]
Segment InformationOperating results by segment for the periods presented are as follows:
(In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated
Three months ended March 31, 2021 :
Revenue from external customers $ 194,661 $ 131,201 $ 33,840 $ - $ 359,702
Intersegment revenue 6,250 4,519 - - 10,769
Total revenue $ 200,911 $ 135,720 $ 33,840 $ - $ 370,471
Operating income (loss) $ 27,018 $ 26,594 $ 6,752 $ (13,467 ) $ 46,897
Interest expense - - - 3,433 3,433
Earnings (loss) before income taxes $ 27,018 $ 26,594 $ 6,752 $ (16,900 ) $ 43,464
Three months ended March 31, 2020 :
Revenue from external customers $ 181,187 $ 139,193 $ 30,297 $ - $ 350,677
Intersegment revenue 5,311 4,302 152 - 9,765
Total revenue $ 186,498 $ 143,495 $ 30,449 $ - $ 360,442
Operating income (loss) $ 20,871 $ 29,664 $ 5,059 $ (21,033 ) $ 34,561
Interest expense - - - 4,307 4,307
Earnings (loss) before income taxes $ 20,871 $ 29,664 $ 5,059 $ (25,340 ) $ 30,254
Product InformationProduct Lines
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Three months ended March 31, 2021 :
Flavors, Extracts & Flavor Ingredients $ 108,090 $ - $ - $ 108,090
Natural Ingredients 62,204 - - 62,204
Fragrances 28,467 - - 28,467
Yogurt Fruit Preparations 2,150 - - 2,150
Food & - 93,785 - 93,785
Personal Care - 41,515 - 41,515
Inks - 420 - 420
Asia Pacific - - 33,840 33,840
Intersegment Revenue (6,250 ) (4,519 ) - (10,769 )
Total revenue from external customers $ 194,661 $ 131,201 $ 33,840 $ 359,702
Three months ended March 31, 2020 :
Flavors, Extracts & Flavor Ingredients $ 101,453 $ - $ - $ 101,453
Natural Ingredients 57,600 - - 57,600
Fragrances 22,284 - - 22,284
Yogurt Fruit Preparations 5,161 - - 5,161
Food & - 90,793 - 90,793
Personal Care - 43,743 - 43,743
Inks - 8,959 - 8,959
Asia Pacific - - 30,449 30,449
Intersegment Revenue (5,311 ) (4,302 ) (152 ) (9,765 )
Total revenue from external customers $ 181,187 $ 139,193 $ 30,297 $ 350,677
Geographical InformationGeographic Markets
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Three months ended March 31, 2021 :
North America $ 129,643 $ 63,670 $ 25 $ 193,338
Europe 44,568 37,278 22 81,868
Asia Pacific 9,717 14,838 32,558 57,113
Other 10,733 15,415 1,235 27,383
Total revenue from external customers $ 194,661 $ 131,201 $ 33,840 $ 359,702
Three months ended March 31, 2020 :
North America $ 116,701 $ 66,265 $ - $ 182,966
Europe 43,877 38,738 22 82,637
Asia Pacific 9,355 15,975 29,122 54,452
Other 11,254 18,215 1,153 30,622
Total revenue from external customers $ 181,187 $ 139,193 $ 30,297 $ 350,677

Retirement Plans (Tables)

Retirement Plans (Tables)3 Months Ended
Mar. 31, 2021
Retirement Plans [Abstract]
Annual Benefit CostThe 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) 2021 2020
Service cost $ 436 $ 400
Interest cost 212 256
Expected return on plan assets (184 ) (209 )
Recognized actuarial loss 69 16
Total defined benefit expense $ 533 $ 463

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)3 Months Ended
Mar. 31, 2021
Accumulated Other Comprehensive Income [Abstract]
Changes in OCIThe following table summarizes the changes in OCI during the three month periods ended March 31, 2021 and 2020 :
(In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total
Balances at December 31, 2020 $ 749 $ (1,965 ) $ (157,875 ) $ (159,091 )
Other comprehensive loss before reclassifications 720 - (15,623 ) (14,903 )
Amounts reclassified from OCI (289 ) 52 1 (236 )
Balances at March 31, 2021 $ 1,180 $ (1,913 ) $ (173,497 ) $ (174,230 )
(In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total
Balances at December 31, 2019 $ (199 ) $ (672 ) $ (162,137 ) $ (163,008 )
Other comprehensive loss before reclassifications (1,865 ) - (42,925 ) (44,790 )
Amounts reclassified from OCI 429 8 - 437
Balances at March 31, 2020 $ (1,635 ) $ (664 ) $ (205,062 ) $ (207,361 )
(1) Cash Flow Hedges and Pension Items are net of tax.

Divestitures (Details)

Divestitures (Details) $ in ThousandsSep. 18, 2020USD ($)Jun. 30, 2021USD ($)Mar. 31, 2021USD ($)ProductLineJun. 30, 2020USD ($)Mar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Divestiture of Product Line [Abstract]
Number of product lines divested or to be divested | ProductLine3
Proceed from sale of business $ 4,059 $ 0
Assets held for sale [Abstract]
Assets held for sale49,597 $ 52,760
Liabilities held for sale [Abstract]
Liabilities held for sale15,353 17,339
Divestiture & other related costs [Abstract]
Divestiture and other related costs1,572 11,843
Corporate & Other [Member]
Divestiture & other related costs [Abstract]
Divestiture and other related costs375 1,079
Yogurt Fruit Preparations [Member]
Divestiture of Product Line [Abstract]
Proceed from sale of business $ 1,000
Divestiture & other related costs [Abstract]
Divestiture and other related costs265 68
Inks and Fragrances [Member]
Assets held for sale [Abstract]
Trade accounts receivable20,433 20,722
Inventories21,897 25,045
Prepaid expenses and other current assets2,049 1,843
Property, plant, and equipment, net3,540 3,434
Intangible assets1,678 1,716
Assets held for sale49,597 52,760
Liabilities held for sale [Abstract]
Trade accounts payable12,469 13,967
Accrued salaries, wages, and withholdings from employees1,557 1,739
Other accrued expenses1,327 1,633
Liabilities held for sale15,353 17,339
Fragrances [Member]
Divestiture of Product Line [Abstract]
Proceed from sale of business4,100
Divestiture & other related costs [Abstract]
Divestiture and other related costs1,048 1,157
Fragrances [Member] | Forecast [Member]
Divestiture of Product Line [Abstract]
Proceed from sale of business $ 32,000
Proceeds escrowed4,700
Non-cash net loss related to reclassification of accumulated foreign currency translation $ 12,000
Fragrances [Member] | Minimum [Member]
Divestiture & other related costs [Abstract]
Divestiture and other related costs13,000
Fragrances [Member] | Maximum [Member]
Divestiture & other related costs [Abstract]
Divestiture and other related costs14,000
Inks [Member]
Divestiture of Product Line [Abstract]
Proceed from sale of business $ 11,600
Divestiture & other related costs [Abstract]
Divestiture and other related costs(116)9,539
Selling, General and Administrative Expenses [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges10,127
Other costs1,547 [1]1,526 [2]
Divestiture Transactions [Abstract]
Expenses recorded related to environmental obligations300 $ 800
Selling, General and Administrative Expenses [Member] | Corporate & Other [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges351
Other costs375 [1]538 [2]
Selling, General and Administrative Expenses [Member] | Yogurt Fruit Preparations [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges0
Other costs265 [1]68 [2]
Selling, General and Administrative Expenses [Member] | Fragrances [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges339
Other costs1,014 [1]818 [2]
Selling, General and Administrative Expenses [Member] | Inks [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges9,437
Other costs(107)[1]102 [2]
Cost of Products Sold [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges25 190
Cost of Products Sold [Member] | Corporate & Other [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges0 190
Cost of Products Sold [Member] | Yogurt Fruit Preparations [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges0 0
Cost of Products Sold [Member] | Fragrances [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges34 0
Cost of Products Sold [Member] | Inks [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges $ (9) $ 0
[1]Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, accelerated depreciation, and other related costs.
[2]Other costs – Selling and administrative expenses include employee separation costs, professional services, and other related costs.

Operational Improvement Plan (D

Operational Improvement Plan (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Restructuring Costs [Abstract]
Accrued liabilities $ 1,900 $ 2,200
Minimum [Member]
Restructuring Costs [Abstract]
Expected operational improvement cost5,000
Maximum [Member]
Restructuring Costs [Abstract]
Expected operational improvement cost6,000
Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs1,001
Employee Separation Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs(9)
Other Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs[1]1,010
Flavors & Extracts [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs(19)
Flavors & Extracts [Member] | Employee Separation Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs(19)
Flavors & Extracts [Member] | Other Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs[1]0
Color [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs1,063
Color [Member] | Employee Separation Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs54
Color [Member] | Other Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs[1]1,009
Asia Pacific [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs(43)
Asia Pacific [Member] | Employee Separation Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs(44)
Asia Pacific [Member] | Other Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs[1] $ 1
[1]Other costs include professional services, accelerated depreciation, and other related costs.

Trade Accounts Receivable (Deta

Trade Accounts Receivable (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)SegmentMar. 31, 2020USD ($)
Trade Accounts Receivable [Abstract]
Number of portfolio segments | Segment1
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance $ 3,891 $ 6,913
Provision for expected credit losses156 240
Accounts written off(353)(336)
Translation and other activity(80)(643)
Ending balance $ 3,614 7,027
ASU 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Adoption of ASU 2016-13 $ 853

Inventories (Details)

Inventories (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Inventories [Abstract]
Inventories, including finished and in-process products $ 242.6 $ 268.1
Raw materials and supplies $ 107.7 $ 113.2

Fair Value (Details)

Fair Value (Details) - Level 2 [Member] - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Investments, Fair Value Disclosure [Abstract]
Forward exchange contract, Asset $ 1 $ 0.5
Carrying Value [Member]
Investments, Fair Value Disclosure [Abstract]
Long term debt524.7 526.9
Fair Value [Member]
Investments, Fair Value Disclosure [Abstract]
Long term debt $ 549.3 $ 556.1

Segment Information, Operating

Segment Information, Operating Results by Segment (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)SegmentMar. 31, 2020USD ($)
Segment Information [Abstract]
Number of reportable segments | Segment3
Revenue [Abstract]
Revenue $ 359,702 $ 350,677
Operating income (loss)46,897 34,561
Interest expense3,433 4,307
Earnings (loss) before income taxes43,464 30,254
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue194,661 181,187
Operating income (loss)27,018 20,871
Interest expense0 0
Earnings (loss) before income taxes27,018 20,871
Color [Member]
Revenue [Abstract]
Revenue131,201 139,193
Operating income (loss)26,594 29,664
Interest expense0 0
Earnings (loss) before income taxes26,594 29,664
Asia Pacific [Member]
Revenue [Abstract]
Revenue33,840 30,297
Operating income (loss)6,752 5,059
Interest expense0 0
Earnings (loss) before income taxes6,752 5,059
Reportable Segments [Member]
Revenue [Abstract]
Revenue370,471 360,442
Reportable Segments [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue200,911 186,498
Reportable Segments [Member] | Color [Member]
Revenue [Abstract]
Revenue135,720 143,495
Reportable Segments [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue33,840 30,449
Intersegment Revenue [Member]
Revenue [Abstract]
Revenue10,769 9,765
Intersegment Revenue [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue6,250 5,311
Intersegment Revenue [Member] | Color [Member]
Revenue [Abstract]
Revenue4,519 4,302
Intersegment Revenue [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue0 152
Corporate & Other [Member]
Revenue [Abstract]
Revenue0 0
Operating income (loss)(13,467)(21,033)
Interest expense3,433 4,307
Earnings (loss) before income taxes $ (16,900) $ (25,340)

Segment Information, Revenue fr

Segment Information, Revenue from External Customers by Product Line (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue [Abstract]
Revenue $ 359,702 $ 350,677
Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue108,090 101,453
Natural Ingredients [Member]
Revenue [Abstract]
Revenue62,204 57,600
Fragrances [Member]
Revenue [Abstract]
Revenue28,467 22,284
Yogurt Fruit Preparations [Member]
Revenue [Abstract]
Revenue2,150 5,161
Food & Pharmaceutical Colors [Member]
Revenue [Abstract]
Revenue93,785 90,793
Personal Care [Member]
Revenue [Abstract]
Revenue41,515 43,743
Inks [Member]
Revenue [Abstract]
Revenue420 8,959
Asia Pacific [Member]
Revenue [Abstract]
Revenue33,840 30,449
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue194,661 181,187
Flavors & Extracts [Member] | Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue108,090 101,453
Flavors & Extracts [Member] | Natural Ingredients [Member]
Revenue [Abstract]
Revenue62,204 57,600
Flavors & Extracts [Member] | Fragrances [Member]
Revenue [Abstract]
Revenue28,467 22,284
Flavors & Extracts [Member] | Yogurt Fruit Preparations [Member]
Revenue [Abstract]
Revenue2,150 5,161
Color [Member]
Revenue [Abstract]
Revenue131,201 139,193
Color [Member] | Food & Pharmaceutical Colors [Member]
Revenue [Abstract]
Revenue93,785 90,793
Color [Member] | Personal Care [Member]
Revenue [Abstract]
Revenue41,515 43,743
Color [Member] | Inks [Member]
Revenue [Abstract]
Revenue420 8,959
Asia Pacific [Member]
Revenue [Abstract]
Revenue33,840 30,297
Asia Pacific [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue33,840 30,449
Intersegment Revenue [Member]
Revenue [Abstract]
Revenue10,769 9,765
Intersegment Revenue [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue6,250 5,311
Intersegment Revenue [Member] | Color [Member]
Revenue [Abstract]
Revenue4,519 4,302
Intersegment Revenue [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue $ 0 $ 152

Segment Information, Revenue _2

Segment Information, Revenue from External Customers by Geographic Markets (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue [Abstract]
Revenue $ 359,702 $ 350,677
North America [Member]
Revenue [Abstract]
Revenue193,338 182,966
Europe [Member]
Revenue [Abstract]
Revenue81,868 82,637
Asia Pacific [Member]
Revenue [Abstract]
Revenue57,113 54,452
Other [Member]
Revenue [Abstract]
Revenue27,383 30,622
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue194,661 181,187
Color [Member]
Revenue [Abstract]
Revenue131,201 139,193
Asia Pacific [Member]
Revenue [Abstract]
Revenue33,840 30,297
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | North America [Member]
Revenue [Abstract]
Revenue129,643 116,701
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Europe [Member]
Revenue [Abstract]
Revenue44,568 43,877
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue9,717 9,355
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Other [Member]
Revenue [Abstract]
Revenue10,733 11,254
Reportable Geographical Components [Member] | Color [Member] | North America [Member]
Revenue [Abstract]
Revenue63,670 66,265
Reportable Geographical Components [Member] | Color [Member] | Europe [Member]
Revenue [Abstract]
Revenue37,278 38,738
Reportable Geographical Components [Member] | Color [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue14,838 15,975
Reportable Geographical Components [Member] | Color [Member] | Other [Member]
Revenue [Abstract]
Revenue15,415 18,215
Reportable Geographical Components [Member] | Asia Pacific [Member] | North America [Member]
Revenue [Abstract]
Revenue25 0
Reportable Geographical Components [Member] | Asia Pacific [Member] | Europe [Member]
Revenue [Abstract]
Revenue22 22
Reportable Geographical Components [Member] | Asia Pacific [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue32,558 29,122
Reportable Geographical Components [Member] | Asia Pacific [Member] | Other [Member]
Revenue [Abstract]
Revenue $ 1,235 $ 1,153

Retirement Plans (Details)

Retirement Plans (Details) - Defined Benefit Plan [Member] - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost $ 436 $ 400
Interest cost212 256
Expected return on plan assets(184)(209)
Recognized actuarial loss69 16
Total defined benefit expense $ 533 $ 463

Derivative Instruments and He_2

Derivative Instruments and Hedging Activity (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Maximum [Member]
Derivative instruments and hedging activity for the period [Abstract]
Number of months for contracts to mature18 months
Forward Exchange Contracts [Member] | Cash Flow Hedges [Member]
Derivative instruments and hedging activity for the period [Abstract]
Derivative, fair value $ 32.7 $ 54.1
Foreign Currency Denominated Debt, Net Investment Hedging [Member]
Derivative instruments and hedging activity for the period [Abstract]
Carrying value of foreign denominated debt315.4 $ 325
Impact of foreign exchange rates on debt instruments recorded in other comprehensive income $ 9.6 $ 8.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Taxes [Abstract]
Effective income tax rates27.10%31.30%
Deferred payroll tax payments $ 5.5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance $ 934,336 $ 881,589
Other comprehensive loss before reclassifications(14,903)(44,790)
Amounts reclassified from OCI(236)437
Ending balance925,646 842,658
Accumulated Other Comprehensive (Loss) Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(159,091)(163,008)
Ending balance(174,230)(207,361)
Cash Flow Hedges [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance[1]749 (199)
Other comprehensive loss before reclassifications[1]720 (1,865)
Amounts reclassified from OCI[1](289)429
Ending balance[1]1,180 (1,635)
Pension Items [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance[1](1,965)(672)
Other comprehensive loss before reclassifications[1]0 0
Amounts reclassified from OCI[1]52 8
Ending balance[1](1,913)(664)
Foreign Currency Items [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(157,875)(162,137)
Other comprehensive loss before reclassifications(15,623)(42,925)
Amounts reclassified from OCI1 0
Ending balance $ (173,497) $ (205,062)
[1]Cash Flow Hedges and Pension Items are net of tax.

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]Apr. 22, 2021$ / shares
Subsequent Events [Abstract]
Dividend declared dateApr. 22,
2021
Dividend payable (in dollars per share) $ 0.39
Dividend payable dateJun. 1,
2021