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SXT Sensient Technologies

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Jun. 30, 2021Jul. 28, 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 DateJun. 30,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
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 Outstanding42,156,133

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
CONSOLIDATED STATEMENTS OF EARNINGS [Abstract]
Revenue $ 335,827 $ 323,090 $ 695,529 $ 673,767
Cost of products sold224,233 220,876 468,322 459,660
Selling and administrative expenses75,841 60,089 144,557 137,421
Operating income35,753 42,125 82,650 76,686
Interest expense3,322 3,608 6,755 7,915
Earnings before income taxes32,431 38,517 75,895 68,771
Income taxes6,495 7,897 18,291 17,378
Net earnings $ 25,936 $ 30,620 $ 57,604 $ 51,393
Weighted average number of common shares outstanding:
Basic (in shares)42,135 42,305 42,199 42,294
Diluted (in shares)42,267 42,322 42,328 42,315
Earnings per common share:
Basic (in dollars per share) $ 0.62 $ 0.72 $ 1.37 $ 1.22
Diluted (in dollars per share)0.610.721.361.21
Dividends declared per common share (in dollars per share) $ 0.39 $ 0.39 $ 0.78 $ 0.78

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Comprehensive income $ 44,245 $ 33,257 $ 60,774 $ 9,677

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Current Assets:
Cash and cash equivalents $ 33,306 $ 24,770
Trade accounts receivable258,411 234,132
Inventories360,240 381,346
Prepaid expenses and other current assets56,111 48,578
Assets held for sale0 52,760
Total current assets708,068 741,586
Other assets90,369 89,883
Deferred tax assets28,067 29,678
Intangible assets, net10,676 10,930
Goodwill418,528 423,290
Property, Plant, and Equipment:
Land31,315 31,422
Buildings318,523 316,533
Machinery and equipment702,697 703,485
Construction in progress28,750 21,759
Property, plant, and equipment, gross1,081,285 1,073,199
Less accumulated depreciation(639,263)(627,706)
Property, plant, and equipment, net442,022 445,493
Total assets1,697,730 1,740,860
Current Liabilities:
Trade accounts payable115,325 107,324
Accrued salaries, wages, and withholdings from employees30,210 34,462
Other accrued expenses43,920 42,985
Income taxes6,190 4,598
Short-term borrowings771 9,247
Liabilities held for sale0 17,339
Total current liabilities196,416 215,955
Deferred tax liabilities13,444 13,411
Other liabilities30,500 30,213
Accrued employee and retiree benefits29,863 28,941
Long-term debt483,230 518,004
Shareholders' Equity:
Common stock5,396 5,396
Additional paid-in capital105,967 102,909
Earnings reinvested in the business1,603,239 1,578,662
Treasury stock, at cost(614,404)(593,540)
Accumulated other comprehensive loss(155,921)(159,091)
Total shareholders' equity944,277 934,336
Total liabilities and shareholders' equity $ 1,697,730 $ 1,740,860

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Cash flows from operating activities:
Net earnings $ 25,936 $ 30,620 $ 57,604 $ 51,393
Adjustments to arrive at net cash provided by operating activities:
Depreciation and amortization25,817 24,522
Share-based compensation expense4,188 2,662
Net loss on assets206 50
Loss on divestitures and other charges13,511 6,634
Deferred income taxes1,702 1,075
Changes in operating assets and liabilities:
Trade accounts receivable(26,902)(20,494)
Inventories19,357 24,816
Prepaid expenses and other assets(15,573)(3,975)
Accounts payable and other accrued expenses9,632 9,961
Accrued salaries, wages, and withholdings from employees(3,944)6,483
Income taxes1,953 3,899
Other liabilities1,710 588
Net cash provided by operating activities89,261 107,614
Cash Flows from Investing Activities:
Acquisition of property, plant, and equipment(25,550)(21,417)
Proceeds from sale of assets169 6
Proceeds from divesture of businesses36,255 11,255
Other investing activities(254)4,395
Net cash provided by (used in) investing activities10,620 (5,761)
Cash flows from financing activities:
Proceeds from additional borrowings25,997 38,670
Debt payments(62,578)(98,849)
Purchase of treasury stock(22,507)0
Dividends paid(33,027)(33,018)
Other financing activities(582)(414)
Net cash used in financing activities(92,697)(93,611)
Effect of exchange rate changes on cash and cash equivalents1,352 (8,519)
Net increase (decrease) in cash and cash equivalents8,536 (277)
Cash and cash equivalents at beginning of period24,770 21,153 $ 21,153
Cash and cash equivalents at end of period $ 33,306 $ 20,876 $ 33,306 $ 20,876 $ 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 51,393 $ 0 0 51,393
Other comprehensive Income (loss)0 0 0 0 (41,716)(41,716)
Cash dividends paid0 0 (33,018)0 0 (33,018)
Share-based compensation0 2,662 0 0 0 2,662
Non-vested stock issued upon vesting0 (1,352)0 $ 1,352 0 0
Non-vested stock issued upon vesting (in shares)(26,515)
Benefit plans0 241 0 $ 833 0 1,074
Benefit plans (in shares)(16,344)
Other0 (14)0 $ (401)0 (415)
Other (in shares)7,850
Ending balance at Jun. 30, 20205,396 99,962 1,553,622 $ (593,540)(204,724)860,716
Ending balance (in shares) at Jun. 30, 202011,647,627
Beginning balance at Mar. 31, 20205,396 99,080 1,539,520 $ (593,977)(207,361)842,658
Beginning balance (in shares) at Mar. 31, 202011,656,206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings0 0 30,620 $ 0 0 30,620
Other comprehensive Income (loss)0 0 0 0 2,637 2,637
Cash dividends paid0 0 (16,518)0 0 (16,518)
Share-based compensation0 1,485 0 0 0 1,485
Non-vested stock issued upon vesting0 (628)0 $ 628 0 0
Non-vested stock issued upon vesting (in shares)(12,315)
Other0 25 0 $ (191)0 (166)
Other (in shares)3,736
Ending balance at Jun. 30, 20205,396 99,962 1,553,622 $ (593,540)(204,724)860,716
Ending balance (in shares) at Jun. 30, 202011,647,627
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 57,604 $ 0 0 57,604
Other comprehensive Income (loss)0 0 0 0 3,170 3,170
Cash dividends paid0 0 (33,027)0 0 (33,027)
Share-based compensation0 4,188 0 0 0 4,188
Non-vested stock issued upon vesting0 (1,264)0 $ 1,264 0 0
Non-vested stock issued upon vesting (in shares)(24,711)
Benefit plans0 338 0 $ 756 0 1,094
Benefit plans (in shares)(14,791)
Purchase of treasury stock0 0 0 $ (22,507)0 (22,507)
Purchase of treasury stock (in shares)276,993
Other0 (204)0 $ (377)0 (581)
Other (in shares)7,379
Ending balance at Jun. 30, 20215,396 105,967 1,603,239 $ (614,404)(155,921)944,277
Ending balance (in shares) at Jun. 30, 202111,892,497
Beginning balance at Mar. 31, 20215,396 104,725 1,593,795 $ (604,040)(174,230)925,646
Beginning balance (in shares) at Mar. 31, 202111,776,654
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings0 0 25,936 $ 0 0 25,936
Other comprehensive Income (loss)0 0 0 0 18,309 18,309
Cash dividends paid0 0 (16,492)0 0 (16,492)
Share-based compensation0 2,075 0 0 0 2,075
Non-vested stock issued upon vesting0 (701)0 $ 701 0 0
Non-vested stock issued upon vesting (in shares)(13,666)
Purchase of treasury stock0 0 0 $ (10,842)0 (10,842)
Purchase of treasury stock (in shares)125,150
Other0 (132)0 $ (223)0 (355)
Other (in shares)4,359
Ending balance at Jun. 30, 2021 $ 5,396 $ 105,967 $ 1,603,239 $ (614,404) $ (155,921) $ 944,277
Ending balance (in shares) at Jun. 30, 202111,892,497

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]
Cash dividends per share (in dollars per share) $ 0.39 $ 0.39 $ 0.78 $ 0.78

Accounting Policies

Accounting Policies6 Months Ended
Jun. 30, 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 June 30, 2021, and the results of operations, comprehensive income, and shareholders’ equity for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 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 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

Divestitures6 Months Ended
Jun. 30, 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 a result of the completion of the sale, the Company recorded $ million for the three months ended June 30, 2021, 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 , as
(In thousands) December 31, 2020
Assets held for sale:
Trade accounts receivable $ 20,722
Inventories 25,045
Prepaid expenses and other current assets 1,843
Property, plant, and equipment, net 3,434
Intangible assets 1,716
Assets held for sale $ 52,760
Liabilities held for sale:
Trade accounts payable $ 13,967
Accrued salaries, wages, and withholdings from employees 1,739
Other accrued expenses 1,633
Liabilities held for sale $ 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 impairment charges – Selling and administrative expenses $ - $ 1,062 $ - $ - $ 1,062
Non-cash charges – Cost of products sold - 3 - - 3
Reclassification of foreign currency translation and related items – Selling and administrative expenses - 10,193 - - 10,193
Other costs - Selling and administrative expenses (1) 264 202 (98 ) 62 430
Total $ 264 $ 11,460 $ (98 ) $ 62 $ 11,688
( 1 ) Other costs – Selling and administrative expenses include 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 $ 2,386 $ - $ (86 ) $ - $ 2,300
Non-cash charges – Cost of products sold 1,679 70 - - 1,749
Reclassification of foreign currency translation and related items – Selling and administrative expenses - - (8,217 ) - (8,217 )
Other costs - Selling and administrative expenses (1) 518 1,288 194 641 2,641
Total $ 4,583 $ 1,358 $ (8,109 ) $ 641 $ (1,527 )
( 1 ) 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 $ - $ 1,062 $ - $ - $ 1,062
Non-cash charges – Cost of products sold - 37 (9 ) - 28
Reclassification of foreign currency translation and related items – Selling and administrative expenses - 10,193 - - 10,193
Other costs - Selling and administrative expenses (1) 529 1,216 (205 ) 437 1,977
Total $ 529 $ 12,508 $ (214 ) $ 437 $ 13,260
(1) Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, 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 $ 2,386 $ 339 $ 9,351 $ - $ 12,076
Non-cash charges – Cost of products sold 1,679 70 - 190 1,939
Reclassification of foreign currency translation and related items – Selling and administrative expenses - - (8,217 ) - (8,217 )
Other costs - Selling and administrative expenses (1) 586 2,106 296 1,530 4,518
Total $ 4,651 $ 2,515 $ 1,430 $ 1,720 $ 10,316
(1) Other costs – Selling and administrative expenses include environmental remediation, 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, 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 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 six months ended June 30, 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 June 30, 2021 , the Company estimates remaining 2021 divestiture & other related costs will not be significant.

Operational Improvement Plan

Operational Improvement Plan6 Months Ended
Jun. 30, 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. During the second quarter of 2021, the Company received cash proceeds, net of associated expenses, in connection with the termination of a New Jersey office and laboratory space lease. The terminated lease was originally executed in November 2020 as part of the Operational Improvement Plan; however, the landlord for the property requested to terminate the lease prior to the end of its term and compensated the Company as part of a negotiated resolution for that termination. The Company reports all costs and income associated with the Operational Improvement Plan in Corporate & Other. T he following table summarizes the Operational Improvement Plan income and expenses recorded in Selling and Administrative Expenses by segment for the three months ended June 30, 2021
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Employee separation costs $ 3 $ 26 $ (24 ) $ 5
Other income (1) - (3,624 ) - (3,624 )
Other costs - 125 - 125
Total expense (income) $ 3 $ (3,473 ) $ (24 ) $ (3,494 )
(1) Other income includes cash received for the early termination of a lease less associated expenses. The following table summarizes the Operational Improvement Plan expenses recorded in Selling and Administrative Expenses by segment for the six months ended June 30, 2021:
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Employee separation costs $ (16 ) $ 80 $ (68 ) $ (4 )
Other income (1) - (3,624 ) - (3,624 )
Other costs (2) - 1,134 1 1,135
Total expense (income) $ (16 ) $ (2,410 ) $ (67 ) $ (2,493 )
(1) Other income includes cash received for the early termination of a lease less associated expenses.
(2) O ther costs include professional services, accelerated depreciation, and other related costs. As of June 30, 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 estimates remaining 2021 Operational Improvement Plan costs will be approximately llion.

Trade Accounts Receivable

Trade Accounts Receivable6 Months Ended
Jun. 30, 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-19 Currently, the COVID-19 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 tables summarize the changes in the allowance for doubtful accounts during the and month periods ended and
(In thousands) Three Months Ended June 30, 2021 Allowance for Doubtful Accounts
Balance at March 31, 2021 $ 3,614
Provision for expected credit losses 138
Accounts written off (20 )
Translation and other activity 17
Balance at June 30, 2021 $ 3,749
(In thousands) Three Months Ended June 30, 2020 Allowance for Doubtful Accounts
Balance at March 31, 2020 $ 7,027
Provision for expected credit losses 116
Accounts written off (291 )
Divestiture (2,174 )
Translation and other activity 212
Balance at June 30, 2020 $ 4,890
(In thousands) Six Months Ended June 30, 2021 Allowance for Doubtful Accounts
Balance at December 31, 2020 $ 3,891
Provision for expected credit losses 294
Accounts written off (373 )
Translation and other activity (63 )
Balance at June 30, 2021 $ 3,749
(In thousands) Six Months Ended June 30, 2020 Allowance for Doubtful Accounts
Balance at December 31, 2019 $ 6,913
Adoption of ASU 2016-13 853
Provision for expected credit losses 356
Accounts written off (627 )
Divestiture (2,174 )
Translation and other activity (431 )
Balance at June 30, 2020 $ 4,890

Inventories

Inventories6 Months Ended
Jun. 30, 2021
Inventories [Abstract]
Inventories5. Inventories At June 30, 2021, and December 31, 2020, inventories included finished and in-process products totaling

Debt

Debt6 Months Ended
Jun. 30, 2021
Debt [Abstract]
Debt6. Debt On May the Company entered into a Amended and May 2022 May 2026

Fair Value

Fair Value6 Months Ended
Jun. 30, 2021
Fair Value [Abstract]
Fair Value7. 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2021 and December 31, 2020, was $ million and $ million, respectively. The fair value of the long-term debt at June 30, 2021 and December 31, 2020, was $ million and $ million, respectively

Segment Information

Segment Information6 Months Ended
Jun. 30, 2021
Segment Information [Abstract]
Segment Information8 . 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; and 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 and six months ended June 30, 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 June 30 , 2021 :
Revenue from external customers $ 174,699 $ 128,830 $ 32,298 $ - $ 335,827
Intersegment revenue 4,702 4,377 19 - 9,098
Total revenue $ 179,401 $ 133,207 $ 32,317 $ - $ 344,925
Operating income (loss) $ 24,536 $ 25,615 $ 5,793 $ (20,191 ) $ 35,753
Interest expense - - - 3,322 3,322
Earnings (loss) before income taxes $ 24,536 $ 25,615 $ 5,793 $ (23,513 ) $ 32,431
Three months ended June 30 , 2020 :
Revenue from external customers $ 178,430 $ 116,879 $ 27,781 $ - $ 323,090
Intersegment revenue 5,181 4,417 92 - 9,690
Total revenue $ 183,611 $ 121,296 $ 27,873 $ - $ 332,780
Operating income (loss) $ 22,752 $ 22,263 $ 4,849 $ (7,739 ) $ 42,125
Interest expense - - - 3,608 3,608
Earnings (loss) before income taxes $ 22,752 $ 22,263 $ 4,849 $ (11,347 ) $ 38,517
(In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated
Six months ended June 30 , 2021 :
Revenue from external customers $ 369,360 $ 260,031 $ 66,138 $ - $ 695,529
Intersegment revenue 10,952 8,896 19 - 19,867
Total revenue $ 380,312 $ 268,927 $ 66,157 $ - $ 715,396
Operating income (loss) $ 51,554 $ 52,209 $ 12,545 $ (33,658 ) $ 82,650
Interest expense - - - 6,755 6,755
Earnings (loss) before income taxes $ 51,554 $ 52,209 $ 12,545 $ (40,413 ) $ 75,895
Six months ended June 30 , 2020 :
Revenue from external customers $ 359,617 $ 256,072 $ 58,078 $ - $ 673,767
Intersegment revenue 10,492 8,719 244 - 19,455
Total revenue $ 370,109 $ 264,791 $ 58,322 $ - $ 693,222
Operating income (loss) $ 43,623 $ 51,927 $ 9,908 $ (28,772 ) $ 76,686
Interest expense - - - 7,915 7,915
Earnings (loss) before income taxes $ 43,623 $ 51,927 $ 9,908 $ (36,687 ) $ 68,771 Product Lines
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Three months ended June 30 , 2021 :
Flavors, Extracts & Flavor Ingredients $ 111,763 $ - $ - $ 111,763
Natural Ingredients 60,302 - - 60,302
Fragrances 5,921 - - 5,921
Yogurt Fruit Preparations 1,415 - - 1,415
Food & Pharmaceutical Colors - 94,092 - 94,092
Personal Care - 38,323 - 38,323
Inks - 792 - 792
Asia Pacific - - 32,317 32,317
Intersegment Revenue (4,702 ) (4,377 ) (19 ) (9,098 )
Total revenue from external customers $ 174,699 $ 128,830 $ 32,298 $ 335,827
Three months ended June 30 , 2020 :
Flavors, Extracts & Flavor Ingredients $ 101,642 $ - $ - $ 101,642
Natural Ingredients 57,227 - - 57,227
Fragrances 21,077 - - 21,077
Yogurt Fruit Preparations 3,665 - - 3,665
Food & Pharmaceutical Colors - 86,825 - 86,825
Personal Care - 31,095 - 31,095
Inks - 3,376 - 3,376
Asia Pacific - - 27,873 27,873
Intersegment Revenue (5,181 ) (4,417 ) (92 ) (9,690 )
Total revenue from external customers $ 178,430 $ 116,879 $ 27,781 $ 323,090
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Six months ended June 30 , 2021 :
Flavors, Extracts & Flavor Ingredients $ 219,853 $ - $ - $ 219,853
Natural Ingredients 122,506 - - 122,506
Fragrances 34,388 - - 34,388
Yogurt Fruit Preparations 3,565 - - 3,565
Food & Pharmaceutical Colors - 187,877 - 187,877
Personal Care - 79,838 - 79,838
Inks - 1,212 - 1,212
Asia Pacific - - 66,157 66,157
Intersegment Revenue (10,952 ) (8,896 ) (19 ) (19,867 )
Total revenue from external customers $ 369,360 $ 260,031 $ 66,138 $ 695,529
Six months ended June 30 , 2020 :
Flavors, Extracts & Flavor Ingredients $ 203,095 $ - $ - $ 203,095
Natural Ingredients 114,827 - - 114,827
Fragrances 43,361 - - 43,361
Yogurt Fruit Preparations 8,826 - - 8,826
Food & Pharmaceutical Colors - 177,618 - 177,618
Personal Care - 74,838 - 74,838
Inks - 12,335 - 12,335
Asia Pacific - - 58,322 58,322
Intersegment Revenue (10,492 ) (8,719 ) (244 ) (19,455 )
Total revenue from external customers $ 359,617 $ 256,072 $ 58,078 $ 673,767 Geographic Markets
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Three months ended June 30 , 2021 :
North America $ 128,665 $ 57,264 $ 37 $ 185,966
Europe 32,654 37,906 54 70,614
Asia Pacific 8,161 18,543 31,794 58,498
Other 5,219 15,117 413 20,749
Total revenue from external customers $ 174,699 $ 128,830 $ 32,298 $ 335,827
Three months ended June 30 , 2020 :
North America $ 120,827 $ 61,370 $ - $ 182,197
Europe 39,272 25,250 45 64,567
Asia Pacific 8,103 16,195 27,135 51,433
Other 10,228 14,064 601 24,893
Total revenue from external customers $ 178,430 $ 116,879 $ 27,781 $ 323,090
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Six months ended June 30 , 2021 :
North America $ 258,308 $ 120,934 $ 62 $ 379,304
Europe 77,222 75,184 76 152,482
Asia Pacific 17,878 33,381 64,352 115,611
Other 15,952 30,532 1,648 48,132
Total revenue from external customers $ 369,360 $ 260,031 $ 66,138 $ 695,529
Six months ended June 30 , 2020 :
North America $ 237,528 $ 127,635 $ - $ 365,163
Europe 83,149 63,988 67 147,204
Asia Pacific 17,458 32,170 56,257 105,885
Other 21,482 32,279 1,754 55,515
Total revenue from external customers $ 359,617 $ 256,072 $ 58,078 $ 673,767

Retirement Plans

Retirement Plans6 Months Ended
Jun. 30, 2021
Retirement Plans [Abstract]
Retirement Plans9. 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 June 30, Six Months Ended June 30
(In thousands) 2021 2020 2021 2020
Service cost $ 437 $ 396 $ 873 $ 796
Interest cost 214 251 426 507
Expected return on plan assets (185 ) (204 ) (369 ) (413 )
Recognized actuarial loss 69 15 138 31
Total defined benefit expense $ 535 $ 458 $ 1,068 $ 921 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 Activity6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activity [Abstract]
Derivative Instruments and Hedging Activity10. 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 . Divestitures

Income Taxes

Income Taxes6 Months Ended
Jun. 30, 2021
Income Taxes [Abstract]
Income Taxes11. Income Taxes The effective income tax rates for the three months ended June 30, 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 June 30, 2021, the Company has deferred certain payroll tax payments of as permitted by the CARES Act

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income6 Months Ended
Jun. 30, 2021
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income12. Accumulated Other Comprehensive Income The following table summarizes the changes in OCI during the three and six month periods ended June 30, 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 income (loss) before reclassifications 844 - (7,196 ) (6,352 )
Amounts reclassified from OCI (776 ) 104 10,194 9,522
Balances at June 30, 2021 $ 817 $ (1,861 ) $ (154,877 ) $ (155,921 )
(In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total
Balances at March 31, 2021 $ 1,180 $ (1,913 ) $ (173,497 ) $ (174,230 )
Other comprehensive income before reclassifications 124 - 8,427 8,551
Amounts reclassified from OCI (487 ) 52 10,193 9,758
Balances at June 30, 2021 $ 817 $ (1,861 ) $ (154,877 ) $ (155,921 )
(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 (1,884 ) - (32,802 ) (34,686 )
Amounts reclassified from OCI 1,171 16 (8,217 ) (7,030 )
Balances at June 30, 2020 $ (912 ) $ (656 ) $ (203,156 ) $ (204,724 )
(In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total
Balances at March 31, 2020 $ (1,635 ) $ (664 ) $ (205,062 ) $ (207,361 )
Other comprehensive (loss) income before reclassifications (19 ) - 10,123 10,104
Amounts reclassified from OCI 742 8 (8,217 ) (7,467 )
Balances at June 30, 2020 $ (912 ) $ (656 ) $ (203,156 ) $ (204,724 )
(1) Cash Flow Hedges and Pension Items are net of tax.

Commitments and Contingencies

Commitments and Contingencies6 Months Ended
Jun. 30, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies13. 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 filed its Answer and Affirmative Defenses, and the parties entered the discovery phase of the case. On May 20, 2021, however, Ms. Bryan filed a Request for Dismissal of her action, without prejudice. On April 26, 2021, prior to the filing of the above-referenced Notice of Dismissal, the same law firm filed an additional notice with the State of California of the intent to pursue a claim on a representative basis pursuant to PAGA. This notice was served on behalf of Patrick Walters, an employee of SNI. The notice states the intent to pursue relief on behalf of Mr. Walters 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. The notice alleges that SNI failed to properly pay Mr. Walters 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. SNI intends to vigorously defend its interests in both the Kelley and Walters 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 Events6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events14. Subsequent Events On July 15, 2021, the Company acquired substantially all of the assets of Flavor Solutions, Inc., a flavors business located in New Jersey. The Company paid $15 million in cash for this acquisition with approximately $1.1 million of such amount being held back by the Company for 12 months in order to satisfy post-closing indemnification claims that may arise. This business will be part of the Flavors & Extracts segment. On the Company announced its quarterly dividend of $ per share would be payable on .

Accounting Policies (Policies)

Accounting Policies (Policies)6 Months Ended
Jun. 30, 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 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)6 Months Ended
Jun. 30, 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 , as
(In thousands) December 31, 2020
Assets held for sale:
Trade accounts receivable $ 20,722
Inventories 25,045
Prepaid expenses and other current assets 1,843
Property, plant, and equipment, net 3,434
Intangible assets 1,716
Assets held for sale $ 52,760
Liabilities held for sale:
Trade accounts payable $ 13,967
Accrued salaries, wages, and withholdings from employees 1,739
Other accrued expenses 1,633
Liabilities held for sale $ 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 impairment charges – Selling and administrative expenses $ - $ 1,062 $ - $ - $ 1,062
Non-cash charges – Cost of products sold - 3 - - 3
Reclassification of foreign currency translation and related items – Selling and administrative expenses - 10,193 - - 10,193
Other costs - Selling and administrative expenses (1) 264 202 (98 ) 62 430
Total $ 264 $ 11,460 $ (98 ) $ 62 $ 11,688
( 1 ) Other costs – Selling and administrative expenses include 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 $ 2,386 $ - $ (86 ) $ - $ 2,300
Non-cash charges – Cost of products sold 1,679 70 - - 1,749
Reclassification of foreign currency translation and related items – Selling and administrative expenses - - (8,217 ) - (8,217 )
Other costs - Selling and administrative expenses (1) 518 1,288 194 641 2,641
Total $ 4,583 $ 1,358 $ (8,109 ) $ 641 $ (1,527 )
( 1 ) 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 $ - $ 1,062 $ - $ - $ 1,062
Non-cash charges – Cost of products sold - 37 (9 ) - 28
Reclassification of foreign currency translation and related items – Selling and administrative expenses - 10,193 - - 10,193
Other costs - Selling and administrative expenses (1) 529 1,216 (205 ) 437 1,977
Total $ 529 $ 12,508 $ (214 ) $ 437 $ 13,260
(1) Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, 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 $ 2,386 $ 339 $ 9,351 $ - $ 12,076
Non-cash charges – Cost of products sold 1,679 70 - 190 1,939
Reclassification of foreign currency translation and related items – Selling and administrative expenses - - (8,217 ) - (8,217 )
Other costs - Selling and administrative expenses (1) 586 2,106 296 1,530 4,518
Total $ 4,651 $ 2,515 $ 1,430 $ 1,720 $ 10,316
(1) Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, and other related costs.

Operational Improvement Plan (T

Operational Improvement Plan (Tables)6 Months Ended
Jun. 30, 2021
Operational Improvement Plan [Abstract]
Operational Improvement Plan Costs by SegmentT he following table summarizes the Operational Improvement Plan income and expenses recorded in Selling and Administrative Expenses by segment for the three months ended June 30, 2021
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Employee separation costs $ 3 $ 26 $ (24 ) $ 5
Other income (1) - (3,624 ) - (3,624 )
Other costs - 125 - 125
Total expense (income) $ 3 $ (3,473 ) $ (24 ) $ (3,494 )
(1) Other income includes cash received for the early termination of a lease less associated expenses. The following table summarizes the Operational Improvement Plan expenses recorded in Selling and Administrative Expenses by segment for the six months ended June 30, 2021:
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Employee separation costs $ (16 ) $ 80 $ (68 ) $ (4 )
Other income (1) - (3,624 ) - (3,624 )
Other costs (2) - 1,134 1 1,135
Total expense (income) $ (16 ) $ (2,410 ) $ (67 ) $ (2,493 )
(1) Other income includes cash received for the early termination of a lease less associated expenses.
(2) O ther costs include professional services, accelerated depreciation, and other related costs.

Trade Accounts Receivable (Tabl

Trade Accounts Receivable (Tables)6 Months Ended
Jun. 30, 2021
Trade Accounts Receivable [Abstract]
Changes in Allowance for Doubtful AccountsThe following tables summarize the changes in the allowance for doubtful accounts during the and month periods ended and
(In thousands) Three Months Ended June 30, 2021 Allowance for Doubtful Accounts
Balance at March 31, 2021 $ 3,614
Provision for expected credit losses 138
Accounts written off (20 )
Translation and other activity 17
Balance at June 30, 2021 $ 3,749
(In thousands) Three Months Ended June 30, 2020 Allowance for Doubtful Accounts
Balance at March 31, 2020 $ 7,027
Provision for expected credit losses 116
Accounts written off (291 )
Divestiture (2,174 )
Translation and other activity 212
Balance at June 30, 2020 $ 4,890
(In thousands) Six Months Ended June 30, 2021 Allowance for Doubtful Accounts
Balance at December 31, 2020 $ 3,891
Provision for expected credit losses 294
Accounts written off (373 )
Translation and other activity (63 )
Balance at June 30, 2021 $ 3,749
(In thousands) Six Months Ended June 30, 2020 Allowance for Doubtful Accounts
Balance at December 31, 2019 $ 6,913
Adoption of ASU 2016-13 853
Provision for expected credit losses 356
Accounts written off (627 )
Divestiture (2,174 )
Translation and other activity (431 )
Balance at June 30, 2020 $ 4,890

Segment Information (Tables)

Segment Information (Tables)6 Months Ended
Jun. 30, 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 June 30 , 2021 :
Revenue from external customers $ 174,699 $ 128,830 $ 32,298 $ - $ 335,827
Intersegment revenue 4,702 4,377 19 - 9,098
Total revenue $ 179,401 $ 133,207 $ 32,317 $ - $ 344,925
Operating income (loss) $ 24,536 $ 25,615 $ 5,793 $ (20,191 ) $ 35,753
Interest expense - - - 3,322 3,322
Earnings (loss) before income taxes $ 24,536 $ 25,615 $ 5,793 $ (23,513 ) $ 32,431
Three months ended June 30 , 2020 :
Revenue from external customers $ 178,430 $ 116,879 $ 27,781 $ - $ 323,090
Intersegment revenue 5,181 4,417 92 - 9,690
Total revenue $ 183,611 $ 121,296 $ 27,873 $ - $ 332,780
Operating income (loss) $ 22,752 $ 22,263 $ 4,849 $ (7,739 ) $ 42,125
Interest expense - - - 3,608 3,608
Earnings (loss) before income taxes $ 22,752 $ 22,263 $ 4,849 $ (11,347 ) $ 38,517
(In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated
Six months ended June 30 , 2021 :
Revenue from external customers $ 369,360 $ 260,031 $ 66,138 $ - $ 695,529
Intersegment revenue 10,952 8,896 19 - 19,867
Total revenue $ 380,312 $ 268,927 $ 66,157 $ - $ 715,396
Operating income (loss) $ 51,554 $ 52,209 $ 12,545 $ (33,658 ) $ 82,650
Interest expense - - - 6,755 6,755
Earnings (loss) before income taxes $ 51,554 $ 52,209 $ 12,545 $ (40,413 ) $ 75,895
Six months ended June 30 , 2020 :
Revenue from external customers $ 359,617 $ 256,072 $ 58,078 $ - $ 673,767
Intersegment revenue 10,492 8,719 244 - 19,455
Total revenue $ 370,109 $ 264,791 $ 58,322 $ - $ 693,222
Operating income (loss) $ 43,623 $ 51,927 $ 9,908 $ (28,772 ) $ 76,686
Interest expense - - - 7,915 7,915
Earnings (loss) before income taxes $ 43,623 $ 51,927 $ 9,908 $ (36,687 ) $ 68,771
Product InformationProduct Lines
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Three months ended June 30 , 2021 :
Flavors, Extracts & Flavor Ingredients $ 111,763 $ - $ - $ 111,763
Natural Ingredients 60,302 - - 60,302
Fragrances 5,921 - - 5,921
Yogurt Fruit Preparations 1,415 - - 1,415
Food & Pharmaceutical Colors - 94,092 - 94,092
Personal Care - 38,323 - 38,323
Inks - 792 - 792
Asia Pacific - - 32,317 32,317
Intersegment Revenue (4,702 ) (4,377 ) (19 ) (9,098 )
Total revenue from external customers $ 174,699 $ 128,830 $ 32,298 $ 335,827
Three months ended June 30 , 2020 :
Flavors, Extracts & Flavor Ingredients $ 101,642 $ - $ - $ 101,642
Natural Ingredients 57,227 - - 57,227
Fragrances 21,077 - - 21,077
Yogurt Fruit Preparations 3,665 - - 3,665
Food & Pharmaceutical Colors - 86,825 - 86,825
Personal Care - 31,095 - 31,095
Inks - 3,376 - 3,376
Asia Pacific - - 27,873 27,873
Intersegment Revenue (5,181 ) (4,417 ) (92 ) (9,690 )
Total revenue from external customers $ 178,430 $ 116,879 $ 27,781 $ 323,090
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Six months ended June 30 , 2021 :
Flavors, Extracts & Flavor Ingredients $ 219,853 $ - $ - $ 219,853
Natural Ingredients 122,506 - - 122,506
Fragrances 34,388 - - 34,388
Yogurt Fruit Preparations 3,565 - - 3,565
Food & Pharmaceutical Colors - 187,877 - 187,877
Personal Care - 79,838 - 79,838
Inks - 1,212 - 1,212
Asia Pacific - - 66,157 66,157
Intersegment Revenue (10,952 ) (8,896 ) (19 ) (19,867 )
Total revenue from external customers $ 369,360 $ 260,031 $ 66,138 $ 695,529
Six months ended June 30 , 2020 :
Flavors, Extracts & Flavor Ingredients $ 203,095 $ - $ - $ 203,095
Natural Ingredients 114,827 - - 114,827
Fragrances 43,361 - - 43,361
Yogurt Fruit Preparations 8,826 - - 8,826
Food & Pharmaceutical Colors - 177,618 - 177,618
Personal Care - 74,838 - 74,838
Inks - 12,335 - 12,335
Asia Pacific - - 58,322 58,322
Intersegment Revenue (10,492 ) (8,719 ) (244 ) (19,455 )
Total revenue from external customers $ 359,617 $ 256,072 $ 58,078 $ 673,767
Geographical InformationGeographic Markets
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Three months ended June 30 , 2021 :
North America $ 128,665 $ 57,264 $ 37 $ 185,966
Europe 32,654 37,906 54 70,614
Asia Pacific 8,161 18,543 31,794 58,498
Other 5,219 15,117 413 20,749
Total revenue from external customers $ 174,699 $ 128,830 $ 32,298 $ 335,827
Three months ended June 30 , 2020 :
North America $ 120,827 $ 61,370 $ - $ 182,197
Europe 39,272 25,250 45 64,567
Asia Pacific 8,103 16,195 27,135 51,433
Other 10,228 14,064 601 24,893
Total revenue from external customers $ 178,430 $ 116,879 $ 27,781 $ 323,090
(In thousands) Flavors & Extracts Color Asia Pacific Consolidated
Six months ended June 30 , 2021 :
North America $ 258,308 $ 120,934 $ 62 $ 379,304
Europe 77,222 75,184 76 152,482
Asia Pacific 17,878 33,381 64,352 115,611
Other 15,952 30,532 1,648 48,132
Total revenue from external customers $ 369,360 $ 260,031 $ 66,138 $ 695,529
Six months ended June 30 , 2020 :
North America $ 237,528 $ 127,635 $ - $ 365,163
Europe 83,149 63,988 67 147,204
Asia Pacific 17,458 32,170 56,257 105,885
Other 21,482 32,279 1,754 55,515
Total revenue from external customers $ 359,617 $ 256,072 $ 58,078 $ 673,767

Retirement Plans (Tables)

Retirement Plans (Tables)6 Months Ended
Jun. 30, 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 June 30, Six Months Ended June 30
(In thousands) 2021 2020 2021 2020
Service cost $ 437 $ 396 $ 873 $ 796
Interest cost 214 251 426 507
Expected return on plan assets (185 ) (204 ) (369 ) (413 )
Recognized actuarial loss 69 15 138 31
Total defined benefit expense $ 535 $ 458 $ 1,068 $ 921

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)6 Months Ended
Jun. 30, 2021
Accumulated Other Comprehensive Income [Abstract]
Changes in OCIThe following table summarizes the changes in OCI during the three and six month periods ended June 30, 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 income (loss) before reclassifications 844 - (7,196 ) (6,352 )
Amounts reclassified from OCI (776 ) 104 10,194 9,522
Balances at June 30, 2021 $ 817 $ (1,861 ) $ (154,877 ) $ (155,921 )
(In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total
Balances at March 31, 2021 $ 1,180 $ (1,913 ) $ (173,497 ) $ (174,230 )
Other comprehensive income before reclassifications 124 - 8,427 8,551
Amounts reclassified from OCI (487 ) 52 10,193 9,758
Balances at June 30, 2021 $ 817 $ (1,861 ) $ (154,877 ) $ (155,921 )
(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 (1,884 ) - (32,802 ) (34,686 )
Amounts reclassified from OCI 1,171 16 (8,217 ) (7,030 )
Balances at June 30, 2020 $ (912 ) $ (656 ) $ (203,156 ) $ (204,724 )
(In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total
Balances at March 31, 2020 $ (1,635 ) $ (664 ) $ (205,062 ) $ (207,361 )
Other comprehensive (loss) income before reclassifications (19 ) - 10,123 10,104
Amounts reclassified from OCI 742 8 (8,217 ) (7,467 )
Balances at June 30, 2020 $ (912 ) $ (656 ) $ (203,156 ) $ (204,724 )
(1) Cash Flow Hedges and Pension Items are net of tax.

Divestitures (Details)

Divestitures (Details) $ in ThousandsSep. 18, 2020USD ($)Jun. 30, 2021USD ($)Jun. 30, 2020USD ($)Jun. 30, 2021USD ($)ProductLineJun. 30, 2020USD ($)Dec. 31, 2020USD ($)
Divestiture of Product Line [Abstract]
Number of product lines divested or to be divested | ProductLine3
Proceed from sale of business $ 36,255 $ 11,255
Assets held for sale [Abstract]
Assets held for sale $ 0 0 $ 52,760
Liabilities held for sale [Abstract]
Liabilities held for sale0 0 17,339
Divestiture & other related costs [Abstract]
Divestiture and other related costs11,688 $ (1,527)13,260 10,316
Corporate & Other [Member]
Divestiture & other related costs [Abstract]
Divestiture and other related costs62 641 437 1,720
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 costs264 4,583 529 4,651
Inks and Fragrances [Member]
Assets held for sale [Abstract]
Trade accounts receivable20,722
Inventories25,045
Prepaid expenses and other current assets1,843
Property, plant, and equipment, net3,434
Intangible assets1,716
Assets held for sale52,760
Liabilities held for sale [Abstract]
Trade accounts payable13,967
Accrued salaries, wages, and withholdings from employees1,739
Other accrued expenses1,633
Liabilities held for sale17,339
Fragrances [Member]
Divestiture of Product Line [Abstract]
Proceed from sale of business36,300
Non-cash net loss related to reclassification of accumulated foreign currency translation11,300
Divestiture & other related costs [Abstract]
Divestiture and other related costs11,460 1,358 12,508 2,515
Inks [Member]
Divestiture of Product Line [Abstract]
Proceed from sale of business $ 11,600
Divestiture & other related costs [Abstract]
Divestiture and other related costs(98)(8,109)(214)1,430
Selling, General and Administrative Expenses [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges1,062 2,300 1,062 12,076
Reclassification of foreign currency translation and related items10,193 (8,217)10,193 (8,217)
Other costs430 [1]2,641 [2]1,977 [3]4,518 [3]
Divestiture Transactions [Abstract]
Expenses recorded related to environmental obligations800 300
Selling, General and Administrative Expenses [Member] | Corporate & Other [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges0 0 0 0
Reclassification of foreign currency translation and related items0 0 0 0
Other costs62 [1]641 [2]437 [3]1,530 [3]
Selling, General and Administrative Expenses [Member] | Yogurt Fruit Preparations [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges0 2,386 0 2,386
Reclassification of foreign currency translation and related items0 0 0 0
Other costs264 [1]518 [2]529 [3]586 [3]
Selling, General and Administrative Expenses [Member] | Fragrances [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges1,062 0 1,062 339
Reclassification of foreign currency translation and related items10,193 0 10,193 0
Other costs202 [1]1,288 [2]1,216 [3]2,106 [3]
Selling, General and Administrative Expenses [Member] | Inks [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges0 (86)0 9,351
Reclassification of foreign currency translation and related items0 (8,217)0 (8,217)
Other costs(98)[1]194 [2](205)[3]296 [3]
Cost of Products Sold [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges3 1,749 28 1,939
Cost of Products Sold [Member] | Corporate & Other [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges0 0 0 190
Cost of Products Sold [Member] | Yogurt Fruit Preparations [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges0 1,679 0 1,679
Cost of Products Sold [Member] | Fragrances [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges3 70 37 70
Cost of Products Sold [Member] | Inks [Member]
Divestiture & other related costs [Abstract]
Non-cash impairment charges $ 0 $ 0 $ (9) $ 0
[1]Other costs – Selling and administrative expenses include employee separation costs, professional services, accelerated depreciation, and other related costs.
[2]Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, accelerated depreciation, and other related costs.
[3]Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, and other related costs.

Operational Improvement Plan (D

Operational Improvement Plan (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2021Dec. 31, 2020
Restructuring Costs [Abstract]
Accrued liabilities $ 1,600 $ 1,600 $ 2,200
Expected operational improvement cost1,000 1,000
Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs(3,494)(2,493)
Employee Separation Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs5 (4)
Other Income [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs[1](3,624)(3,624)
Other Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs125 1,135 [2]
Flavors & Extracts [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs3 (16)
Flavors & Extracts [Member] | Employee Separation Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs3 (16)
Flavors & Extracts [Member] | Other Income [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs[1]0 0
Flavors & Extracts [Member] | Other Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs0 0 [2]
Color [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs(3,473)(2,410)
Color [Member] | Employee Separation Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs26 80
Color [Member] | Other Income [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs[1](3,624)(3,624)
Color [Member] | Other Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs125 1,134 [2]
Asia Pacific [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs(24)(67)
Asia Pacific [Member] | Employee Separation Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs(24)(68)
Asia Pacific [Member] | Other Income [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs[1]0 0
Asia Pacific [Member] | Other Costs [Member] | Selling & Administrative Expenses [Member]
Restructuring Costs [Abstract]
Operational Improvement Plan costs $ 0 $ 1 [2]
[1]Other income includes cash received for the early termination of a lease less associated expenses.
[2]Other costs include professional services, accelerated depreciation, and other related costs.

Trade Accounts Receivable (Deta

Trade Accounts Receivable (Details) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021USD ($)Jun. 30, 2020USD ($)Jun. 30, 2021USD ($)SegmentJun. 30, 2020USD ($)
Trade Accounts Receivable [Abstract]
Number of portfolio segments | Segment1
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance $ 3,614 $ 7,027 $ 3,891 $ 6,913
Provision for expected credit losses138 116 294 356
Accounts written off(20)(291)(373)(627)
Divestiture(2,174)(2,174)
Translation and other activity17 212 (63)(431)
Ending balance $ 3,749 $ 4,890 $ 3,749 4,890
ASU 2016-13 [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Adoption of ASU 2016-13 $ 853

Inventories (Details)

Inventories (Details) - USD ($) $ in MillionsJun. 30, 2021Dec. 31, 2020
Inventories [Abstract]
Inventories, including finished and in-process products $ 250.4 $ 268.1
Raw materials and supplies $ 109.8 $ 113.2

Debt (Details)

Debt (Details) - USD ($) $ in Millions6 Months Ended
Jun. 30, 2021May 05, 2021May 31, 2017
Term Loan [Member]
Debt [Abstract]
Maximum borrowing capacity $ 145
Credit facility, borrowings outstanding $ 0
Revolving Credit Facility [Member] | Unsecured Debt [Member]
Debt [Abstract]
Maximum borrowing capacity $ 350
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member]
Debt [Abstract]
Maturity dateMay 31,
2022
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member]
Debt [Abstract]
Maturity dateMay 31,
2026
Letter of Credit [Member]
Debt [Abstract]
Maximum borrowing capacity20
Swing Line Facility [Member]
Debt [Abstract]
Maximum borrowing capacity $ 50

Fair Value (Details)

Fair Value (Details) - Level 2 [Member] - USD ($) $ in MillionsJun. 30, 2021Dec. 31, 2020
Investments, Fair Value Disclosure [Abstract]
Forward exchange contract, Asset $ 0.7 $ 0.5
Carrying Value [Member]
Investments, Fair Value Disclosure [Abstract]
Long term debt483.7 526.9
Fair Value [Member]
Investments, Fair Value Disclosure [Abstract]
Long term debt $ 507.5 $ 556.1

Segment Information, Operating

Segment Information, Operating Results by Segment (Details) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021USD ($)Jun. 30, 2020USD ($)Jun. 30, 2021USD ($)SegmentJun. 30, 2020USD ($)
Segment Information [Abstract]
Number of reportable segments | Segment3
Revenue [Abstract]
Revenue $ 335,827 $ 323,090 $ 695,529 $ 673,767
Operating income (loss)35,753 42,125 82,650 76,686
Interest expense3,322 3,608 6,755 7,915
Earnings before income taxes32,431 38,517 75,895 68,771
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue174,699 178,430 369,360 359,617
Operating income (loss)24,536 22,752 51,554 43,623
Interest expense0 0 0 0
Earnings before income taxes24,536 22,752 51,554 43,623
Color [Member]
Revenue [Abstract]
Revenue128,830 116,879 260,031 256,072
Operating income (loss)25,615 22,263 52,209 51,927
Interest expense0 0 0 0
Earnings before income taxes25,615 22,263 52,209 51,927
Asia Pacific [Member]
Revenue [Abstract]
Revenue32,298 27,781 66,138 58,078
Operating income (loss)5,793 4,849 12,545 9,908
Interest expense0 0 0 0
Earnings before income taxes5,793 4,849 12,545 9,908
Reportable Segments [Member]
Revenue [Abstract]
Revenue344,925 332,780 715,396 693,222
Reportable Segments [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue179,401 183,611 380,312 370,109
Reportable Segments [Member] | Color [Member]
Revenue [Abstract]
Revenue133,207 121,296 268,927 264,791
Reportable Segments [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue32,317 27,873 66,157 58,322
Intersegment Revenue [Member]
Revenue [Abstract]
Revenue9,098 9,690 19,867 19,455
Intersegment Revenue [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue4,702 5,181 10,952 10,492
Intersegment Revenue [Member] | Color [Member]
Revenue [Abstract]
Revenue4,377 4,417 8,896 8,719
Intersegment Revenue [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue19 92 19 244
Corporate & Other [Member]
Revenue [Abstract]
Revenue0 0 0 0
Operating income (loss)(20,191)(7,739)(33,658)(28,772)
Interest expense3,322 3,608 6,755 7,915
Earnings before income taxes $ (23,513) $ (11,347) $ (40,413) $ (36,687)

Segment Information, Revenue fr

Segment Information, Revenue from External Customers by Product Line (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Revenue [Abstract]
Revenue $ 335,827 $ 323,090 $ 695,529 $ 673,767
Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue111,763 101,642 219,853 203,095
Natural Ingredients [Member]
Revenue [Abstract]
Revenue60,302 57,227 122,506 114,827
Fragrances [Member]
Revenue [Abstract]
Revenue5,921 21,077 34,388 43,361
Yogurt Fruit Preparations [Member]
Revenue [Abstract]
Revenue1,415 3,665 3,565 8,826
Food & Pharmaceutical Colors [Member]
Revenue [Abstract]
Revenue94,092 86,825 187,877 177,618
Personal Care [Member]
Revenue [Abstract]
Revenue38,323 31,095 79,838 74,838
Inks [Member]
Revenue [Abstract]
Revenue792 3,376 1,212 12,335
Asia Pacific [Member]
Revenue [Abstract]
Revenue32,317 27,873 66,157 58,322
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue174,699 178,430 369,360 359,617
Flavors & Extracts [Member] | Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue111,763 101,642 219,853 203,095
Flavors & Extracts [Member] | Natural Ingredients [Member]
Revenue [Abstract]
Revenue60,302 57,227 122,506 114,827
Flavors & Extracts [Member] | Fragrances [Member]
Revenue [Abstract]
Revenue5,921 21,077 34,388 43,361
Flavors & Extracts [Member] | Yogurt Fruit Preparations [Member]
Revenue [Abstract]
Revenue1,415 3,665 3,565 8,826
Color [Member]
Revenue [Abstract]
Revenue128,830 116,879 260,031 256,072
Color [Member] | Food & Pharmaceutical Colors [Member]
Revenue [Abstract]
Revenue94,092 86,825 187,877 177,618
Color [Member] | Personal Care [Member]
Revenue [Abstract]
Revenue38,323 31,095 79,838 74,838
Color [Member] | Inks [Member]
Revenue [Abstract]
Revenue792 3,376 1,212 12,335
Asia Pacific [Member]
Revenue [Abstract]
Revenue32,298 27,781 66,138 58,078
Asia Pacific [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue32,317 27,873 66,157 58,322
Intersegment Revenue [Member]
Revenue [Abstract]
Revenue9,098 9,690 19,867 19,455
Intersegment Revenue [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue4,702 5,181 10,952 10,492
Intersegment Revenue [Member] | Color [Member]
Revenue [Abstract]
Revenue4,377 4,417 8,896 8,719
Intersegment Revenue [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue $ 19 $ 92 $ 19 $ 244

Segment Information, Revenue _2

Segment Information, Revenue from External Customers by Geographic Markets (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Revenue [Abstract]
Revenue $ 335,827 $ 323,090 $ 695,529 $ 673,767
North America [Member]
Revenue [Abstract]
Revenue185,966 182,197 379,304 365,163
Europe [Member]
Revenue [Abstract]
Revenue70,614 64,567 152,482 147,204
Asia Pacific [Member]
Revenue [Abstract]
Revenue58,498 51,433 115,611 105,885
Other [Member]
Revenue [Abstract]
Revenue20,749 24,893 48,132 55,515
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue174,699 178,430 369,360 359,617
Color [Member]
Revenue [Abstract]
Revenue128,830 116,879 260,031 256,072
Asia Pacific [Member]
Revenue [Abstract]
Revenue32,298 27,781 66,138 58,078
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | North America [Member]
Revenue [Abstract]
Revenue128,665 120,827 258,308 237,528
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Europe [Member]
Revenue [Abstract]
Revenue32,654 39,272 77,222 83,149
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue8,161 8,103 17,878 17,458
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Other [Member]
Revenue [Abstract]
Revenue5,219 10,228 15,952 21,482
Reportable Geographical Components [Member] | Color [Member] | North America [Member]
Revenue [Abstract]
Revenue57,264 61,370 120,934 127,635
Reportable Geographical Components [Member] | Color [Member] | Europe [Member]
Revenue [Abstract]
Revenue37,906 25,250 75,184 63,988
Reportable Geographical Components [Member] | Color [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue18,543 16,195 33,381 32,170
Reportable Geographical Components [Member] | Color [Member] | Other [Member]
Revenue [Abstract]
Revenue15,117 14,064 30,532 32,279
Reportable Geographical Components [Member] | Asia Pacific [Member] | North America [Member]
Revenue [Abstract]
Revenue37 0 62 0
Reportable Geographical Components [Member] | Asia Pacific [Member] | Europe [Member]
Revenue [Abstract]
Revenue54 45 76 67
Reportable Geographical Components [Member] | Asia Pacific [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue31,794 27,135 64,352 56,257
Reportable Geographical Components [Member] | Asia Pacific [Member] | Other [Member]
Revenue [Abstract]
Revenue $ 413 $ 601 $ 1,648 $ 1,754

Retirement Plans (Details)

Retirement Plans (Details) - Defined Benefit Plan [Member] - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost $ 437 $ 396 $ 873 $ 796
Interest cost214 251 426 507
Expected return on plan assets(185)(204)(369)(413)
Recognized actuarial loss69 15 138 31
Total defined benefit expense $ 535 $ 458 $ 1,068 $ 921

Derivative Instruments and He_2

Derivative Instruments and Hedging Activity (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 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 $ 22.5 $ 22.5 $ 54.1
Amount of gains (losses) reclassified into net earnings0.5 0.8
Foreign Currency Denominated Debt, Net Investment Hedging [Member]
Derivative instruments and hedging activity for the period [Abstract]
Amount of gains (losses) reclassified into net earnings(4.2)(4.2)
Carrying value of foreign denominated debt300.5 300.5 $ 325
Impact of foreign exchange rates on debt instruments recorded in other comprehensive income $ 2.7 $ 5.1 $ (6.9) $ (3.3)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Income Taxes [Abstract]
Effective income tax rates20.00%20.50%24.10%25.30%
Deferred payroll tax payments $ 5.5 $ 5.5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance $ 925,646 $ 842,658 $ 934,336 $ 881,589
Other comprehensive income (loss) before reclassifications8,551 10,104 (6,352)(34,686)
Amounts reclassified from OCI9,758 (7,467)9,522 (7,030)
Ending balance944,277 860,716 944,277 860,716
Accumulated Other Comprehensive (Loss) Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(174,230)(207,361)(159,091)(163,008)
Ending balance(155,921)(204,724)(155,921)(204,724)
Cash Flow Hedges [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance[1]1,180 (1,635)749 (199)
Other comprehensive income (loss) before reclassifications[1]124 (19)844 (1,884)
Amounts reclassified from OCI[1](487)742 (776)1,171
Ending balance[1]817 (912)817 (912)
Pension Items [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance[1](1,913)(664)(1,965)(672)
Other comprehensive income (loss) before reclassifications[1]0 0 0 0
Amounts reclassified from OCI[1]52 8 104 16
Ending balance[1](1,861)(656)(1,861)(656)
Foreign Currency Items [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(173,497)(205,062)(157,875)(162,137)
Other comprehensive income (loss) before reclassifications8,427 10,123 (7,196)(32,802)
Amounts reclassified from OCI10,193 (8,217)10,194 (8,217)
Ending balance $ (154,877) $ (203,156) $ (154,877) $ (203,156)
[1]Cash Flow Hedges and Pension Items are net of tax.

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in MillionsJul. 22, 2021Jul. 15, 2021
Subsequent Events [Abstract]
Cash payment for asset acquisition $ 15
Held back amount of cash $ 1.1
Post-closing indemnification claims satisfy period12 months
Dividend declared dateJul. 22,
2021
Dividend payable (in dollars per share) $ 0.39
Dividend payable dateSep. 1,
2021