Innophos 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-33124
Entity Registrant Name	INNOPHOS HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1380758
Entity Address, Address Line One	259 Prospect Plains Road
Entity Address, City or Town	Cranbury
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08512
City Area Code	609
Local Phone Number	495-2495
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	IPHS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		19,690,774
Entity Central Index Key	0001364099
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Shell Company	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 30,731	$ 20,197
Accounts receivable, net of allowance for doubtful accounts ($884 and $688)	106,219	102,564
Inventories	170,290	180,203
Other current assets	35,136	24,094
Total current assets	342,376	327,058
Property, plant and equipment, net	237,803	240,235
Lease right-of-use assets	55,597	0
Goodwill	152,767	152,767
Intangibles and other assets, net	87,301	95,094
Total assets	875,844	815,154
Current liabilities:
Accounts payable, trade and other	57,850	80,007
Other current liabilities	58,655	49,993
Total current liabilities	116,505	130,000
Long-term debt	340,000	300,000
Long-term lease obligations	49,077	0
Other long-term liabilities	32,364	49,639
Total liabilities	537,946	479,639
Commitments and contingencies (Note 14)
Common stock, par value $.001 per share; authorized 100,000,000; issued 23,042,492 and 22,984,608; outstanding 19,690,774 and 19,613,085 shares	20	20
Paid-in capital	147,727	142,558
Common stock held in treasury, at cost (3,351,718 and 3,371,523 shares)	(177,097)	(176,862)
Retained earnings	372,885	372,815
Accumulated other comprehensive loss	(5,637)	(3,016)
Total stockholders' equity	337,898	335,515
Total liabilities and stockholders' equity	$ 875,844	$ 815,154

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	23,042,492	22,984,608
Common stock, shares outstanding (in shares)	19,690,774	19,613,085
Treasury stock, shares held (in shares)	3,351,718	3,371,523
Allowance for doubtful accounts	$ 884	$ 688

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net sales	$ 189,349	$ 196,934	$ 565,801	$ 609,099
Cost of goods sold	156,685	161,706	460,333	495,259
Gross profit	32,664	35,228	105,468	113,840
Operating expenses:
Selling, general and administrative	17,803	19,525	57,505	64,548
Research & development expenses	1,179	1,240	3,751	3,989
Total operating expenses	18,982	20,765	61,256	68,537
Operating income	13,682	14,463	44,212	45,303
Interest expense, net	3,990	3,428	11,580	9,530
Foreign exchange loss (gain)	373	(531)	(478)	409
Other (income), net	(5)	(14)	(16)	(42)
Income before income taxes	9,324	11,580	33,126	35,406
Provision (benefit) for income taxes	2,873	(2,510)	16,580	4,155
Net income	6,451	14,090	16,546	31,251
Net income attributable to participating common shareholders	$ 6,417	$ 14,033	$ 16,474	$ 31,139
Income per participating share:
Basic (in dollars per share)	$ 0.33	$ 0.72	$ 0.84	$ 1.60
Diluted (in dollars per share)	$ 0.32	$ 0.71	$ 0.83	$ 1.57
Weighted average participating shares outstanding:
Basic (in shares)	19,583,316	19,525,284	19,575,764	19,511,097
Diluted (in shares)	19,785,045	19,838,962	19,740,262	19,790,570
Other comprehensive income (loss), net of tax:
Change in interest rate swaps, (net of tax of $41, $0, $732, and $0)	$ (122)	$ 0	$ (2,195)	$ 0
Change in pension and post-retirement plans, (net of tax of ($19), $16, $13, and $228)	288	(47)	(426)	436
Other comprehensive income (loss), net of tax	166	(47)	(2,621)	436	[1]
Comprehensive (loss) income	$ 6,617	$ 14,043	$ 13,925	$ 31,687
[1]	Includes the impact of ASU 2018-02, which transferred those amounts from accumulated other comprehensive income (loss) to retained earnings. See Note 16 to the Condensed Consolidated Financial Statements.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Tax amounts related to changes in interest rate swaps	$ 41	$ 0	$ 732	$ 0
Tax amounts related to changes in pension and post-retirement plans	$ (19)	$ 16	$ 13	$ 228

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows provided by operating activities
Net income	$ 16,546	$ 31,251
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	31,776	33,317
Amortization of deferred financing charges	322	322
Deferred income tax provision	242	7,006
Share-based compensation	5,188	4,143
Changes in assets and liabilities:
Accounts receivable	(3,655)	(2,272)
Inventories	9,913	(23,094)
Other current assets	(11,042)	(9,362)
Accounts payable	(18,060)	(1,167)
Other current liabilities	5,041	10,291
Other long-term assets and liabilities, net	(11,608)	(15,071)
Net cash provided by operating activities	24,663	35,364
Cash flows used for investing activities:
Capital expenditures	(25,576)	(47,800)
Net cash used for investing activities	(25,576)	(47,800)
Cash flows provided by financing activities:
Long-term debt borrowings	51,000	86,000
Long-term debt repayments	(11,000)	(51,000)
Restricted stock forfeitures	(235)	(251)
Dividends paid	(28,318)	(28,197)
Net cash provided by financing activities	11,447	6,552
Effect of foreign exchange rate changes on cash and cash equivalents	0	181
Net change in cash	10,534	(5,703)
Cash and cash equivalents at beginning of period	20,197	28,782
Cash and cash equivalents at end of period	30,731	23,079
Non-cash investing and financing activities:
Accrued additions to plant assets	$ 5,242	$ 5,073

Statement of Stockholders' Equi

Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands		Total	Common Stock	Retained Earnings (Deficit)	Paid-in Capital / Common stock held in treasury	Accumulated Other Comprehensive Income/(Loss)
Beginning balance (in shares) at Dec. 31, 2017			19,538
Beginning balance at Dec. 31, 2017		$ 333,559	$ 20	$ 374,366	$ (38,629)	$ (2,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		31,251		31,251
Other comprehensive income, (net of tax)	[1]	436				436
Effects of U.S. enacted Tax Cuts and Jobs Act	[1]	(293)		(293)
Effect of adoption | Accounting Standards Update 2016-16		360		360
Equity-based compensation (in shares)			75
Equity-based compensation		3,649			3,649
Dividends declared ($1.44 per share)	[2]	(28,293)		(28,293)
Ending balance (in shares) at Sep. 30, 2018			19,613
Ending balance at Sep. 30, 2018		340,669	$ 20	377,391	(34,980)	(1,762)
Beginning balance at Jun. 30, 2018						(1,715)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		14,090
Other comprehensive income, (net of tax)		(47)
Ending balance (in shares) at Sep. 30, 2018			19,613
Ending balance at Sep. 30, 2018		340,669	$ 20	377,391	(34,980)	(1,762)
Beginning balance (in shares) at Dec. 31, 2018			19,613
Beginning balance at Dec. 31, 2018		335,515	$ 20	372,815	(34,304)	(3,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		16,546		16,546
Other comprehensive income, (net of tax)		(2,621)				(2,621)
Effect of adoption | Accounting Standards Update 2016-02	[3]	11,897		11,897
Equity-based compensation (in shares)			78
Equity-based compensation		4,934			4,934
Dividends declared ($1.44 per share)	[4]	(28,373)		(28,373)
Ending balance (in shares) at Sep. 30, 2019			19,691
Ending balance at Sep. 30, 2019		337,898	$ 20	372,885	(29,370)	(5,637)
Beginning balance at Jun. 30, 2019						(5,803)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		6,451
Other comprehensive income, (net of tax)		166
Ending balance (in shares) at Sep. 30, 2019			19,691
Ending balance at Sep. 30, 2019		$ 337,898	$ 20	$ 372,885	$ (29,370)	$ (5,637)
[1]	Includes the impact of ASU 2018-02, which transferred those amounts from accumulated other comprehensive income (loss) to retained earnings. See Note 16 to the Condensed Consolidated Financial Statements.
[2]	$0.48 per share declared February 2018, May 2018, and July 2018
[3]	On the transition to ASC 842 effective January 1, 2019, a deferred gain (net of taxes) related to a sale leaseback transaction was credited to Retained Earnings. See Note 8 to the Condensed Consolidated Financial Statements.
[4]	$0.48 per share declared February 2019, April 2019, and August 2019

Statement of Stockholders' Eq_2

Statement of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended						9 Months Ended
	Aug. 31, 2019	Apr. 30, 2019	Feb. 28, 2019	Jul. 31, 2018	May 31, 2018	Feb. 28, 2018	Sep. 30, 2019	Sep. 30, 2018
Other comprehensive income (loss), tax							$ (745)	$ 228
Dividends declared (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.44	$ 1.44
Retained Earnings (Deficit)
Tax impact of adoption of ASC 842							$ 3,966

Basis of Statement Presentation

Basis of Statement Presentation	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Statement Presentation	Basis of Statement Presentation Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Innophos have been prepared in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP, for interim financial reporting and do not include all disclosures required by U.S. GAAP for annual financial reporting, and should be read in conjunction with the audited consolidated and combined financial statements of the Company at December 31, 2018 and for the three years then ended. The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments which management considers necessary for a fair statement of the results of operations for the interim periods and is subject to year-end adjustments. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The December 31, 2018 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Merger Agreement with One Rock Capital Partners On October 20, 2019, Innophos Holdings, Inc., Iris Parent LLC, a Delaware limited liability company (“Parent”), and Iris Merger Sub 2019, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub will be merged with and into the Innophos Holdings, Inc. (the “Merger”), with Innophos Holdings, Inc. surviving the Merger as a wholly owned subsidiary of Parent. Parent and Merger Sub were formed by affiliates of One Rock Capital Partners II, LP, a Delaware limited partnership (“ORC Fund II”). At the time of the Merger, each share of Company common stock, par value $0.001 per share issued and outstanding will be automatically converted into the right to receive cash in an amount equal to $32.00 per share. The final purchase price is expected to be valued at approximately $932 million , including the assumption of debt. The transactions contemplated by the Merger Agreement are subject to the satisfaction of certain customary conditions, including the approval of the Merger Agreement by the Company's stockholders, the receipt of regulatory approvals, the absence of any legal prohibitions, the accuracy of the representations and warranties of the parties, and compliance by the parties with their respective obligations under the Merger Agreement. Under certain circumstances defined within the Merger Agreement, in the event that the Merger Agreement is terminated, the Company would be required to pay Parent a fee of $10.3 million or $20.6 million , depending on the circumstance. Further, under certain circumstances defined within the Merger Agreement, in the event that the Merger Agreement is terminated by the Parent, the Parent would be required to pay the Company a fee of $40.0 million . The closing of the transaction is expected to occur in the first quarter of 2020. Upon the completion of the transaction, Innophos will become a privately held company and shares of the Company's common stock will no longer be listed on any public market. Annual Goodwill Impairment Test Goodwill is tested for impairment annually and whenever events and circumstances indicate that impairment may have occurred. During the third quarter of 2019, the Company changed the measurement date of the annual goodwill impairment test from the first month of the fourth quarter to the second month of the third quarter, which was a change in accounting principle. This change did not result in the delay, acceleration or avoidance of an impairment charge. We believe this timing is preferable as it better aligns the goodwill impairment test with the Company's strategic business planning process, which is a key component of the test. The change to the goodwill measurement date was applied prospectively, as retrospective application would have been impractical because the Company is unable to objectively select assumptions that would have been used in previous periods without the benefit of hindsight. The Company completed the required annual testing of goodwill for impairment and has determined that goodwill is not impaired. Error Correction During the fourth quarter of 2018, the Company identified an error associated with disclosing 2018 accrued capital expenditures and adjusting for them as non-cash investing activities in the Condensed Consolidated Statements of Cash Flows. The Company has evaluated the materiality of the error and concluded it was not material to any of the previously issued consolidated financial statements. However, the Company has elected to revise its consolidated cash flow statement for the period ending September 30, 2018 to correct the error. The following table presents the effect of the revision on the selected line items previously reported in the consolidated cash flows statement for the nine months ended September 30, 2018 : September 30, 2018 September 30, 2018 Consolidated Statement of Cash Flows As reported Adjustment As revised Cash flows from operating activities Changes in assets and liabilities: Accounts payable $ (5,664 ) $ 4,497 $ (1,167 ) Net cash provided by (used for) operations $ 30,867 $ 4,497 $ 35,364 Cash flows used for investing activities Capital expenditures $ (43,303 ) $ (4,497 ) $ (47,800 ) Net cash (used for) investing activities $ (43,303 ) $ (4,497 ) $ (47,800 ) Supplemental disclosures of cash flow information: Non-cash investing and financing activities Accrued additions to plant assets $ 5,073 $ 5,073 These accompanying notes to the consolidated financial statements reflect the impact of this revision. During the second quarter of 2019, the Company identified and corrected errors related to the valuation of its inventory located at one of its domestic subsidiaries and the translation of Accumulated other comprehensive income (loss) related to pension and post retirement obligations at a foreign subsidiary. The adjustments decreased Cost of goods sold by $3.1 million and Foreign exchange (gain) loss by $0.7 million resulting in an increase to income before income taxes of approximately $3.8 million in the three month period ended June 30, 2019 and increased the Inventory balance by $3.1 million and decreased Accumulated other comprehensive income before income taxes by $0.7 million as of June 30, 2019. Approximately $1.2 million of the cumulative adjustment should have been recorded during the first quarter of 2019 and the remaining $2.6 million related to prior periods. Management has concluded that these adjustments are not material to the periods presented or any of its previously issued financial statements, and are not expected to be material to the full year 2019 results. Recently Issued Accounting Standards Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset (ROU asset) representing its right to use the underlying asset for the lease term on the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. In July 2018, the FASB issued updated guidance which allows an additional transition method to adopt the new leases standard at the adoption date, as compared to the beginning of the earliest period presented, and recognize a cumulative-effect adjustment to the beginning balance of retained earnings in the period of adoption (the effective date method). The Company adopted this standard as of January 1, 2019, and has elected the effective date method. The Company also elected the package of practical expedients, which among other things, does not require reassessment of prior conclusions to contracts containing a lease, lease classification, and initial direct costs. As an accounting policy election, the Company will exclude short-term leases (term of 12 months or less) from the balance sheet. The Company's lease agreements do not contain any residual value guarantees. Please see Note 8 , " Leases ", for further disclosures. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and hedging (Topic 815): Targeted improvements to accounting for hedging activities. This standard more closely aligns the results of cash flow and fair value hedge accounting with risk management activities through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in the financial statements. This standard also addresses specific limitations in current GAAP by expanding hedge accounting for both nonfinancial and financial risk components and by refining the measurement of hedge results to better reflect an entity’s hedging strategies. Additionally, by aligning the timing of recognition of hedge results with the earnings effect of the hedged item for cash flow and net investment hedges, and by including the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is presented, the results of an entity’s hedging program and the cost of executing that program will be more visible to users of financial statements. The new standard is effective for annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company adopted this standard on January 1, 2019, and there was no material impact on its financial position, results of operations and related disclosures. In July 2019, the FASB issued ASU No. 2019-07, Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization and Miscellaneous Updates. ASU 2019-07 clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance and did not have a material impact on the Company’s Consolidated Financial Statements. Issued but not yet adopted In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This amendment modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include the amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year and the effects of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. New disclosures include the interest crediting rates for cash balance plans, and an explanation of significant gains and losses related to changes in benefit obligations. The new standard is effective for fiscal years beginning after December 15, 2020, and must be applied retrospectively for all periods presented. Early adoption is permitted. The Company does not anticipate the adoption of this standard will have a material impact on its financial position, results of operations and related disclosures.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenues are recognized when control of goods is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. Control passes either upon shipment or delivery, depending on the agreed sales terms with customers. Certain customers may receive cash-based incentives or credits, which are accounted for as variable consideration. The Company estimates these amounts based on the expected amount to be provided to customers and reduce revenues recognized. There were no significant changes to its estimates of variable consideration upon adoption. The Company reports its business in three operating segments: Food, Health, and Nutrition; Industrial Specialties; and Other. The Company has three principal product lines within these operating segments: (i) Specialty Ingredients; (ii) Core Ingredients; and (iii) Co-Products and Other. Revenue recognition is measured on the same basis across these segments, products, markets, and geographic countries, with the performance obligation being the transfer of control of goods at a single point in time. Three Months Ended September 30, 2019 U.S. Canada Mexico Other Countries Total Specialty Ingredients $ 98,909 $ 3,773 $ 8,438 $ 16,534 $ 127,654 Core Ingredients 15,626 2,137 23,493 10,097 51,353 Co-Products & Other 9,044 178 1,100 20 10,342 Total $ 123,579 $ 6,088 $ 33,031 $ 26,651 $ 189,349 Three Months Ended September 30, 2018 U.S. Canada Mexico Other Countries Total Specialty Ingredients $ 105,127 $ 6,726 $ 9,754 $ 17,682 $ 139,289 Core Ingredients 14,431 1,704 21,005 8,152 45,292 Co-Products & Other 10,568 123 1,517 145 12,353 Total $ 130,126 $ 8,553 $ 32,276 $ 25,979 $ 196,934 Nine Months Ended September 30, 2019 U.S. Canada Mexico Other Countries Total Specialty Ingredients $ 292,772 $ 12,950 $ 25,904 $ 55,912 $ 387,538 Core Ingredients 46,694 6,832 69,471 21,568 144,565 Co-Products & Other 26,810 397 6,188 303 33,698 Total $ 366,276 $ 20,179 $ 101,563 $ 77,783 $ 565,801 Nine Months Ended September 30, 2018 U.S. Canada Mexico Other Countries Total Specialty Ingredients $ 332,525 $ 19,005 $ 26,472 $ 57,511 $ 435,513 Core Ingredients 43,120 5,947 60,988 27,366 137,421 Co-Products & Other 24,764 256 10,574 571 36,165 Total $ 400,409 $ 25,208 $ 98,034 $ 85,448 $ 609,099 Revenues for the geographic information are attributed to geographic areas based on the destination of the sale. The Company's payment terms vary by geography and location of its customer and the products offered. Invoices are generated upon shipment of the goods, with the term between invoicing and when payment is due being insignificant. Food, Health, and Nutrition and Industrial Specialties The Food, Health and Nutrition reporting segment, as well as the Industrial Specialties reporting segment, consists of products in the Specialty Ingredients and Core Ingredients product lines. Specialty Ingredients are the most value adding products in our portfolio. Specialty Ingredients consist of specialty phosphate products, specialty phosphoric acids, including polyphosphoric acid, and a range of other mineral, enzyme and botanical based specialty ingredients. The Company's Specialty Ingredients products have a wide range of applications, including: • flavor enhancers in beverages; • electrolytes in sports drinks; • texture modifiers in cheeses; • leavening agents in baked goods; • calcium and phosphorus fortification in food and beverages; • moisture and color retention in seafood, poultry and meat; • mineral, enzyme and botanical sources for a wide variety of fortified foods, beverages and dietary supplements; • excipients in vitamins, minerals, nutritional supplements and pharmaceuticals; and • abrasives in toothpaste. Each product typically has a number of different applications and end uses. For example, the Company's dicalcium phosphate product can be used as an excipient for pharmaceutical and dietary supplements, a leavening agent in bakery products and as an abrasive in oral care products. The Company often works directly with customers to tailor products to their required specifications for their finished product application. The Company's Core Ingredients product line includes food grade purified phosphoric acid, or PPA, technical grade PPA, sodium tripolyphosphate, or STPP, and detergent grade PPA. Food grade PPA can be used to produce phosphate salts and has a variety of applications in food and beverages. Technical grade PPA has applications in water treatment. The Company also sells technical grade PPA in the merchant market to third-party phosphate derivative producers. STPP is a key ingredient in cleaning products, including industrial and institutional cleaners and automatic dishwashing detergents and consumer laundry detergents outside the United States. In addition to its use in cleaning products, STPP is also used in water treatment, clay processing, and copper ore processing. The end use market for STPP is largely derived from consumer product applications. Detergent Grade PPA is a lower grade form of PPA used primarily in the production of STPP. Other The Other reporting segment consists of products in the Co-Products and Other product line. The Company's Co-Products and Other product line includes granular triple super phosphate, or GTSP, and merchant green phosphoric acid, or MGA. GTSP is generated at the Company's Coatzacoalcos facility in Mexico as a co-product of its purified wet acid manufacturing process. GTSP is a fertilizer product used throughout Latin America for increasing crop yields in a wide range of agricultural sectors. The Company sells MGA in the merchant market to third party manufacturers of fertilizer products. Practical Expedients and Exemptions Management reviewed the practical expedients which a Company may utilize when implementing Topic 606 - Revenue from Contracts with Customers. As such, the Company has applied the practical expedient related to significant financing components and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

Earnings per Share (EPS)

Earnings per Share (EPS)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings per Share (EPS)	Earnings per Share (EPS) The Company accounts for earnings per share in accordance with ASC 260 and related guidance, which requires two calculations of earnings per share (EPS) to be disclosed: basic EPS and diluted EPS. Under ASC Subtopic 260-10-45, as of January 1, 2009 unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as restricted stock, are considered participating securities for purposes of calculating EPS. Under the two-class method, a portion of net income is allocated to these participating securities and therefore is excluded from the calculation of EPS allocated to common stock, as shown in the table below. The numerator for basic and diluted earnings per share is net earnings attributable to shareholders reduced by dividends attributable to unvested shares. The denominator for basic earnings per share is the weighted average number of common stock outstanding during the period. The denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive outstanding stock options, performance share awards and restricted stock awards. The following is a reconciliation of the weighted average basic number of common shares outstanding to the diluted number of common and common stock equivalent shares outstanding and the calculation of earnings per share using the two-class method: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net income $ 6,451 $ 14,090 $ 16,546 $ 31,251 Less: earnings attributable to unvested shares (34 ) (57 ) (72 ) (112 ) Net income available to participating common shareholders $ 6,417 $ 14,033 $ 16,474 $ 31,139 Weighted average number of participating common and potential common shares outstanding: Basic number of participating common shares outstanding 19,583,316 19,525,284 19,575,764 19,511,097 Dilutive effect of stock equivalents 201,729 313,678 164,498 279,473 Diluted number of weighted average participating common shares outstanding 19,785,045 19,838,962 19,740,262 19,790,570 Earnings per participating common share: Earnings per participating common share—Basic $ 0.33 $ 0.72 $ 0.84 $ 1.60 Earnings per participating common share—Diluted $ 0.32 $ 0.71 $ 0.83 $ 1.57 Total outstanding options, performance share awards and unvested restricted stock not included in the calculation of diluted earnings per share as the effect would be anti-dilutive 966,943 431,751 982,049 465,956

Stockholders' Equity _ Share-Ba

Stockholders' Equity / Share-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stockholders' Equity / Share-Based Compensation	Stockholders’ Equity / Share-Based Compensation The following table summarizes the components of share-based compensation expense, all of which has been classified as selling, general and administrative expense: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Stock options $ 366 $ 398 $ 1,168 $ 1,282 Restricted stock 606 580 1,878 1,860 Performance shares 649 173 1,442 422 Stock grants — — 700 579 Total share-based compensation expense $ 1,621 $ 1,151 $ 5,188 $ 4,143

Inventories

Inventories	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: September 30, December 31, Raw materials $ 47,789 $ 46,147 Finished products 106,561 119,407 Spare parts 15,940 14,649 $ 170,290 $ 180,203 Inventory reserves for excess quantities, obsolescence or shelf-life expiration as of September 30, 2019 and December 31, 2018 were $14.8 million and $14.3 million, respectively.

Other Current Assets

Other Current Assets	9 Months Ended
	Sep. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: September 30, December 31, Creditable taxes (value added taxes) $ 15,895 $ 11,944 Vendor inventory deposits (prepaid) 3,434 454 Prepaid income taxes 11,378 6,658 Prepaid insurance 1,548 2,605 Other 2,881 2,433 $ 35,136 $ 24,094

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The following table provides a reconciliation of the carrying amount of goodwill at the beginning and end of the reporting period (in thousands): Food, Health and Nutrition Industrial Specialties Other Total Balance: January 1, 2019 $ 129,484 $ 23,283 $ — $ 152,767 Balance: September 30, 2019 $ 129,484 $ 23,283 $ — $ 152,767

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lessee, Operating Leases	Leases The Company determines if an arrangement is a lease at inception. Lease Right of Use, or ROU, assets and noncurrent lease liabilities are presented as distinct accounts in the Condensed Consolidated Balance Sheet. Current lease liabilities are included within Other current liabilities in the Condensed Consolidated Balance Sheet. The Company does not have any Finance leases. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments, as the implicit rate is not readily determinable. The Company gives consideration to publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recorded on the balance sheet. Certain leases include one or more options to renew, with renewal terms that can extend the lease up to five years and certain leases also include options to purchase the leased property. We include options that we are reasonably certain to exercise in our evaluation of the lease term after considering all relevant economic and financial factors. We have lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. The Company primarily leases rail cars, inventory tanks, buildings, equipment, and fleet cars. The Company recorded ROU assets of $48.8 million and lease liabilities of $48.9 million , respectively at January 1, 2019. The impact to the Company's Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Statement of Cash Flows was not material. As of September 30, 2019 , the Company had 45 leases, with remaining terms ranging from less than 1 year to 20 years. Under one of its warehousing agreements with third-party service providers, the Company controls the amount, timing, placing, and removing of items for the entire capacity of the warehouse. Therefore the Company controls the asset, and the warehouse is deemed to be leased for accounting purposes. For this warehousing agreement, the Company accounts for the lease and non-lease components separately. The lease component consists of the warehouse and the non-lease components consist of services, such as loading, unloading, and maintenance. The Company allocates the consideration in the warehousing agreement to the lease and non-lease components using their relative standalone prices. In December 2018, the Company sold its Chicago Heights, IL warehouse for $23.0 million . Under the agreement, the Company is leasing back the property from the purchaser over a period of 20 years. The Company is accounting for the leaseback as an operating lease. The annual rent for the initial period of 5 years is approximately $1.5 million plus taxes and subsequently will increase 10% every 5 years through the end of the lease. Prior to the adoption of the new lease standard, gains on sale-leaseback transactions were deferred and recognized in the statement of comprehensive income over the lease term. Under the new lease standard, gains on sale-leaseback transactions (subject to adjustment for off-market terms) are recognized immediately. Therefore, the sale-leaseback gain of $11.9 million (net of tax of $4.0 million ) was deferred as of December 31, 2018 and on the transition to ASC 842 effective January 1, 2019, was reclassed to retained earnings. The components of lease expense were as follows: Three months ended Nine months ended September 30, 2019 September 30, 2019 Operating lease expense: Cost of goods sold $ 1,538 $ 4,529 Selling, general and administrative 902 2,711 Total lease expense $ 2,440 $ 7,240 Supplemental balance sheet information related to the leases were as follows: September 30, 2019 Operating lease ROU assets $ 55,597 Current operating lease liabilities $ 6,830 Noncurrent operating lease liabilities 49,077 Total operating lease liabilities $ 55,907 Supplemental cash flow and other information related to the leases were as follows: Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,103 ROU assets obtained in exchange for new operating lease liabilities $ 11,844 September 30, 2019 Weighted average remaining lease term of operating leases (in years) 11 Weighted average discount rate of operating leases 5.29 % Maturities of lease liabilities were as follows: September 30, 2019 2019 $ 2,403 2020 9,455 2021 8,625 2022 8,068 2023 7,475 2024 and thereafter 39,521 Total lease payments $ 75,547 Less: imputed interest 19,640 Total lease obligations $ 55,907 Less: current obligations 6,830 Long-term lease obligations $ 49,077 As required by ASC 842, the future minimum operating lease payments on non-cancelable leases as of December 31, 2018 under the accounting standards in effect as of that period were as follows: December 31, 2018 2019 $ 8,259 2020 7,130 2021 6,490 2022 6,032 2023 5,467 2024 and thereafter 33,957 Long-term lease obligations $ 67,335

Intangibles and Other Assets, n

Intangibles and Other Assets, net	9 Months Ended
	Sep. 30, 2019
Intangible Assets and Other Noncurrent Assets, Net [Abstract]
Intangibles and Other Assets, net	Intangibles and Other Assets, net Intangibles and other assets consist of the following: Useful life (years) September 30, December 31, Developed technology and application patents, net of accumulated amortization of $36,636 for 2019 and $34,669 for 2018 7-20 $ 9,639 $ 11,606 Customer relationships, net of accumulated amortization of $32,265 for 2019 and $28,032 for 2018 5-20 63,247 67,479 Trade names and license agreements, net of accumulated amortization of $16,506 for 2019 and $14,599 for 2018 5-20 11,055 12,962 Non-compete agreements, net of accumulated amortization of $1,333 for 2019 and $1,319 for 2018 3-10 — 14 Total intangibles, net $ 83,941 $ 92,061 Deferred financing costs, net of accumulated amortization of $4,654 for 2019 and $4,331 for 2018 (see Note 11) $ 969 $ 1,291 Other assets 2,391 1,742 Total other assets, net $ 3,360 $ 3,033 $ 87,301 $ 95,094

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	Sep. 30, 2019
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities Other current liabilities consist of the following: September 30, December 31, Payroll related $ 14,967 $ 15,656 Operating lease liabilities 6,830 — Taxes other than income taxes 1,677 3,071 Benefits and pensions 4,981 5,680 Freight and rebates 4,233 6,431 Income taxes 3,333 1,355 Restructuring reserve — 217 Deferred gain on sale leaseback transaction (a) — 790 Deferred contract termination (b) 9,623 9,489 Interest rate hedge 1,553 — Other 11,458 7,304 $ 58,655 $ 49,993 (a) See Note 8 to the Consolidated Financial Statements for further details. (b) See Note 18 to the Consolidated Financial Statements for further details.

Short-Term Borrowings, Long-Ter

Short-Term Borrowings, Long-Term Debt, and Interest Expense	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Short-Term Borrowings, Long-Term Debt, and Interest Expense	Short-Term Borrowings, Long-Term Debt, and Interest Expense Short-term borrowings and long-term debt consist of the following: September 30, December 31, Revolver borrowings under the credit facility due 2021 $ 340,000 $ 300,000 Long-term debt $ 340,000 $ 300,000 The Company's credit facility includes a revolving line of credit from the lenders of up to $450.0 million , including a $20.0 million letter of credit sub-facility and a $20.0 million swingline loan facility, all maturing on December 22, 2021. The credit agreement governing this facility also provides for possible additional revolving indebtedness under an incremental facility of up to $150.0 million (for an aggregate of revolving capacity up to $600.0 million ) upon future request by the Company to existing lenders (and depending on their consent) or from other willing financial institutions invited by the Company and reasonably acceptable to the administrative agent to join in the credit agreement. This revolving credit facility increase, if implemented, may provide for higher applicable margins to either the increased portion or possibly the entire revolving credit facility, with limitations, than those in effect for the original revolving commitments under the credit agreement. As of September 30, 2019 , $340.0 million was outstanding under the revolving line of credit, which approximates fair value (determined using level 2 inputs within the fair value hierarchy) with total availability at $109.5 million , taking into account $0.5 million in face amount of letters of credit issued under the sub-facility. The current weighted average interest rate for all debt is 4.4% . Among its affirmative covenants, the credit agreement governing this credit facility requires the Company to maintain the following consolidated ratios (as defined and calculated according to the credit agreement) as of the end of each fiscal quarter: (a) “Total Leverage Ratio” less than or equal to 3.50 to 1.00 . (b) “Interest Coverage Ratio” greater than or equal to 3.00 to 1.00 . As of September 30, 2019 , the Company was in full compliance with all debt covenant requirements. Based on $190.0 million outstanding borrowings as floating rate debt, an immediate increase of one percentage point would cause an increase to interest expense of approximately $1.9 million per year. Total interest paid by the Company for all indebtedness for the nine months ended September 30, 2019 and September 30, 2018 was $11.5 million and $10.4 million , respectively. Interest expense, net consists of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, Interest expense $ 3,967 $ 3,703 $ 11,592 $ 10,281 Deferred financing cost 107 107 322 322 Interest income (30 ) (18 ) (93 ) (50 ) Less: amount capitalized for capital projects (54 ) (364 ) (241 ) (1,023 ) Total interest expense, net $ 3,990 $ 3,428 $ 11,580 $ 9,530 In December 2018, the Company entered into an interest rate swap, swapping the LIBOR exposure of $150.0 million of floating rate debt, which is currently outstanding under our Credit Agreement, to a fixed rate to maturity obligation of 2.677% expiring in November 2021. The Company manages interest rate risk by balancing the amount of fixed-rate and floating-rate debt to the extent practicable consistent with the credit status. The table below presents the fair value of the Company's derivative financial instruments as well as their classification in the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 . Tabular Disclosure of Fair Values of Derivative Instruments Fair value as of Derivatives designated as hedging instruments Balance Sheet Location September 30, December 31, Interest Rate Contract Other current liabilities $ 1,553 $ — Other long-term liabilities 2,397 1,023 $ 3,950 $ 1,023 The table below presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and AOCI for the three and nine months ended September 30, 2019 and September 30, 2018 . Tabular Disclosure of the Effect of Derivative Instruments Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in AOCI on Derivative Location of Gain/(Loss) Reclassified from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income Interest Rate Contract $ (164 ) Interest Income/(Expense) $ (162 ) Three months ended September 30, 2019 $ (164 ) $ (162 ) Interest Rate Contract $ (2,927 ) Interest Income/(Expense) $ (302 ) Nine months ended September 30, 2019 $ (2,927 ) $ (302 ) Interest Rate Contract $ — Interest Income/(Expense) $ — Three months ended September 30, 2018 $ — $ — Interest Rate Contract $ — Interest Income/(Expense) $ — Nine months ended September 30, 2018 $ — $ —

Other Long-Term Liabilities

Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 2019
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Other Long-Term Liabilities Other long-term liabilities consist of the following: September 30, December 31, Deferred income taxes $ 8,421 $ 5,113 Pension and post retirement liabilities 9,639 9,238 Uncertain tax positions 320 320 Environmental liabilities 1,100 1,100 Deferred gain on sale leaseback transaction (a) — 15,073 Deferred contract termination fee (b) 8,019 15,371 Interest rate hedge 2,397 1,023 Other liabilities 2,468 2,401 $ 32,364 $ 49,639 (a) See Note 8 to the Consolidated Financial Statements for further details. (b) See Note 18 to the Consolidated Financial Statements for further details.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate on income before taxes was approximately 50% for the nine months ended September 30, 2019 compared to approximately 12% for the comparable period in 2018. The change in the components of the effective tax rate is primarily due to the prior year enactment of the U.S.Tax Cuts and Jobs Act (the "Tax Act"), specifically the revision of the transition tax estimate, and the remeasurement of Net Operating Losses ("NOLs") used to offset the transition tax. These prior year revisions reduced the prior year effective income tax rate by 18% . In 2019, the Dutch income tax matter described below resulted in $6.3 million of expense which increased the effective tax rate by 19% . See Note 14 for further information. Business is conducted in various countries throughout the world and is subject to tax in numerous jurisdictions. A significant number of tax returns are filed and subject to examination by various federal, state and local tax authorities. Tax examinations are often complex, as tax authorities may disagree with the treatment of items reported requiring several years to resolve. As such, the Company maintains liabilities for possible assessments by tax authorities resulting from known tax exposures for uncertain income tax positions. The Company’s policy is to accrue associated penalties in selling, general and administrative expenses and to accrue interest in net interest expense. Currently, the Company is under examination, or has been contacted for examination on income tax returns, for the years 2014 through 2017. During the quarter ended September 30, 2019 , the Company's liability for unrecognized tax benefits was unchanged. The Company estimates the liability for unrecognized tax benefits will not change during the next twelve months. Other than the items mentioned above, as of September 30, 2019 , no material adjustments have been proposed to the Company's tax positions and the Company currently does not anticipate any adjustments that would result in a material change to its financial position during the next twelve months. Income taxes paid were $19.7 million and $16.6 million for the nine months ended September 30, 2019 and September 30, 2018 , respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental The Company's operations are subject to extensive and changing federal, state, local and international environmental laws, rules and regulations. The Company's manufacturing sites have an extended history of industrial use, and soil and groundwater contamination have or may have occurred in the past and might occur or be discovered in the future. Environmental efforts are difficult to assess for numerous reasons, including the discovery of new remedial sites, discovery of new information and scarcity of reliable information pertaining to certain sites, improvements in technology, changes in environmental laws and regulations, numerous possible remedial techniques and solutions, difficulty in assessing the involvement of and the financial capability of other potentially responsible parties and the extended time periods over which remediation occurs. Other than the items listed below, the Company is not aware of material environmental liabilities which are probable and estimable. As the Company's environmental contingencies are more clearly determined, it is reasonably possible that amounts may need to be accrued. However, management does not believe, based on current information, that environmental remediation requirements will have a material impact on the Company's results of operations, financial position or cash flows. Future environmental spending is probable at the Company's site in Nashville, Tennessee, the eastern portion of which had been used historically as a landfill, and a western parcel therein, previously acquired from a third party, which reportedly had housed, but no longer does, a fertilizer and pesticide manufacturing facility. The Company has an estimated liability with a range of $0.9 million - $1.3 million . The remedial action plan for that site has yet to be finalized, and as such, the Company has recorded a liability, which represents the Company's best estimate, of $1.1 million as of September 30, 2019 . Litigation In 2018, following a review of its global corporate and financing structure, Innophos’ management initiated a global entity simplification plan which included a strategy to merge two of the Company’s Dutch subsidiaries by the end of 2018. The contemplated merger was not completed in 2018 due to an administrative error committed and acknowledged by the Company’s Dutch legal counsel, Heussen B.V ("Heussen"). Such merger was ultimately completed in 2019. On May 17, 2019, changes to Dutch tax law were enacted and as expected, with retroactive effect to January 1, 2018. As a result of these changes in Dutch tax law and the merger of the two Dutch subsidiaries not completed in 2018, the Company recorded in its second quarter 2019 results a Dutch corporate income tax liability of $6.6 million for its 2018 tax year. Based on the foreign exchange rate on the date of payment, the liability was settled for $6.3 million in the third quarter of 2019. On July 23, 2019, the Company initiated a malpractice legal proceeding in the Netherlands against Heussen seeking reimbursement for all costs and liabilities resulting from their administrative error, including all related tax liabilities and other associated expenses and damages. Any recovery by the Company in respect of that proceeding will be recorded gross in the period it is received. In addition, the Company is a party to legal proceedings and contractual disputes that arise in the ordinary course of its business. Except as to the matters specifically discussed, management believes the likelihood that the ultimate disposition of these matters will have a material adverse effect on the Company's business, results of operations, financial condition and/or cash flows is remote. However, these matters cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company's business, results of operations, financial condition, and/or cash flows.

Pension Plans and Postretiremen

Pension Plans and Postretirement Benefits	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Pension Plans and Postretirement Benefits	Pension Plans and Postretirement Benefits Net periodic benefit expense for the United States plans: Three months ended September 30, 2019 Three months ended September 30, 2018 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ — $ 36 $ 36 $ — $ 36 $ 36 Interest cost 25 34 59 24 29 53 Expected return on assets (40 ) — (40 ) (38 ) — (38 ) Amortization of prior service cost — — — — — — unrecognized (gain) loss — (40 ) (40 ) — (39 ) (39 ) net transition obligation — — — — — — Net periodic (benefit) cost $ (15 ) $ 30 $ 15 $ (14 ) $ 26 $ 12 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ — $ 108 $ 108 $ — $ 109 $ 109 Interest cost 76 102 178 71 87 158 Expected return on assets (119 ) — (119 ) (113 ) — (113 ) Amortization of prior service cost — — — — — — unrecognized (gain) loss — (118 ) (118 ) — (119 ) (119 ) net transition obligation — — — — — — Net periodic cost $ (43 ) $ 92 $ 49 $ (42 ) $ 77 $ 35 Innophos has no minimum contribution requirements and does not plan to make cash contributions for its U.S. defined benefit pension plan in 2019. Innophos had no minimum contribution requirements and did not make cash contributions for its U.S. defined benefit pension plan in 2018. Net periodic benefit expense for the Canadian plans: Three months ended September 30, 2019 Three months ended September 30, 2018 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ 95 $ 16 $ 111 $ 110 $ 15 $ 125 Interest cost 134 15 149 128 14 142 Expected return on assets (202 ) — (202 ) (199 ) — (199 ) Amortization of actuarial loss (gain) 52 — 52 47 1 48 prior service cost 13 — 13 13 — 13 net transition obligation — 3 3 — 6 6 Exchange rate changes 47 (17 ) 30 (97 ) 32 (65 ) Net periodic cost $ 139 $ 17 $ 156 $ 2 $ 68 $ 70 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ 285 $ 46 $ 331 $ 332 $ 47 $ 379 Interest cost 402 45 447 389 43 432 Expected return on assets (605 ) — (605 ) (602 ) — (602 ) Amortization of actuarial loss (gain) 154 — 154 142 3 145 prior service cost 38 — 38 39 — 39 net transition obligation — 9 9 — 18 18 Exchange rate changes (120 ) 42 (78 ) 121 (41 ) 80 Net periodic cost $ 154 $ 142 $ 296 $ 421 $ 70 $ 491 Innophos Canada, Inc. plans to make cash contributions to its Canadian defined benefit plan of approximately $0.3 million in 2019. Innophos Canada, Inc. made cash contributions to its Canadian defined benefit plan of approximately $0.7 million in 2018.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component: Three months ended September 30, 2019 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at June 30, 2019 $ (2,963 ) $ (2,840 ) $ (5,803 ) Other comprehensive (loss) before reclassifications — (244 ) (244 ) Amounts reclassified from accumulated other comprehensive income 288 122 410 Net current period other comprehensive (loss) 288 (122 ) 166 Balance at September 30, 2019 $ (2,675 ) $ (2,962 ) $ (5,637 ) Three months ended September 30, 2018 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at June 30, 2018 $ (1,715 ) $ — $ (1,715 ) Other comprehensive income before reclassifications (47 ) — (47 ) Amounts reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income (47 ) — (47 ) Balance at September 30, 2018 $ (1,762 ) $ — $ (1,762 ) Nine months ended September 30, 2019 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at December 31, 2018 $ (2,249 ) $ (767 ) $ (3,016 ) Other comprehensive (loss) before reclassifications — (2,422 ) (2,422 ) Amounts reclassified from accumulated other comprehensive income (426 ) 227 (199 ) Net current period other comprehensive (loss) (426 ) (2,195 ) (2,621 ) Balance at September 30, 2019 $ (2,675 ) $ (2,962 ) $ (5,637 ) Nine months ended September 30, 2018 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at December 31, 2017 $ (2,198 ) $ — $ (2,198 ) Other comprehensive income before reclassifications 143 — 143 Amounts reclassified from accumulated other comprehensive income 293 — 293 Net current period other comprehensive income 436 — 436 Balance at September 30, 2018 $ (1,762 ) $ — $ (1,762 )

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company discloses certain financial and supplementary information about its reportable segments, revenue by products and revenues by geographic area. Operating segments are defined as components of an enterprise about which separate discrete financial information is evaluated regularly by the chief operating decision maker, in order to decide how to allocate resources and assess performance. The primary performance indicators for the chief operating decision maker are sales and EBITDA (defined as net income (loss) before interest, income taxes, depreciation and amortization). All references to sales in this Quarterly Report on Form 10-Q are recognized when title and risk of loss passes to the customer, which occurs either upon shipment or delivery, depending upon the agreed sales terms with customers. The Company's chief executive officer is the chief operating decision maker and has determined to assess the Company's performance and allocate the appropriate resources based on the following operating segments: (1) Food, Health and Nutrition; (2) Industrial Specialties; and (3) Other. These reporting segments accurately reflect the underlying business dynamics and align with the strategic direction of the Company. During the second quarter of 2019, the Company adjusted the EBITDA allocation for certain transactions to align it with the underlying business. As a result, EBITDA in the Other segment decreased by $1.4 million with corresponding increases to Food, Health and Nutrition of $1.0 million and Industrial Specialties of $0.4 million . Three months ended September 30, 2019 Food, Health and Nutrition Industrial Specialties Other Total Net sales $ 105,174 $ 73,141 $ 11,034 $ 189,349 EBITDA $ 14,791 $ 8,861 $ 792 $ 24,444 Depreciation and amortization expense $ 6,959 $ 3,768 $ 403 $ 11,130 Three months ended September 30, 2018 Food, Health and Nutrition Industrial Specialties Other Total Net sales $ 115,132 $ 65,667 $ 16,135 $ 196,934 EBITDA $ 14,563 $ 8,885 $ 2,424 $ 25,872 Depreciation and amortization expense $ 7,142 $ 3,153 $ 569 $ 10,864 Nine Months Ended September 30, 2019 Food, Health and Nutrition Industrial Specialties Other Total Net sales $ 326,783 $ 204,064 $ 34,954 $ 565,801 EBITDA $ 48,758 $ 23,891 $ 3,833 $ 76,482 Depreciation and amortization expense $ 20,128 $ 10,714 $ 934 $ 31,776 Nine Months Ended September 30, 2018 Food, Health and Nutrition Industrial Specialties Other Total Net sales $ 367,159 $ 195,767 $ 46,173 $ 609,099 EBITDA $ 48,494 $ 26,772 $ 2,987 $ 78,253 Depreciation and amortization expense $ 21,677 $ 10,257 $ 1,383 $ 33,317 A reconciliation of net income to EBITDA follows: Three months ended September 30, September 30, Net income $ 6,451 $ 14,090 Provision for income taxes 2,873 (2,510 ) Interest expense, net 3,990 3,428 Depreciation and amortization 11,130 10,864 EBITDA $ 24,444 $ 25,872 Nine months ended September 30, September 30, Net income $ 16,546 $ 31,251 Provision for income taxes 16,580 4,155 Interest expense, net 11,580 9,530 Depreciation and amortization 31,776 33,317 EBITDA $ 76,482 $ 78,253

Supply Agreement Termination

Supply Agreement Termination	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Supply Agreement Termination	Supply Agreement Termination In June 2018, the Company agreed to terminate a previously long-term supply agreement and replaced it with a short-term agreement. In December 2018, as a result of the termination, the Company received consideration of $24.9 million which included $21.3 million in cash as well as receipt of certain tangible assets with a fair value of $3.6 million . The consideration was recorded as a deferred liability with $9.5 million in Other current liabilities and the remaining $15.4 million recorded in Other long-term liabilities. Beginning in January 2019, the deferred liability is being amortized on a straight-line basis through July 2021, which is the end of the new supply agreement, as a reduction of Cost of goods sold. For the three and nine months ended September 30, 2019 amortization of the deferred liability was $2.4 million and $7.2 million , respectively.

Basis of Statement Presentati_2

Basis of Statement Presentation (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Annual Goodwill Impairment Test	Annual Goodwill Impairment Test Goodwill is tested for impairment annually and whenever events and circumstances indicate that impairment may have occurred. During the third quarter of 2019, the Company changed the measurement date of the annual goodwill impairment test from the first month of the fourth quarter to the second month of the third quarter, which was a change in accounting principle. This change did not result in the delay, acceleration or avoidance of an impairment charge. We believe this timing is preferable as it better aligns the goodwill impairment test with the Company's strategic business planning process, which is a key component of the test. The change to the goodwill measurement date was applied prospectively, as retrospective application would have been impractical because the Company is unable to objectively select assumptions that would have been used in previous periods without the benefit of hindsight. The Company completed the required annual testing of goodwill for impairment and has determined that goodwill is not impaired.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Innophos have been prepared in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP, for interim financial reporting and do not include all disclosures required by U.S. GAAP for annual financial reporting, and should be read in conjunction with the audited consolidated and combined financial statements of the Company at December 31, 2018 and for the three years then ended. The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments which management considers necessary for a fair statement of the results of operations for the interim periods and is subject to year-end adjustments. The results of operations for the interim periods are not necessarily indicative of the results for the full year. The December 31, 2018 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Merger Agreement with One Rock Capital Partners On October 20, 2019, Innophos Holdings, Inc., Iris Parent LLC, a Delaware limited liability company (“Parent”), and Iris Merger Sub 2019, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub will be merged with and into the Innophos Holdings, Inc. (the “Merger”), with Innophos Holdings, Inc. surviving the Merger as a wholly owned subsidiary of Parent. Parent and Merger Sub were formed by affiliates of One Rock Capital Partners II, LP, a Delaware limited partnership (“ORC Fund II”). At the time of the Merger, each share of Company common stock, par value $0.001 per share issued and outstanding will be automatically converted into the right to receive cash in an amount equal to $32.00 per share. The final purchase price is expected to be valued at approximately $932 million , including the assumption of debt. The transactions contemplated by the Merger Agreement are subject to the satisfaction of certain customary conditions, including the approval of the Merger Agreement by the Company's stockholders, the receipt of regulatory approvals, the absence of any legal prohibitions, the accuracy of the representations and warranties of the parties, and compliance by the parties with their respective obligations under the Merger Agreement. Under certain circumstances defined within the Merger Agreement, in the event that the Merger Agreement is terminated, the Company would be required to pay Parent a fee of $10.3 million or $20.6 million , depending on the circumstance. Further, under certain circumstances defined within the Merger Agreement, in the event that the Merger Agreement is terminated by the Parent, the Parent would be required to pay the Company a fee of $40.0 million . The closing of the transaction is expected to occur in the first quarter of 2020. Upon the completion of the transaction, Innophos will become a privately held company and shares of the Company's common stock will no longer be listed on any public market. Annual Goodwill Impairment Test Goodwill is tested for impairment annually and whenever events and circumstances indicate that impairment may have occurred. During the third quarter of 2019, the Company changed the measurement date of the annual goodwill impairment test from the first month of the fourth quarter to the second month of the third quarter, which was a change in accounting principle. This change did not result in the delay, acceleration or avoidance of an impairment charge. We believe this timing is preferable as it better aligns the goodwill impairment test with the Company's strategic business planning process, which is a key component of the test. The change to the goodwill measurement date was applied prospectively, as retrospective application would have been impractical because the Company is unable to objectively select assumptions that would have been used in previous periods without the benefit of hindsight. The Company completed the required annual testing of goodwill for impairment and has determined that goodwill is not impaired. Error Correction During the fourth quarter of 2018, the Company identified an error associated with disclosing 2018 accrued capital expenditures and adjusting for them as non-cash investing activities in the Condensed Consolidated Statements of Cash Flows. The Company has evaluated the materiality of the error and concluded it was not material to any of the previously issued consolidated financial statements. However, the Company has elected to revise its consolidated cash flow statement for the period ending September 30, 2018 to correct the error. The following table presents the effect of the revision on the selected line items previously reported in the consolidated cash flows statement for the nine months ended September 30, 2018 : September 30, 2018 September 30, 2018 Consolidated Statement of Cash Flows As reported Adjustment As revised Cash flows from operating activities Changes in assets and liabilities: Accounts payable $ (5,664 ) $ 4,497 $ (1,167 ) Net cash provided by (used for) operations $ 30,867 $ 4,497 $ 35,364 Cash flows used for investing activities Capital expenditures $ (43,303 ) $ (4,497 ) $ (47,800 ) Net cash (used for) investing activities $ (43,303 ) $ (4,497 ) $ (47,800 ) Supplemental disclosures of cash flow information: Non-cash investing and financing activities Accrued additions to plant assets $ 5,073 $ 5,073 These accompanying notes to the consolidated financial statements reflect the impact of this revision. During the second quarter of 2019, the Company identified and corrected errors related to the valuation of its inventory located at one of its domestic subsidiaries and the translation of Accumulated other comprehensive income (loss) related to pension and post retirement obligations at a foreign subsidiary. The adjustments decreased Cost of goods sold by $3.1 million and Foreign exchange (gain) loss by $0.7 million resulting in an increase to income before income taxes of approximately $3.8 million in the three month period ended June 30, 2019 and increased the Inventory balance by $3.1 million and decreased Accumulated other comprehensive income before income taxes by $0.7 million as of June 30, 2019. Approximately $1.2 million of the cumulative adjustment should have been recorded during the first quarter of 2019 and the remaining $2.6 million related to prior periods. Management has concluded that these adjustments are not material to the periods presented or any of its previously issued financial statements, and are not expected to be material to the full year 2019 results.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset (ROU asset) representing its right to use the underlying asset for the lease term on the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. In July 2018, the FASB issued updated guidance which allows an additional transition method to adopt the new leases standard at the adoption date, as compared to the beginning of the earliest period presented, and recognize a cumulative-effect adjustment to the beginning balance of retained earnings in the period of adoption (the effective date method). The Company adopted this standard as of January 1, 2019, and has elected the effective date method. The Company also elected the package of practical expedients, which among other things, does not require reassessment of prior conclusions to contracts containing a lease, lease classification, and initial direct costs. As an accounting policy election, the Company will exclude short-term leases (term of 12 months or less) from the balance sheet. The Company's lease agreements do not contain any residual value guarantees. Please see Note 8 , " Leases ", for further disclosures. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and hedging (Topic 815): Targeted improvements to accounting for hedging activities. This standard more closely aligns the results of cash flow and fair value hedge accounting with risk management activities through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in the financial statements. This standard also addresses specific limitations in current GAAP by expanding hedge accounting for both nonfinancial and financial risk components and by refining the measurement of hedge results to better reflect an entity’s hedging strategies. Additionally, by aligning the timing of recognition of hedge results with the earnings effect of the hedged item for cash flow and net investment hedges, and by including the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is presented, the results of an entity’s hedging program and the cost of executing that program will be more visible to users of financial statements. The new standard is effective for annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company adopted this standard on January 1, 2019, and there was no material impact on its financial position, results of operations and related disclosures. In July 2019, the FASB issued ASU No. 2019-07, Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization and Miscellaneous Updates. ASU 2019-07 clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance and did not have a material impact on the Company’s Consolidated Financial Statements. Issued but not yet adopted In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This amendment modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include the amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year and the effects of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. New disclosures include the interest crediting rates for cash balance plans, and an explanation of significant gains and losses related to changes in benefit obligations. The new standard is effective for fiscal years beginning after December 15, 2020, and must be applied retrospectively for all periods presented. Early adoption is permitted. The Company does not anticipate the adoption of this standard will have a material impact on its financial position, results of operations and related disclosures.
Revenue Recognition Policy	Revenues are recognized when control of goods is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. Control passes either upon shipment or delivery, depending on the agreed sales terms with customers. Certain customers may receive cash-based incentives or credits, which are accounted for as variable consideration. The Company estimates these amounts based on the expected amount to be provided to customers and reduce revenues recognized. There were no significant changes to its estimates of variable consideration upon adoption. The Company reports its business in three operating segments: Food, Health, and Nutrition; Industrial Specialties; and Other. The Company has three principal product lines within these operating segments: (i) Specialty Ingredients; (ii) Core Ingredients; and (iii) Co-Products and Other. Revenue recognition is measured on the same basis across these segments, products, markets, and geographic countries, with the performance obligation being the transfer of control of goods at a single point in time.

Basis of Statement Presentati_3

Basis of Statement Presentation (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table presents the effect of the revision on the selected line items previously reported in the consolidated cash flows statement for the nine months ended September 30, 2018 : September 30, 2018 September 30, 2018 Consolidated Statement of Cash Flows As reported Adjustment As revised Cash flows from operating activities Changes in assets and liabilities: Accounts payable $ (5,664 ) $ 4,497 $ (1,167 ) Net cash provided by (used for) operations $ 30,867 $ 4,497 $ 35,364 Cash flows used for investing activities Capital expenditures $ (43,303 ) $ (4,497 ) $ (47,800 ) Net cash (used for) investing activities $ (43,303 ) $ (4,497 ) $ (47,800 ) Supplemental disclosures of cash flow information: Non-cash investing and financing activities Accrued additions to plant assets $ 5,073 $ 5,073

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended September 30, 2019 U.S. Canada Mexico Other Countries Total Specialty Ingredients $ 98,909 $ 3,773 $ 8,438 $ 16,534 $ 127,654 Core Ingredients 15,626 2,137 23,493 10,097 51,353 Co-Products & Other 9,044 178 1,100 20 10,342 Total $ 123,579 $ 6,088 $ 33,031 $ 26,651 $ 189,349 Three Months Ended September 30, 2018 U.S. Canada Mexico Other Countries Total Specialty Ingredients $ 105,127 $ 6,726 $ 9,754 $ 17,682 $ 139,289 Core Ingredients 14,431 1,704 21,005 8,152 45,292 Co-Products & Other 10,568 123 1,517 145 12,353 Total $ 130,126 $ 8,553 $ 32,276 $ 25,979 $ 196,934 Nine Months Ended September 30, 2019 U.S. Canada Mexico Other Countries Total Specialty Ingredients $ 292,772 $ 12,950 $ 25,904 $ 55,912 $ 387,538 Core Ingredients 46,694 6,832 69,471 21,568 144,565 Co-Products & Other 26,810 397 6,188 303 33,698 Total $ 366,276 $ 20,179 $ 101,563 $ 77,783 $ 565,801 Nine Months Ended September 30, 2018 U.S. Canada Mexico Other Countries Total Specialty Ingredients $ 332,525 $ 19,005 $ 26,472 $ 57,511 $ 435,513 Core Ingredients 43,120 5,947 60,988 27,366 137,421 Co-Products & Other 24,764 256 10,574 571 36,165 Total $ 400,409 $ 25,208 $ 98,034 $ 85,448 $ 609,099

Earnings per Share (EPS) (Table

Earnings per Share (EPS) (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Earnings per Share	The following is a reconciliation of the weighted average basic number of common shares outstanding to the diluted number of common and common stock equivalent shares outstanding and the calculation of earnings per share using the two-class method: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net income $ 6,451 $ 14,090 $ 16,546 $ 31,251 Less: earnings attributable to unvested shares (34 ) (57 ) (72 ) (112 ) Net income available to participating common shareholders $ 6,417 $ 14,033 $ 16,474 $ 31,139 Weighted average number of participating common and potential common shares outstanding: Basic number of participating common shares outstanding 19,583,316 19,525,284 19,575,764 19,511,097 Dilutive effect of stock equivalents 201,729 313,678 164,498 279,473 Diluted number of weighted average participating common shares outstanding 19,785,045 19,838,962 19,740,262 19,790,570 Earnings per participating common share: Earnings per participating common share—Basic $ 0.33 $ 0.72 $ 0.84 $ 1.60 Earnings per participating common share—Diluted $ 0.32 $ 0.71 $ 0.83 $ 1.57 Total outstanding options, performance share awards and unvested restricted stock not included in the calculation of diluted earnings per share as the effect would be anti-dilutive 966,943 431,751 982,049 465,956

Stockholders' Equity _ Share-_2

Stockholders' Equity / Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Summary of Components of Stock-Based Compensation Expense	The following table summarizes the components of share-based compensation expense, all of which has been classified as selling, general and administrative expense: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Stock options $ 366 $ 398 $ 1,168 $ 1,282 Restricted stock 606 580 1,878 1,860 Performance shares 649 173 1,442 422 Stock grants — — 700 579 Total share-based compensation expense $ 1,621 $ 1,151 $ 5,188 $ 4,143

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: September 30, December 31, Raw materials $ 47,789 $ 46,147 Finished products 106,561 119,407 Spare parts 15,940 14,649 $ 170,290 $ 180,203

Other Current Assets (Tables)

Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consist of the following: September 30, December 31, Creditable taxes (value added taxes) $ 15,895 $ 11,944 Vendor inventory deposits (prepaid) 3,434 454 Prepaid income taxes 11,378 6,658 Prepaid insurance 1,548 2,605 Other 2,881 2,433 $ 35,136 $ 24,094

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Reconciliation of the Carrying Amount of Goodwill	The following table provides a reconciliation of the carrying amount of goodwill at the beginning and end of the reporting period (in thousands): Food, Health and Nutrition Industrial Specialties Other Total Balance: January 1, 2019 $ 129,484 $ 23,283 $ — $ 152,767 Balance: September 30, 2019 $ 129,484 $ 23,283 $ — $ 152,767

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three months ended Nine months ended September 30, 2019 September 30, 2019 Operating lease expense: Cost of goods sold $ 1,538 $ 4,529 Selling, general and administrative 902 2,711 Total lease expense $ 2,440 $ 7,240
Supplemental Balance Sheet Information	Supplemental balance sheet information related to the leases were as follows: September 30, 2019 Operating lease ROU assets $ 55,597 Current operating lease liabilities $ 6,830 Noncurrent operating lease liabilities 49,077 Total operating lease liabilities $ 55,907
Supplemental Cash Flow and Other Information	Supplemental cash flow and other information related to the leases were as follows: Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,103 ROU assets obtained in exchange for new operating lease liabilities $ 11,844 September 30, 2019 Weighted average remaining lease term of operating leases (in years) 11 Weighted average discount rate of operating leases 5.29 %
Maturities of Lease Liabilities	Maturities of lease liabilities were as follows: September 30, 2019 2019 $ 2,403 2020 9,455 2021 8,625 2022 8,068 2023 7,475 2024 and thereafter 39,521 Total lease payments $ 75,547 Less: imputed interest 19,640 Total lease obligations $ 55,907 Less: current obligations 6,830 Long-term lease obligations $ 49,077
Maturities of Lease Liabilities Under Prior Guidance	As required by ASC 842, the future minimum operating lease payments on non-cancelable leases as of December 31, 2018 under the accounting standards in effect as of that period were as follows: December 31, 2018 2019 $ 8,259 2020 7,130 2021 6,490 2022 6,032 2023 5,467 2024 and thereafter 33,957 Long-term lease obligations $ 67,335

Intangibles and Other Assets,_2

Intangibles and Other Assets, net (Tables)	9 Months Ended
	Sep. 30, 2019
Intangible Assets and Other Noncurrent Assets, Net [Abstract]
Summary of Intangibles and Other Assets	Intangibles and other assets consist of the following: Useful life (years) September 30, December 31, Developed technology and application patents, net of accumulated amortization of $36,636 for 2019 and $34,669 for 2018 7-20 $ 9,639 $ 11,606 Customer relationships, net of accumulated amortization of $32,265 for 2019 and $28,032 for 2018 5-20 63,247 67,479 Trade names and license agreements, net of accumulated amortization of $16,506 for 2019 and $14,599 for 2018 5-20 11,055 12,962 Non-compete agreements, net of accumulated amortization of $1,333 for 2019 and $1,319 for 2018 3-10 — 14 Total intangibles, net $ 83,941 $ 92,061 Deferred financing costs, net of accumulated amortization of $4,654 for 2019 and $4,331 for 2018 (see Note 11) $ 969 $ 1,291 Other assets 2,391 1,742 Total other assets, net $ 3,360 $ 3,033 $ 87,301 $ 95,094

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Other Liabilities Disclosure [Abstract]
Summary of Other Current Liabilities	Other current liabilities consist of the following: September 30, December 31, Payroll related $ 14,967 $ 15,656 Operating lease liabilities 6,830 — Taxes other than income taxes 1,677 3,071 Benefits and pensions 4,981 5,680 Freight and rebates 4,233 6,431 Income taxes 3,333 1,355 Restructuring reserve — 217 Deferred gain on sale leaseback transaction (a) — 790 Deferred contract termination (b) 9,623 9,489 Interest rate hedge 1,553 — Other 11,458 7,304 $ 58,655 $ 49,993 (a) See Note 8 to the Consolidated Financial Statements for further details. (b) See Note 18 to the Consolidated Financial Statements for further details.

Short-Term Borrowings, Long-T_2

Short-Term Borrowings, Long-Term Debt, and Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Short-Term Borrowings and Long-Term Debt	Short-term borrowings and long-term debt consist of the following: September 30, December 31, Revolver borrowings under the credit facility due 2021 $ 340,000 $ 300,000 Long-term debt $ 340,000 $ 300,000
Components of Interest Expense, Net	Interest expense, net consists of the following: Three months ended Nine months ended September 30, September 30, September 30, September 30, Interest expense $ 3,967 $ 3,703 $ 11,592 $ 10,281 Deferred financing cost 107 107 322 322 Interest income (30 ) (18 ) (93 ) (50 ) Less: amount capitalized for capital projects (54 ) (364 ) (241 ) (1,023 ) Total interest expense, net $ 3,990 $ 3,428 $ 11,580 $ 9,530
Schedule of Derivative Instruments	The table below presents the fair value of the Company's derivative financial instruments as well as their classification in the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 . Tabular Disclosure of Fair Values of Derivative Instruments Fair value as of Derivatives designated as hedging instruments Balance Sheet Location September 30, December 31, Interest Rate Contract Other current liabilities $ 1,553 $ — Other long-term liabilities 2,397 1,023 $ 3,950 $ 1,023
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The table below presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and AOCI for the three and nine months ended September 30, 2019 and September 30, 2018 . Tabular Disclosure of the Effect of Derivative Instruments Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in AOCI on Derivative Location of Gain/(Loss) Reclassified from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income Interest Rate Contract $ (164 ) Interest Income/(Expense) $ (162 ) Three months ended September 30, 2019 $ (164 ) $ (162 ) Interest Rate Contract $ (2,927 ) Interest Income/(Expense) $ (302 ) Nine months ended September 30, 2019 $ (2,927 ) $ (302 ) Interest Rate Contract $ — Interest Income/(Expense) $ — Three months ended September 30, 2018 $ — $ — Interest Rate Contract $ — Interest Income/(Expense) $ — Nine months ended September 30, 2018 $ — $ —

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consist of the following: September 30, December 31, Deferred income taxes $ 8,421 $ 5,113 Pension and post retirement liabilities 9,639 9,238 Uncertain tax positions 320 320 Environmental liabilities 1,100 1,100 Deferred gain on sale leaseback transaction (a) — 15,073 Deferred contract termination fee (b) 8,019 15,371 Interest rate hedge 2,397 1,023 Other liabilities 2,468 2,401 $ 32,364 $ 49,639 (a) See Note 8 to the Consolidated Financial Statements for further details. (b) See Note 18 to the Consolidated Financial Statements for further details.

Pension Plans and Postretirem_2

Pension Plans and Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Expense	Net periodic benefit expense for the United States plans: Three months ended September 30, 2019 Three months ended September 30, 2018 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ — $ 36 $ 36 $ — $ 36 $ 36 Interest cost 25 34 59 24 29 53 Expected return on assets (40 ) — (40 ) (38 ) — (38 ) Amortization of prior service cost — — — — — — unrecognized (gain) loss — (40 ) (40 ) — (39 ) (39 ) net transition obligation — — — — — — Net periodic (benefit) cost $ (15 ) $ 30 $ 15 $ (14 ) $ 26 $ 12 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ — $ 108 $ 108 $ — $ 109 $ 109 Interest cost 76 102 178 71 87 158 Expected return on assets (119 ) — (119 ) (113 ) — (113 ) Amortization of prior service cost — — — — — — unrecognized (gain) loss — (118 ) (118 ) — (119 ) (119 ) net transition obligation — — — — — — Net periodic cost $ (43 ) $ 92 $ 49 $ (42 ) $ 77 $ 35 Net periodic benefit expense for the Canadian plans: Three months ended September 30, 2019 Three months ended September 30, 2018 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ 95 $ 16 $ 111 $ 110 $ 15 $ 125 Interest cost 134 15 149 128 14 142 Expected return on assets (202 ) — (202 ) (199 ) — (199 ) Amortization of actuarial loss (gain) 52 — 52 47 1 48 prior service cost 13 — 13 13 — 13 net transition obligation — 3 3 — 6 6 Exchange rate changes 47 (17 ) 30 (97 ) 32 (65 ) Net periodic cost $ 139 $ 17 $ 156 $ 2 $ 68 $ 70 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Pension benefits Other benefits Total Pension benefits Other benefits Total Service cost $ 285 $ 46 $ 331 $ 332 $ 47 $ 379 Interest cost 402 45 447 389 43 432 Expected return on assets (605 ) — (605 ) (602 ) — (602 ) Amortization of actuarial loss (gain) 154 — 154 142 3 145 prior service cost 38 — 38 39 — 39 net transition obligation — 9 9 — 18 18 Exchange rate changes (120 ) 42 (78 ) 121 (41 ) 80 Net periodic cost $ 154 $ 142 $ 296 $ 421 $ 70 $ 491

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss) by Component	Changes in accumulated other comprehensive income (loss) by component: Three months ended September 30, 2019 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at June 30, 2019 $ (2,963 ) $ (2,840 ) $ (5,803 ) Other comprehensive (loss) before reclassifications — (244 ) (244 ) Amounts reclassified from accumulated other comprehensive income 288 122 410 Net current period other comprehensive (loss) 288 (122 ) 166 Balance at September 30, 2019 $ (2,675 ) $ (2,962 ) $ (5,637 ) Three months ended September 30, 2018 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at June 30, 2018 $ (1,715 ) $ — $ (1,715 ) Other comprehensive income before reclassifications (47 ) — (47 ) Amounts reclassified from accumulated other comprehensive income — — — Net current period other comprehensive income (47 ) — (47 ) Balance at September 30, 2018 $ (1,762 ) $ — $ (1,762 ) Nine months ended September 30, 2019 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at December 31, 2018 $ (2,249 ) $ (767 ) $ (3,016 ) Other comprehensive (loss) before reclassifications — (2,422 ) (2,422 ) Amounts reclassified from accumulated other comprehensive income (426 ) 227 (199 ) Net current period other comprehensive (loss) (426 ) (2,195 ) (2,621 ) Balance at September 30, 2019 $ (2,675 ) $ (2,962 ) $ (5,637 ) Nine months ended September 30, 2018 Pension and Other Postretirement Adjustments Changes in Fair Value of Effective Cash Flow Hedges Total Balance at December 31, 2017 $ (2,198 ) $ — $ (2,198 ) Other comprehensive income before reclassifications 143 — 143 Amounts reclassified from accumulated other comprehensive income 293 — 293 Net current period other comprehensive income 436 — 436 Balance at September 30, 2018 $ (1,762 ) $ — $ (1,762 )

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	Three months ended September 30, 2019 Food, Health and Nutrition Industrial Specialties Other Total Net sales $ 105,174 $ 73,141 $ 11,034 $ 189,349 EBITDA $ 14,791 $ 8,861 $ 792 $ 24,444 Depreciation and amortization expense $ 6,959 $ 3,768 $ 403 $ 11,130 Three months ended September 30, 2018 Food, Health and Nutrition Industrial Specialties Other Total Net sales $ 115,132 $ 65,667 $ 16,135 $ 196,934 EBITDA $ 14,563 $ 8,885 $ 2,424 $ 25,872 Depreciation and amortization expense $ 7,142 $ 3,153 $ 569 $ 10,864 Nine Months Ended September 30, 2019 Food, Health and Nutrition Industrial Specialties Other Total Net sales $ 326,783 $ 204,064 $ 34,954 $ 565,801 EBITDA $ 48,758 $ 23,891 $ 3,833 $ 76,482 Depreciation and amortization expense $ 20,128 $ 10,714 $ 934 $ 31,776 Nine Months Ended September 30, 2018 Food, Health and Nutrition Industrial Specialties Other Total Net sales $ 367,159 $ 195,767 $ 46,173 $ 609,099 EBITDA $ 48,494 $ 26,772 $ 2,987 $ 78,253 Depreciation and amortization expense $ 21,677 $ 10,257 $ 1,383 $ 33,317
Reconciliation of Net Income to EBITDA	A reconciliation of net income to EBITDA follows: Three months ended September 30, September 30, Net income $ 6,451 $ 14,090 Provision for income taxes 2,873 (2,510 ) Interest expense, net 3,990 3,428 Depreciation and amortization 11,130 10,864 EBITDA $ 24,444 $ 25,872 Nine months ended September 30, September 30, Net income $ 16,546 $ 31,251 Provision for income taxes 16,580 4,155 Interest expense, net 11,580 9,530 Depreciation and amortization 31,776 33,317 EBITDA $ 76,482 $ 78,253

Basis of Statement Presentati_4

Basis of Statement Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 20, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value (in dollars per share)		$ 0.001				$ 0.001		$ 0.001
Accounts payable						$ (18,060)	$ (1,167)
Net cash provided by (used for) operations						24,663	35,364
Capital expenditures						(25,576)	(47,800)
Net cash (used for) investing activities						(25,576)	(47,800)
Accrued additions to plant assets						5,242	5,073
Cost of goods sold		$ (156,685)			$ (161,706)	(460,333)	(495,259)
Foreign exchange loss (gain)		373			(531)	(478)	409
Income before income taxes		9,324			$ 11,580	33,126	35,406
Inventories		$ 170,290				$ 170,290		$ 180,203
Inventory And AOCI Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold			$ 3,100
Foreign exchange loss (gain)			700
Income before income taxes			3,800
Inventories			3,100
Other comprehensive income before tax			$ 700
Prior period reclassification adjustment				$ 1,200				$ 2,600
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts payable							(5,664)
Net cash provided by (used for) operations							30,867
Capital expenditures							(43,303)
Net cash (used for) investing activities							(43,303)
Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts payable							4,497
Net cash provided by (used for) operations							4,497
Capital expenditures							(4,497)
Net cash (used for) investing activities							(4,497)
Accrued additions to plant assets							$ 5,073
Subsequent Event
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value (in dollars per share)	$ 0.001
Stock valuation at date of merger (in dollars per share)	$ 32
Iris Merger Sub 2019, Inc | Subsequent Event
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Merger, net purchase price	$ 932,000
Merger, contingent asset	40,000
Iris Merger Sub 2019, Inc | Minimum | Subsequent Event
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Merger, contingent liability	10,300
Iris Merger Sub 2019, Inc | Maximum | Subsequent Event
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Merger, contingent liability	$ 20,600

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 189,349	$ 196,934	$ 565,801	$ 609,099
U.S.
Disaggregation of Revenue [Line Items]
Net sales	123,579	130,126	366,276	400,409
Canada
Disaggregation of Revenue [Line Items]
Net sales	6,088	8,553	20,179	25,208
Mexico
Disaggregation of Revenue [Line Items]
Net sales	33,031	32,276	101,563	98,034
Other Countries
Disaggregation of Revenue [Line Items]
Net sales	26,651	25,979	77,783	85,448
Specialty Ingredients
Disaggregation of Revenue [Line Items]
Net sales	127,654	139,289	387,538	435,513
Specialty Ingredients | U.S.
Disaggregation of Revenue [Line Items]
Net sales	98,909	105,127	292,772	332,525
Specialty Ingredients | Canada
Disaggregation of Revenue [Line Items]
Net sales	3,773	6,726	12,950	19,005
Specialty Ingredients | Mexico
Disaggregation of Revenue [Line Items]
Net sales	8,438	9,754	25,904	26,472
Specialty Ingredients | Other Countries
Disaggregation of Revenue [Line Items]
Net sales	16,534	17,682	55,912	57,511
Core Ingredients
Disaggregation of Revenue [Line Items]
Net sales	51,353	45,292	144,565	137,421
Core Ingredients | U.S.
Disaggregation of Revenue [Line Items]
Net sales	15,626	14,431	46,694	43,120
Core Ingredients | Canada
Disaggregation of Revenue [Line Items]
Net sales	2,137	1,704	6,832	5,947
Core Ingredients | Mexico
Disaggregation of Revenue [Line Items]
Net sales	23,493	21,005	69,471	60,988
Core Ingredients | Other Countries
Disaggregation of Revenue [Line Items]
Net sales	10,097	8,152	21,568	27,366
Co-Products & Other
Disaggregation of Revenue [Line Items]
Net sales	10,342	12,353	33,698	36,165
Co-Products & Other | U.S.
Disaggregation of Revenue [Line Items]
Net sales	9,044	10,568	26,810	24,764
Co-Products & Other | Canada
Disaggregation of Revenue [Line Items]
Net sales	178	123	397	256
Co-Products & Other | Mexico
Disaggregation of Revenue [Line Items]
Net sales	1,100	1,517	6,188	10,574
Co-Products & Other | Other Countries
Disaggregation of Revenue [Line Items]
Net sales	$ 20	$ 145	$ 303	$ 571

Earnings per Share (EPS) (Detai

Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 6,451	$ 14,090	$ 16,546	$ 31,251
Less: earnings attributable to unvested shares	(34)	(57)	(72)	(112)
Net income available to participating common shareholders	$ 6,417	$ 14,033	$ 16,474	$ 31,139
Weighted average number of participating common and potential common shares outstanding:
Basic number of participating common shares outstanding (in shares)	19,583,316	19,525,284	19,575,764	19,511,097
Dilutive effect of stock equivalents (in shares)	201,729	313,678	164,498	279,473
Diluted number of weighted average participating common shares outstanding (in shares)	19,785,045	19,838,962	19,740,262	19,790,570
Earnings per participating common share:
Earnings per participating common share - Basic (in dollars per share)	$ 0.33	$ 0.72	$ 0.84	$ 1.60
Earnings per participating common share - Diluted (in dollars per share)	$ 0.32	$ 0.71	$ 0.83	$ 1.57
Total outstanding options, performance share awards and unvested restricted stock not included in the calculation of diluted earnings per share as the effect would be anti-dilutive (in shares)	966,943	431,751	982,049	465,956

Stockholders' Equity _ Share-_3

Stockholders' Equity / Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense (benefit)	$ 1,621	$ 1,151	$ 5,188	$ 4,143
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense (benefit)	366	398	1,168	1,282
Restricted stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense (benefit)	606	580	1,878	1,860
Performance shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense (benefit)	649	173	1,442	422
Stock grants
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense (benefit)	$ 0	$ 0	$ 700	$ 579

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 47,789	$ 46,147
Finished products	106,561	119,407
Spare parts	15,940	14,649
Inventories	170,290	180,203
Inventory reserves	$ 14,800	$ 14,300

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Creditable taxes (value added taxes)	$ 15,895	$ 11,944
Vendor inventory deposits (prepaid)	3,434	454
Prepaid income taxes	11,378	6,658
Prepaid insurance	1,548	2,605
Other	2,881	2,433
Other current assets	$ 35,136	$ 24,094

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 152,767	$ 152,767
Food, Health and Nutrition
Goodwill [Line Items]
Goodwill	129,484	129,484
Industrial Specialties
Goodwill [Line Items]
Goodwill	23,283	23,283
Other
Goodwill [Line Items]
Goodwill	$ 0	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2019USD ($)lease	Jan. 01, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease ROU assets	$ 0	$ 55,597	$ 48,800
Lease liabilities		$ 55,907	$ 48,900
Lessee, Number of Leases | lease		45
Gross proceeds from sale	$ 23,000
Lease renewal term	20 years
Annual rental payments rent increase period	5 years
Annual rental payments	$ 1,500
Annual rental increase every five years (percent)	10.00%
Annual rental payments rent increase renewal period	5 years
Sale-leaseback gain	$ 11,900
Sale-leaseback gain, tax	$ 4,000
Minimum
Lessee, Lease, Description [Line Items]
Operating lease remaining term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease remaining term		20 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Lease expense	$ 2,440	$ 7,240
Cost of goods sold
Lessee, Lease, Description [Line Items]
Lease expense	1,538	4,529
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Lease expense	$ 902	$ 2,711

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease ROU assets	$ 55,597	$ 48,800	$ 0
Current operating lease liabilities	6,830		0
Noncurrent operating lease liabilities	49,077		$ 0
Total lease obligations	$ 55,907	$ 48,900

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow and Other Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 7,103
ROU assets obtained in exchange for new operating lease liabilities	$ 11,844
Weighted average remaining lease term of operating leases (in years)	11 years
Weighted average discount rate of operating leases	5.29%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
2019	$ 2,403
2020	9,455
2021	8,625
2022	8,068
2023	7,475
2024 and thereafter	39,521
Total lease payments	75,547
Less: imputed interest	19,640
Total lease obligations	55,907	$ 48,900
Less: current obligations	6,830		$ 0
Long-term lease obligations	$ 49,077		$ 0

Leases - Maturities of Lease _2

Leases - Maturities of Lease Liabilities Under Prior Guidance (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 8,259
2020	7,130
2021	6,490
2022	6,032
2023	5,467
2024 and thereafter	33,957
Long-term lease obligations	$ 67,335

Intangibles and Other Assets,_3

Intangibles and Other Assets, net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Total intangibles, net	$ 83,941	$ 92,061
Deferred financing costs, net of accumulated amortization of $4,654 for 2019 and $4,331 for 2018 (see Note 11)	969	1,291
Accumulated amortization of debt issuance costs	4,654	4,331
Other assets	2,391	1,742
Total other assets, net	3,360	3,033
Intangibles and other assets, net	87,301	95,094
Developed technology and application patents
Finite-Lived Intangible Assets [Line Items]
Total intangibles, net	9,639	11,606
Accumulated amortization	$ 36,636	34,669
Developed technology and application patents | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	7 years
Developed technology and application patents | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	20 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total intangibles, net	$ 63,247	67,479
Accumulated amortization	$ 32,265	28,032
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	5 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	20 years
Trade names and license agreements
Finite-Lived Intangible Assets [Line Items]
Total intangibles, net	$ 11,055	12,962
Accumulated amortization	$ 16,506	14,599
Trade names and license agreements | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	5 years
Trade names and license agreements | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	20 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Total intangibles, net	$ 0	14
Accumulated amortization	$ 1,333	$ 1,319
Non-compete agreements | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	3 years
Non-compete agreements | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	10 years

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Payroll related	$ 14,967	$ 15,656
Operating lease liabilities	6,830	0
Taxes other than income taxes	1,677	3,071
Benefits and pensions	4,981	5,680
Freight and rebates	4,233	6,431
Income taxes	3,333	1,355
Restructuring reserve	0	217
Deferred gain on sale leaseback transaction	0	790
Deferred contract termination	9,623	9,489
Interest rate hedge	1,553	0
Other	11,458	7,304
Other current liabilities	$ 58,655	$ 49,993

Short-Term Borrowings, Long-T_3

Short-Term Borrowings, Long-Term Debt, and Interest Expense - Debt Components (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 340,000	$ 300,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Revolver borrowings under the credit facility due 2021	$ 340,000	$ 300,000

Short-Term Borrowings, Long-T_4

Short-Term Borrowings, Long-Term Debt, and Interest Expense - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Total leverage ratio	3.50
Interest coverage ratio	3
Outstanding borrowings as floating rate debt	$ 190,000,000
Effect of one percentage point increase to interest expense	1,900,000
Interest paid	11,500,000	$ 10,400,000
Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	500,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	450,000,000
Line of credit facility, additional borrowing capacity	150,000,000		$ 150,000,000
Line of credit facility, maximum borrowing capacity including higher borrowing capacity option	600,000,000
Amount outstanding under line of credit	340,000,000
Line of credit facility, remaining borrowing capacity	$ 109,500,000
Weighted average interest rate	4.40%
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Bridge Loan | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Interest rate swap, fixed rate to maturity obligation interest rate			2.677%

Short-Term Borrowings, Long-T_5

Short-Term Borrowings, Long-Term Debt, and Interest Expense - Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Disclosure [Abstract]
Interest expense	$ 3,967	$ 3,703	$ 11,592	$ 10,281
Deferred financing cost	107	107	322	322
Interest income	(30)	(18)	(93)	(50)
Less: amount capitalized for capital projects	(54)	(364)	(241)	(1,023)
Total interest expense, net	$ 3,990	$ 3,428	$ 11,580	$ 9,530

Short-Term Borrowings, Long-T_6

Short-Term Borrowings, Long-Term Debt, and Interest Expense - Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Interest rate hedge, current	$ 1,553	$ 0
Interest rate hedge, noncurrent	2,397	1,023
Interest Rate Contract	$ 3,950	$ 1,023

Short-Term Borrowings, Long-T_7

Short-Term Borrowings, Long-Term Debt, and Interest Expense - Derivatives and AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain/(Loss) Recognized in AOCI on Derivative	$ (164)	$ 0	$ (2,927)	$ 0
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain/(Loss) Recognized in AOCI on Derivative	(164)	0	(2,927)	0
Interest Income/(Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Income	(162)	0	(302)	0
Interest Income/(Expense) | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Income	$ (162)	$ 0	$ (302)	$ 0

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Deferred income taxes	$ 8,421	$ 5,113
Pension and post retirement liabilities	9,639	9,238
Uncertain tax positions	320	320
Environmental liabilities	1,100	1,100
Deferred gain on sale leaseback transaction	0	15,073
Deferred contract termination fee	8,019	15,371
Interest rate hedge	2,397	1,023
Other liabilities	2,468	2,401
Other long-term liabilities	$ 32,364	$ 49,639

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	50.00%	12.00%
Effective tax rate reconciliation, change due to Tax Cuts and Jobs Act		18.00%
Dutch income tax liability	$ 6.6		$ 6.3
Effective tax rate reconciliation, estimated impact of foreign tax audit	19.00%
Income taxes paid	$ 19.7	$ 16.6

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Environmental liabilities	$ 1,100		$ 1,100
Dutch income tax liability	6,600	$ 6,300
Dutch income tax liability, net settlement	6,300
Nashville, TN
Loss Contingencies [Line Items]
Environmental liabilities	1,100
Nashville, TN | Minimum
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	900
Nashville, TN | Maximum
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 1,300

Pension Plans and Postretirem_3

Pension Plans and Postretirement Benefits - Net Periodic Benefit Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 36	$ 36	$ 108	$ 109
Interest cost	59	53	178	158
Expected return on assets	(40)	(38)	(119)	(113)
Amortization of prior service cost	0	0	0	0
Amortization of unrecognized (gain) loss	(40)	(39)	(118)	(119)
Amortization of net transition obligation	0	0	0	0
Net periodic (benefit) cost	15	12	49	35
U.S. | Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0	0	0	0
Interest cost	25	24	76	71
Expected return on assets	(40)	(38)	(119)	(113)
Amortization of prior service cost	0	0	0	0
Amortization of unrecognized (gain) loss	0	0	0	0
Amortization of net transition obligation	0	0	0	0
Net periodic (benefit) cost	(15)	(14)	(43)	(42)
U.S. | Other benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	36	36	108	109
Interest cost	34	29	102	87
Expected return on assets	0	0	0	0
Amortization of prior service cost	0	0	0	0
Amortization of unrecognized (gain) loss	(40)	(39)	(118)	(119)
Amortization of net transition obligation	0	0	0	0
Net periodic (benefit) cost	30	26	92	77
Canada
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	111	125	331	379
Interest cost	149	142	447	432
Expected return on assets	(202)	(199)	(605)	(602)
Amortization of prior service cost	13	13	38	39
Amortization of unrecognized (gain) loss	52	48	154	145
Amortization of net transition obligation	3	6	9	18
Exchange rate changes	30	(65)	(78)	80
Net periodic (benefit) cost	156	70	296	491
Canada | Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	95	110	285	332
Interest cost	134	128	402	389
Expected return on assets	(202)	(199)	(605)	(602)
Amortization of prior service cost	13	13	38	39
Amortization of unrecognized (gain) loss	52	47	154	142
Amortization of net transition obligation	0	0	0	0
Exchange rate changes	47	(97)	(120)	121
Net periodic (benefit) cost	139	2	154	421
Canada | Other benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	16	15	46	47
Interest cost	15	14	45	43
Expected return on assets	0	0	0	0
Amortization of prior service cost	0	0	0	0
Amortization of unrecognized (gain) loss	0	1	0	3
Amortization of net transition obligation	3	6	9	18
Exchange rate changes	(17)	32	42	(41)
Net periodic (benefit) cost	$ 17	$ 68	$ 142	$ 70

Pension Plans and Postretirem_4

Pension Plans and Postretirement Benefits - Additional Information (Details) - Pension benefits - USD ($)	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2019
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer minimum contribution requirements		$ 0
Anticipated employer cash contributions		0
Cash contributions	$ 0
Canada
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Anticipated employer cash contributions		$ 300,000
Cash contributions	$ 700,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 335,515	$ 333,559
Other comprehensive income before reclassifications	$ (244)	$ (47)	(2,422)	143
Amounts reclassified from accumulated other comprehensive income	410	0	(199)	293
Other comprehensive income (loss), net of tax	166	(47)	(2,621)	436	[1]
Ending balance	337,898	340,669	337,898	340,669
Pension and Other Postretirement Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,963)	(1,715)	(2,249)	(2,198)
Other comprehensive income before reclassifications	0	(47)	0	143
Amounts reclassified from accumulated other comprehensive income	288	0	(426)	293
Other comprehensive income (loss), net of tax	288	(47)	(426)	436
Ending balance	(2,675)	(1,762)	(2,675)	(1,762)
Changes in Fair Value of Effective Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,840)	0	(767)	0
Other comprehensive income before reclassifications	(244)	0	(2,422)	0
Amounts reclassified from accumulated other comprehensive income	122	0	227	0
Other comprehensive income (loss), net of tax	(122)	0	(2,195)	0
Ending balance	(2,962)	0	(2,962)	0
Accumulated Other Comprehensive Income/(Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,803)	(1,715)	(3,016)	(2,198)
Other comprehensive income (loss), net of tax			(2,621)	436	[1]
Ending balance	$ (5,637)	$ (1,762)	$ (5,637)	$ (1,762)
[1]	Includes the impact of ASU 2018-02, which transferred those amounts from accumulated other comprehensive income (loss) to retained earnings. See Note 16 to the Condensed Consolidated Financial Statements.

Segment Reporting - By Segment

Segment Reporting - By Segment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Net sales	$ 189,349		$ 196,934	$ 565,801	$ 609,099
EBITDA	24,444		25,872	76,482	78,253
Depreciation and amortization	11,130		10,864	31,776	33,317
Food, Health and Nutrition
Segment Reporting Information [Line Items]
Net sales	105,174		115,132	326,783	367,159
EBITDA	14,791		14,563	48,758	48,494
Depreciation and amortization	6,959		7,142	20,128	21,677
Industrial Specialties
Segment Reporting Information [Line Items]
Net sales	73,141		65,667	204,064	195,767
EBITDA	8,861		8,885	23,891	26,772
Depreciation and amortization	3,768		3,153	10,714	10,257
Other
Segment Reporting Information [Line Items]
Net sales	11,034		16,135	34,954	46,173
EBITDA	792		2,424	3,833	2,987
Depreciation and amortization	$ 403		$ 569	$ 934	$ 1,383
Reconciling adjustment | Food, Health and Nutrition
Segment Reporting Information [Line Items]
EBITDA		$ 1,000
Reconciling adjustment | Industrial Specialties
Segment Reporting Information [Line Items]
EBITDA		400
Reconciling adjustment | Other
Segment Reporting Information [Line Items]
EBITDA		$ (1,400)

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Net Income to EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting [Abstract]
Net income	$ 6,451	$ 14,090	$ 16,546	$ 31,251
Provision (benefit) for income taxes	2,873	(2,510)	16,580	4,155
Interest expense, net	3,990	3,428	11,580	9,530
Depreciation and amortization	11,130	10,864	31,776	33,317
EBITDA	$ 24,444	$ 25,872	$ 76,482	$ 78,253

Supply Agreement Termination (D

Supply Agreement Termination (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Supply commitment, contract termination agreement, consideration	$ 24,900
Supply commitment, contract termination agreement, cash proceeds	21,300
Assets received as part of the supply agreement termination	3,600
Deferred contract termination fee, current	9,489	$ 9,623	$ 9,623
Deferred contract termination fee, noncurrent	$ 15,371	8,019	8,019
Deferred contract termination fee, amortization		$ 2,400	$ 7,200