Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SENSIENT TECHNOLOGIES CORP | ' |
Entity Central Index Key | '0000310142 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 50,057,235 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) [Abstract] | ' | ' | ' | ' |
Revenue | $371,993 | $369,371 | $1,116,439 | $1,102,808 |
Cost of products sold | 251,934 | 251,778 | 756,722 | 749,928 |
Selling and administrative expenses | 71,269 | 66,892 | 225,911 | 201,392 |
Operating income | 48,790 | 50,701 | 133,806 | 151,488 |
Interest expense | 4,048 | 4,483 | 12,317 | 13,236 |
Earnings before income taxes | 44,742 | 46,218 | 121,489 | 138,252 |
Income taxes | 13,217 | 13,342 | 36,243 | 41,565 |
Net earnings | $31,525 | $32,876 | $85,246 | $96,687 |
Average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 49,761 | 49,536 | 49,741 | 49,616 |
Diluted (in shares) | 49,946 | 49,785 | 49,910 | 49,850 |
Earnings per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.63 | $0.66 | $1.71 | $1.95 |
Diluted (in dollars per share) | $0.63 | $0.66 | $1.71 | $1.94 |
Dividends per common share (in dollars per share) | $0.23 | $0.22 | $0.68 | $0.65 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ' | ' | ' | ' |
Comprehensive Income | $58,773 | $50,381 | $86,816 | $106,741 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $24,255 | $15,062 |
Trade accounts receivable, net | 258,342 | 237,626 |
Inventories | 449,012 | 442,714 |
Prepaid expenses and other current assets | 57,799 | 55,952 |
TOTAL CURRENT ASSETS | 789,408 | 751,354 |
OTHER ASSETS | 45,388 | 47,685 |
INTANGIBLE ASSETS, NET | 10,790 | 11,578 |
GOODWILL | 453,751 | 451,318 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
Land | 55,967 | 53,387 |
Buildings | 345,803 | 339,732 |
Machinery and equipment | 732,386 | 735,237 |
Construction in progress | 83,820 | 41,999 |
Property, Plant and Equipment, Gross, Total | 1,217,976 | 1,170,355 |
Less accumulated depreciation | -670,509 | -655,647 |
Property, Plant and Equipment, Net, Total | 547,467 | 514,708 |
TOTAL ASSETS | 1,846,804 | 1,776,643 |
CURRENT LIABILITIES: | ' | ' |
Trade accounts payable | 94,311 | 96,283 |
Accrued salaries, wages and withholdings from employees | 32,051 | 27,162 |
Other accrued expenses | 90,873 | 56,946 |
Income taxes | 2,656 | 3,797 |
Short-term borrowings | 20,288 | 20,048 |
TOTAL CURRENT LIABILITIES | 240,179 | 204,236 |
OTHER LIABILITIES | 18,396 | 24,003 |
ACCRUED EMPLOYEE AND RETIREE BENEFITS | 43,222 | 60,527 |
LONG-TERM DEBT | 334,852 | 333,979 |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock | 5,396 | 5,396 |
Additional paid-in capital | 100,085 | 98,253 |
Earnings reinvested in the business | 1,201,322 | 1,150,092 |
Treasury stock, at cost | -93,633 | -95,258 |
Accumulated other comprehensive loss | -3,015 | -4,585 |
TOTAL SHAREHOLDERS' EQUITY | 1,210,155 | 1,153,898 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,846,804 | $1,776,643 |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net earnings | $85,246 | $96,687 |
Adjustments to arrive at net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 39,051 | 36,504 |
Share-based compensation | 1,963 | 3,375 |
Loss (Gain) on assets | 357 | -1,015 |
Deferred income taxes | -1,100 | 627 |
Changes in operating assets and liabilities | -7,748 | -43,968 |
Net cash provided by operating activities | 117,769 | 92,210 |
Cash flows from investing activities: | ' | ' |
Acquisition of property, plant and equipment | -77,247 | -67,600 |
Proceeds from sale of assets | 5,931 | 1,321 |
Other investing activity | -165 | -160 |
Net cash used in investing activities | -71,481 | -66,439 |
Cash flows from financing activities: | ' | ' |
Proceeds from additional borrowings | 80,574 | 55,665 |
Debt payments | -82,365 | -46,212 |
Purchase of treasury stock | 0 | -17,104 |
Dividends paid | -34,016 | -32,489 |
Proceeds from options exercised and other equity transactions | 513 | 1,399 |
Net cash used in financing activities | -35,294 | -38,741 |
Effect of exchange rate changes on cash and cash equivalents | -1,801 | 2,455 |
Net increase (decrease) in cash and cash equivalents | 9,193 | -10,515 |
Cash and cash equivalents at beginning of period | 15,062 | 22,855 |
Cash and cash equivalents at end of period | $24,255 | $12,340 |
Accounting_Policies
Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Accounting Policies | ' | |
1 | Accounting Policies | |
In the opinion of Sensient Technologies Corporation (the “Company”), the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) which are necessary to present fairly the financial position of the Company as of September 30, 2013, and December 31, 2012, the results of operations and comprehensive income for the three and nine months ended September 30, 2013 and 2012, and cash flows for the nine months ended September 30, 2013 and 2012. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||
Expenses are charged to operations in the year incurred. However, for interim reporting purposes, certain expenses, primarily depreciation expense, are charged to operations based on a proportionate share of estimated annual amounts rather than as they are actually incurred. In interim periods, depreciation expense is estimated using actual depreciation on fixed assets that have been placed in service at the beginning of the year, combined with an estimate of depreciation expense on expected current year additions. | ||
On January 1, 2013, the Company adopted Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires companies to report the effect on the line items for significant items reclassified out of other comprehensive income to net income, prospectively. The Company has included this disclosure in Note 9 of these Consolidated Condensed Financial Statements. The adoption of this ASU had no impact on the Company’s financial condition or results of operations. | ||
Refer to the notes in the Company's annual consolidated financial statements for the year ended December 31, 2012, for additional details of the Company's financial condition and a description of the Company’s accounting policies, which have been continued without change except with respect to ASU No. 2013-02. |
Fair_Value
Fair Value | 9 Months Ended | |
Sep. 30, 2013 | ||
Fair Value [Abstract] | ' | |
Fair Value | ' | |
2 | Fair Value | |
Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, defines fair value for financial assets and liabilities, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. As of September 30, 2013 and December 31, 2012, the Company’s only assets and liabilities subject to this standard are forward exchange contracts and mutual fund investments. The fair value of the forward exchange contracts based on current pricing obtained for comparable derivative products (Level 2 inputs) was negligible as of September 30, 2013 and December 31, 2012. The fair value of the investments based on September 30, 2013, and December 31, 2012, market quotes (Level 1 inputs) was an asset of $19.4 million and $20.3 million, respectively. | ||
The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, accounts payable, accrued expenses and short-term borrowings approximated fair values as of September 30, 2013. The fair value of the Company’s long-term debt, including current maturities, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2 inputs). The carrying value of the long-term debt at September 30, 2013, was $334.9 million. The fair value of the long-term debt at September 30, 2013, was $361.0 million. |
Debt
Debt | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt [Abstract] | ' | |
Debt | ' | |
3 | Debt | |
On April 5, 2013, the Company entered into an agreement with investors to issue 10-year, fixed-rate senior notes of $75 million and about €38 million at fixed rates of 3.66% and 3.06%, respectively. These notes will have a final maturity in November 2023. Proceeds from the sale of the notes will be received in November 2013 and used to repay maturing debt and for general corporate purposes. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
4 | Segment Information | ||||||||||||||||
Operating results by segment for the periods and at the dates presented are as follows: | |||||||||||||||||
(In thousands) | Flavors & Fragrances | Color | Corporate & Other | Consolidated | |||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Revenue from external customers | $ | 216,826 | $ | 118,153 | $ | 37,014 | $ | 371,993 | |||||||||
Intersegment revenue | 9,444 | 5,701 | 565 | 15,710 | |||||||||||||
Total revenue | $ | 226,270 | $ | 123,854 | $ | 37,579 | $ | 387,703 | |||||||||
Operating income (loss) | $ | 31,759 | $ | 26,833 | $ | (9,802 | ) | $ | 48,790 | ||||||||
Interest expense | - | - | 4,048 | 4,048 | |||||||||||||
Earnings (loss) before income taxes | $ | 31,759 | $ | 26,833 | $ | (13,850 | ) | $ | 44,742 | ||||||||
Three months ended September 30, 2012: | |||||||||||||||||
Revenue from external customers | $ | 215,306 | $ | 116,539 | $ | 37,526 | $ | 369,371 | |||||||||
Intersegment revenue | 9,393 | 5,563 | 283 | 15,239 | |||||||||||||
Total revenue | $ | 224,699 | $ | 122,102 | $ | 37,809 | $ | 384,610 | |||||||||
Operating income (loss) | $ | 31,810 | $ | 24,211 | $ | (5,320 | ) | $ | 50,701 | ||||||||
Interest expense | - | - | 4,483 | 4,483 | |||||||||||||
Earnings (loss) before income taxes | $ | 31,810 | $ | 24,211 | $ | (9,803 | ) | $ | 46,218 | ||||||||
(In thousands) | Flavors & Fragrances | Color | Corporate & Other | Consolidated | |||||||||||||
Nine months ended September 30, 2013: | |||||||||||||||||
Revenue from external customers | $ | 643,583 | $ | 361,810 | $ | 111,046 | $ | 1,116,439 | |||||||||
Intersegment revenue | 27,646 | 16,511 | 1,331 | 45,488 | |||||||||||||
Total revenue | $ | 671,229 | $ | 378,321 | $ | 112,377 | $ | 1,161,927 | |||||||||
Operating income (loss) | $ | 93,240 | $ | 80,516 | $ | (39,950 | ) | $ | 133,806 | ||||||||
Interest expense | - | - | 12,317 | 12,317 | |||||||||||||
Earnings (loss) before income taxes | $ | 93,240 | $ | 80,516 | $ | (52,267 | ) | $ | 121,489 | ||||||||
Nine months ended September 30, 2012: | |||||||||||||||||
Revenue from external customers | $ | 628,647 | $ | 366,624 | $ | 107,537 | $ | 1,102,808 | |||||||||
Intersegment revenue | 29,701 | 16,975 | 1,045 | 47,721 | |||||||||||||
Total revenue | $ | 658,348 | $ | 383,599 | $ | 108,582 | $ | 1,150,529 | |||||||||
Operating income (loss) | $ | 94,334 | $ | 76,547 | $ | (19,393 | ) | $ | 151,488 | ||||||||
Interest expense | - | - | 13,236 | 13,236 | |||||||||||||
Earnings (loss) before income taxes | $ | 94,334 | $ | 76,547 | $ | (32,629 | ) | $ | 138,252 | ||||||||
Beginning in the first quarter of 2013, the results of operations for the Company’s cosmetic and pharmaceutical businesses in Asia Pacific and China, previously reported in the Corporate & Other segment, are reported in the Color segment. Results for 2012 have been restated to reflect this change. | |||||||||||||||||
The Company evaluates performance based on operating income of the respective segments before restructuring costs, interest expense and income taxes. The 2013 restructuring costs are included in the Corporate & Other segment. |
Inventories
Inventories | 9 Months Ended | |
Sep. 30, 2013 | ||
Inventories [Abstract] | ' | |
Inventories | ' | |
5 | Inventories | |
At September 30, 2013 and December 31, 2012, inventories included finished and in-process products totaling $294.2 million and $301.6 million, respectively, and raw materials and supplies of $154.8 million and $141.1 million, respectively. |
Retirement_Plans
Retirement Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Retirement Plans [Abstract] | ' | ||||||||||||||||
Retirement Plans | ' | ||||||||||||||||
6 | Retirement Plans | ||||||||||||||||
The Company’s components of annual benefit cost for the defined benefit plans for the periods presented are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 752 | $ | 637 | $ | 2,265 | $ | 1,908 | |||||||||
Interest cost | 599 | 678 | 1,803 | 2,030 | |||||||||||||
Expected return on plan assets | (362 | ) | (360 | ) | (1,089 | ) | (1,077 | ) | |||||||||
Amortization of prior service cost | 43 | 493 | 129 | 1,479 | |||||||||||||
Amortization of actuarial loss | 798 | 190 | 2,397 | 567 | |||||||||||||
Defined benefit expense | $ | 1,830 | $ | 1,638 | $ | 5,505 | $ | 4,907 |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activity | 9 Months Ended | |
Sep. 30, 2013 | ||
Derivative Instruments and Hedging Activity [Abstract] | ' | |
Derivative Instruments and Hedging Activity | ' | |
7 | Derivative Instruments and Hedging Activity | |
The Company may use forward exchange contracts and foreign currency denominated debt to manage its exposure to foreign exchange risk by reducing the effect of fluctuating foreign currencies on short-term foreign currency denominated intercompany transactions, non-functional currency raw material purchases, non-functional currency sales and other known foreign currency exposures. These forward exchange contracts have maturities of less than twelve months. The Company’s primary hedging activities and their accounting treatment are summarized below: | ||
Forward exchange contracts – The forward exchange contracts that have been designated as hedges are accounted for as cash flow hedges. The Company had $26.6 million and $18.9 million of forward exchange contracts, designated as hedges, outstanding as of September 30, 2013, and December 31, 2012, respectively. Due to the short term nature of these contracts, the results of these transactions are not material to the financial statements. In addition, the Company utilizes forward exchange contracts that are not designated as cash flow hedges and the results of these transactions are not material to the financial statements. | ||
Net investment hedges – The Company has certain debt denominated in Euros and Swiss Francs. These debt instruments have been designated as partial hedges of the Company’s Euro and Swiss Franc net asset positions. Changes in the fair value of this debt attributable to changes in the spot foreign exchange rate are recorded in foreign currency translation in other comprehensive income (“OCI”). As of September 30, 2013, and December 31, 2012, the total value of the Company’s Euro and Swiss Franc debt was $95.2 million and $55.0 million, respectively. For the three and nine months ended September 30, 2013, the impact of foreign exchange rates on these debt instruments increased debt by $3.8 million and $2.4 million, respectively, and has been recorded as foreign currency translation in OCI. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Taxes [Abstract] | ' | |
Income Taxes | ' | |
8 | Income Taxes | |
The effective income tax rates for the quarters ended September 30, 2013 and 2012 were 29.5% and 28.9%, respectively. For the nine months ended September 30, 2013 and 2012, the effective income tax rates were 29.8% and 30.1%, respectively. The effective tax rates in both 2013 and 2012 were reduced by changes in estimates associated with the finalization of prior year foreign and domestic tax items. The 2013 rates in the quarter and nine-month periods include the impact of the restructuring costs. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
9 | Accumulated Other Comprehensive Income | ||||||||||||||||
The following tables summarize the changes in Accumulated Other Comprehensive Income (OCI) for the three and nine months ended September 30, 2013: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | Cash Flow | Pension Items (a) | Foreign Currency Items | Total | |||||||||||||
Hedges (a) | |||||||||||||||||
Balance as of June 30, 2013 | $ | (495 | ) | $ | (11,007 | ) | $ | (18,761 | ) | $ | (30,263 | ) | |||||
Other comprehensive income before reclassifications | 317 | - | 26,265 | 26,582 | |||||||||||||
Amounts reclassified from OCI | 140 | 526 | - | 666 | |||||||||||||
Balance as of September 30, 2013 | $ | (38 | ) | $ | (10,481 | ) | $ | 7,504 | $ | (3,015 | ) | ||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | Cash Flow | Pension Items (a) | Foreign Currency Items | Total | |||||||||||||
Hedges (a) | |||||||||||||||||
Balance as of December 31, 2012 | $ | 35 | $ | (12,062 | ) | $ | 7,442 | $ | (4,585 | ) | |||||||
Other comprehensive (loss) income before reclassifications | (161 | ) | - | 62 | (99 | ) | |||||||||||
Amounts reclassified from OCI | 88 | 1,581 | - | 1,669 | |||||||||||||
Balance as of September 30, 2013 | $ | (38 | ) | $ | (10,481 | ) | $ | 7,504 | $ | (3,015 | ) | ||||||
(a) | Cash Flow Hedges and Pension Items are net of tax. | ||||||||||||||||
The following table summarizes the pension items reclassified out of OCI and into the Statement of Earnings during the three and nine months ended September 30, 2013: | |||||||||||||||||
(In thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||
Amortization of pension expense included in selling and administrative expense: | |||||||||||||||||
Prior service cost | $ | 43 | $ | 129 | |||||||||||||
Actuarial loss | 798 | 2,397 | |||||||||||||||
Total before income taxes | 841 | 2,526 | |||||||||||||||
Tax benefit | (315 | ) | (945 | ) | |||||||||||||
Total net of tax | $ | 526 | $ | 1,581 |
Restructuring
Restructuring | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring [Abstract] | ' | ||||||||||||
Restructuring | ' | ||||||||||||
10 | Restructuring | ||||||||||||
The Company recorded restructuring costs of $6.6 million ($4.4 million after tax) and $26.0 million ($18.5 million after tax) for the three and nine months ended September 30, 2013, respectively, related to the 2013 restructuring program to relocate the Flavors & Fragrances Group headquarters to Chicago, as well as a profit improvement plan across all segments of the Company. | |||||||||||||
Detail of the restructuring costs and the line items in which it was recorded in the Corporate & Other segment are as follows: | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||
(In thousands) | Selling & | Cost of | Total | ||||||||||
Administrative | Products Sold | ||||||||||||
Employee separations | $ | 5,002 | $ | - | $ | 5,002 | |||||||
Long-lived asset impairment | 220 | - | 220 | ||||||||||
Gain on asset sales | (3,019 | ) | - | (3,019 | ) | ||||||||
Write-down of inventory | - | 545 | 545 | ||||||||||
Other Costs | 3,838 | - | 3,838 | ||||||||||
Total | $ | 6,041 | $ | 545 | $ | 6,586 | |||||||
Nine Months Ended September 30, 2013 | |||||||||||||
(In thousands) | Selling & | Cost of | Total | ||||||||||
Administrative | Products Sold | ||||||||||||
Employee separations | $ | 16,342 | $ | - | $ | 16,342 | |||||||
Long-lived asset impairment | 3,626 | - | 3,626 | ||||||||||
Gain on asset sales | (3,019 | ) | - | (3,019 | ) | ||||||||
Write-down of inventory | - | 1,417 | 1,417 | ||||||||||
Other Costs | 7,635 | - | 7,635 | ||||||||||
Total | $ | 24,584 | $ | 1,417 | $ | 26,001 | |||||||
The Company expects to incur approximately $4 million to $6 million of additional restructuring costs by the end of December 2013. | |||||||||||||
The following table summarizes the restructuring costs by segment: | |||||||||||||
Three Months Ended | Nine Months | ||||||||||||
Ended | |||||||||||||
(In thousands) | 30-Sep-13 | 30-Sep-13 | |||||||||||
Flavors & Fragrances | $ | 4,167 | $ | 18,657 | |||||||||
Color | 1,497 | 5,807 | |||||||||||
Corporate & Other | 922 | 1,537 | |||||||||||
Total | $ | 6,586 | $ | 26,001 | |||||||||
The following table summarizes the accrual for the restructuring and other charges for the nine months ended September 30, 2013, which is recorded in other accrued expenses: | |||||||||||||
(In thousands) | Employee | Asset Related | Total | ||||||||||
Separations | and other | ||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | |||||||
Restructuring costs | 16,342 | 9,659 | 26,001 | ||||||||||
Gain on sale of assets | - | 3,019 | 3,019 | ||||||||||
Cash spent | (8,258 | ) | (5,613 | ) | (13,871 | ) | |||||||
Reduction of assets | - | (5,043 | ) | (5,043 | ) | ||||||||
Translation adjustment | (24 | ) | - | (24 | ) | ||||||||
Balance as of September 30, 2013 | $ | 8,060 | $ | 2,022 | $ | 10,082 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments and Contingencies [Abstract] | ' | |
Commitments and Contingencies | ' | |
11 | Commitments and Contingencies | |
Cherry Blossom Litigation | ||
Cherry Blossom LLC, a Traverse City, Michigan contractor that had produced cherry products for the Company, ceased operations in May 2009. At the time, Cherry Blossom had physical possession of brined cherries belonging to the Company with a book value of approximately $0.5 million. Despite the Company’s demands, Cherry Blossom refused to permit the Company to take possession of the cherries for processing elsewhere. | ||
In June 2009, the Company sued Cherry Blossom in the Circuit Court of Grand Traverse County, Michigan, seeking an order for return of the cherries. Cherry Blossom’s asset based lender, Crossroads Financial (which claimed to be owed over $1.4 million) (“Crossroads”), intervened and claimed a senior lien on the cherries. The Circuit Court denied the Company’s request for immediate possession and permitted Cherry Blossom to retain and process the cherries. The Circuit Court later held that Crossroads had a senior lien on the cherries and was entitled to receive the proceeds from the sale of the cherries. The Circuit Court also denied the Company’s cross claims against Crossroads to recoup certain overpayments that the Company made to Cherry Blossom/Crossroads and to recoup payments made by the Company to the United States Department of Labor on Cherry Blossom’s/Crossroads’ behalf. The Company has appealed these adverse decisions of the Circuit Court. | ||
Crossroads asserted a claim against the Company for money damages in an undetermined amount. Crossroads claimed that it has a lien on all of Cherry Blossom’s accounts receivable from the Company and that the Company had performed a number of offsets against its accounts payable to Cherry Blossom in derogation of Crossroads’ rights as lienholder. The Circuit Court denied Crossroads’ claims for money damages against the Company. Crossroads has appealed this adverse decision of the Circuit Court. | ||
The Michigan Court of Appeals heard oral argument on the appeals on September 10, 2013. On October 31, 2013, the Court issued its decision affirming the trial court in all respects, including the denial of the Crossroad claim to recover over $1.4 million from the Company. Crossroads has the right to petition the Michigan Supreme Court to review the decision of the Court of Appeals. Supreme Court review is discretionary and is rarely granted. | ||
Cherry Blossom counterclaimed against the Company, alleging that Cherry Blossom had purchased exclusive rights to certain proprietary cherry processing formulas used in the Company’s cherry product. Cherry Blossom sought a preliminary injunction against the Company’s delivery of copies of the formulas to any third party. The Court denied Cherry Blossom’s motion regarding the formulas and eventually dismissed Cherry Blossom’s claims. The Company also initiated a suit against Cherry Blossom in the United States District Court for the Western District of Michigan seeking a declaratory judgment that the Company has the right to use the cherry processing formulas. Because Cherry Blossom subsequently filed a petition in bankruptcy, the Federal District Court closed the matter. This closing was for administrative purposes only and did not constitute a decision on the merits. | ||
Christopher Hubbell, a principal of Cherry Blossom, has personally filed a petition for bankruptcy. The Company originally opposed the bankruptcy petition to the extent Hubbell sought a discharge of the Company’s alleged damages arising from his own fraudulent acts connected to Cherry Blossom’s granting of an allegedly superior interest in the Company’s cherries to Crossroads. The Company and Hubbell filed a joint motion to dismiss the Company’s claims against Hubbell without prejudice pending the Michigan state court action. The Bankruptcy Court granted the motion. Under the terms of the dismissal, if the state courts determine that the Company is liable to Crossroads, the Company will have 60 days to reopen the adversary proceeding and pursue its claims against Hubbell. Therefore, absent the Michigan Supreme Court granting a petition to review the Court of Appeals’ decision and then reversing the Court of Appeals’ holding that Sensient is not liable to Crossroads, the dismissal of Sensient’s claims against Hubbell in his personal bankruptcy proceeding shall become with prejudice. | ||
Vega v. Sensient Dehydrated Flavors LLC | ||
On January 3, 2013, Thomas Vega, a current employee, filed (but did not serve) a Class Action Complaint in San Francisco County Superior Court against Sensient Dehydrated Flavors LLC. On February 11, 2013, Vega filed and served a First Amended Complaint (“Complaint”) against the Company and a Company supervisor. Vega alleges that the Company failed to provide alleged class members with meal periods, compensation for the alleged absence of meal periods, and accurate wage statements, in violation of the California labor code. The alleged class includes all employees paid on an hourly basis and forklift operators. The Complaint seeks damages, back wages, injunctive relief, penalties, interest, and attorneys’ fees for the members of the alleged class. The Complaint alleges that the total damages and costs “do not exceed a[n] aggregate of $4,999,999.99.” | ||
The Complaint alleges two causes of action. The first cause of action is for “Unfair Competition.” The plaintiff’s theory is that the Company, by allegedly not complying with state wage and hour laws, had an unfair competitive advantage against other employers who were complying with those laws. The main strategic reason that plaintiffs plead this cause of action is that the statute of limitations is four years. The second cause of action is for alleged substantive violations of the California labor code provisions governing wages, hours, and meal periods. | ||
On March 13, 2013, the parties filed a joint stipulation and proposed order to remove the case from San Francisco County Superior Court to Stanislaus County Superior Court. On April 18, 2013, the Court granted the request. | ||
On October 7, 2013, following a private mediation, the parties signed a Memorandum of Understanding in which they agreed to resolve the action for a maximum of $275,000 on a claims made basis. The settlement now must be presented to, and approved by, the Stanislaus County Superior Court. The preliminary approval hearing is scheduled for December 5, 2013. At the hearing the Court will set a final approval date for the settlement. | ||
Other Claims and Litigation | ||
The Company is involved in various other claims and litigation arising in the normal course of business. In the judgment of management, which relies in part on information from Company counsel, the ultimate resolution of these actions will not materially affect the consolidated financial statements of the Company except as described above. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Operating results by segment for the periods and at the dates presented are as follows: | |||||||||||||||||
(In thousands) | Flavors & Fragrances | Color | Corporate & Other | Consolidated | |||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Revenue from external customers | $ | 216,826 | $ | 118,153 | $ | 37,014 | $ | 371,993 | |||||||||
Intersegment revenue | 9,444 | 5,701 | 565 | 15,710 | |||||||||||||
Total revenue | $ | 226,270 | $ | 123,854 | $ | 37,579 | $ | 387,703 | |||||||||
Operating income (loss) | $ | 31,759 | $ | 26,833 | $ | (9,802 | ) | $ | 48,790 | ||||||||
Interest expense | - | - | 4,048 | 4,048 | |||||||||||||
Earnings (loss) before income taxes | $ | 31,759 | $ | 26,833 | $ | (13,850 | ) | $ | 44,742 | ||||||||
Three months ended September 30, 2012: | |||||||||||||||||
Revenue from external customers | $ | 215,306 | $ | 116,539 | $ | 37,526 | $ | 369,371 | |||||||||
Intersegment revenue | 9,393 | 5,563 | 283 | 15,239 | |||||||||||||
Total revenue | $ | 224,699 | $ | 122,102 | $ | 37,809 | $ | 384,610 | |||||||||
Operating income (loss) | $ | 31,810 | $ | 24,211 | $ | (5,320 | ) | $ | 50,701 | ||||||||
Interest expense | - | - | 4,483 | 4,483 | |||||||||||||
Earnings (loss) before income taxes | $ | 31,810 | $ | 24,211 | $ | (9,803 | ) | $ | 46,218 | ||||||||
(In thousands) | Flavors & Fragrances | Color | Corporate & Other | Consolidated | |||||||||||||
Nine months ended September 30, 2013: | |||||||||||||||||
Revenue from external customers | $ | 643,583 | $ | 361,810 | $ | 111,046 | $ | 1,116,439 | |||||||||
Intersegment revenue | 27,646 | 16,511 | 1,331 | 45,488 | |||||||||||||
Total revenue | $ | 671,229 | $ | 378,321 | $ | 112,377 | $ | 1,161,927 | |||||||||
Operating income (loss) | $ | 93,240 | $ | 80,516 | $ | (39,950 | ) | $ | 133,806 | ||||||||
Interest expense | - | - | 12,317 | 12,317 | |||||||||||||
Earnings (loss) before income taxes | $ | 93,240 | $ | 80,516 | $ | (52,267 | ) | $ | 121,489 | ||||||||
Nine months ended September 30, 2012: | |||||||||||||||||
Revenue from external customers | $ | 628,647 | $ | 366,624 | $ | 107,537 | $ | 1,102,808 | |||||||||
Intersegment revenue | 29,701 | 16,975 | 1,045 | 47,721 | |||||||||||||
Total revenue | $ | 658,348 | $ | 383,599 | $ | 108,582 | $ | 1,150,529 | |||||||||
Operating income (loss) | $ | 94,334 | $ | 76,547 | $ | (19,393 | ) | $ | 151,488 | ||||||||
Interest expense | - | - | 13,236 | 13,236 | |||||||||||||
Earnings (loss) before income taxes | $ | 94,334 | $ | 76,547 | $ | (32,629 | ) | $ | 138,252 |
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Retirement Plans [Abstract] | ' | ||||||||||||||||
Components of annual benefit cost | ' | ||||||||||||||||
The Company’s components of annual benefit cost for the defined benefit plans for the periods presented are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 752 | $ | 637 | $ | 2,265 | $ | 1,908 | |||||||||
Interest cost | 599 | 678 | 1,803 | 2,030 | |||||||||||||
Expected return on plan assets | (362 | ) | (360 | ) | (1,089 | ) | (1,077 | ) | |||||||||
Amortization of prior service cost | 43 | 493 | 129 | 1,479 | |||||||||||||
Amortization of actuarial loss | 798 | 190 | 2,397 | 567 | |||||||||||||
Defined benefit expense | $ | 1,830 | $ | 1,638 | $ | 5,505 | $ | 4,907 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||
Schedule of changes in accumulated other comprehensive income (AOCI) and reclassification adjustments out of AOCI | ' | ||||||||||||||||
The following tables summarize the changes in Accumulated Other Comprehensive Income (OCI) for the three and nine months ended September 30, 2013: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | Cash Flow | Pension Items (a) | Foreign Currency Items | Total | |||||||||||||
Hedges (a) | |||||||||||||||||
Balance as of June 30, 2013 | $ | (495 | ) | $ | (11,007 | ) | $ | (18,761 | ) | $ | (30,263 | ) | |||||
Other comprehensive income before reclassifications | 317 | - | 26,265 | 26,582 | |||||||||||||
Amounts reclassified from OCI | 140 | 526 | - | 666 | |||||||||||||
Balance as of September 30, 2013 | $ | (38 | ) | $ | (10,481 | ) | $ | 7,504 | $ | (3,015 | ) | ||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | Cash Flow | Pension Items (a) | Foreign Currency Items | Total | |||||||||||||
Hedges (a) | |||||||||||||||||
Balance as of December 31, 2012 | $ | 35 | $ | (12,062 | ) | $ | 7,442 | $ | (4,585 | ) | |||||||
Other comprehensive (loss) income before reclassifications | (161 | ) | - | 62 | (99 | ) | |||||||||||
Amounts reclassified from OCI | 88 | 1,581 | - | 1,669 | |||||||||||||
Balance as of September 30, 2013 | $ | (38 | ) | $ | (10,481 | ) | $ | 7,504 | $ | (3,015 | ) | ||||||
(a) | Cash Flow Hedges and Pension Items are net of tax. | ||||||||||||||||
The following table summarizes the pension items reclassified out of OCI and into the Statement of Earnings during the three and nine months ended September 30, 2013: | |||||||||||||||||
(In thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||
Amortization of pension expense included in selling and administrative expense: | |||||||||||||||||
Prior service cost | $ | 43 | $ | 129 | |||||||||||||
Actuarial loss | 798 | 2,397 | |||||||||||||||
Total before income taxes | 841 | 2,526 | |||||||||||||||
Tax benefit | (315 | ) | (945 | ) | |||||||||||||
Total net of tax | $ | 526 | $ | 1,581 |
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Restructuring [Abstract] | ' | ||||||||||||
Summary of restructuring costs | ' | ||||||||||||
Detail of the restructuring costs and the line items in which it was recorded in the Corporate & Other segment are as follows: | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||
(In thousands) | Selling & | Cost of | Total | ||||||||||
Administrative | Products Sold | ||||||||||||
Employee separations | $ | 5,002 | $ | - | $ | 5,002 | |||||||
Long-lived asset impairment | 220 | - | 220 | ||||||||||
Gain on asset sales | (3,019 | ) | - | (3,019 | ) | ||||||||
Write-down of inventory | - | 545 | 545 | ||||||||||
Other Costs | 3,838 | - | 3,838 | ||||||||||
Total | $ | 6,041 | $ | 545 | $ | 6,586 | |||||||
Nine Months Ended September 30, 2013 | |||||||||||||
(In thousands) | Selling & | Cost of | Total | ||||||||||
Administrative | Products Sold | ||||||||||||
Employee separations | $ | 16,342 | $ | - | $ | 16,342 | |||||||
Long-lived asset impairment | 3,626 | - | 3,626 | ||||||||||
Gain on asset sales | (3,019 | ) | - | (3,019 | ) | ||||||||
Write-down of inventory | - | 1,417 | 1,417 | ||||||||||
Other Costs | 7,635 | - | 7,635 | ||||||||||
Total | $ | 24,584 | $ | 1,417 | $ | 26,001 | |||||||
Restructuring cost by segment | ' | ||||||||||||
The following table summarizes the restructuring costs by segment: | |||||||||||||
Three Months Ended | Nine Months | ||||||||||||
Ended | |||||||||||||
(In thousands) | 30-Sep-13 | 30-Sep-13 | |||||||||||
Flavors & Fragrances | $ | 4,167 | $ | 18,657 | |||||||||
Color | 1,497 | 5,807 | |||||||||||
Corporate & Other | 922 | 1,537 | |||||||||||
Total | $ | 6,586 | $ | 26,001 | |||||||||
Summary of accrual for restructuring and other charges | ' | ||||||||||||
The following table summarizes the accrual for the restructuring and other charges for the nine months ended September 30, 2013, which is recorded in other accrued expenses: | |||||||||||||
(In thousands) | Employee | Asset Related | Total | ||||||||||
Separations | and other | ||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | |||||||
Restructuring costs | 16,342 | 9,659 | 26,001 | ||||||||||
Gain on sale of assets | - | 3,019 | 3,019 | ||||||||||
Cash spent | (8,258 | ) | (5,613 | ) | (13,871 | ) | |||||||
Reduction of assets | - | (5,043 | ) | (5,043 | ) | ||||||||
Translation adjustment | (24 | ) | - | (24 | ) | ||||||||
Balance as of September 30, 2013 | $ | 8,060 | $ | 2,022 | $ | 10,082 |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | $334.90 | ' |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt | 361 | ' |
Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mutual fund investments | $19.40 | $20.30 |
Debt_Details
Debt (Details) | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 05, 2013 | Apr. 05, 2013 |
Senior Notes Due November 2023 at 3.66 Percent [Member] | Senior Notes Due November 2023 at 3.06 Percent [Member] | |
USD ($) | EUR (€) | |
Schedule of long term debt [Abstract] | ' | ' |
Face amount of notes | $75 | € 38 |
Interest rate, stated percentage (in hundredths) | 3.66% | 3.06% |
Maturity date senior notes | 30-Nov-23 | 30-Nov-23 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from external customers | $371,993 | $369,371 | $1,116,439 | $1,102,808 |
Total revenue | 387,703 | 384,610 | 1,161,927 | 1,150,529 |
Operating income (loss) | 48,790 | 50,701 | 133,806 | 151,488 |
Interest expense | 4,048 | 4,483 | 12,317 | 13,236 |
Earnings before income taxes | 44,742 | 46,218 | 121,489 | 138,252 |
Intersubsegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenue | 15,710 | 15,239 | 45,488 | 47,721 |
Flavors & Fragrances [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from external customers | 216,826 | 215,306 | 643,583 | 628,647 |
Total revenue | 226,270 | 224,699 | 671,229 | 658,348 |
Operating income (loss) | 31,759 | 31,810 | 93,240 | 94,334 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings before income taxes | 31,759 | 31,810 | 93,240 | 94,334 |
Flavors & Fragrances [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenue | 9,444 | 9,393 | 27,646 | 29,701 |
Color [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from external customers | 118,153 | 116,539 | 361,810 | 366,624 |
Total revenue | 123,854 | 122,102 | 378,321 | 383,599 |
Operating income (loss) | 26,833 | 24,211 | 80,516 | 76,547 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings before income taxes | 26,833 | 24,211 | 80,516 | 76,547 |
Color [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenue | 5,701 | 5,563 | 16,511 | 16,975 |
Corporate & Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue from external customers | 37,014 | 37,526 | 111,046 | 107,537 |
Total revenue | 37,579 | 37,809 | 112,377 | 108,582 |
Operating income (loss) | -9,802 | -5,320 | -39,950 | -19,393 |
Interest expense | 4,048 | 4,483 | 12,317 | 13,236 |
Earnings before income taxes | -13,850 | -9,803 | -52,267 | -32,629 |
Corporate & Other [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenue | $565 | $283 | $1,331 | $1,045 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Inventories, including finished and in-process products | $294.20 | $301.60 |
Raw materials and supplies | $154.80 | $141.10 |
Retirement_Plans_Details
Retirement Plans (Details) (Pension Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $752 | $637 | $2,265 | $1,908 |
Interest cost | 599 | 678 | 1,803 | 2,030 |
Expected return on plan assets | -362 | -360 | -1,089 | -1,077 |
Amortization of prior service cost | 43 | 493 | 129 | 1,479 |
Amortization of actuarial loss | 798 | 190 | 2,397 | 567 |
Defined benefit expense | $1,830 | $1,638 | $5,505 | $4,907 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Currency Denominated Debt, Net Investment Hedging [Member] | Foreign Currency Denominated Debt, Net Investment Hedging [Member] | |||
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||||
Derivative instruments and hedging activity for the period [Abstract] | ' | ' | ' | ' | ' | ' |
Derivative, fair value | ' | ' | $26.60 | $18.90 | $95.20 | $55 |
Impact of foreign exchange rates on debt instruments recorded in Other Comprehensive Income | $3.80 | $2.40 | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Effective income tax rates (in hundredths) | 29.50% | 28.90% | 29.80% | 30.10% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Cash Flow Hedges, beginning balance | ($495) | [1] | ' | $35 | [1] | ' |
Cash Flow Hedges, other comprehensive income/(loss) before reclassifications | 317 | [1] | ' | -161 | [1] | ' |
Cash Flow Hedges, amounts reclassified from OCI | 140 | [1] | ' | 88 | [1] | ' |
Cash Flow Hedges, ending balance | -38 | [1] | ' | -38 | [1] | ' |
Pension Items, beginning balance | -11,007 | [1] | ' | -12,062 | [1] | ' |
Pension Items, other comprehensive income/(loss) before reclassifications | 0 | [1] | ' | 0 | [1] | ' |
Pension Items, amounts reclassified from OCI | 526 | [1] | ' | 1,581 | [1] | ' |
Pension Items, ending balance | -10,481 | [1] | ' | -10,481 | [1] | ' |
Foreign Currency Items, beginning balance | -18,761 | ' | 7,442 | ' | ||
Foreign Currency Items, other comprehensive income/(loss) before reclassifications | 26,265 | ' | 62 | ' | ||
Foreign Currency Items, amounts reclassified from OCI | 0 | ' | 0 | ' | ||
Foreign Currency Items, ending balance | 7,504 | ' | 7,504 | ' | ||
Accumulated Other Comprehensive Income, beginning balance | -30,263 | ' | -4,585 | ' | ||
Other Comprehensive income (loss) before reclassifications, net of tax | 26,582 | ' | -99 | ' | ||
Amounts reclassified from OCI | 666 | ' | 1,669 | ' | ||
Accumulated Other Comprehensive Income, ending balance | -3,015 | ' | -3,015 | ' | ||
Amortization of pension expense included in selling and administrative expense [Abstract] | ' | ' | ' | ' | ||
Selling and administrative expense | 71,269 | 66,892 | 225,911 | 201,392 | ||
Total before income taxes | 841 | ' | 2,526 | ' | ||
Tax benefit | -315 | ' | -945 | ' | ||
Total net of tax | 526 | [1] | ' | 1,581 | [1] | ' |
Actuarial Gain Loss [Member] | ' | ' | ' | ' | ||
Amortization of pension expense included in selling and administrative expense [Abstract] | ' | ' | ' | ' | ||
Selling and administrative expense | 798 | ' | 2,397 | ' | ||
Prior Service Cost [Member] | ' | ' | ' | ' | ||
Amortization of pension expense included in selling and administrative expense [Abstract] | ' | ' | ' | ' | ||
Selling and administrative expense | $43 | ' | $129 | ' | ||
[1] | Cash Flow Hedges and Pension Items are net of tax. |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charge, after tax | $4,400,000 | $18,500,000 |
Detail of the restructuring costs [Abstract] | ' | ' |
Employee separation | 5,002,000 | 16,342,000 |
Long-lived asset impairment | 220,000 | 3,626,000 |
Gain on asset sales | -3,019,000 | -3,019,000 |
Write-down of inventory | 545,000 | 1,417,000 |
Other Costs | 3,838,000 | 7,635,000 |
Total | 6,586,000 | 26,001,000 |
Restructuring cost by segment [Abstract] | ' | ' |
Total | 6,586,000 | 26,001,000 |
Summary of accrual for restructuring and other charges [Abstract] | ' | ' |
Balance as of December 31, 2012 | ' | 0 |
Restructuring costs | 6,586,000 | 26,001,000 |
Gain on sale of assets | 3,019,000 | 3,019,000 |
Cash spent | ' | -13,871,000 |
Reduction of assets | ' | -5,043,000 |
Translation adjustment | ' | -24,000 |
Balance as of September 30, 2013 | 10,082,000 | 10,082,000 |
Minimum [Member] | ' | ' |
Restructuring cost by segment [Abstract] | ' | ' |
Future restructuring costs | 4,000,000 | ' |
Maximum [Member] | ' | ' |
Restructuring cost by segment [Abstract] | ' | ' |
Future restructuring costs | 6,000,000 | ' |
Employee Separations [Member] | ' | ' |
Detail of the restructuring costs [Abstract] | ' | ' |
Gain on asset sales | ' | 0 |
Total | ' | 16,342,000 |
Restructuring cost by segment [Abstract] | ' | ' |
Total | ' | 16,342,000 |
Summary of accrual for restructuring and other charges [Abstract] | ' | ' |
Balance as of December 31, 2012 | ' | 0 |
Restructuring costs | ' | 16,342,000 |
Gain on sale of assets | ' | 0 |
Cash spent | ' | -8,258,000 |
Reduction of assets | ' | 0 |
Translation adjustment | ' | -24,000 |
Balance as of September 30, 2013 | 8,060,000 | 8,060,000 |
Asset Related and Other [Member] | ' | ' |
Detail of the restructuring costs [Abstract] | ' | ' |
Gain on asset sales | ' | -3,019,000 |
Total | ' | 9,659,000 |
Restructuring cost by segment [Abstract] | ' | ' |
Total | ' | 9,659,000 |
Summary of accrual for restructuring and other charges [Abstract] | ' | ' |
Balance as of December 31, 2012 | ' | 0 |
Restructuring costs | ' | 9,659,000 |
Gain on sale of assets | ' | 3,019,000 |
Cash spent | ' | -5,613,000 |
Reduction of assets | ' | -5,043,000 |
Translation adjustment | ' | 0 |
Balance as of September 30, 2013 | 2,022,000 | 2,022,000 |
Selling & Administrative [Member] | ' | ' |
Detail of the restructuring costs [Abstract] | ' | ' |
Employee separation | 5,002,000 | 16,342,000 |
Long-lived asset impairment | 220,000 | 3,626,000 |
Gain on asset sales | -3,019,000 | -3,019,000 |
Write-down of inventory | 0 | 0 |
Other Costs | 3,838,000 | 7,635,000 |
Total | 6,041,000 | 24,584,000 |
Restructuring cost by segment [Abstract] | ' | ' |
Total | 6,041,000 | 24,584,000 |
Summary of accrual for restructuring and other charges [Abstract] | ' | ' |
Restructuring costs | 6,041,000 | 24,584,000 |
Gain on sale of assets | 3,019,000 | 3,019,000 |
Cost of Products Sold [Member] | ' | ' |
Detail of the restructuring costs [Abstract] | ' | ' |
Employee separation | 0 | 0 |
Long-lived asset impairment | 0 | 0 |
Gain on asset sales | 0 | 0 |
Write-down of inventory | 545,000 | 1,417,000 |
Other Costs | 0 | 0 |
Total | 545,000 | 1,417,000 |
Restructuring cost by segment [Abstract] | ' | ' |
Total | 545,000 | 1,417,000 |
Summary of accrual for restructuring and other charges [Abstract] | ' | ' |
Restructuring costs | 545,000 | 1,417,000 |
Gain on sale of assets | 0 | 0 |
Flavors & Fragrances [Member] | ' | ' |
Detail of the restructuring costs [Abstract] | ' | ' |
Total | 4,167,000 | 18,657,000 |
Restructuring cost by segment [Abstract] | ' | ' |
Total | 4,167,000 | 18,657,000 |
Summary of accrual for restructuring and other charges [Abstract] | ' | ' |
Restructuring costs | 4,167,000 | 18,657,000 |
Color [Member] | ' | ' |
Detail of the restructuring costs [Abstract] | ' | ' |
Total | 1,497,000 | 5,807,000 |
Restructuring cost by segment [Abstract] | ' | ' |
Total | 1,497,000 | 5,807,000 |
Summary of accrual for restructuring and other charges [Abstract] | ' | ' |
Restructuring costs | 1,497,000 | 5,807,000 |
Corporate & Other [Member] | ' | ' |
Detail of the restructuring costs [Abstract] | ' | ' |
Total | 922,000 | 1,537,000 |
Restructuring cost by segment [Abstract] | ' | ' |
Total | 922,000 | 1,537,000 |
Summary of accrual for restructuring and other charges [Abstract] | ' | ' |
Restructuring costs | $922,000 | $1,537,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 07, 2013 | |
Cherry Blossom [Member] | Cherry Blossom [Member] | Vega [Member] | Vega [Member] | |
Subsequent Event [Member] | Cause | Subsequent Event [Member] | ||
Cherry Blossom Litigation [Abstract] | ' | ' | ' | ' |
Book value of brined cherries held by Cherry Blossom | $500,000 | ' | ' | ' |
Amount owed by Cherry Blossom to Crossroads | 1,400,000 | ' | ' | ' |
Period to reopen adversary proceeding and pursue claims against Hubbell | '60 days | ' | ' | ' |
Amount owed by Cherry Blossom to Crossroads Expunged | ' | 1,400,000 | ' | ' |
Vega v. Sensient Dehydrated Flavors LLC [Abstract] | ' | ' | ' | ' |
Damages to SCT | ' | ' | 4,999,999.99 | ' |
Number of causes of action | ' | ' | 2 | ' |
Statute of limitation period | ' | ' | '4 years | ' |
Maximum amount agreed to resolve the action | ' | ' | ' | $275,000 |