Sensient Technologies (SXT) 10-Q 5 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	SENSIENT TECHNOLOGIES CORP
Entity Central Index Key	310142
Current Fiscal Year End Date	-19
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		46,734,386
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15

CONSOLIDATED_CONDENSED_STATEME

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) [Abstract]
Revenue	$346,226	$367,125
Cost of products sold	228,793	242,629
Selling and administrative expenses	70,987	115,910
Operating income	46,446	8,586
Interest expense	3,915	4,131
Earnings (loss) before income taxes	42,531	4,455
Income taxes	11,796	1,824
Earnings from continuing operations	30,735	2,631
Loss from discontinued operations, net of tax	-209	-4,706
Net earnings (loss)	$30,526	($2,075)
Weighted average number of shares outstanding:
Basic (in shares)	47,178	49,853
Diluted (in shares)	47,502	50,079
Basic:
Continuing operations (in dollars per share)	$0.65	$0.05
Discontinued operations (in dollars per share)	$0	($0.09)
Earnings per common share (in dollars per share)	$0.65	($0.04)
Diluted:
Continuing operations (in dollars per share)	$0.65	$0.05
Discontinued operations (in dollars per share)	$0	($0.09)
Earnings per common share (in dollars per share)	$0.64	($0.04)
Dividends declared per common share (in dollars per share)	$0.25	$0.48

CONSOLIDATED_CONDENSED_STATEME1

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Comprehensive Loss	($30,913)	($1,920)

CONSOLIDATED_CONDENSED_BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
CURRENT ASSETS:
Cash and cash equivalents	$18,083	$20,329
Trade accounts receivable, net	245,458	228,907
Inventories	410,346	449,409
Prepaid expenses and other current assets	38,236	37,713
Deferred income taxes	21,565	21,735
Assets held for sale	494	1,296
TOTAL CURRENT ASSETS	734,182	759,389
OTHER ASSETS	70,210	77,376
INTANGIBLE ASSETS, NET	8,359	8,760
GOODWILL	399,410	424,114
PROPERTY, PLANT AND EQUIPMENT:
Land	37,289	42,868
Buildings	278,958	295,381
Machinery and equipment	705,084	723,631
Construction in progress	49,913	54,579
Property, Plant and Equipment, Gross, Total	1,071,244	1,116,459
Less accumulated depreciation	-607,661	-620,892
Property, Plant and Equipment, Net, Total	463,583	495,567
TOTAL ASSETS	1,675,744	1,765,206
CURRENT LIABILITIES:
Trade accounts payable	84,990	99,033
Accrued salaries, wages and withholdings from employees	20,787	30,010
Other accrued expenses	73,573	76,383
Income taxes	10,281	3,591
Short-term borrowings	19,467	15,888
TOTAL CURRENT LIABILITIES	209,098	224,905
OTHER LIABILITIES	12,778	17,372
ACCRUED EMPLOYEE AND RETIREE BENEFITS	24,832	24,983
LONG-TERM DEBT	484,287	451,011
SHAREHOLDERS' EQUITY:
Common stock	5,396	5,396
Additional paid-in capital	111,346	110,969
Earnings reinvested in the business	1,262,221	1,243,627
Treasury stock, at cost	-287,647	-227,929
Accumulated other comprehensive loss	-146,567	-85,128
TOTAL SHAREHOLDERS' EQUITY	944,749	1,046,935
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$1,675,744	$1,765,206

CONSOLIDATED_CONDENSED_STATEME2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net earnings (loss)	$30,526	($2,075)
Adjustments to arrive at net cash provided by operating activities:
Depreciation and amortization	12,384	13,424
Share-based compensation	337	1,022
Loss on assets	2,488	39,082
Deferred income taxes	4,382	-7,405
Changes in operating assets and liabilities	-19,528	-24,213
Net cash provided by operating activities	30,589	19,835
Cash flows from investing activities:
Acquisition of property, plant and equipment	-13,431	-14,711
Proceeds from sale of assets	12,593	919
Other investing activity	-24	-94
Net cash used in investing activities	-862	-13,886
Cash flows from financing activities:
Proceeds from additional borrowings	51,112	49,254
Debt payments	-7,037	-43,096
Purchase of treasury stock	-58,017	-2,724
Dividends paid	-11,932	-11,539
Proceeds from options exercised and other equity transactions	184	331
Net cash used in financing activities	-25,690	-7,774
Effect of exchange rate changes on cash and cash equivalents	-6,283	-548
Net decrease in cash and cash equivalents	-2,246	-2,373
Cash and cash equivalents at beginning of period	20,329	19,836
Cash and cash equivalents at end of period	$18,083	$17,463

Accounting_Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, and December 31, 2014, and the results of operations, comprehensive income and cash flows for the three months ended March 31, 2015 and 2014.  The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.
	Expenses are charged to operations in the period incurred.  However, for interim reporting purposes, certain expenses 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 April 1, 2015, the Financial Accounting Standards Board (“FASB”) proposed a one-year deferral of the effective date for Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers.  Under this proposal, the requirements of the new standard are effective for interim and annual periods beginning after December 15, 2017.  The proposal would also permit entities to adopt the standard for interim and annual reporting periods beginning after December 15, 2016. We are currently evaluating the expected impact of this standard.
	Refer to the notes in the Company’s annual consolidated financial statements for the year ended December 31, 2014, for additional details of the Company's financial condition and a description of the Company’s accounting policies, which have been continued without change.

Fair_Value

Fair Value	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, and December 31, 2014, the Company’s assets and liabilities subject to this standard are forward exchange contracts and investments in a money market fund and municipal investments. The fair value of the forward exchange contracts based on current pricing obtained for comparable derivative products (Level 2 inputs) was a liability of $0.5 million and $0.1 million as of March 31, 2015 and December 31, 2014, respectively.  The fair value of the investments based on March 31, 2015, and December 31, 2014, market quotes (Level 1 inputs) was an asset of $2.1 million and $1.9 million, respectively, and is reported in Other Assets in the Consolidated Condensed Balance Sheets.
	The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, accounts payable, accrued expenses and short-term borrowings approximated fair values as of March 31, 2015. The fair value of the Company’s long-term debt, including current maturities, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2 inputs). The carrying value of the long-term debt at March 31, 2015, was $484.3 million. The fair value of the long-term debt at March 31, 2015, was $504.1 million.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2015
Segment Information [Abstract]
Segment Information	3	Segment Information
	Operating results by segment for the periods presented are as follows:
	(In thousands)		Flavors &		Color		Corporate &			Consolidated
			Fragrances				Other
	Three months ended March 31, 2015:
	Revenue from external customers		$	199,100	$	115,537	$	31,589		$	346,226
	Intersegment revenue			6,878		4,978		32			11,888
	Total revenue		$	205,978	$	120,515	$	31,621		$	358,114
	Operating income (loss)		$	30,459	$	26,139	$	(10,152	)	$	46,446
	Interest expense			-		-		3,915			3,915
	Earnings (loss) before income taxes		$	30,459	$	26,139	$	(14,067	)	$	42,531
	Three months ended March 31, 2014:
	Revenue from external customers		$	206,862	$	128,022	$	32,241		$	367,125
	Intersegment revenue			7,471		4,969		-			12,440
	Total revenue		$	214,333	$	132,991	$	32,241		$	379,565
	Operating income (loss)		$	30,244	$	29,774	$	(51,432	)	$	8,586
	Interest expense			-		-		4,131			4,131
	Earnings (loss) before income taxes		$	30,244	$	29,774	$	(55,563	)	$	4,455
	Beginning in the first quarter of 2015, the results of operations for the Company’s businesses in Central and South America, previously reported in the Corporate & Other segment, are now reported in the Flavors & Fragrances segment. Results for 2014 have been restated to reflect these changes.
	The Company evaluates performance based on operating income of the respective segments before restructuring and other costs, interest expense and income taxes. The 2015 and 2014 restructuring and other costs related to continuing operations are reported in the Corporate & Other segment.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2015
Inventories [Abstract]
Inventories	4	Inventories
	At March 31, 2015, and December 31, 2014, inventories included finished and in-process products totaling $292.4 million and $308.7 million, respectively, and raw materials and supplies of $117.9 million and $140.7 million, respectively.

Retirement_Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2015
Retirement Plans [Abstract]
Retirement Plans	5	Retirement Plans
	The Company’s components of annual benefit cost for the defined benefit plans for the periods presented are as follows:
			Three Months Ended
			March 31,
	(In thousands)		2015			2014
	Service cost		$	662		$	632
	Interest cost			472			599
	Expected return on plan assets			(322	)		(474	)
	Amortization of prior service cost			-			43
	Amortization of actuarial loss (gain)			73			(160	)
	Total defined benefit expense		$	885		$	640

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2015
Shareholders' Equity [Abstract]
Shareholders' Equity	6	Shareholders’ Equity
	The Company repurchased 951,219 shares of its common stock for an aggregate cost of $60.8 million during the three months ended March 31, 2015, and 200,000 shares of its common stock for an aggregate cost of $11.0 million during the three months ended March 31, 2014. The amount of treasury stock purchases reported in the Company’s Consolidated Condensed Statements of Cash Flow represent purchases that have settled within each respective quarter.

Derivative_Instruments_and_Hed

Derivative Instruments and Hedging Activity	3 Months Ended
	Mar. 31, 2015
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 $30.1 million and $17.8 million of forward exchange contracts, designated as hedges, outstanding as of March 31, 2015, and December 31, 2014, 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 March 31, 2015, and December 31, 2014, the total value of the Company’s Euro and Swiss Franc debt was $89.9 million and $97.3 million, respectively.  For the three months ended March 31, 2015, the impact of foreign exchange rates on these debt instruments decreased debt by $7.3 million, and has been recorded as foreign currency translation in OCI.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes [Abstract]
Income Taxes	8	Income Taxes
	The effective income tax rates for continuing operations for the quarters ended March 31, 2015 and 2014, were 27.7% and 40.9%, respectively. The effective tax rates in both 2015 and 2014 were impacted by restructuring activities, changes in estimates associated with the finalization of prior year foreign and domestic tax items and audit settlements. The rates in both periods were impacted by the respective restructuring costs which were more significant in the first quarter of 2014. In addition, the Company settled an income tax audit in the first quarter of 2015, which reduced the Company’s first quarter tax rate.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	9	Accumulated Other Comprehensive Income
	The following table summarizes the changes in Accumulated Other Comprehensive Income (OCI) during the three month period ended March 31, 2015:
	(In thousands)		Cash Flow			Pension			Foreign			Total
			Hedges (a)			Items (a)			Currency
									Items
	Balance as of December 31, 2014		$	324		$	(5,170	)	$	(80,282	)	$	(85,128	)
	Other comprehensive loss before reclassifications			(106	)		-			(61,559	)		(61,665	)
	Amounts reclassified from OCI			177			49			-			226
	Balance as of March 31, 2015		$	395		$	(5,121	)	$	(141,841	)	$	(146,567	)
		(a)	Cash Flow Hedges and Pension Items are net of tax.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2015
Restructuring [Abstract]
Restructuring	10	Restructuring
	The Company incurred restructuring costs in both continuing and discontinued operations. The discussion in this note relates to the combination of both continuing and discontinued operations unless otherwise noted. Restructuring costs related to discontinued operations are recorded in discontinued operations within the Company’s Consolidated Condensed Statements of Earnings and are discussed in Note 11, Discontinued Operations, in more detail.
	In 2014, the Company announced the 2014 Restructuring Plan related to eliminating underperforming operations, consolidating manufacturing facilities and improving efficiencies within the Company. The 2014 Restructuring Plan will impact several facilities and will generate cost savings estimated to be approximately $30 million per year. The savings will be realized over the next few years and the full benefit is expected to be achieved after 2016. The actual amount of savings and costs could vary based upon changes in exchange rates and other assumptions. The Company also anticipates that the 2014 Restructuring Plan will include a reduction of approximately 350 positions, primarily direct and indirect manufacturing labor. In connection with the 2014 Restructuring Plan, approximately 110 positions were eliminated as of March 31, 2015, and approximately $1.5 million of savings were recognized in continuing operations for the three months ended March 31, 2015.
	The Company determined that certain long-lived assets, including land, buildings and certain pieces of equipment associated with the identified operations, were impaired. As a result, the Company has reduced the carrying amounts of these assets to their aggregate respective fair values which were determined based on independent market valuations for these assets. During the current quarter, the Company sold two facilities as a result of the 2014 Restructuring Plan which generated net cash proceeds of $12.6 million and a combined net gain of $1.3 million which is recorded in the current quarter’s restructuring expense. The fair values of the remaining long-lived assets are estimated to be approximately $21.7 million. Also, certain machinery and equipment has been identified to be disposed of at the time of the facility closures, and the associated depreciation has been accelerated. In addition, certain intangible assets and inventory were determined to be impaired and were written down.
	For the three months ended March 31, 2015, the Company recorded restructuring and other costs of $7.1 million ($5.5 million after-tax), in accordance with GAAP and based on an internal review of the affected facilities and consultation with legal and other advisors. For the three months ended March 31, 2014, the Company recorded restructuring and other costs of $52.7 million ($37.4 million after-tax).  Included within the restructuring and other costs, the Company incurred $0.9 million related to the 2014 proxy contest.
	The Company evaluates performance based on operating income of each segment before restructuring costs. The restructuring and other costs related to continuing operations are recorded in the Corporate & Other segment. The following table summarizes the restructuring and other costs by segment and discontinued operations for the three months ended March 31, 2015 and 2014:
			Three Months Ended March 31,
	(In thousands)		2015			2014
	Flavors & Fragrances		$	5,829		$	44,983
	Color			161			-
	Corporate & Other			1,125			1,204
	Total Continuing Operations			7,115			46,187
	Discontinued Operations			29			6,535
	Total Restructuring		$	7,144		$	52,722
	The Company recorded restructuring and other charges in continuing operations for the three months ended March 31, 2015 as follows:
	(In thousands)		Selling &			Cost of			Total
			Administrative			Products Sold
	Employee separation		$	1,908		$	-		$	1,908
	Long-lived asset impairment			3,815			-			3,815
	Gain on asset sales			(1,301	)		-			(1,301	)
	Write-down of inventory			-			141			141
	Other costs(1)			2,552			-			2,552
	Total		$	6,974		$	141		$	7,115
		-1	Other costs include decommissioning costs, professional services, moving costs and other related costs.
	The Company expects to incur approximately $19 million of additional restructuring costs by the end of December 2015 and $6 million of additional restructuring costs by the end of 2016, consisting primarily of employee separations, asset impairments, and other restructuring related costs.These estimates relate to both continuing operations and discontinued operations.
	The Company recorded restructuring and other charges in continuing operations for the three months ended March 31, 2014 as follows:
	(In thousands)		Selling &			Cost of			Total
			Administrative			Products Sold
	Employee separation		$	11,267		$	-		$	11,267
	Long-lived asset impairment			34,230			-			34,230
	Gain on asset sales			(602	)		-			(602	)
	Write-down of inventory			-			-			-
	Other costs(1)			1,292			-			1,292
	Total		$	46,187		$	-		$	46,187
		-1	Other costs include decommissioning, professional services, personnel moving costs, other related costs and 2014 proxy contest costs.
	The following table summarizes the accrual for the restructuring and other charges for the three months ended March 31, 2015:
	(In thousands)		Employee			Asset Related			Total
			Separations			and Other
	Balance as of December 31, 2014		$	14,909		$	897		$	15,806
	Restructuring and other costs			2,015			5,129			7,144
	Gain on sale of assets			-			1,301			1,301
	Cash spent			(1,964	)		(2,884	)		(4,848	)
	Reduction of assets			-			(3,904	)		(3,904	)
	Translation adjustment			(1,337	)		-			(1,337	)
	Balance as of March 31, 2015		$	13,623		$	539		$	14,162

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2015
Discontinued Operations [Abstract]
Discontinued Operations	11	Discontinued Operations
	In connection with the 2014 Restructuring Plan, the Company approved a plan to dispose of a business unit within the Color segment. In 2014, the business met the criteria to be presented as a discontinued operation as established in ASC Subtopic 205-20, Discontinued Operations. The results of this business have been reported as a discontinued operation in the Consolidated Condensed Statements of Earnings for all periods presented. The corresponding current assets, which include property, plant, and equipment, have met the held for sale criteria and have been properly presented on the Consolidated Condensed Balance Sheet.
	The following table summarizes the discontinued operation’s results for the three months ended March 31, 2015 and 2014:
			Three Months Ended March 31,
	(In thousands)		2015			2014
	Revenue		$	187		$	1,006
	Loss from discontinued operations before income taxes			(294	)		(7,007	)
	Income tax benefit			85			2,301
	Loss from discontinued operations, net of tax		$	(209	)	$	(4,706	)
	Pre-tax restructuring costs are included in the loss before income taxes from discontinued operations. For the three months ended March 31, 2015, these costs are minimal, and for the three months ended March 31, 2014, these costs were $6.5 million.  See Note 10, Restructuring, for additional information.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	12	Commitments and Contingencies
	The Company is subject to various claims and litigation arising in the normal course of business. The Company establishes reserves for claims and proceedings when it is probable that liabilities exist and reasonable estimates of loss can be made. While it is not possible to predict the outcome of these matters, based on our assessment of the facts and circumstances now known, we do not believe that these matters, individually or in the aggregate, will have a material adverse effect on our financial position. However, actual outcomes may be different from those expected and could have a material effect on our results of operations or cash flows in a particular period.

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Information [Abstract]
Segment information	Operating results by segment for the periods presented are as follows:
	(In thousands)	Flavors &		Color		Corporate &			Consolidated
		Fragrances				Other
	Three months ended March 31, 2015:
	Revenue from external customers	$	199,100	$	115,537	$	31,589		$	346,226
	Intersegment revenue		6,878		4,978		32			11,888
	Total revenue	$	205,978	$	120,515	$	31,621		$	358,114
	Operating income (loss)	$	30,459	$	26,139	$	(10,152	)	$	46,446
	Interest expense		-		-		3,915			3,915
	Earnings (loss) before income taxes	$	30,459	$	26,139	$	(14,067	)	$	42,531
	Three months ended March 31, 2014:
	Revenue from external customers	$	206,862	$	128,022	$	32,241		$	367,125
	Intersegment revenue		7,471		4,969		-			12,440
	Total revenue	$	214,333	$	132,991	$	32,241		$	379,565
	Operating income (loss)	$	30,244	$	29,774	$	(51,432	)	$	8,586
	Interest expense		-		-		4,131			4,131
	Earnings (loss) before income taxes	$	30,244	$	29,774	$	(55,563	)	$	4,455

Retirement_Plans_Tables

Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2015
Retirement Plans [Abstract]
Components of annual benefit cost	The Company’s components of annual benefit cost for the defined benefit plans for the periods presented are as follows:
		Three Months Ended
		March 31,
	(In thousands)	2015			2014
	Service cost	$	662		$	632
	Interest cost		472			599
	Expected return on plan assets		(322	)		(474	)
	Amortization of prior service cost		-			43
	Amortization of actuarial loss (gain)		73			(160	)
	Total defined benefit expense	$	885		$	640

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Income [Abstract]
Changes in accumulated other comprehensive income (AOCI)	The following table summarizes the changes in Accumulated Other Comprehensive Income (OCI) during the three month period ended March 31, 2015:
	(In thousands)	Cash Flow			Pension			Foreign			Total
		Hedges (a)			Items (a)			Currency
								Items
	Balance as of December 31, 2014	$	324		$	(5,170	)	$	(80,282	)	$	(85,128	)
	Other comprehensive loss before reclassifications		(106	)		-			(61,559	)		(61,665	)
	Amounts reclassified from OCI		177			49			-			226
	Balance as of March 31, 2015	$	395		$	(5,121	)	$	(141,841	)	$	(146,567	)

Restructuring_Tables

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2015
Restructuring [Abstract]
Restructuring cost by segment	The following table summarizes the restructuring and other costs by segment and discontinued operations for the three months ended March 31, 2015 and 2014:
			Three Months Ended March 31,
	(In thousands)		2015			2014
	Flavors & Fragrances		$	5,829		$	44,983
	Color			161			-
	Corporate & Other			1,125			1,204
	Total Continuing Operations			7,115			46,187
	Discontinued Operations			29			6,535
	Total Restructuring		$	7,144		$	52,722
Summary of restructuring costs	The Company recorded restructuring and other charges in continuing operations for the three months ended March 31, 2015 as follows:
	(In thousands)		Selling &			Cost of			Total
			Administrative			Products Sold
	Employee separation		$	1,908		$	-		$	1,908
	Long-lived asset impairment			3,815			-			3,815
	Gain on asset sales			(1,301	)		-			(1,301	)
	Write-down of inventory			-			141			141
	Other costs(1)			2,552			-			2,552
	Total		$	6,974		$	141		$	7,115
		-1	Other costs include decommissioning costs, professional services, moving costs and other related costs.
	The Company recorded restructuring and other charges in continuing operations for the three months ended March 31, 2014 as follows:
	(In thousands)		Selling &			Cost of			Total
			Administrative			Products Sold
	Employee separation		$	11,267		$	-		$	11,267
	Long-lived asset impairment			34,230			-			34,230
	Gain on asset sales			(602	)		-			(602	)
	Write-down of inventory			-			-			-
	Other costs(1)			1,292			-			1,292
	Total		$	46,187		$	-		$	46,187
		-1	Other costs include decommissioning, professional services, personnel moving costs, other related costs and 2014 proxy contest costs.
Summary of accrual for restructuring and other charges	The following table summarizes the accrual for the restructuring and other charges for the three months ended March 31, 2015:
	(In thousands)		Employee			Asset Related			Total
			Separations			and Other
	Balance as of December 31, 2014		$	14,909		$	897		$	15,806
	Restructuring and other costs			2,015			5,129			7,144
	Gain on sale of assets			-			1,301			1,301
	Cash spent			(1,964	)		(2,884	)		(4,848	)
	Reduction of assets			-			(3,904	)		(3,904	)
	Translation adjustment			(1,337	)		-			(1,337	)
	Balance as of March 31, 2015		$	13,623		$	539		$	14,162

Discontinued_Operations_Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2015
Discontinued Operations [Abstract]
Schedule of certain Consolidated Condensed Statements of Earnings information for discontinued operations	The following table summarizes the discontinued operation’s results for the three months ended March 31, 2015 and 2014:
		Three Months Ended March 31,
	(In thousands)	2015			2014
	Revenue	$	187		$	1,006
	Loss from discontinued operations before income taxes		(294	)		(7,007	)
	Income tax benefit		85			2,301
	Loss from discontinued operations, net of tax	$	(209	)	$	(4,706	)

Fair_Value_Details

Fair Value (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$2.10	$1.90
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward exchange contracts, liability	0.5	0.1
Level 2 [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt	484.3
Level 2 [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt	$504.10

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Revenue from external customers	$346,226	$367,125
Total Revenue	358,114	379,565
Operating income (loss)	46,446	8,586
Interest expense	3,915	4,131
Earnings (loss) before income taxes	42,531	4,455
Operating Segments [Member] | Flavors & Fragrances [Member]
Segment Reporting Information [Line Items]
Revenue from external customers	199,100	206,862
Total Revenue	205,978	214,333
Operating income (loss)	30,459	30,244
Interest expense	0	0
Earnings (loss) before income taxes	30,459	30,244
Operating Segments [Member] | Color [Member]
Segment Reporting Information [Line Items]
Revenue from external customers	115,537	128,022
Total Revenue	120,515	132,991
Operating income (loss)	26,139	29,774
Interest expense	0	0
Earnings (loss) before income taxes	26,139	29,774
Operating Segments [Member] | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenue from external customers	31,589	32,241
Total Revenue	31,621	32,241
Operating income (loss)	-10,152	-51,432
Interest expense	3,915	4,131
Earnings (loss) before income taxes	-14,067	-55,563
Intersegment Revenue [Member]
Segment Reporting Information [Line Items]
Total Revenue	11,888	12,440
Intersegment Revenue [Member] | Flavors & Fragrances [Member]
Segment Reporting Information [Line Items]
Total Revenue	6,878	7,471
Intersegment Revenue [Member] | Color [Member]
Segment Reporting Information [Line Items]
Total Revenue	4,978	4,969
Intersegment Revenue [Member] | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total Revenue	$32	$0

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Inventories [Abstract]
Inventories, including finished and in-process products	$292.40	$308.70
Raw materials and supplies	$117.90	$140.70

Retirement_Plans_Details

Retirement Plans (Details) (Defined Benefit Plan [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Defined Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$662	$632
Interest cost	472	599
Expected return on plan assets	-322	-474
Amortization of prior service cost	0	43
Amortization of actuarial loss (gain)	73	-160
Total defined benefit expense	$885	$640

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Shareholders' Equity [Abstract]
Common stock repurchased during the period (in shares)	951,219	200,000
Common stock repurchased during the period, value	$60.80	$11

Derivative_Instruments_and_Hed1

Derivative Instruments and Hedging Activity (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivative instruments and hedging activity for the period [Abstract]
Impact of foreign exchange rates on debt instruments recorded in Other Comprehensive Income	($7.30)
Forward Exchange Contracts [Member] | Cash Flow Hedges [Member]
Derivative instruments and hedging activity for the period [Abstract]
Derivative, fair value	30.1	17.8
Foreign Currency Denominated Debt, Net Investment Hedging [Member]
Derivative instruments and hedging activity for the period [Abstract]
Carrying value of foreign denominated debt	$89.90	$97.30

Income_Taxes_Details

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Abstract]
Effective income tax rates (in hundredths)	27.70%	40.90%

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), Beginning balance	($85,128)
Other comprehensive loss before reclassifications	-61,665
Amounts reclassified from OCI	226
Accumulated other comprehensive income (loss), Ending balance	-146,567
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), Beginning balance	324	[1]
Other comprehensive loss before reclassifications	-106	[1]
Amounts reclassified from OCI	177	[1]
Accumulated other comprehensive income (loss), Ending balance	395	[1]
Pension Items [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), Beginning balance	-5,170	[1]
Other comprehensive loss before reclassifications	0	[1]
Amounts reclassified from OCI	49	[1]
Accumulated other comprehensive income (loss), Ending balance	-5,121	[1]
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), Beginning balance	-80,282
Other comprehensive loss before reclassifications	-61,559
Amounts reclassified from OCI	0
Accumulated other comprehensive income (loss), Ending balance	($141,841)
[1]	Cash Flow Hedges and Pension Items are net of tax.

Restructuring_Details

Restructuring (Details) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
	Facility
	Positions
Restructuring Cost and Reserve [Line Items]
Estimated cost savings due to restructuring	$30,000,000
Position reduction due to restructuring	350
Number of positions eliminated due to restructuring	110
Savings recognized in restructuring plan	1,500,000
Number of facilities sold	2
Proceeds from sale of assets	12,593,000		919,000
Estimated fair values of the remaining long-lived assets	21,700,000
Restructuring charge, after tax	5,500,000		37,400,000
Restructuring cost by segment [Abstract]
Total Continuing Operations	7,115,000		46,187,000
Discontinued Operations	29,000		6,535,000
Total Restructuring	7,144,000		52,722,000
Detail of the restructuring costs [Abstract]
Employee separation	1,908,000		11,267,000
Long-lived asset impairment	3,815,000		34,230,000
Gain on asset sales	-1,301,000		-602,000
Write-down of inventory	141,000		0
Other costs	2,552,000	[1]	1,292,000	[2]
Future restructuring costs, current year	19,000,000
Future restructuring costs, 2016	6,000,000
Summary of accrual for restructuring and other charges [Abstract]
Balance as of December 31, 2014	15,806,000
Restructuring and other costs	7,144,000		52,722,000
Gain on sale of assets	1,301,000		602,000
Cash spent	-4,848,000
Reduction of assets	-3,904,000
Translation adjustment	-1,337,000
Balance as of March 31,2015	14,162,000
Employee Separations [Member]
Restructuring cost by segment [Abstract]
Total Restructuring	2,015,000
Detail of the restructuring costs [Abstract]
Gain on asset sales	0
Summary of accrual for restructuring and other charges [Abstract]
Balance as of December 31, 2014	14,909,000
Restructuring and other costs	2,015,000
Gain on sale of assets	0
Cash spent	-1,964,000
Reduction of assets	0
Translation adjustment	-1,337,000
Balance as of March 31,2015	13,623,000
Asset Related and Other [Member]
Restructuring cost by segment [Abstract]
Total Restructuring	5,129,000
Detail of the restructuring costs [Abstract]
Gain on asset sales	-1,301,000
Summary of accrual for restructuring and other charges [Abstract]
Balance as of December 31, 2014	897,000
Restructuring and other costs	5,129,000
Gain on sale of assets	1,301,000
Cash spent	-2,884,000
Reduction of assets	-3,904,000
Translation adjustment	0
Balance as of March 31,2015	539,000
Selling & Administrative [Member]
Restructuring cost by segment [Abstract]
Total Continuing Operations	6,974,000		46,187,000
Detail of the restructuring costs [Abstract]
Employee separation	1,908,000		11,267,000
Long-lived asset impairment	3,815,000		34,230,000
Gain on asset sales	-1,301,000		-602,000
Write-down of inventory	0		0
Other costs	2,552,000	[1]	1,292,000	[2]
Summary of accrual for restructuring and other charges [Abstract]
Gain on sale of assets	1,301,000		602,000
Cost of Products Sold [Member]
Restructuring cost by segment [Abstract]
Total Continuing Operations	141,000		0
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	141,000		0
Other costs	0	[1]	0	[2]
Summary of accrual for restructuring and other charges [Abstract]
Gain on sale of assets	0		0
Flavors & Fragrances [Member]
Restructuring cost by segment [Abstract]
Total Continuing Operations	5,829,000		44,983,000
Color [Member]
Restructuring cost by segment [Abstract]
Total Continuing Operations	161,000		0
Corporate & Other [Member]
Restructuring cost by segment [Abstract]
Total Continuing Operations	1,125,000		1,204,000
2014 Proxy Contest [Member]
Detail of the restructuring costs [Abstract]
Other costs	$900,000
[1]	Other costs include decommissioning costs, professional services, moving costs and other related costs.
[2]	Other costs include decommissioning, professional services, personnel moving costs, other related costs and 2014 proxy contest costs.

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Certain Consolidated Condensed Statements of Earnings information for discontinued operations [Abstract]
Revenue	$187	$1,006
Loss from discontinued operations before income taxes	-294	-7,007
Income taxes	85	2,301
Loss from discontinued operations, net of tax	-209	-4,706
Pre-tax restructuring costs from discontinued operations	$29	$6,535