Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SENSIENT TECHNOLOGIES CORP | |
Entity Central Index Key | 310,142 | |
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 | 45,829,475 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) [Abstract] | ||||
Revenue | $ 346,009 | $ 373,373 | $ 692,235 | $ 740,498 |
Cost of products sold | 227,854 | 243,965 | 456,647 | 486,594 |
Selling and administrative expenses | 73,088 | 79,664 | 144,075 | 195,574 |
Operating income | 45,067 | 49,744 | 91,513 | 58,330 |
Interest expense | 4,106 | 3,718 | 8,021 | 7,849 |
Earnings (Loss) before income taxes | 40,961 | 46,026 | 83,492 | 50,481 |
Income taxes | 11,419 | 15,879 | 23,215 | 17,703 |
Earnings from continuing operations | 29,542 | 30,147 | 60,277 | 32,778 |
Loss from discontinued operations, net of tax | (92) | (1,086) | (301) | (5,792) |
Net earnings | $ 29,450 | $ 29,061 | $ 59,976 | $ 26,986 |
Weighted average number of shares outstanding: | ||||
Basic (in shares) | 46,168 | 48,665 | 46,670 | 49,256 |
Diluted (in shares) | 46,470 | 48,953 | 46,984 | 49,512 |
Basic: | ||||
Continuing operations (in dollars per share) | $ 0.64 | $ 0.62 | $ 1.29 | $ 0.67 |
Discontinued operations (in dollars per share) | 0 | (0.02) | (0.01) | (0.12) |
Earnings per common share (in dollars per share) | 0.64 | 0.60 | 1.29 | 0.55 |
Diluted: | ||||
Continuing operations (in dollars per share) | 0.64 | 0.62 | 1.28 | 0.66 |
Discontinued operations (in dollars per share) | 0 | (0.02) | (0.01) | (0.12) |
Earnings per common share (in dollars per share) | 0.63 | 0.59 | 1.28 | 0.55 |
Dividends declared per common share (in dollars per share) | $ 0.25 | $ 0 | $ 0.50 | $ 0.48 |
CONSOLIDATED CONDENSED STATEME3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||
Comprehensive Income | $ 48,758 | $ 34,130 | $ 17,845 | $ 32,210 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 21,785 | $ 20,329 |
Trade accounts receivable, net | 248,110 | 228,907 |
Inventories | 428,444 | 449,409 |
Prepaid expenses and other current assets | 38,425 | 37,713 |
Deferred income taxes | 21,977 | 21,735 |
Assets held for sale | 2,057 | 1,296 |
TOTAL CURRENT ASSETS | 760,798 | 759,389 |
OTHER ASSETS | 72,097 | 77,376 |
INTANGIBLE ASSETS, NET | 10,416 | 8,760 |
GOODWILL | 413,503 | 424,114 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 37,808 | 42,868 |
Buildings | 283,807 | 295,381 |
Machinery and equipment | 711,337 | 723,631 |
Construction in progress | 57,557 | 54,579 |
Property, Plant and Equipment, Gross, Total | 1,090,509 | 1,116,459 |
Less accumulated depreciation | (613,693) | (620,892) |
Property, Plant and Equipment, Net, Total | 476,816 | 495,567 |
TOTAL ASSETS | 1,733,630 | 1,765,206 |
CURRENT LIABILITIES: | ||
Trade accounts payable | 106,960 | 99,033 |
Accrued salaries, wages and withholdings from employees | 24,913 | 30,010 |
Other accrued expenses | 71,012 | 76,383 |
Income taxes | 3,847 | 3,591 |
Short-term borrowings | 24,073 | 15,888 |
TOTAL CURRENT LIABILITIES | 230,805 | 224,905 |
OTHER LIABILITIES | 11,620 | 17,372 |
ACCRUED EMPLOYEE AND RETIREE BENEFITS | 25,498 | 24,983 |
LONG-TERM DEBT | 549,475 | 451,011 |
SHAREHOLDERS' EQUITY: | ||
Common stock | 5,396 | 5,396 |
Additional paid-in capital | 111,204 | 110,969 |
Earnings reinvested in the business | 1,280,003 | 1,243,627 |
Treasury stock, at cost | (353,112) | (227,929) |
Accumulated other comprehensive loss | (127,259) | (85,128) |
TOTAL SHAREHOLDERS' EQUITY | 916,232 | 1,046,935 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,733,630 | $ 1,765,206 |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net earnings | $ 59,976 | $ 26,986 |
Adjustments to arrive at net cash provided by operating activities: | ||
Depreciation and amortization | 24,258 | 26,395 |
Share-based compensation | 711 | 2,849 |
Loss on assets | 6,168 | 48,260 |
Deferred income taxes | 3,032 | (6,590) |
Changes in operating assets and liabilities | (17,268) | (28,461) |
Net cash provided by operating activities | 76,877 | 69,439 |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (36,970) | (29,752) |
Proceeds from sale of assets | 12,627 | 930 |
Acquisition of new business | (8,393) | 0 |
Other investing activity | (101) | (620) |
Net cash used in investing activities | (32,837) | (29,442) |
Cash flows from financing activities: | ||
Proceeds from additional borrowings | 130,240 | 174,741 |
Debt payments | (20,097) | (73,478) |
Purchase of treasury stock | (123,094) | (108,753) |
Dividends paid | (23,600) | (23,809) |
Proceeds from options exercised and other equity transactions | 554 | 396 |
Net cash used in financing activities | (35,997) | (30,903) |
Effect of exchange rate changes on cash and cash equivalents | (6,587) | (502) |
Net increase in cash and cash equivalents | 1,456 | 8,592 |
Cash and cash equivalents at beginning of period | 20,329 | 19,836 |
Cash and cash equivalents at end of period | $ 21,785 | $ 28,428 |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 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 June 30, 2015, and December 31, 2014, the results of operations and comprehensive income for the three and six months ended June 30, 2015 and 2014, and cash flows for the six months ended June 30, 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 July 9, 2015, the Financial Accounting Standards Board (“FASB”) affirmed its proposed one-year deferral of the effective date for Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. 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. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 2. Acquisitions On June 29, 2015, the Company completed the acquisition of the net assets and business of Xennia Technology Ltd. (“Xennia”). The Company paid $8.4 million of cash for this acquisition. Xennia is a European manufacturer of specialty inks used in digital printing. Xennia’s operations are included in the Color segment. The assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The purchase price exceeded the carrying value of the net assets by approximately $6 million. The excess was allocated to intangible assets, principally technological know-how, and goodwill. The Company recorded $0.9 million of acquisition related costs. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value [Abstract] | |
Fair Value | 3. Fair Value Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures 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 June 30, 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 June 30, 2015, was $549.5 million. The fair value of the long-term debt at June 30, 2015, was $562.6 million. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information [Abstract] | |
Segment Information | 4. Segment Information Operating results by segment for the periods presented are as follows: (In thousands) Flavors & Fragrances Color Corporate & Other Consolidated Three months ended June 30, 2015: Revenue from external customers $ 198,077 $ 114,078 $ 33,854 $ 346,009 Intersegment revenue 6,555 5,271 53 11,879 Total revenue $ 204,632 $ 119,349 $ 33,907 $ 357,888 Operating income (loss) $ 32,526 $ 24,808 $ (12,267 ) $ 45,067 Interest expense - - 4,106 4,106 Earnings (loss) before income taxes $ 32,526 $ 24,808 $ (16,373 ) $ 40,961 Three months ended June 30, 2014: Revenue from external customers $ 211,266 $ 126,833 $ 35,274 $ 373,373 Intersegment revenue 6,224 5,401 111 11,736 Total revenue $ 217,490 $ 132,234 $ 35,385 $ 385,109 Operating income (loss) $ 34,144 $ 30,726 $ (15,126 ) $ 49,744 Interest expense - - 3,718 3,718 Earnings (loss) before income taxes $ 34,144 $ 30,726 $ (18,844 ) $ 46,026 (In thousands) Flavors & Fragrances Color Corporate & Other Consolidated Six months ended June 30, 2015: Revenue from external customers $ 397,177 $ 229,615 $ 65,443 $ 692,235 Intersegment revenue 13,433 10,249 85 23,767 Total revenue $ 410,610 $ 239,864 $ 65,528 $ 716,002 Operating income (loss) $ 62,985 $ 50,947 $ (22,419 ) $ 91,513 Interest expense - - 8,021 8,021 Earnings (loss) before income taxes $ 62,985 $ 50,947 $ (30,440 ) $ 83,492 Six months ended June 30, 2014: Revenue from external customers $ 418,128 $ 254,855 $ 67,515 $ 740,498 Intersegment revenue 13,695 10,370 111 24,176 Total revenue $ 431,823 $ 265,225 $ 67,626 $ 764,674 Operating income (loss) $ 64,388 $ 60,500 $ (66,558 ) $ 58,330 Interest expense - - 7,849 7,849 Earnings (loss) before income taxes $ 64,388 $ 60,500 $ (74,407 ) $ 50,481 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, acquisition, and other costs related to continuing operations are reported in the Corporate & Other segment. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | 5. Inventories At June 30, 2015, and December 31, 2014, inventories included finished and in-process products totaling $306.2 million and $308.7 million, respectively, and raw materials and supplies of $122.2 million and $140.7 million, respectively. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Service cost $ 661 $ 635 $ 1,323 $ 1,267 Interest cost 473 603 945 1,202 Expected return on plan assets (324 ) (480 ) (646 ) (954 ) Amortization of prior service cost - 43 - 86 Amortization of actuarial loss (gain) 74 (157 ) 147 (317 ) Curtailment gain - (115 ) - (115 ) Total defined benefit expense $ 884 $ 529 $ 1,769 $ 1,169 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 7. Shareholders’ Equity The Company repurchased 1.0 million and 1.9 million shares of its common stock for an aggregate cost of $66.3 million and $127.2 million during the three and six months ended June 30, 2015, respectively, and 1.8 million and 2.0 million shares of its common stock for an aggregate price of $97.8 million and $108.8 million during the three and six months ended June 30, 2014, respectively. 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 Hedg
Derivative Instruments and Hedging Activity | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activity [Abstract] | |
Derivative Instruments and Hedging Activity | 8. 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 Net investment hedges |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes The effective income tax rates for continuing operations for the quarters ended June 30, 2015 and 2014, were 27.9% and 34.5%, respectively. For the six-month periods ended June 30, 2015 and 2014, the effective income tax rates for continuing operations were 27.8% and 35.1%, respectively. The rates in both periods were impacted by the respective restructuring costs which were more significant in 2014. In addition, the 2015 rate was lower due to the mix of foreign earnings. Both the 2015 and 2014 rates were also impacted by changes in estimates associated with the finalization of prior year foreign and domestic tax items and audit settlements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | 10. Accumulated Other Comprehensive Income The following table summarizes the changes in Accumulated Other Comprehensive Income (OCI) during the three- and six-month periods ended June 30, 2015: Three Months Ended June 30, 2015 (In thousands) Cash Flow Hedges (a) Pension Items (a) Foreign Currency Items Total Balance as of March 31, 2015 $ 395 $ (5,121 ) $ (141,841 ) $ (146,567 ) Other comprehensive (loss) income before reclassifications (677 ) - 19,924 19,247 Amounts reclassified from OCI 11 50 - 61 Balance as of June 30, 2015 $ (271 ) $ (5,071 ) $ (121,917 ) $ (127,259 ) Six Months Ended June 30, 2015 (In thousands) Cash Flow Hedges (a) Pension Items (a) Foreign Currency Items Total Balance as of December 31, 2014 $ 324 $ (5,170 ) $ (80,282 ) $ (85,128 ) Other comprehensive loss before reclassifications (783 ) - (41,635 ) (42,418 ) Amounts reclassified from OCI 188 99 - 287 Balance as of June 30, 2015 $ (271 ) $ (5,071 ) $ (121,917 ) $ (127,259 ) (a) Cash Flow Hedges and Pension Items are net of tax. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring [Abstract] | |
Restructuring | 11. 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 more detail in Note 12, Discontinued Operations In March of 2014, the Company announced that it was initiating a restructuring plan (2014 Restructuring Plan or “Plan”) to eliminate underperforming operations, consolidate manufacturing facilities and improve efficiencies within the Company. The Company determined that it had redundant manufacturing capabilities in both North America and Europe and that it could lower costs and operate more efficiently by consolidating into fewer facilities. The Company also discontinued one of the businesses in the Color Group because it did not fit with the Company’s long term strategic plan and it had generated losses for several years. Based on this Plan, the Company determined that certain long-lived assets associated with the underperforming operations were impaired. The Company reduced the carrying amounts of these assets to their aggregate respective fair values which were determined based on independent market valuations for these assets. The fair values of the remaining long-lived assets are estimated to be approximately $22.0 million. Also, certain machinery and equipment has been identified to be disposed of at the time of the facility closures and the associated depreciation for these assets has been accelerated. In addition, certain intangible assets and inventory were also determined to be impaired and were written down. The Company has also incurred employee separation and other restructuring costs as a result of this Plan. The Company will reduce headcount by approximately 377 positions at impacted facilities, primarily in the Flavors & Fragrances Group, related to direct and indirect labor at manufacturing sites. As of June 30, 2015, approximately 180 positions have been eliminated as a result of this Plan. For the three and six months ended June 30, 2015, the Company recorded total restructuring costs of $9.7 million and $16.9 million, respectively, in accordance with GAAP and based on an internal review of the affected facilities and consultation with legal and other advisors. Since initiating the 2014 Restructuring Plan, the Company has incurred $115.4 million of restructuring costs through June 30, 2015. During the current quarter, the Company identified an additional opportunity to consolidate certain manufacturing operations at one of the Color Group’s facilities in Europe. Including the costs related to this facility, the Company expects to incur approximately $16 million of additional restructuring costs by the end of 2015 and approximately $9 million of additional restructuring costs by the end of 2016. For the three and six months ended June 30, 2014, the Company recorded restructuring and other costs of $13.0 million and $65.7 million, respectively. Included within the restructuring and other costs, the Company incurred $2.2 million and $3.1 million, respectively, related to the 2014 proxy contest during the three and six months ended June 30, 2014. The closure of these operations will significantly lower the Company’s operating costs, which will be realized over the next few years. The full benefit of the restructuring will be achieved after 2016. For the three and six months ended June 30, 2015, the Company achieved approximately $1.6 million and $3.1 million of savings in continuing operations, respectively, related to the 2014 Restructuring Plan. Upon implementing the Plan, the Company estimated the cost reductions to be approximately $30 million, but the actual cost reductions could vary based upon changes in exchange rates and other assumptions. The Company achieved cost savings of approximately $3 million in 2014. Based on current exchange rates, the annual cost savings are estimated to be approximately $7 million in 2015, for total cost savings of $9 to $10 million through the end of 2015. Furthermore, the Company expects to realize incremental savings of approximately $6 million in 2016 and an additional $8 to $9 million in 2017. In cases where the estimated cost savings have been reduced because of changes in foreign currency exchange rates, the Company has implemented price increases to reduce the impact of foreign currency movements. 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 and six months ended June 30, 2015 and 2014: Three Months Ended June 30, (In thousands) 2015 2014 Flavors & Fragrances $ 7,191 $ 9,068 Color 1,422 - Corporate & Other 1,009 2,500 Total Continuing Operations 9,622 11,568 Discontinued Operations 85 1,411 Total Restructuring $ 9,707 $ 12,979 Six Months Ended June 30, (In thousands) 2015 2014 Flavors & Fragrances $ 13,020 $ 54,051 Color 1,583 - Corporate & Other 2,134 3,704 Total Continuing Operations 16,737 57,755 Discontinued Operations 114 7,946 Total Restructuring $ 16,851 $ 65,701 The Company recorded restructuring costs in continuing operations for the three and six months ended June 30, 2015, as follows: Three Months Ended June 30, 2015 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 1,796 $ - $ 1,796 Long-lived asset impairment 3,665 - 3,665 Write-down of inventory - 140 140 Other costs (1) 4,021 - 4,021 Total $ 9,482 $ 140 $ 9,622 Six Months Ended June 30, 2015 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 3,704 $ - $ 3,704 Long-lived asset impairment 7,480 - 7,480 Gain on asset sales (1,301 ) - (1,301 ) Write-down of inventory - 281 281 Other costs (1) 6,573 - 6,573 Total $ 16,456 $ 281 $ 16,737 (1) Other costs include decommissioning costs, professional services, temporary labor, moving costs and other related costs. The Company recorded restructuring and other costs in continuing operations for the three and six months ended June 30, 2014, as follows: Three Months Ended June 30, 2014 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 1,024 $ - $ 1,024 Long-lived asset impairment 8,033 - 8,033 Other costs (1) 2,511 - 2,511 Total $ 11,568 $ - $ 11,568 Six Months Ended June 30, 2014 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 12,291 $ - $ 12,291 Long-lived asset impairment 42,263 - 42,263 Gain on asset sales (602 ) - (602 ) Other costs (1) 3,803 - 3,803 Total $ 57,755 $ - $ 57,755 (1) Other costs include decommissioning, professional services, personnel moving costs, other related costs and 2014 proxy contest costs. The following table summarizes the accrual activity for the restructuring liabilities for the six months ended June 30, 2015: (In thousands) Employee Separations Other Costs Total Balance as of December 31, 2014 $ 14,909 $ 897 $ 15,806 Expense activity 3,313 7,130 10,443 Cash spent (4,977 ) (7,344 ) (12,321 ) Translation adjustment (967 ) - (967 ) Balance as of June 30, 2015 $ 12,278 $ 683 $ 12,961 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 12. 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 following table summarizes the discontinued operation’s results for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Revenue $ - $ 1,293 $ 187 $ 2,299 Loss from discontinued operations before income taxes (134 ) (1,535 ) (428 ) (8,542 ) Income tax benefit 42 449 127 2,750 Loss from discontinued operations, net of tax $ (92 ) $ (1,086 ) $ (301 ) $ (5,792 ) Pre-tax restructuring costs are included in the loss before income taxes from discontinued operations. For the three and six months ended June 30, 2015, the restructuring costs were $0.1 million in both periods and for the three and six months ended June 30, 2014, these costs were $1.4 million and $7.9 million, respectively. See Note 11, Restructuring, |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 13. 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) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information [Abstract] | |
Segment information | Operating results by segment for the periods presented are as follows: (In thousands) Flavors & Fragrances Color Corporate & Other Consolidated Three months ended June 30, 2015: Revenue from external customers $ 198,077 $ 114,078 $ 33,854 $ 346,009 Intersegment revenue 6,555 5,271 53 11,879 Total revenue $ 204,632 $ 119,349 $ 33,907 $ 357,888 Operating income (loss) $ 32,526 $ 24,808 $ (12,267 ) $ 45,067 Interest expense - - 4,106 4,106 Earnings (loss) before income taxes $ 32,526 $ 24,808 $ (16,373 ) $ 40,961 Three months ended June 30, 2014: Revenue from external customers $ 211,266 $ 126,833 $ 35,274 $ 373,373 Intersegment revenue 6,224 5,401 111 11,736 Total revenue $ 217,490 $ 132,234 $ 35,385 $ 385,109 Operating income (loss) $ 34,144 $ 30,726 $ (15,126 ) $ 49,744 Interest expense - - 3,718 3,718 Earnings (loss) before income taxes $ 34,144 $ 30,726 $ (18,844 ) $ 46,026 (In thousands) Flavors & Fragrances Color Corporate & Other Consolidated Six months ended June 30, 2015: Revenue from external customers $ 397,177 $ 229,615 $ 65,443 $ 692,235 Intersegment revenue 13,433 10,249 85 23,767 Total revenue $ 410,610 $ 239,864 $ 65,528 $ 716,002 Operating income (loss) $ 62,985 $ 50,947 $ (22,419 ) $ 91,513 Interest expense - - 8,021 8,021 Earnings (loss) before income taxes $ 62,985 $ 50,947 $ (30,440 ) $ 83,492 Six months ended June 30, 2014: Revenue from external customers $ 418,128 $ 254,855 $ 67,515 $ 740,498 Intersegment revenue 13,695 10,370 111 24,176 Total revenue $ 431,823 $ 265,225 $ 67,626 $ 764,674 Operating income (loss) $ 64,388 $ 60,500 $ (66,558 ) $ 58,330 Interest expense - - 7,849 7,849 Earnings (loss) before income taxes $ 64,388 $ 60,500 $ (74,407 ) $ 50,481 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Service cost $ 661 $ 635 $ 1,323 $ 1,267 Interest cost 473 603 945 1,202 Expected return on plan assets (324 ) (480 ) (646 ) (954 ) Amortization of prior service cost - 43 - 86 Amortization of actuarial loss (gain) 74 (157 ) 147 (317 ) Curtailment gain - (115 ) - (115 ) Total defined benefit expense $ 884 $ 529 $ 1,769 $ 1,169 |
Accumulated Other Comprehensi21
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 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- and six-month periods ended June 30, 2015: Three Months Ended June 30, 2015 (In thousands) Cash Flow Hedges (a) Pension Items (a) Foreign Currency Items Total Balance as of March 31, 2015 $ 395 $ (5,121 ) $ (141,841 ) $ (146,567 ) Other comprehensive (loss) income before reclassifications (677 ) - 19,924 19,247 Amounts reclassified from OCI 11 50 - 61 Balance as of June 30, 2015 $ (271 ) $ (5,071 ) $ (121,917 ) $ (127,259 ) Six Months Ended June 30, 2015 (In thousands) Cash Flow Hedges (a) Pension Items (a) Foreign Currency Items Total Balance as of December 31, 2014 $ 324 $ (5,170 ) $ (80,282 ) $ (85,128 ) Other comprehensive loss before reclassifications (783 ) - (41,635 ) (42,418 ) Amounts reclassified from OCI 188 99 - 287 Balance as of June 30, 2015 $ (271 ) $ (5,071 ) $ (121,917 ) $ (127,259 ) (a) Cash Flow Hedges and Pension Items are net of tax. |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring [Abstract] | |
Restructuring cost by segment | The following table summarizes the restructuring and other costs by segment and discontinued operations for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, (In thousands) 2015 2014 Flavors & Fragrances $ 7,191 $ 9,068 Color 1,422 - Corporate & Other 1,009 2,500 Total Continuing Operations 9,622 11,568 Discontinued Operations 85 1,411 Total Restructuring $ 9,707 $ 12,979 Six Months Ended June 30, (In thousands) 2015 2014 Flavors & Fragrances $ 13,020 $ 54,051 Color 1,583 - Corporate & Other 2,134 3,704 Total Continuing Operations 16,737 57,755 Discontinued Operations 114 7,946 Total Restructuring $ 16,851 $ 65,701 |
Summary of restructuring costs | The Company recorded restructuring costs in continuing operations for the three and six months ended June 30, 2015, as follows: Three Months Ended June 30, 2015 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 1,796 $ - $ 1,796 Long-lived asset impairment 3,665 - 3,665 Write-down of inventory - 140 140 Other costs (1) 4,021 - 4,021 Total $ 9,482 $ 140 $ 9,622 Six Months Ended June 30, 2015 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 3,704 $ - $ 3,704 Long-lived asset impairment 7,480 - 7,480 Gain on asset sales (1,301 ) - (1,301 ) Write-down of inventory - 281 281 Other costs (1) 6,573 - 6,573 Total $ 16,456 $ 281 $ 16,737 (1) Other costs include decommissioning costs, professional services, temporary labor, moving costs and other related costs. The Company recorded restructuring and other costs in continuing operations for the three and six months ended June 30, 2014, as follows: Three Months Ended June 30, 2014 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 1,024 $ - $ 1,024 Long-lived asset impairment 8,033 - 8,033 Other costs (1) 2,511 - 2,511 Total $ 11,568 $ - $ 11,568 Six Months Ended June 30, 2014 (In thousands) Selling & Administrative Cost of Products Sold Total Employee separation $ 12,291 $ - $ 12,291 Long-lived asset impairment 42,263 - 42,263 Gain on asset sales (602 ) - (602 ) Other costs (1) 3,803 - 3,803 Total $ 57,755 $ - $ 57,755 (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 activity for the restructuring liabilities for the six months ended June 30, 2015: (In thousands) Employee Separations Other Costs Total Balance as of December 31, 2014 $ 14,909 $ 897 $ 15,806 Expense activity 3,313 7,130 10,443 Cash spent (4,977 ) (7,344 ) (12,321 ) Translation adjustment (967 ) - (967 ) Balance as of June 30, 2015 $ 12,278 $ 683 $ 12,961 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Revenue $ - $ 1,293 $ 187 $ 2,299 Loss from discontinued operations before income taxes (134 ) (1,535 ) (428 ) (8,542 ) Income tax benefit 42 449 127 2,750 Loss from discontinued operations, net of tax $ (92 ) $ (1,086 ) $ (301 ) $ (5,792 ) |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jun. 29, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | |||
Payments to acquire business | $ 8,393 | $ 0 | |
Xennia Technology Ltd. [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire business | $ 8,393 | ||
Purchase price excess on carrying value of the net assets allocated to intangible assets and goodwill | 6,000 | ||
Acquisition related costs | $ 900 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 2.7 | $ 1.9 |
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 | 549.5 | |
Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt | $ 562.6 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | $ 346,009 | $ 373,373 | $ 692,235 | $ 740,498 |
Total Revenue | 357,888 | 385,109 | 716,002 | 764,674 |
Operating income (loss) | 45,067 | 49,744 | 91,513 | 58,330 |
Interest expense | 4,106 | 3,718 | 8,021 | 7,849 |
Earnings (Loss) before income taxes | 40,961 | 46,026 | 83,492 | 50,481 |
Flavors & Fragrances [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 204,632 | 217,490 | 410,610 | 431,823 |
Color [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 119,349 | 132,234 | 239,864 | 265,225 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 33,907 | 35,385 | 65,528 | 67,626 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | 346,009 | 373,373 | 692,235 | 740,498 |
Operating Segments [Member] | Flavors & Fragrances [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | 198,077 | 211,266 | 397,177 | 418,128 |
Operating income (loss) | 32,526 | 34,144 | 62,985 | 64,388 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings (Loss) before income taxes | 32,526 | 34,144 | 62,985 | 64,388 |
Operating Segments [Member] | Color [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | 114,078 | 126,833 | 229,615 | 254,855 |
Operating income (loss) | 24,808 | 30,726 | 50,947 | 60,500 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings (Loss) before income taxes | 24,808 | 30,726 | 50,947 | 60,500 |
Operating Segments [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | 33,854 | 35,274 | 65,443 | 67,515 |
Operating income (loss) | (12,267) | (15,126) | (22,419) | (66,558) |
Interest expense | 4,106 | 3,718 | 8,021 | 7,849 |
Earnings (Loss) before income taxes | (16,373) | (18,844) | (30,440) | (74,407) |
Intersegment Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 11,879 | 11,736 | 23,767 | 24,176 |
Intersegment Revenue [Member] | Flavors & Fragrances [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 6,555 | 6,224 | 13,433 | 13,695 |
Intersegment Revenue [Member] | Color [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 5,271 | 5,401 | 10,249 | 10,370 |
Intersegment Revenue [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 53 | $ 111 | $ 85 | $ 111 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Inventories, including finished and in-process products | $ 306.2 | $ 308.7 |
Raw materials and supplies | $ 122.2 | $ 140.7 |
Retirement Plans (Details)
Retirement Plans (Details) - Defined Benefit Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 661 | $ 635 | $ 1,323 | $ 1,267 |
Interest cost | 473 | 603 | 945 | 1,202 |
Expected return on plan assets | (324) | (480) | (646) | (954) |
Amortization of prior service cost | 0 | 43 | 0 | 86 |
Amortization of actuarial loss (gain) | 74 | (157) | 147 | (317) |
Curtailment gain | 0 | (115) | 0 | (115) |
Total defined benefit expense | $ 884 | $ 529 | $ 1,769 | $ 1,169 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Shareholders' Equity [Abstract] | ||||
Common stock repurchased during the period (in shares) | 1 | 1.8 | 1.9 | 2 |
Common stock repurchased during the period, value | $ 66.3 | $ 97.8 | $ 127.2 | $ 108.8 |
Derivative Instruments and He30
Derivative Instruments and Hedging Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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 | $ 3.5 | $ (3.8) | |
Forward Exchange Contracts [Member] | Cash Flow Hedges [Member] | |||
Derivative instruments and hedging activity for the period [Abstract] | |||
Derivative, fair value | 28.4 | 28.4 | $ 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 | $ 93.5 | $ 93.5 | $ 97.3 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | ||||
Effective income tax rates (in hundredths) | 27.90% | 34.50% | 27.80% | 35.10% |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss), Beginning balance | $ (146,567) | $ (85,128) | |
Other comprehensive loss before reclassifications | 19,247 | (42,418) | |
Amounts reclassified from OCI | 61 | 287 | |
Accumulated other comprehensive income (loss), Ending balance | (127,259) | (127,259) | |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss), Beginning balance | [1] | 395 | 324 |
Other comprehensive loss before reclassifications | [1] | (677) | (783) |
Amounts reclassified from OCI | [1] | 11 | 188 |
Accumulated other comprehensive income (loss), Ending balance | [1] | (271) | (271) |
Pension Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss), Beginning balance | [1] | (5,121) | (5,170) |
Other comprehensive loss before reclassifications | [1] | 0 | 0 |
Amounts reclassified from OCI | [1] | 50 | 99 |
Accumulated other comprehensive income (loss), Ending balance | [1] | (5,071) | (5,071) |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss), Beginning balance | (141,841) | (80,282) | |
Other comprehensive loss before reclassifications | 19,924 | (41,635) | |
Amounts reclassified from OCI | 0 | 0 | |
Accumulated other comprehensive income (loss), Ending balance | $ (121,917) | $ (121,917) | |
[1] | Cash Flow Hedges and Pension Items are net of tax. |
Restructuring (Details)
Restructuring (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Positions | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Position reduction due to restructuring | Positions | 377 | ||||||||
Number of positions eliminated due to restructuring | Positions | 180 | ||||||||
Total restructuring costs incurred to date | $ 115,400 | $ 115,400 | |||||||
Savings recognized in restructuring plan | 1,600 | 3,100 | $ 3,000 | ||||||
Estimated cost savings due to restructuring | 30,000 | ||||||||
Estimated cost savings in 2015 | 7,000 | ||||||||
Expected incremental savings in 2016 | 6,000 | 6,000 | |||||||
Estimated fair values of the remaining long-lived assets | 22,000 | 22,000 | |||||||
Restructuring cost by segment [Abstract] | |||||||||
Total Continuing Operations | 9,622 | $ 11,568 | 16,737 | $ 57,755 | |||||
Discontinued Operations | 85 | 1,411 | 114 | 7,946 | |||||
Total Restructuring | 9,707 | 12,979 | 16,851 | 65,701 | |||||
Detail of the restructuring costs [Abstract] | |||||||||
Employee separation | 1,796 | 1,024 | 3,704 | 12,291 | |||||
Long-lived asset impairment | 3,665 | 8,033 | 7,480 | 42,263 | |||||
Gain on asset sales | (1,301) | (602) | |||||||
Write-down of inventory | 140 | 281 | |||||||
Other costs | 4,021 | [1] | 2,511 | [2] | 6,573 | [1] | 3,803 | [2] | |
Future restructuring costs, current year | 16,000 | ||||||||
Future restructuring costs, 2016 | 9,000 | 9,000 | |||||||
Summary of accrual for restructuring and other charges [Abstract] | |||||||||
Balance as of December 31, 2014 | 15,806 | ||||||||
Expense activity | 10,443 | ||||||||
Cash spent | (12,321) | ||||||||
Translation adjustment | (967) | ||||||||
Balance as of June 30, 2015 | 12,961 | 12,961 | 15,806 | ||||||
Minimum [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Estimated cost savings in through the end of 2015 | 9,000 | 9,000 | |||||||
Expected incremental savings in 2017 | 8,000 | 8,000 | |||||||
Maximum [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Estimated cost savings in through the end of 2015 | 10,000 | 10,000 | |||||||
Expected incremental savings in 2017 | 9,000 | 9,000 | |||||||
Selling & Administrative [Member] | |||||||||
Restructuring cost by segment [Abstract] | |||||||||
Total Continuing Operations | 9,482 | 11,568 | 16,456 | 57,755 | |||||
Detail of the restructuring costs [Abstract] | |||||||||
Employee separation | 1,796 | 1,024 | 3,704 | 12,291 | |||||
Long-lived asset impairment | 3,665 | 8,033 | 7,480 | 42,263 | |||||
Gain on asset sales | (1,301) | (602) | |||||||
Write-down of inventory | 0 | 0 | |||||||
Other costs | 4,021 | [1] | 2,511 | [2] | 6,573 | [1] | 3,803 | [2] | |
Cost of Products Sold [Member] | |||||||||
Restructuring cost by segment [Abstract] | |||||||||
Total Continuing Operations | 140 | 0 | 281 | 0 | |||||
Detail of the restructuring costs [Abstract] | |||||||||
Employee separation | 0 | 0 | 0 | 0 | |||||
Long-lived asset impairment | 0 | 0 | 0 | 0 | |||||
Gain on asset sales | 0 | 0 | |||||||
Write-down of inventory | 140 | 281 | |||||||
Other costs | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | |
Flavors & Fragrances [Member] | |||||||||
Restructuring cost by segment [Abstract] | |||||||||
Total Continuing Operations | 7,191 | 9,068 | 13,020 | 54,051 | |||||
Color [Member] | |||||||||
Restructuring cost by segment [Abstract] | |||||||||
Total Continuing Operations | 1,422 | 0 | 1,583 | 0 | |||||
Corporate & Other [Member] | |||||||||
Restructuring cost by segment [Abstract] | |||||||||
Total Continuing Operations | 1,009 | 2,500 | 2,134 | 3,704 | |||||
2014 Proxy Contest [Member] | |||||||||
Detail of the restructuring costs [Abstract] | |||||||||
Other costs | $ 2,200 | $ 3,100 | |||||||
Employee Separations [Member] | |||||||||
Summary of accrual for restructuring and other charges [Abstract] | |||||||||
Balance as of December 31, 2014 | 14,909 | ||||||||
Expense activity | 3,313 | ||||||||
Cash spent | (4,977) | ||||||||
Translation adjustment | (967) | ||||||||
Balance as of June 30, 2015 | 12,278 | 12,278 | 14,909 | ||||||
Other Costs [Member] | |||||||||
Summary of accrual for restructuring and other charges [Abstract] | |||||||||
Balance as of December 31, 2014 | 897 | ||||||||
Expense activity | 7,130 | ||||||||
Cash spent | (7,344) | ||||||||
Translation adjustment | 0 | ||||||||
Balance as of June 30, 2015 | $ 683 | $ 683 | $ 897 | ||||||
[1] | Other costs include decommissioning costs, professional services, temporary labor, 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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Certain Consolidated Condensed Statements of Earnings information for discontinued operations [Abstract] | ||||
Revenue | $ 0 | $ 1,293 | $ 187 | $ 2,299 |
Loss from discontinued operations before income taxes | (134) | (1,535) | (428) | (8,542) |
Income tax benefit | 42 | 449 | 127 | 2,750 |
Loss from discontinued operations, net of tax | (92) | (1,086) | (301) | (5,792) |
Pre-tax restructuring costs from discontinued operations | $ 85 | $ 1,411 | $ 114 | $ 7,946 |