Sensient Technologies (SXT) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-07626
Entity Registrant Name	Sensient Technologies Corp
Entity Central Index Key	0000310142
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0561070
Entity Address, Address Line One	777 EAST WISCONSIN AVENUE
Entity Address, City or Town	MILWAUKEE
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202-5304
City Area Code	414
Local Phone Number	271-6755
Title of 12(b) Security	Common stock, par value $0.10 per share
Trading Symbol	SXT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,249,509

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF EARNINGS [Abstract]
Revenue	$ 363,829	$ 361,076	$ 1,107,148	$ 1,088,303
Cost of products sold	250,202	239,318	746,681	710,696
Selling and administrative expenses	69,096	74,265	213,507	222,081
Operating income	44,531	47,493	146,960	155,526
Interest expense	6,294	3,672	18,648	9,748
Earnings before income taxes	38,237	43,821	128,312	145,778
Income taxes	6,694	7,773	29,085	34,012
Net earnings	$ 31,543	$ 36,048	$ 99,227	$ 111,766
Weighted average number of common shares outstanding:
Basic (in shares)	42,045	41,896	42,020	41,885
Diluted (in shares)	42,233	42,242	42,241	42,199
Earnings per common share:
Basic (in dollars per share)	$ 0.75	$ 0.86	$ 2.36	$ 2.67
Diluted (in dollars per share)	0.75	0.85	2.35	2.65
Dividends declared per common share (in dollars per share)	$ 0.41	$ 0.41	$ 1.23	$ 1.23

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Comprehensive income	$ 18,229	$ 8,997	$ 109,380	$ 56,171

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 31,985	$ 20,921
Trade accounts receivable	284,668	302,109
Inventories	587,024	564,110
Prepaid expenses and other current assets	41,477	47,640
Total current assets	945,154	934,780
Other assets	94,646	96,609
Deferred tax assets	30,857	32,717
Intangible assets, net	17,352	18,600
Goodwill	415,618	415,715
Property, Plant, and Equipment:
Land	31,269	31,444
Buildings	336,152	322,268
Machinery and equipment	759,191	722,294
Construction in progress	71,223	65,809
Property, plant, and equipment, gross	1,197,835	1,141,815
Less accumulated depreciation	(691,286)	(658,622)
Property, plant, and equipment, net	506,549	483,193
Total assets	2,010,176	1,981,614
Current Liabilities:
Trade accounts payable	110,973	142,365
Accrued salaries, wages, and withholdings from employees	26,818	43,738
Other accrued expenses	55,676	51,231
Income taxes	7,543	14,446
Short-term borrowings	22,807	20,373
Total current liabilities	223,817	272,153
Deferred tax liabilities	16,202	15,977
Other liabilities	37,115	37,191
Accrued employee and retiree benefits	26,830	26,364
Long-term debt	648,556	630,331
Shareholders' Equity:
Common stock	5,396	5,396
Additional paid-in capital	116,775	124,043
Earnings reinvested in the business	1,750,027	1,702,700
Treasury stock, at cost	(624,007)	(631,853)
Accumulated other comprehensive loss	(190,535)	(200,688)
Total shareholders' equity	1,057,656	999,598
Total liabilities and shareholders' equity	$ 2,010,176	$ 1,981,614

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net earnings	$ 99,227	$ 111,766
Adjustments to arrive at net cash provided by operating activities:
Depreciation and amortization	43,360	39,262
Share-based compensation expense	7,285	12,476
Net (gain) loss on assets	(81)	283
Deferred income taxes	2,082	20,465
Changes in operating assets and liabilities:
Trade accounts receivable	18,830	(39,520)
Inventories	(21,455)	(112,021)
Prepaid expenses and other assets	842	(39,598)
Accounts payable and other accrued expenses	(20,572)	24,110
Accrued salaries, wages, and withholdings from employees	(16,749)	1,819
Income taxes	(6,536)	(4,342)
Other liabilities	587	198
Net cash provided by operating activities	106,820	14,898
Cash Flows from Investing Activities:
Acquisition of property, plant, and equipment	(67,718)	(51,703)
Proceeds from sale of assets	130	94
Acquisition of new business	0	(1,048)
Other investing activities	2,036	947
Net cash used in investing activities	(65,552)	(51,710)
Cash flows from financing activities:
Proceeds from additional borrowings	197,577	187,715
Debt payments	(174,083)	(87,657)
Dividends paid	(51,900)	(51,681)
Other financing activities	(8,034)	(2,056)
Net cash (used in) provided by financing activities	(36,440)	46,321
Effect of exchange rate changes on cash and cash equivalents	6,236	11,330
Net increase in cash and cash equivalents	11,064	20,839
Cash and cash equivalents at beginning of period	20,921	25,740
Cash and cash equivalents at end of period	$ 31,985	$ 46,579

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Earnings Reinvested in the Business [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning balance at Dec. 31, 2021	$ 5,396	$ 111,352	$ 1,630,713	$ (634,408)	$ (174,628)	$ 938,425
Beginning balance (in shares) at Dec. 31, 2021				12,107,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	0	0	111,766	$ 0	0	111,766
Other comprehensive income (loss)	0	0	0	0	(55,595)	(55,595)
Cash dividends paid	0	0	(51,681)	0	0	(51,681)
Share-based compensation	0	12,476	0	0	0	12,476
Non-vested stock issued upon vesting	0	(3,239)	0	$ 3,239	0	0
Non-vested stock issued upon vesting (in shares)				(61,821)
Benefit plans	0	560	0	$ 618	0	1,178
Benefit plans (in shares)				(11,786)
Other	0	(768)	15	$ (1,302)	0	(2,055)
Other (in shares)				24,831
Ending balance at Sep. 30, 2022	5,396	120,381	1,690,813	$ (631,853)	(230,223)	954,514
Ending balance (in shares) at Sep. 30, 2022				12,058,773
Beginning balance at Jun. 30, 2022	5,396	116,596	1,672,000	$ (631,853)	(203,172)	958,967
Beginning balance (in shares) at Jun. 30, 2022				12,058,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	0	0	36,048	$ 0	0	36,048
Other comprehensive income (loss)	0	0	0	0	(27,051)	(27,051)
Cash dividends paid	0	0	(17,235)	0	0	(17,235)
Share-based compensation	0	3,785	0	0	0	3,785
Ending balance at Sep. 30, 2022	5,396	120,381	1,690,813	$ (631,853)	(230,223)	954,514
Ending balance (in shares) at Sep. 30, 2022				12,058,773
Beginning balance at Dec. 31, 2022	5,396	124,043	1,702,700	$ (631,853)	(200,688)	999,598
Beginning balance (in shares) at Dec. 31, 2022				12,058,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	0	0	99,227	$ 0	0	99,227
Other comprehensive income (loss)	0	0	0	0	10,153	10,153
Cash dividends paid	0	0	(51,900)	0	0	(51,900)
Share-based compensation	0	7,285	0	0	0	7,285
Non-vested stock issued upon vesting	0	(12,686)	0	$ 12,686	0	0
Non-vested stock issued upon vesting (in shares)				(242,110)
Benefit plans	0	375	0	$ 952	0	1,327
Benefit plans (in shares)				(18,172)
Other	0	(2,242)	0	$ (5,792)	0	(8,034)
Other (in shares)				110,549
Ending balance at Sep. 30, 2023	5,396	116,775	1,750,027	$ (624,007)	(190,535)	1,057,656
Ending balance (in shares) at Sep. 30, 2023				11,909,040
Beginning balance at Jun. 30, 2023	5,396	114,330	1,735,807	$ (624,048)	(177,221)	1,054,264
Beginning balance (in shares) at Jun. 30, 2023				11,909,833
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	0	0	31,543	$ 0	0	31,543
Other comprehensive income (loss)	0	0	0	0	(13,314)	(13,314)
Cash dividends paid	0	0	(17,323)	0	0	(17,323)
Share-based compensation	0	2,519	0	0	0	2,519
Non-vested stock issued upon vesting	0	(67)	0	$ 67	0	0
Non-vested stock issued upon vesting (in shares)				(1,285)
Other	0	(7)	0	$ (26)	0	(33)
Other (in shares)				492
Ending balance at Sep. 30, 2023	$ 5,396	$ 116,775	$ 1,750,027	$ (624,007)	$ (190,535)	$ 1,057,656
Ending balance (in shares) at Sep. 30, 2023				11,909,040

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]
Cash dividends per share (in dollars per share)	$ 0.41	$ 0.41	$ 1.23	$ 1.23

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2023
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) that are necessary to present fairly the financial position of the Company as of September 30, 2023, and the results of operations, comprehensive income, and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. 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. Please refer to the notes in the Company’s annual consolidated financial statements for the year ended December 31, 2022, for additional details of the Company’s financial condition and a description of the Company’s accounting policies, which have been continued without change.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2023
Acquisition [Abstract]
Acquisition	2. Acquisition On October 3, 2022, the Company acquired Endemix Doğal Maddeler A.Ş. Teknoloji Yatırımları ve Danışmanlık Sanayi ve Ticaret A.Ş.

Trade Accounts Receivable

Trade Accounts Receivable	9 Months Ended
	Sep. 30, 2023
Trade Accounts Receivable [Abstract]
Trade Accounts Receivable	3 . Trade Accounts Receivable Trade accounts receivables are recorded at their face amount, less an allowance for expected losses on doubtful accounts. The allowance for doubtful accounts is calculated based on customer-specific analysis and an aging methodology using historical loss information. The Company believes historical loss information is a reasonable basis for expected credit losses as the Company’s historical credit loss experience correlates with its customer delinquency status. This information is also adjusted for any known current economic conditions. Forecasted economic conditions have not had a significant impact on the current credit loss estimate due to the short-term nature of the Company’s customer receivables; however, the Company will continue to monitor and evaluate as economic conditions change. Additionally, as the Company only has one portfolio segment, there are not different risks between portfolios. Specific accounts are written off against the allowance for doubtful accounts when the receivable is deemed no longer collectible. The following table summarizes the changes in the allowance for doubtful accounts during the three and nine month periods ended September 30, 2023 and 2022: (In thousands) Three Months Ended September 30, 2023 Allowance for Doubtful Accounts Balance at June 30, 2023 $ 4,293 Provision for expected credit losses 13 Accounts written off (244 ) Translation and other activity (76 ) Balance at September 30, 2023 $ 3,986 (In thousands) Three Months Ended September 30, 2022 Allowance for Doubtful Accounts Balance at June 30, 2022 $ 4,494 Provision for expected credit losses 51 Accounts written off (33 ) Translation and other activity (105 ) Balance at September 30, 2022 $ 4,407 (In thousands) Nine Months Ended September 30, 2023 Allowance for Doubtful Accounts Balance at December 31, 2022 $ 4,436 Provision for expected credit losses 504 Accounts written off (1,051 ) Translation and other activity 97 Balance at September 30, 2023 $ 3,986 (In thousands) Nine Months Ended September 30, 2022 Allowance for Doubtful Accounts Balance at December 31, 2021 $ 4,877 Provision for expected credit losses 883 Accounts written off (1,129 ) Translation and other activity (224 ) Balance at September 30, 2022 $ 4,407

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventories [Abstract]
Inventories	4. Inventories At September 30, 2023, and December 31, 2022, inventories included finished and in-process products totaling $414.8 million and $385.2 million, respectively, and raw materials and supplies of $172.2 million and $178.9 million, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt [Abstract]
Debt	5. Debt On May 31, 2023, the Company entered into an agreement to issue $75 million and €40 million in five-year, fixed-rate, senior notes at coupon rates of 4.94% and 4.15%, respectively. The notes were issued on May 31, 2023, and proceeds have been used to repay a portion of existing indebtedness under the Company’s Third Amended and Restated Credit Agreement, as amended. The notes will mature in May 2028 On August 31, 2023, the Company entered into Amendment No. 10 (Amendment) to the Receivables Purchase Agreement, dated as of October 3, 2016. The Amendment extended the termination date from August 31, 2023 to August 30, 2024.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value [Abstract]
Fair Value	6. Fair Value Accounting Standards Codification 820, Fair Value Measurement September September September September

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Information [Abstract]
Segment Information	7 . Segment Information The Company evaluates performance based on operating income before share-based compensation, interest expense, and income taxes (segment operating income). Total revenue and segment operating income by business segment and geographic region include both sales to customers, as reported in the Company’s Consolidated Statements of Earnings, and intersegment sales, which are accounted for at prices that approximate market prices and are eliminated in consolidation. The Company determines its operating segments based on information utilized by its chief operating decision maker to allocate resources and assess performance. The Company’s three reportable segments are the Flavors & Extracts and Color segments, which are both managed on a product line basis, and the Asia Pacific segment, which is managed on a geographic basis. The Company’s Flavors & Extracts segment produces flavor, extracts, and essential oils products that impart a desired taste, texture, aroma, or other characteristics to a broad range of consumer and other products. The Color segment produces natural and synthetic color systems for use in foods, beverages, pharmaceuticals, and nutraceuticals; colors and other ingredients for personal care, such as active ingredients, solubilizers, and surface treated pigments; pharmaceutical and nutraceutical excipients, such as colors, flavors, coatings, and nutraceutical ingredients; and technical colors for industrial applications. The Asia Pacific segment is managed on a geographic basis and produces and distributes color, flavor, and essential oils products in the Asia Pacific countries. The Company’s corporate expenses and share-based compensation are included in the “Corporate & Other” category. Operating results by segment for the periods presented are as follows: (In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated Three months ended September 30 2023 Revenue from external customers $ 185,029 $ 142,026 $ 36,774 $ - $ 363,829 Intersegment revenue 5,968 2,913 - - 8,881 Total revenue $ 190,997 $ 144,939 $ 36,774 $ - $ 372,710 Operating income (loss) $ 23,078 $ 22,925 $ 8,095 $ (9,567 ) $ 44,531 Interest expense - - - 6,294 6,294 Earnings (loss) before income taxes $ 23,078 $ 22,925 $ 8,095 $ (15,861 ) $ 38,237 Three months ended September 30 2022 Revenue from external customers $ 181,397 $ 144,570 $ 35,109 $ - $ 361,076 Intersegment revenue 5,649 6,899 112 - 12,660 Total revenue $ 187,046 $ 151,469 $ 35,221 $ - $ 373,736 Operating income (loss) $ 26,337 $ 28,200 $ 6,952 $ (13,996 ) $ 47,493 Interest expense - - - 3,672 3,672 Earnings (loss) before income taxes $ 26,337 $ 28,200 $ 6,952 $ (17,668 ) $ 43,821 (In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated Nine September 30 2023 Revenue from external customers $ 538,753 $ 455,507 $ 112,888 $ - $ 1,107,148 Intersegment revenue 19,380 11,056 - - 30,436 Total revenue $ 558,133 $ 466,563 $ 112,888 $ - $ 1,137,584 Operating income (loss) $ 69,714 $ 84,027 $ 24,911 $ (31,692 ) $ 146,960 Interest expense - - - 18,648 18,648 Earnings (loss) before income taxes $ 69,714 $ 84,027 $ 24,911 $ (50,340 ) $ 128,312 Nine September 30 2022 Revenue from external customers $ 539,014 $ 440,568 $ 108,721 $ - $ 1,088,303 Intersegment revenue 20,096 15,607 293 - 35,996 Total revenue $ 559,110 $ 456,175 $ 109,014 $ - $ 1,124,299 Operating income (loss) $ 83,929 $ 90,035 $ 22,877 $ (41,315 ) $ 155,526 Interest expense - - - 9,748 9,748 Earnings (loss) before income taxes $ 83,929 $ 90,035 $ 22,877 $ (51,063 ) $ 145,778 Product Lines (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Three months ended September 30 2023 Flavors, Extracts & Flavor Ingredients $ 124,697 $ - $ - $ 124,697 Natural Ingredients 66,300 - - 66,300 Food & Pharmaceutical Colors - 107,723 - 107,723 Personal Care - 37,216 - 37,216 Asia Pacific - - 36,774 36,774 Intersegment Revenue (5,968 ) (2,913 ) - (8,881 ) Total revenue from external customers $ 185,029 $ 142,026 $ 36,774 $ 363,829 Three months ended September 30 2022 Flavors, Extracts & Flavor Ingredients $ 123,945 $ - $ - $ 123,945 Natural Ingredients 63,101 - - 63,101 Food & Pharmaceutical Colors - 111,194 - 111,194 Personal Care - 39,689 - 39,689 Inks - 586 - 586 Asia Pacific - - 35,221 35,221 Intersegment Revenue (5,649 ) (6,899 ) (112 ) (12,660 ) Total revenue from external customers $ 181,397 $ 144,570 $ 35,109 $ 361,076 (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Nine September 30 2023 Flavors, Extracts & Flavor Ingredients $ 383,210 $ - $ - $ 383,210 Natural Ingredients 174,923 - - 174,923 Food & Pharmaceutical Colors - 346,635 - 346,635 Personal Care - 119,928 - 119,928 Asia Pacific - - 112,888 112,888 Intersegment Revenue (19,380 ) (11,056 ) - (30,436 ) Total revenue from external customers $ 538,753 $ 455,507 $ 112,888 $ 1,107,148 Nine months ended September 30, 2022: Flavors, Extracts & Flavor Ingredients $ 381,041 $ - $ - $ 381,041 Natural Ingredients 178,069 - - 178,069 Food & Pharmaceutical Colors - 328,087 - 328,087 Personal Care - 126,651 - 126,651 Inks - 1,437 - 1,437 Asia Pacific - - 109,014 109,014 Intersegment Revenue (20,096 ) (15,607 ) (293 ) (35,996 ) Total revenue from external customers $ 539,014 $ 440,568 $ 108,721 $ 1,088,303 Geographic Markets (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Three months ended September 30 2023 North America $ 147,992 $ 75,417 $ - $ 223,409 Europe 25,298 36,816 57 62,171 Asia Pacific 4,881 13,344 35,791 54,016 Other 6,858 16,449 926 24,233 Total revenue from external customers $ 185,029 $ 142,026 $ 36,774 $ 363,829 Three months ended September 30 2022 North America $ 142,097 $ 74,220 $ 27 $ 216,344 Europe 26,795 34,591 44 61,430 Asia Pacific 7,091 16,770 34,433 58,294 Other 5,414 18,989 605 25,008 Total revenue from external customers $ 181,397 $ 144,570 $ 35,109 $ 361,076 (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Nine September 30 2023 North America $ 417,095 $ 231,348 $ 124 $ 648,567 Europe 86,092 124,465 184 210,741 Asia Pacific 16,372 47,801 110,380 174,553 Other 19,194 51,893 2,200 73,287 Total revenue from external customers $ 538,753 $ 455,507 $ 112,888 $ 1,107,148 Nine September 30 2022 North America $ 407,684 $ 223,508 $ 87 $ 631,279 Europe 90,565 116,184 175 206,924 Asia Pacific 23,628 49,199 105,222 178,049 Other 17,137 51,677 3,237 72,051 Total revenue from external customers $ 539,014 $ 440,568 $ 108,721 $ 1,088,303

Retirement Plans

Retirement Plans	9 Months Ended
	Sep. 30, 2023
Retirement Plans [Abstract]
Retirement Plans	8. 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 September 30, Nine Months Ended September 30 (In thousands) 2023 2022 2023 2022 Service cost $ 372 $ 404 $ 1,111 $ 1,219 Interest cost 415 235 1,237 719 Expected return on plan assets (248 ) (194 ) (732 ) (598 ) Recognized actuarial loss (138 ) 12 (415 ) 36 Total defined benefit expense $ 401 $ 457 $ 1,201 $ 1,376 The Company’s non-service cost portion of defined benefit expense is recorded in Interest Expense Selling and Administrative Expenses

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activity [Abstract]
Derivative Instruments and Hedging Activity	9. Derivative Instruments and Hedging Activity The Company may use forward exchange contracts and foreign currency denominated debt to manage its exposure to foreign exchange risk in order to reduce the effect of fluctuating foreign currencies on short-term foreign currency denominated intercompany transactions, non-functional currency raw material purchases, non-functional currency sales, and other known foreign currency exposures. These forward exchange contracts generally have maturities of less than 18 months. The Company’s primary hedging activities and their accounting treatment are summarized below. Forward exchange contracts of forward exchange contracts designated as cash flow hedges outstanding as of September 30, 2023 and December 31, 2022, respectively. For the three months ended September 30, 2023, gains of $0.8 million were reclassified into net earnings in the Company’s Consolidated Statement of Earnings that offset the underlying transactions’ impact on earnings in the same period. For the three months ended September 30, 2022, amounts reclassified into net earnings in the Company’s Consolidated Statement of Earnings that offset the underlying transactions’ impact on earnings in the same period were not material. For the nine months ended September 30, 2023 and 2022, gains of $1.4 million and $0.6 million, respectively, were reclassified into net earnings in the Company’s Consolidated Statement of Earnings that offset the underlying transactions’ impact on earnings in the same period. In addition, the Company utilizes forward exchange contracts that are not designated as cash flow hedges. The results of these transactions were not material to the financial statements of the Company. Net investment hedges – The Company has designated certain foreign currency denominated long-term borrowings as partial hedges of the Company’s foreign currency net asset positions. As of September 30, 2023 and December 31, 2022 September 30, 2023 and 2022, For the nine months ended September 30, 2023 and 2022,

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Taxes [Abstract]
Income Taxes	10. Income Taxes The effective income tax ra tes for the three months ended September 30, 2023 and 2022, were 17.5% and 17.7%, respectively. For the nine months ended September 30, 2023 and 2022, the effective income tax rates were 22.7% and 23.3%, respectively. The effective tax rates for the three and nine months ended September 30, 2023 and 2022, were impacted by changes in estimates associated with changes in valuation allowances, the finalization of prior year foreign tax items, and the mix of foreign earnings.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2023
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	11. Accumulated Other Comprehensive Income The following table summarizes the changes in OCI during the three and nine month periods ended September 30, 2023 and 2022: (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at December 31, 2022 $ (599 ) $ (1,792 ) $ (198,297 ) $ (200,688 ) Other comprehensive income before reclassifications 2,974 - 8,977 11,951 Amounts reclassified from OCI (1,432 ) (366 ) - (1,798 ) Balances at September 30 2023 $ 943 $ (2,158 ) $ (189,320 ) $ (190,535 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at June 30, 2023 $ 1,997 $ (2,036 ) $ (177,182 ) $ (177,221 ) Other comprehensive loss before reclassifications (239 ) - (12,138 ) (12,377 ) Amounts reclassified from OCI (815 ) (122 ) - (937 ) Balances at September 30 2023 $ 943 $ (2,158 ) $ (189,320 ) $ (190,535 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at December 31, 2021 $ 206 $ (353 ) $ (174,481 ) $ (174,628 ) Other comprehensive income (loss) before reclassifications 516 - (55,514 ) (54,998 ) Amounts reclassified from OCI (621 ) 24 - (597 ) Balances at September 30 2022 $ 101 $ (329 ) $ (229,995 ) $ (230,223 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at June 30, 2022 $ (152 ) $ (337 ) $ (202,683 ) $ (203,172 ) Other comprehensive income (loss) before reclassifications 380 - (27,312 ) (26,932 ) Amounts reclassified from OCI (127 ) 8 - (119 ) Balances at September 30 2022 $ 101 $ (329 ) $ (229,995 ) $ (230,223 ) (1) Cash Flow Hedges and Pension Items are net of tax.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On October 19, 2023, the Company announced its quarterly dividend of $0.41 per share would be payable on December 1, 2023.

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting	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.

Trade Accounts Receivable (Tabl

Trade Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2023
Trade Accounts Receivable [Abstract]
Changes in Allowance for Doubtful Accounts	The following table summarizes the changes in the allowance for doubtful accounts during the three and nine month periods ended September 30, 2023 and 2022: (In thousands) Three Months Ended September 30, 2023 Allowance for Doubtful Accounts Balance at June 30, 2023 $ 4,293 Provision for expected credit losses 13 Accounts written off (244 ) Translation and other activity (76 ) Balance at September 30, 2023 $ 3,986 (In thousands) Three Months Ended September 30, 2022 Allowance for Doubtful Accounts Balance at June 30, 2022 $ 4,494 Provision for expected credit losses 51 Accounts written off (33 ) Translation and other activity (105 ) Balance at September 30, 2022 $ 4,407 (In thousands) Nine Months Ended September 30, 2023 Allowance for Doubtful Accounts Balance at December 31, 2022 $ 4,436 Provision for expected credit losses 504 Accounts written off (1,051 ) Translation and other activity 97 Balance at September 30, 2023 $ 3,986 (In thousands) Nine Months Ended September 30, 2022 Allowance for Doubtful Accounts Balance at December 31, 2021 $ 4,877 Provision for expected credit losses 883 Accounts written off (1,129 ) Translation and other activity (224 ) Balance at September 30, 2022 $ 4,407

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Information [Abstract]
Operating Results by Segment	Operating results by segment for the periods presented are as follows: (In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated Three months ended September 30 2023 Revenue from external customers $ 185,029 $ 142,026 $ 36,774 $ - $ 363,829 Intersegment revenue 5,968 2,913 - - 8,881 Total revenue $ 190,997 $ 144,939 $ 36,774 $ - $ 372,710 Operating income (loss) $ 23,078 $ 22,925 $ 8,095 $ (9,567 ) $ 44,531 Interest expense - - - 6,294 6,294 Earnings (loss) before income taxes $ 23,078 $ 22,925 $ 8,095 $ (15,861 ) $ 38,237 Three months ended September 30 2022 Revenue from external customers $ 181,397 $ 144,570 $ 35,109 $ - $ 361,076 Intersegment revenue 5,649 6,899 112 - 12,660 Total revenue $ 187,046 $ 151,469 $ 35,221 $ - $ 373,736 Operating income (loss) $ 26,337 $ 28,200 $ 6,952 $ (13,996 ) $ 47,493 Interest expense - - - 3,672 3,672 Earnings (loss) before income taxes $ 26,337 $ 28,200 $ 6,952 $ (17,668 ) $ 43,821 (In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated Nine September 30 2023 Revenue from external customers $ 538,753 $ 455,507 $ 112,888 $ - $ 1,107,148 Intersegment revenue 19,380 11,056 - - 30,436 Total revenue $ 558,133 $ 466,563 $ 112,888 $ - $ 1,137,584 Operating income (loss) $ 69,714 $ 84,027 $ 24,911 $ (31,692 ) $ 146,960 Interest expense - - - 18,648 18,648 Earnings (loss) before income taxes $ 69,714 $ 84,027 $ 24,911 $ (50,340 ) $ 128,312 Nine September 30 2022 Revenue from external customers $ 539,014 $ 440,568 $ 108,721 $ - $ 1,088,303 Intersegment revenue 20,096 15,607 293 - 35,996 Total revenue $ 559,110 $ 456,175 $ 109,014 $ - $ 1,124,299 Operating income (loss) $ 83,929 $ 90,035 $ 22,877 $ (41,315 ) $ 155,526 Interest expense - - - 9,748 9,748 Earnings (loss) before income taxes $ 83,929 $ 90,035 $ 22,877 $ (51,063 ) $ 145,778
Product Lines	Product Lines (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Three months ended September 30 2023 Flavors, Extracts & Flavor Ingredients $ 124,697 $ - $ - $ 124,697 Natural Ingredients 66,300 - - 66,300 Food & Pharmaceutical Colors - 107,723 - 107,723 Personal Care - 37,216 - 37,216 Asia Pacific - - 36,774 36,774 Intersegment Revenue (5,968 ) (2,913 ) - (8,881 ) Total revenue from external customers $ 185,029 $ 142,026 $ 36,774 $ 363,829 Three months ended September 30 2022 Flavors, Extracts & Flavor Ingredients $ 123,945 $ - $ - $ 123,945 Natural Ingredients 63,101 - - 63,101 Food & Pharmaceutical Colors - 111,194 - 111,194 Personal Care - 39,689 - 39,689 Inks - 586 - 586 Asia Pacific - - 35,221 35,221 Intersegment Revenue (5,649 ) (6,899 ) (112 ) (12,660 ) Total revenue from external customers $ 181,397 $ 144,570 $ 35,109 $ 361,076 (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Nine September 30 2023 Flavors, Extracts & Flavor Ingredients $ 383,210 $ - $ - $ 383,210 Natural Ingredients 174,923 - - 174,923 Food & Pharmaceutical Colors - 346,635 - 346,635 Personal Care - 119,928 - 119,928 Asia Pacific - - 112,888 112,888 Intersegment Revenue (19,380 ) (11,056 ) - (30,436 ) Total revenue from external customers $ 538,753 $ 455,507 $ 112,888 $ 1,107,148 Nine months ended September 30, 2022: Flavors, Extracts & Flavor Ingredients $ 381,041 $ - $ - $ 381,041 Natural Ingredients 178,069 - - 178,069 Food & Pharmaceutical Colors - 328,087 - 328,087 Personal Care - 126,651 - 126,651 Inks - 1,437 - 1,437 Asia Pacific - - 109,014 109,014 Intersegment Revenue (20,096 ) (15,607 ) (293 ) (35,996 ) Total revenue from external customers $ 539,014 $ 440,568 $ 108,721 $ 1,088,303
Geographical Markets	Geographic Markets (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Three months ended September 30 2023 North America $ 147,992 $ 75,417 $ - $ 223,409 Europe 25,298 36,816 57 62,171 Asia Pacific 4,881 13,344 35,791 54,016 Other 6,858 16,449 926 24,233 Total revenue from external customers $ 185,029 $ 142,026 $ 36,774 $ 363,829 Three months ended September 30 2022 North America $ 142,097 $ 74,220 $ 27 $ 216,344 Europe 26,795 34,591 44 61,430 Asia Pacific 7,091 16,770 34,433 58,294 Other 5,414 18,989 605 25,008 Total revenue from external customers $ 181,397 $ 144,570 $ 35,109 $ 361,076 (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Nine September 30 2023 North America $ 417,095 $ 231,348 $ 124 $ 648,567 Europe 86,092 124,465 184 210,741 Asia Pacific 16,372 47,801 110,380 174,553 Other 19,194 51,893 2,200 73,287 Total revenue from external customers $ 538,753 $ 455,507 $ 112,888 $ 1,107,148 Nine September 30 2022 North America $ 407,684 $ 223,508 $ 87 $ 631,279 Europe 90,565 116,184 175 206,924 Asia Pacific 23,628 49,199 105,222 178,049 Other 17,137 51,677 3,237 72,051 Total revenue from external customers $ 539,014 $ 440,568 $ 108,721 $ 1,088,303

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Plans [Abstract]
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 September 30, Nine Months Ended September 30 (In thousands) 2023 2022 2023 2022 Service cost $ 372 $ 404 $ 1,111 $ 1,219 Interest cost 415 235 1,237 719 Expected return on plan assets (248 ) (194 ) (732 ) (598 ) Recognized actuarial loss (138 ) 12 (415 ) 36 Total defined benefit expense $ 401 $ 457 $ 1,201 $ 1,376

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2023
Accumulated Other Comprehensive Income [Abstract]
Changes in OCI	The following table summarizes the changes in OCI during the three and nine month periods ended September 30, 2023 and 2022: (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at December 31, 2022 $ (599 ) $ (1,792 ) $ (198,297 ) $ (200,688 ) Other comprehensive income before reclassifications 2,974 - 8,977 11,951 Amounts reclassified from OCI (1,432 ) (366 ) - (1,798 ) Balances at September 30 2023 $ 943 $ (2,158 ) $ (189,320 ) $ (190,535 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at June 30, 2023 $ 1,997 $ (2,036 ) $ (177,182 ) $ (177,221 ) Other comprehensive loss before reclassifications (239 ) - (12,138 ) (12,377 ) Amounts reclassified from OCI (815 ) (122 ) - (937 ) Balances at September 30 2023 $ 943 $ (2,158 ) $ (189,320 ) $ (190,535 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at December 31, 2021 $ 206 $ (353 ) $ (174,481 ) $ (174,628 ) Other comprehensive income (loss) before reclassifications 516 - (55,514 ) (54,998 ) Amounts reclassified from OCI (621 ) 24 - (597 ) Balances at September 30 2022 $ 101 $ (329 ) $ (229,995 ) $ (230,223 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at June 30, 2022 $ (152 ) $ (337 ) $ (202,683 ) $ (203,172 ) Other comprehensive income (loss) before reclassifications 380 - (27,312 ) (26,932 ) Amounts reclassified from OCI (127 ) 8 - (119 ) Balances at September 30 2022 $ 101 $ (329 ) $ (229,995 ) $ (230,223 ) (1) Cash Flow Hedges and Pension Items are net of tax.

Acquisition (Details)

Acquisition (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 03, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Acquisition [Abstract]
Acquisition of new businesses		$ 0	$ 1,048
Goodwill		$ 415,618		$ 415,715
Endemix [Member]
Acquisition [Abstract]
Acquisition of new businesses	$ 23,300
Debt assumed	1,300
Amount of cash held back for indemnification claims	1,700
Period for cash to be held back for post-closing working capital adjustments and indemnification claims		12 months
Net assets acquired	8,900
Goodwill	9,500
Endemix [Member] | Technological Know-how and Customer Relationships [Member]
Acquisition [Abstract]
Intangibles assets acquired	$ 4,900

Trade Accounts Receivable (Deta

Trade Accounts Receivable (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Segment	Sep. 30, 2022 USD ($)
Trade Accounts Receivable [Abstract]
Number of portfolio segments | Segment			1
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 4,293	$ 4,494	$ 4,436	$ 4,877
Provision for expected credit losses	13	51	504	883
Accounts written off	(244)	(33)	(1,051)	(1,129)
Translation and other activity	(76)	(105)	97	(224)
Ending balance	$ 3,986	$ 4,407	$ 3,986	$ 4,407

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventories [Abstract]
Finished and in-process products	$ 414.8	$ 385.2
Raw materials and supplies	$ 172.2	$ 178.9

Debt (Details)

Debt (Details) - Senior Notes [Member] € in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023	May 31, 2023 USD ($)	May 31, 2023 EUR (€)
Long term debt [Abstract]
Debt term	5 years
Maturity date	May 31, 2028
Dollar [Member]
Long term debt [Abstract]
Senior notes | $		$ 75
Interest rate, stated percentage		4.94%	4.94%
Euro [Member]
Long term debt [Abstract]
Senior notes | €			€ 40
Interest rate, stated percentage		4.15%	4.15%

Debt, Amendment No. 10 to the R

Debt, Amendment No. 10 to the Receivables Purchase Agreement (Details)	9 Months Ended
	Sep. 30, 2023
Minimum [Member]
Schedule of Long-Term Debt [Abstract]
Maturity date	Aug. 31, 2023
Maximum [Member]
Schedule of Long-Term Debt [Abstract]
Maturity date	Aug. 30, 2024

Fair Value (Details)

Fair Value (Details) - Level 2 [Member] - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments, Fair Value Disclosure [Abstract]
Forward exchange contract, asset	$ 1
Foreign currency contracts, liability		$ 0.2
Carrying Value [Member]
Investments, Fair Value Disclosure [Abstract]
Long term debt	648.8	630.8
Fair Value [Member]
Investments, Fair Value Disclosure [Abstract]
Long term debt	$ 639.5	$ 622.2

Segment Information, Operating

Segment Information, Operating Results by Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Segment	Sep. 30, 2022 USD ($)
Segment Information [Abstract]
Number of reportable segments | Segment			3
Revenue [Abstract]
Revenue	$ 363,829	$ 361,076	$ 1,107,148	$ 1,088,303
Operating income (loss)	44,531	47,493	146,960	155,526
Interest expense	6,294	3,672	18,648	9,748
Earnings before income taxes	38,237	43,821	128,312	145,778
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	185,029	181,397	538,753	539,014
Operating income (loss)	23,078	26,337	69,714	83,929
Interest expense	0	0	0	0
Earnings before income taxes	23,078	26,337	69,714	83,929
Color [Member]
Revenue [Abstract]
Revenue	142,026	144,570	455,507	440,568
Operating income (loss)	22,925	28,200	84,027	90,035
Interest expense	0	0	0	0
Earnings before income taxes	22,925	28,200	84,027	90,035
Asia Pacific [Member]
Revenue [Abstract]
Revenue	36,774	35,109	112,888	108,721
Operating income (loss)	8,095	6,952	24,911	22,877
Interest expense	0	0	0	0
Earnings before income taxes	8,095	6,952	24,911	22,877
Reportable Segments [Member]
Revenue [Abstract]
Revenue	372,710	373,736	1,137,584	1,124,299
Reportable Segments [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	190,997	187,046	558,133	559,110
Reportable Segments [Member] | Color [Member]
Revenue [Abstract]
Revenue	144,939	151,469	466,563	456,175
Reportable Segments [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	36,774	35,221	112,888	109,014
Intersegment Revenue [Member]
Revenue [Abstract]
Revenue	8,881	12,660	30,436	35,996
Intersegment Revenue [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	5,968	5,649	19,380	20,096
Intersegment Revenue [Member] | Color [Member]
Revenue [Abstract]
Revenue	2,913	6,899	11,056	15,607
Intersegment Revenue [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	0	112	0	293
Corporate & Other [Member] | Corporate and Other [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Operating income (loss)	(9,567)	(13,996)	(31,692)	(41,315)
Interest expense	6,294	3,672	18,648	9,748
Earnings before income taxes	$ (15,861)	$ (17,668)	$ (50,340)	$ (51,063)

Segment Information, Revenue fr

Segment Information, Revenue from External Customers by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue [Abstract]
Revenue	$ 363,829	$ 361,076	$ 1,107,148	$ 1,088,303
Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue	124,697	123,945	383,210	381,041
Natural Ingredients [Member]
Revenue [Abstract]
Revenue	66,300	63,101	174,923	178,069
Food & Pharmaceutical Colors [Member]
Revenue [Abstract]
Revenue	107,723	111,194	346,635	328,087
Personal Care [Member]
Revenue [Abstract]
Revenue	37,216	39,689	119,928	126,651
Inks [Member]
Revenue [Abstract]
Revenue		586		1,437
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	185,029	181,397	538,753	539,014
Flavors & Extracts [Member] | Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue	124,697	123,945	383,210	381,041
Flavors & Extracts [Member] | Natural Ingredients [Member]
Revenue [Abstract]
Revenue	66,300	63,101	174,923	178,069
Flavors & Extracts [Member] | Food & Pharmaceutical Colors [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Flavors & Extracts [Member] | Personal Care [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Flavors & Extracts [Member] | Inks [Member]
Revenue [Abstract]
Revenue		0		0
Color [Member]
Revenue [Abstract]
Revenue	142,026	144,570	455,507	440,568
Color [Member] | Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Color [Member] | Natural Ingredients [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Color [Member] | Food & Pharmaceutical Colors [Member]
Revenue [Abstract]
Revenue	107,723	111,194	346,635	328,087
Color [Member] | Personal Care [Member]
Revenue [Abstract]
Revenue	37,216	39,689	119,928	126,651
Color [Member] | Inks [Member]
Revenue [Abstract]
Revenue		586		1,437
Asia Pacific [Member]
Revenue [Abstract]
Revenue	36,774	35,109	112,888	108,721
Asia Pacific [Member] | Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Asia Pacific [Member] | Natural Ingredients [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Asia Pacific [Member] | Food & Pharmaceutical Colors [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Asia Pacific [Member] | Personal Care [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Asia Pacific [Member] | Inks [Member]
Revenue [Abstract]
Revenue		0		0
Reportable Segments [Member]
Revenue [Abstract]
Revenue	372,710	373,736	1,137,584	1,124,299
Reportable Segments [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	190,997	187,046	558,133	559,110
Reportable Segments [Member] | Color [Member]
Revenue [Abstract]
Revenue	144,939	151,469	466,563	456,175
Reportable Segments [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	36,774	35,221	112,888	109,014
Intersegment Revenue [Member]
Revenue [Abstract]
Revenue	8,881	12,660	30,436	35,996
Intersegment Revenue [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	5,968	5,649	19,380	20,096
Intersegment Revenue [Member] | Color [Member]
Revenue [Abstract]
Revenue	2,913	6,899	11,056	15,607
Intersegment Revenue [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	$ 0	$ 112	$ 0	$ 293

Segment Information, Revenue _2

Segment Information, Revenue from External Customers by Geographic Markets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue [Abstract]
Revenue	$ 363,829	$ 361,076	$ 1,107,148	$ 1,088,303
North America [Member]
Revenue [Abstract]
Revenue	223,409	216,344	648,567	631,279
Europe [Member]
Revenue [Abstract]
Revenue	62,171	61,430	210,741	206,924
Asia Pacific [Member]
Revenue [Abstract]
Revenue	54,016	58,294	174,553	178,049
Other [Member]
Revenue [Abstract]
Revenue	24,233	25,008	73,287	72,051
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	185,029	181,397	538,753	539,014
Color [Member]
Revenue [Abstract]
Revenue	142,026	144,570	455,507	440,568
Asia Pacific [Member]
Revenue [Abstract]
Revenue	36,774	35,109	112,888	108,721
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | North America [Member]
Revenue [Abstract]
Revenue	147,992	142,097	417,095	407,684
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Europe [Member]
Revenue [Abstract]
Revenue	25,298	26,795	86,092	90,565
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	4,881	7,091	16,372	23,628
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Other [Member]
Revenue [Abstract]
Revenue	6,858	5,414	19,194	17,137
Reportable Geographical Components [Member] | Color [Member] | North America [Member]
Revenue [Abstract]
Revenue	75,417	74,220	231,348	223,508
Reportable Geographical Components [Member] | Color [Member] | Europe [Member]
Revenue [Abstract]
Revenue	36,816	34,591	124,465	116,184
Reportable Geographical Components [Member] | Color [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	13,344	16,770	47,801	49,199
Reportable Geographical Components [Member] | Color [Member] | Other [Member]
Revenue [Abstract]
Revenue	16,449	18,989	51,893	51,677
Reportable Geographical Components [Member] | Asia Pacific [Member] | North America [Member]
Revenue [Abstract]
Revenue	0	27	124	87
Reportable Geographical Components [Member] | Asia Pacific [Member] | Europe [Member]
Revenue [Abstract]
Revenue	57	44	184	175
Reportable Geographical Components [Member] | Asia Pacific [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	35,791	34,433	110,380	105,222
Reportable Geographical Components [Member] | Asia Pacific [Member] | Other [Member]
Revenue [Abstract]
Revenue	$ 926	$ 605	$ 2,200	$ 3,237

Retirement Plans (Details)

Retirement Plans (Details) - Defined Benefit Plan [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 372	$ 404	$ 1,111	$ 1,219
Interest cost	415	235	1,237	719
Expected return on plan assets	(248)	(194)	(732)	(598)
Recognized actuarial loss	(138)	12	(415)	36
Total defined benefit expense	$ 401	$ 457	$ 1,201	$ 1,376

Derivative Instruments and He_2

Derivative Instruments and Hedging Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Maximum [Member]
Derivative Instruments and Hedging Activity for the Period [Abstract]
Number of months for contracts to mature			18 months
Forward Exchange Contracts [Member] | Cash Flow Hedges [Member]
Derivative Instruments and Hedging Activity for the Period [Abstract]
Derivative, fair value	$ 16.1		$ 16.1		$ 70.1
Amount of gains reclassified into net earnings	0.8		1.4	$ 0.6
Foreign Currency Denominated Debt, Net Investment Hedging [Member]
Derivative Instruments and Hedging Activity for the Period [Abstract]
Carrying value of foreign denominated debt	328.8		328.8		$ 315.5
Impact of foreign exchange rates on debt instruments recorded in other comprehensive income	$ (11)	$ (18.4)	$ (2.8)	$ (42.4)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Taxes [Abstract]
Effective income tax rates	17.50%	17.70%	22.70%	23.30%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 1,054,264	$ 958,967	$ 999,598	$ 938,425
Other comprehensive income (loss) before reclassifications		(12,377)	(26,932)	11,951	(54,998)
Amounts reclassified from OCI		(937)	(119)	(1,798)	(597)
Ending balance		1,057,656	954,514	1,057,656	954,514
Accumulated Other Comprehensive (Loss) Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(177,221)	(203,172)	(200,688)	(174,628)
Ending balance		(190,535)	(230,223)	(190,535)	(230,223)
Cash Flow Hedges [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	1,997	(152)	(599)	206
Other comprehensive income (loss) before reclassifications	[1]	(239)	380	2,974	516
Amounts reclassified from OCI	[1]	(815)	(127)	(1,432)	(621)
Ending balance	[1]	943	101	943	101
Pension Items [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	(2,036)	(337)	(1,792)	(353)
Other comprehensive income (loss) before reclassifications	[1]	0	0	0	0
Amounts reclassified from OCI	[1]	(122)	8	(366)	24
Ending balance	[1]	(2,158)	(329)	(2,158)	(329)
Foreign Currency Items [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(177,182)	(202,683)	(198,297)	(174,481)
Other comprehensive income (loss) before reclassifications		(12,138)	(27,312)	8,977	(55,514)
Amounts reclassified from OCI		0	0	0	0
Ending balance		$ (189,320)	$ (229,995)	$ (189,320)	$ (229,995)
[1]Cash Flow Hedges and Pension Items are net of tax.

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events [Member]	Oct. 19, 2023 $ / shares
Subsequent Events [Abstract]
Dividend declared date	Oct. 19, 2023
Dividend payable (in dollars per share)	$ 0.41
Dividend payable date	Dec. 01, 2023