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 |