Sensient Technologies (SXT) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 23, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		42,374,796

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF EARNINGS [Abstract]
Revenue	$ 403,525	$ 374,313	$ 788,195	$ 743,319
Cost of products sold	272,803	252,136	530,924	496,479
Selling and administrative expenses	81,065	70,586	158,208	144,411
Operating income	49,657	51,591	99,063	102,429
Interest expense	7,653	6,352	14,698	12,354
Earnings before income taxes	42,004	45,239	84,365	90,075
Income taxes	11,072	11,206	22,493	22,391
Net earnings	$ 30,932	$ 34,033	$ 61,872	$ 67,684
Weighted average number of common shares outstanding:
Basic (in shares)	42,154	42,043	42,129	42,006
Diluted (in shares)	42,398	42,235	42,351	42,245
Earnings per common share:
Basic (in dollars per share)	$ 0.73	$ 0.81	$ 1.47	$ 1.61
Diluted (in dollars per share)	0.73	0.81	1.46	1.6
Dividends declared per common share (in dollars per share)	$ 0.41	$ 0.41	$ 0.82	$ 0.82

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Comprehensive income	$ 8,483	$ 41,199	$ 35,812	$ 91,151

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 30,339	$ 28,934
Trade accounts receivable	315,604	272,164
Inventories	553,415	598,399
Prepaid expenses and other current assets	44,897	37,119
Total current assets	944,255	936,616
Other assets	92,501	94,873
Deferred tax assets	37,171	41,564
Intangible assets, net	11,615	12,112
Goodwill	418,185	424,065
Property, Plant, and Equipment:
Land	32,752	31,901
Buildings	349,407	343,594
Machinery and equipment	798,717	781,789
Construction in progress	37,117	59,091
Property, plant, and equipment, gross	1,217,993	1,216,375
Less accumulated depreciation	(726,853)	(711,098)
Property, plant, and equipment, net	491,140	505,277
Total assets	1,994,867	2,014,507
Current Liabilities:
Trade accounts payable	107,218	131,114
Accrued salaries, wages, and withholdings from employees	33,525	26,412
Other accrued expenses	52,802	52,024
Income taxes	6,495	13,296
Short-term borrowings	26,995	13,460
Total current liabilities	227,035	236,306
Deferred tax liabilities	14,087	14,260
Other liabilities	36,435	37,817
Accrued employee and retiree benefits	24,872	27,715
Long-term debt	634,663	645,085
Shareholders' Equity:
Common stock	5,396	5,396
Additional paid-in capital	114,730	115,941
Earnings reinvested in the business	1,754,059	1,726,872
Treasury stock, at cost	(618,233)	(622,768)
Accumulated other comprehensive loss	(198,177)	(172,117)
Total shareholders' equity	1,057,775	1,053,324
Total liabilities and shareholders' equity	$ 1,994,867	$ 2,014,507

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net earnings	$ 61,872	$ 67,684
Adjustments to arrive at net cash provided by operating activities:
Depreciation and amortization	29,725	28,590
Share-based compensation expense	4,911	4,766
Net (gain) loss on assets	(195)	81
Portfolio Optimization Plan costs	1,495	0
Deferred income taxes	529	(2,643)
Changes in operating assets and liabilities:
Trade accounts receivable	(49,449)	6,062
Inventories	36,730	(16,927)
Prepaid expenses and other assets	(6,612)	3,534
Accounts payable and other accrued expenses	(22,722)	(18,329)
Accrued salaries, wages, and withholdings from employees	7,824	(19,713)
Income taxes	(6,591)	(1,998)
Other liabilities	1,429	595
Net cash provided by operating activities	58,946	51,702
Cash flows from investing activities:
Acquisition of property, plant, and equipment	(22,850)	(45,137)
Proceeds from sale of assets	296	53
Other investing activities	(336)	2,054
Net cash used in investing activities	(22,890)	(43,030)
Cash flows from financing activities:
Proceeds from additional borrowings	132,189	187,037
Debt payments	(120,571)	(143,923)
Dividends paid	(34,685)	(34,577)
Other financing activities	(3,016)	(8,003)
Net cash (used in) provided by financing activities	(26,083)	534
Effect of exchange rate changes on cash and cash equivalents	(8,568)	6,419
Net increase in cash and cash equivalents	1,405	15,625
Cash and cash equivalents at beginning of period	28,934	20,921
Cash and cash equivalents at end of period	$ 30,339	$ 36,546

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, 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	67,684	$ 0	0	67,684
Other comprehensive income (loss)	0	0	0	0	23,467	23,467
Cash dividends paid	0	0	(34,577)	0	0	(34,577)
Share-based compensation	0	4,766	0	0	0	4,766
Non-vested stock issued upon vesting	0	(12,619)	0	$ 12,619	0	0
Non-vested stock issued upon vesting (in shares)				(240,825)
Benefit plans	0	375	0	$ 952	0	1,327
Benefit plans (in shares)				(18,172)
Other	0	(2,235)	0	$ (5,766)	0	(8,001)
Other (in shares)				110,057
Ending balance at Jun. 30, 2023	5,396	114,330	1,735,807	$ (624,048)	(177,221)	1,054,264
Ending balance (in shares) at Jun. 30, 2023				11,909,833
Beginning balance at Mar. 31, 2023	5,396	112,589	1,719,096	$ (624,473)	(184,387)	1,028,221
Beginning balance (in shares) at Mar. 31, 2023				11,917,944
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	0	0	34,033	$ 0	0	34,033
Other comprehensive income (loss)	0	0	0	0	7,166	7,166
Cash dividends paid	0	0	(17,322)	0	0	(17,322)
Share-based compensation	0	2,499	0	0	0	2,499
Non-vested stock issued upon vesting	0	(663)	0	$ 663	0	0
Non-vested stock issued upon vesting (in shares)				(12,644)
Other	0	(95)	0	$ (238)	0	(333)
Other (in shares)				4,533
Ending balance at Jun. 30, 2023	5,396	114,330	1,735,807	$ (624,048)	(177,221)	1,054,264
Ending balance (in shares) at Jun. 30, 2023				11,909,833
Beginning balance at Dec. 31, 2023	5,396	115,941	1,726,872	$ (622,768)	(172,117)	1,053,324
Beginning balance (in shares) at Dec. 31, 2023				11,885,398
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	0	0	61,872	$ 0	0	61,872
Other comprehensive income (loss)	0	0	0	0	(26,060)	(26,060)
Cash dividends paid	0	0	(34,685)	0	0	(34,685)
Share-based compensation	0	4,911	0	0	0	4,911
Non-vested stock issued upon vesting	0	(5,893)	0	$ 5,893	0	0
Non-vested stock issued upon vesting (in shares)				(112,472)
Benefit plans	0	299	0	$ 1,122	0	1,421
Benefit plans (in shares)				(21,405)
Other	0	(528)	0	$ (2,480)	0	(3,008)
Other (in shares)				47,332
Ending balance at Jun. 30, 2024	5,396	114,730	1,754,059	$ (618,233)	(198,177)	1,057,775
Ending balance (in shares) at Jun. 30, 2024				11,798,853
Beginning balance at Mar. 31, 2024	5,396	112,389	1,740,500	$ (618,621)	(175,728)	1,063,936
Beginning balance (in shares) at Mar. 31, 2024				11,806,249
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	0	0	30,932	$ 0	0	30,932
Other comprehensive income (loss)	0	0	0	0	(22,449)	(22,449)
Cash dividends paid	0	0	(17,373)	0	0	(17,373)
Share-based compensation	0	2,916	0	0	0	2,916
Non-vested stock issued upon vesting	0	(528)	0	$ 528	0	0
Non-vested stock issued upon vesting (in shares)				(10,076)
Other	0	(47)	0	$ (140)	0	(187)
Other (in shares)				2,680
Ending balance at Jun. 30, 2024	$ 5,396	$ 114,730	$ 1,754,059	$ (618,233)	$ (198,177)	$ 1,057,775
Ending balance (in shares) at Jun. 30, 2024				11,798,853

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]
Cash dividends per share (in dollars per share)	$ 0.41	$ 0.41	$ 0.82	$ 0.82

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, and the results of operations, comprehensive income, and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. 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. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, Please refer to the notes in the Company’s annual consolidated financial statements for the year ended December 31, 2023, for additional details of the Company’s financial condition and a description of the Company’s accounting policies, which have been continued without change.

Portfolio Optimization Plan

Portfolio Optimization Plan	6 Months Ended
	Jun. 30, 2024
Portfolio Optimization Plan [Abstract]
Portfolio Optimization Plan	2. Portfolio Optimization Plan During the fourth quarter of 2023, the board of directors of the Company approved a plan to undertake an effort to optimize certain production facilities and improve efficiencies within the Company (Portfolio Optimization Plan). As part of the Portfolio Optimization Plan, in the Flavors & Extracts segment, the Company evaluated the closure of its manufacturing facility in Felinfach, Wales, United Kingdom, the closure of its sales office in Granada, Spain, and the centralization and elimination of certain selling and administrative positions. In addition, in the Color segment, the Company evaluated the closure of a manufacturing facility in Delta, British Columbia, Canada, the closure of a sales office in Argentina, and centralizing and eliminating certain production positions and selling and administrative positions. The Company reports all costs associated with the Portfolio Optimization Plan in the Corporate & Other segment. The Company’s Felinfach site will continue to operate until all production activities have successfully transferred to other locations, and then will be closed. The Company has substantially completed all other actions contemplated under the Portfolio Optimization Plan in accordance with local laws. The Company recorded non-cash impairment charges in Selling and Administrative Expenses The Company recorded $2.8 million and $3.7 million of accrued liabilities in Other Accrued Expenses The following table summarizes the Portfolio Optimization Plan expenses by segment for the three months ended June 30, 2024: (In thousands) Flavors & Extracts Color Corporate & Other Consolidated Non-cash impairment charges – Selling and administrative expenses $ - $ 154 $ - $ 154 Non-cash charges – Cost of products sold 283 (176 ) - 107 Employee separation – Selling and administrative expenses 240 35 - 275 Other production costs – Cost of products sold 100 - - 100 Other costs – Selling and administrative expenses (1) 743 400 (27 ) 1,116 Total $ 1,366 $ 413 $ (27 ) $ 1,752 (1) O ther costs include professional services, decommissioning costs, accelerated depreciation, accelerated lease costs, and other related cost The following table summarizes the Portfolio Optimization Plan expenses by segment for the six months ended June 30, 2024: (In thousands) Flavors & Extracts Color Corporate & Other Consolidated Non-cash impairment charges – Selling and administrative expenses $ - $ 1,129 $ - $ 1,129 Non-cash charges – Cost of products sold 408 (194 ) - 214 Employee separation – Selling and administrative expenses 851 526 28 1,405 Other production costs – Cost of products sold 100 - - 100 Other costs – Selling and administrative expenses (1) 1,059 684 (27 ) 1,716 Total $ 2,418 $ 2,145 $ 1 $ 4,564 (1) Other costs include professional services, decommissioning costs, accelerated depreciation, accelerated lease costs, and other related costs.

Trade Accounts Receivable

Trade Accounts Receivable	6 Months Ended
	Jun. 30, 2024
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 six month periods ended June 30, 2024 and 2023: (In thousands) Three Months Ended June 30, 2024 Allowance for Doubtful Accounts Balance at March 31, 2024 $ 3,882 Provision for expected credit losses 496 Accounts written off (5 ) Translation and other activity (98 ) Balance at June 30, 2024 $ 4,275 (In thousands) Three Months Ended June 30, 2023 Allowance for Doubtful Accounts Balance at March 31, 2023 $ 4,045 Provision for expected credit losses 371 Accounts written off (193 ) Translation and other activity 70 Balance at June 30, 2023 $ 4,293 (In thousands) Six Months Ended June 30, 2024 Allowance for Doubtful Accounts Balance at December 31, 2023 $ 4,373 Provision for expected credit losses 803 Accounts written off (752 ) Translation and other activity (149 ) Balance at June 30, 2024 $ 4,275 (In thousands) Six Months Ended June 30, 2023 Allowance for Doubtful Accounts Balance at December 31, 2022 $ 4,436 Provision for expected credit losses 491 Accounts written off (807 ) Translation and other activity 173 Balance at June 30, 2023 $ 4,293

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventories [Abstract]
Inventories	4. Inventories At June 30, 2024, and December 31, 2023, inventories included finished and in-process products totaling $407.1 million and $437.1 million, respectively, and raw materials and supplies of $146.4 million and $161.3 million, respectively.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
Fair Value [Abstract]
Fair Value	5. Fair Value Accounting Standards Codification 820, Fair Value Measurement June 30, 2024 June 30, 2024 June 30, 2024 June 30, 2024

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Information [Abstract]
Segment Information	6 . Segment Information The Company evaluates performance based on operating income before share-based compensation; restructuring and other charges, including Portfolio Optimization Plan costs; 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, share-based compensation, and restructuring and other charges, including Portfolio Optimization Plan costs, 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 June 30 2024 Revenue from external customers $ 202,020 $ 162,925 $ 38,580 $ - $ 403,525 Intersegment revenue 7,193 4,775 - - 11,968 Total revenue $ 209,213 $ 167,700 $ 38,580 $ - $ 415,493 Operating income (loss) $ 26,209 $ 31,502 $ 7,880 $ (15,934 ) $ 49,657 Interest expense - - - 7,653 7,653 Earnings (loss) before income taxes $ 26,209 $ 31,502 $ 7,880 $ (23,587 ) $ 42,004 Three months ended June 30 2023 Revenue from external customers $ 181,752 $ 156,532 $ 36,029 $ - $ 374,313 Intersegment revenue 6,532 3,931 - - 10,463 Total revenue $ 188,284 $ 160,463 $ 36,029 $ - $ 384,776 Operating income (loss) $ 24,456 $ 29,217 $ 7,575 $ (9,657 ) $ 51,591 Interest expense - - - 6,352 6,352 Earnings (loss) before income taxes $ 24,456 $ 29,217 $ 7,575 $ (16,009 ) $ 45,239 (In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated Six June 30 2024 Revenue from external customers $ 390,042 $ 319,289 $ 78,864 $ - $ 788,195 Intersegment revenue 12,263 8,436 22 - 20,721 Total revenue $ 402,305 $ 327,725 $ 78,886 $ - $ 808,916 Operating income (loss) $ 49,887 $ 63,181 $ 16,656 $ (30,661 ) $ 99,063 Interest expense - - - 14,698 14,698 Earnings (loss) before income taxes $ 49,887 $ 63,181 $ 16,656 $ (45,359 ) $ 84,365 Six June 30 2023 Revenue from external customers $ 353,724 $ 313,481 $ 76,114 $ - $ 743,319 Intersegment revenue 13,412 8,143 - - 21,555 Total revenue $ 367,136 $ 321,624 $ 76,114 $ - $ 764,874 Operating income (loss) $ 46,636 $ 61,102 $ 16,816 $ (22,125 ) $ 102,429 Interest expense - - - 12,354 12,354 Earnings (loss) before income taxes $ 46,636 $ 61,102 $ 16,816 $ (34,479 ) $ 90,075 Product Lines (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Three months ended June 30 2024 Flavors, Extracts & Flavor Ingredients $ 134,749 $ - $ - $ 134,749 Natural Ingredients 74,464 - - 74,464 Food & Pharmaceutical Colors - 125,327 - 125,327 Personal Care - 42,373 - 42,373 Asia Pacific - - 38,580 38,580 Intersegment Revenue (7,193 ) (4,775 ) - (11,968 ) Total revenue from external customers $ 202,020 $ 162,925 $ 38,580 $ 403,525 Three months ended June 30 2023 Flavors, Extracts & Flavor Ingredients $ 133,688 $ - $ - $ 133,688 Natural Ingredients 54,596 - - 54,596 Food & Pharmaceutical Colors - 120,165 - 120,165 Personal Care - 40,298 - 40,298 Asia Pacific - - 36,029 36,029 Intersegment Revenue (6,532 ) (3,931 ) - (10,463 ) Total revenue from external customers $ 181,752 $ 156,532 $ 36,029 $ 374,313 (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Six June 30 2024 Flavors, Extracts & Flavor Ingredients $ 259,554 $ - $ - $ 259,554 Natural Ingredients 142,751 - - 142,751 Food & Pharmaceutical Colors - 242,385 - 242,385 Personal Care - 85,340 - 85,340 Asia Pacific - - 78,886 78,886 Intersegment Revenue (12,263 ) (8,436 ) (22 ) (20,721 ) Total revenue from external customers $ 390,042 $ 319,289 $ 78,864 $ 788,195 Six months ended June 30, 2023: Flavors, Extracts & Flavor Ingredients $ 258,513 $ - $ - $ 258,513 Natural Ingredients 108,623 - - 108,623 Food & Pharmaceutical Colors - 238,912 - 238,912 Personal Care - 82,712 - 82,712 Asia Pacific - - 76,114 76,114 Intersegment Revenue (13,412 ) (8,143 ) - (21,555 ) Total revenue from external customers $ 353,724 $ 313,481 $ 76,114 $ 743,319 Geographic Markets (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Three months ended June 30 2024 North America $ 156,650 $ 82,535 $ 82 $ 239,267 Europe 32,064 45,825 60 77,949 Asia Pacific 5,103 15,648 37,017 57,768 Other 8,203 18,917 1,421 28,541 Total revenue from external customers $ 202,020 $ 162,925 $ 38,580 $ 403,525 Three months ended June 30 2023 North America $ 137,135 $ 77,554 $ 62 $ 214,751 Europe 31,867 44,397 24 76,288 Asia Pacific 6,290 16,308 35,394 57,992 Other 6,460 18,273 549 25,282 Total revenue from external customers $ 181,752 $ 156,532 $ 36,029 $ 374,313 (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Six June 30 2024 North America $ 303,602 $ 157,655 $ 82 $ 461,339 Europe 64,221 91,987 106 156,314 Asia Pacific 8,809 33,067 75,702 117,578 Other 13,410 36,580 2,974 52,964 Total revenue from external customers $ 390,042 $ 319,289 $ 78,864 $ 788,195 Six June 30 2023 North America $ 269,103 $ 155,931 $ 124 $ 425,158 Europe 60,794 87,649 127 148,570 Asia Pacific 11,491 34,457 74,589 120,537 Other 12,336 35,444 1,274 49,054 Total revenue from external customers $ 353,724 $ 313,481 $ 76,114 $ 743,319

Retirement Plans

Retirement Plans	6 Months Ended
	Jun. 30, 2024
Retirement Plans [Abstract]
Retirement Plans	7. Retirement Plans The Company’s components of annual benefit cost for the defined benefit plans for the periods presented are as follows: Three Months Ended June 30, Six Months Ended June 30 (In thousands) 2024 2023 2024 2023 Service cost $ 509 $ 371 $ 881 $ 739 Interest cost 529 413 930 822 Expected return on plan assets (260 ) (245 ) (502 ) (484 ) Recognized actuarial gain (91 ) (138 ) (182 ) (277 ) Total defined benefit expense $ 687 $ 401 $ 1,127 $ 800 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	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activity [Abstract]
Derivative Instruments and Hedging Activity	8. Derivative Instruments and Hedging Activity The Company may use forward exchange contracts and foreign currency denominated debt to manage its exposure to foreign exchange risk 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 June 30, 2024 and December 31, 2023, respectively. For the three and six months ended June 30 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 June 30 June 30 $3.8 million, respectively, which has been recorded as foreign currency translation in OCI. For the six months ended June 30, 2024 and 2023, $8.2 million, respectively, which has been recorded as foreign currency translation in OCI.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Taxes [Abstract]
Income Taxes	9. Income Taxes The effective income tax rates for the three months ended June 30, 2024 and 2023 were 26.4% and 24.8%, respectively. For the six months ended June 30, 2024 and 2023, the effective income tax rates were 26.7% and 24.9%, respectively. The effective tax rates for the three and six months ended June 30, 2024 and 2023 were impacted by the mix of foreign earnings and changes in estimates associated with the finalization of prior year foreign tax items. The effective tax rates for both the three and six months ended June 30, 2024 were also impacted by the limited tax deductibility of costs related to the Portfolio Optimization Plan.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	10. Accumulated Other Comprehensive Income The following table summarizes the changes in OCI during the three and six month periods ended June 30, 2024 and 2023: (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at December 31, 2023 $ 997 $ (2,079 ) $ (171,035 ) $ (172,117 ) Other comprehensive loss before reclassifications (537 ) - (25,163 ) (25,700 ) Amounts reclassified from OCI (224 ) (136 ) - (360 ) Balances at June 30 2024 $ 236 $ (2,215 ) $ (196,198 ) $ (198,177 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at March 31, 2024 $ 1,477 $ (2,147 ) $ (175,058 ) $ (175,728 ) Other comprehensive loss before reclassifications (1,239 ) - (21,140 ) (22,379 ) Amounts reclassified from OCI (2 ) (68 ) - (70 ) Balances at June 30 2024 $ 236 $ (2,215 ) $ (196,198 ) $ (198,177 ) (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 3,213 - 21,115 24,328 Amounts reclassified from OCI (617 ) (244 ) - (861 ) Balances at June 30 2023 $ 1,997 $ (2,036 ) $ (177,182 ) $ (177,221 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at March 31, 2023 $ 983 $ (1,914 ) $ (183,456 ) $ (184,387 ) Other comprehensive income before reclassifications 1,513 - 6,274 7,787 Amounts reclassified from OCI (499 ) (122 ) - (621 ) Balances at June 30 2023 $ 1,997 $ (2,036 ) $ (177,182 ) $ (177,221 ) (1) Cash Flow Hedges and Pension Items are net of tax.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	11. 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 Event

Subsequent Event	6 Months Ended
	Jun. 30, 2024
Subsequent Event [Abstract]
Subsequent Event	12. Subsequent Event On July 25, 2024, the Company announced its quarterly dividend of $0.41 per share would be payable on September 3, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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)	6 Months Ended
	Jun. 30, 2024
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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures,

Portfolio Optimization Plan (Ta

Portfolio Optimization Plan (Tables)	6 Months Ended
	Jun. 30, 2024
Portfolio Optimization Plan [Abstract]
Portfolio Optimization Plan Expenses by Segment	The following table summarizes the Portfolio Optimization Plan expenses by segment for the three months ended June 30, 2024: (In thousands) Flavors & Extracts Color Corporate & Other Consolidated Non-cash impairment charges – Selling and administrative expenses $ - $ 154 $ - $ 154 Non-cash charges – Cost of products sold 283 (176 ) - 107 Employee separation – Selling and administrative expenses 240 35 - 275 Other production costs – Cost of products sold 100 - - 100 Other costs – Selling and administrative expenses (1) 743 400 (27 ) 1,116 Total $ 1,366 $ 413 $ (27 ) $ 1,752 (1) O ther costs include professional services, decommissioning costs, accelerated depreciation, accelerated lease costs, and other related cost The following table summarizes the Portfolio Optimization Plan expenses by segment for the six months ended June 30, 2024: (In thousands) Flavors & Extracts Color Corporate & Other Consolidated Non-cash impairment charges – Selling and administrative expenses $ - $ 1,129 $ - $ 1,129 Non-cash charges – Cost of products sold 408 (194 ) - 214 Employee separation – Selling and administrative expenses 851 526 28 1,405 Other production costs – Cost of products sold 100 - - 100 Other costs – Selling and administrative expenses (1) 1,059 684 (27 ) 1,716 Total $ 2,418 $ 2,145 $ 1 $ 4,564 (1) Other costs include professional services, decommissioning costs, accelerated depreciation, accelerated lease costs, and other related costs.

Trade Accounts Receivable (Tabl

Trade Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
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 six month periods ended June 30, 2024 and 2023: (In thousands) Three Months Ended June 30, 2024 Allowance for Doubtful Accounts Balance at March 31, 2024 $ 3,882 Provision for expected credit losses 496 Accounts written off (5 ) Translation and other activity (98 ) Balance at June 30, 2024 $ 4,275 (In thousands) Three Months Ended June 30, 2023 Allowance for Doubtful Accounts Balance at March 31, 2023 $ 4,045 Provision for expected credit losses 371 Accounts written off (193 ) Translation and other activity 70 Balance at June 30, 2023 $ 4,293 (In thousands) Six Months Ended June 30, 2024 Allowance for Doubtful Accounts Balance at December 31, 2023 $ 4,373 Provision for expected credit losses 803 Accounts written off (752 ) Translation and other activity (149 ) Balance at June 30, 2024 $ 4,275 (In thousands) Six Months Ended June 30, 2023 Allowance for Doubtful Accounts Balance at December 31, 2022 $ 4,436 Provision for expected credit losses 491 Accounts written off (807 ) Translation and other activity 173 Balance at June 30, 2023 $ 4,293

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30 2024 Revenue from external customers $ 202,020 $ 162,925 $ 38,580 $ - $ 403,525 Intersegment revenue 7,193 4,775 - - 11,968 Total revenue $ 209,213 $ 167,700 $ 38,580 $ - $ 415,493 Operating income (loss) $ 26,209 $ 31,502 $ 7,880 $ (15,934 ) $ 49,657 Interest expense - - - 7,653 7,653 Earnings (loss) before income taxes $ 26,209 $ 31,502 $ 7,880 $ (23,587 ) $ 42,004 Three months ended June 30 2023 Revenue from external customers $ 181,752 $ 156,532 $ 36,029 $ - $ 374,313 Intersegment revenue 6,532 3,931 - - 10,463 Total revenue $ 188,284 $ 160,463 $ 36,029 $ - $ 384,776 Operating income (loss) $ 24,456 $ 29,217 $ 7,575 $ (9,657 ) $ 51,591 Interest expense - - - 6,352 6,352 Earnings (loss) before income taxes $ 24,456 $ 29,217 $ 7,575 $ (16,009 ) $ 45,239 (In thousands) Flavors & Extracts Color Asia Pacific Corporate & Other Consolidated Six June 30 2024 Revenue from external customers $ 390,042 $ 319,289 $ 78,864 $ - $ 788,195 Intersegment revenue 12,263 8,436 22 - 20,721 Total revenue $ 402,305 $ 327,725 $ 78,886 $ - $ 808,916 Operating income (loss) $ 49,887 $ 63,181 $ 16,656 $ (30,661 ) $ 99,063 Interest expense - - - 14,698 14,698 Earnings (loss) before income taxes $ 49,887 $ 63,181 $ 16,656 $ (45,359 ) $ 84,365 Six June 30 2023 Revenue from external customers $ 353,724 $ 313,481 $ 76,114 $ - $ 743,319 Intersegment revenue 13,412 8,143 - - 21,555 Total revenue $ 367,136 $ 321,624 $ 76,114 $ - $ 764,874 Operating income (loss) $ 46,636 $ 61,102 $ 16,816 $ (22,125 ) $ 102,429 Interest expense - - - 12,354 12,354 Earnings (loss) before income taxes $ 46,636 $ 61,102 $ 16,816 $ (34,479 ) $ 90,075
Product Lines	Product Lines (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Three months ended June 30 2024 Flavors, Extracts & Flavor Ingredients $ 134,749 $ - $ - $ 134,749 Natural Ingredients 74,464 - - 74,464 Food & Pharmaceutical Colors - 125,327 - 125,327 Personal Care - 42,373 - 42,373 Asia Pacific - - 38,580 38,580 Intersegment Revenue (7,193 ) (4,775 ) - (11,968 ) Total revenue from external customers $ 202,020 $ 162,925 $ 38,580 $ 403,525 Three months ended June 30 2023 Flavors, Extracts & Flavor Ingredients $ 133,688 $ - $ - $ 133,688 Natural Ingredients 54,596 - - 54,596 Food & Pharmaceutical Colors - 120,165 - 120,165 Personal Care - 40,298 - 40,298 Asia Pacific - - 36,029 36,029 Intersegment Revenue (6,532 ) (3,931 ) - (10,463 ) Total revenue from external customers $ 181,752 $ 156,532 $ 36,029 $ 374,313 (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Six June 30 2024 Flavors, Extracts & Flavor Ingredients $ 259,554 $ - $ - $ 259,554 Natural Ingredients 142,751 - - 142,751 Food & Pharmaceutical Colors - 242,385 - 242,385 Personal Care - 85,340 - 85,340 Asia Pacific - - 78,886 78,886 Intersegment Revenue (12,263 ) (8,436 ) (22 ) (20,721 ) Total revenue from external customers $ 390,042 $ 319,289 $ 78,864 $ 788,195 Six months ended June 30, 2023: Flavors, Extracts & Flavor Ingredients $ 258,513 $ - $ - $ 258,513 Natural Ingredients 108,623 - - 108,623 Food & Pharmaceutical Colors - 238,912 - 238,912 Personal Care - 82,712 - 82,712 Asia Pacific - - 76,114 76,114 Intersegment Revenue (13,412 ) (8,143 ) - (21,555 ) Total revenue from external customers $ 353,724 $ 313,481 $ 76,114 $ 743,319
Geographical Markets	Geographic Markets (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Three months ended June 30 2024 North America $ 156,650 $ 82,535 $ 82 $ 239,267 Europe 32,064 45,825 60 77,949 Asia Pacific 5,103 15,648 37,017 57,768 Other 8,203 18,917 1,421 28,541 Total revenue from external customers $ 202,020 $ 162,925 $ 38,580 $ 403,525 Three months ended June 30 2023 North America $ 137,135 $ 77,554 $ 62 $ 214,751 Europe 31,867 44,397 24 76,288 Asia Pacific 6,290 16,308 35,394 57,992 Other 6,460 18,273 549 25,282 Total revenue from external customers $ 181,752 $ 156,532 $ 36,029 $ 374,313 (In thousands) Flavors & Extracts Color Asia Pacific Consolidated Six June 30 2024 North America $ 303,602 $ 157,655 $ 82 $ 461,339 Europe 64,221 91,987 106 156,314 Asia Pacific 8,809 33,067 75,702 117,578 Other 13,410 36,580 2,974 52,964 Total revenue from external customers $ 390,042 $ 319,289 $ 78,864 $ 788,195 Six June 30 2023 North America $ 269,103 $ 155,931 $ 124 $ 425,158 Europe 60,794 87,649 127 148,570 Asia Pacific 11,491 34,457 74,589 120,537 Other 12,336 35,444 1,274 49,054 Total revenue from external customers $ 353,724 $ 313,481 $ 76,114 $ 743,319

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30 (In thousands) 2024 2023 2024 2023 Service cost $ 509 $ 371 $ 881 $ 739 Interest cost 529 413 930 822 Expected return on plan assets (260 ) (245 ) (502 ) (484 ) Recognized actuarial gain (91 ) (138 ) (182 ) (277 ) Total defined benefit expense $ 687 $ 401 $ 1,127 $ 800

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income [Abstract]
Changes in OCI	The following table summarizes the changes in OCI during the three and six month periods ended June 30, 2024 and 2023: (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at December 31, 2023 $ 997 $ (2,079 ) $ (171,035 ) $ (172,117 ) Other comprehensive loss before reclassifications (537 ) - (25,163 ) (25,700 ) Amounts reclassified from OCI (224 ) (136 ) - (360 ) Balances at June 30 2024 $ 236 $ (2,215 ) $ (196,198 ) $ (198,177 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at March 31, 2024 $ 1,477 $ (2,147 ) $ (175,058 ) $ (175,728 ) Other comprehensive loss before reclassifications (1,239 ) - (21,140 ) (22,379 ) Amounts reclassified from OCI (2 ) (68 ) - (70 ) Balances at June 30 2024 $ 236 $ (2,215 ) $ (196,198 ) $ (198,177 ) (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 3,213 - 21,115 24,328 Amounts reclassified from OCI (617 ) (244 ) - (861 ) Balances at June 30 2023 $ 1,997 $ (2,036 ) $ (177,182 ) $ (177,221 ) (In thousands) Cash Flow Hedges (1) Pension Items (1) Foreign Currency Items Total Balances at March 31, 2023 $ 983 $ (1,914 ) $ (183,456 ) $ (184,387 ) Other comprehensive income before reclassifications 1,513 - 6,274 7,787 Amounts reclassified from OCI (499 ) (122 ) - (621 ) Balances at June 30 2023 $ 1,997 $ (2,036 ) $ (177,182 ) $ (177,221 ) (1) Cash Flow Hedges and Pension Items are net of tax.

Portfolio Optimization Plan (De

Portfolio Optimization Plan (Details) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) Positions	Dec. 31, 2023 USD ($)
Portfolio Optimization Plan [Abstract]
Accrued liabilities related to portfolio optimization plan		$ 2,800	$ 2,800	$ 3,700
Expected plan cost		40,000	40,000
Plan cost incurred			$ 32,400
Number of reduced positions | Positions			100
Portfolio Optimization Plan Expenses [Abstract]
Portfolio optimization plan expenses		1,752	$ 4,564
Minimum [Member]
Portfolio Optimization Plan [Abstract]
Reduction of annual operating costs		8,000	8,000
Maximum [Member]
Portfolio Optimization Plan [Abstract]
Reduction of annual operating costs		10,000	10,000
Selling and Administrative Expenses [Member]
Portfolio Optimization Plan Expenses [Abstract]
Non-cash impairment charges		154	1,129
Employee separation		275	1,405
Other costs	[1]	1,116	1,716
Cost of Products Sold [Member]
Portfolio Optimization Plan Expenses [Abstract]
Non-cash impairment charges		107	214
Other production costs		100	100
Flavors & Extracts [Member]
Portfolio Optimization Plan Expenses [Abstract]
Portfolio optimization plan expenses		1,366	2,418
Flavors & Extracts [Member] | Selling and Administrative Expenses [Member]
Portfolio Optimization Plan Expenses [Abstract]
Non-cash impairment charges		0	0
Employee separation		240	851
Other costs	[1]	743	1,059
Flavors & Extracts [Member] | Cost of Products Sold [Member]
Portfolio Optimization Plan Expenses [Abstract]
Non-cash impairment charges		283	408
Other production costs		100	100
Color [Member]
Portfolio Optimization Plan Expenses [Abstract]
Portfolio optimization plan expenses		413	2,145
Color [Member] | Selling and Administrative Expenses [Member]
Portfolio Optimization Plan Expenses [Abstract]
Non-cash impairment charges		154	1,129
Employee separation		35	526
Other costs	[1]	400	684
Color [Member] | Cost of Products Sold [Member]
Portfolio Optimization Plan Expenses [Abstract]
Non-cash impairment charges		(176)	(194)
Other production costs		0	0
Corporate & Other [Member]
Portfolio Optimization Plan Expenses [Abstract]
Portfolio optimization plan expenses		(27)	1
Corporate & Other [Member] | Selling and Administrative Expenses [Member]
Portfolio Optimization Plan Expenses [Abstract]
Non-cash impairment charges		0	0
Employee separation		0	28
Other costs	[1]	(27)	(27)
Corporate & Other [Member] | Cost of Products Sold [Member]
Portfolio Optimization Plan Expenses [Abstract]
Non-cash impairment charges		0	0
Other production costs		$ 0	$ 0
[1]O ther costs include professional services, decommissioning costs, accelerated depreciation, accelerated lease costs, and other related cost

Trade Accounts Receivable (Deta

Trade Accounts Receivable (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)
Trade Accounts Receivable [Abstract]
Number of portfolio segments | Segment			1
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,882	$ 4,045	$ 4,373	$ 4,436
Provision for expected credit losses	496	371	803	491
Accounts written off	(5)	(193)	(752)	(807)
Translation and other activity	(98)	70	(149)	173
Ending balance	$ 4,275	$ 4,293	$ 4,275	$ 4,293

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventories [Abstract]
Finished and in-process products	$ 407.1	$ 437.1
Raw materials and supplies	$ 146.4	$ 161.3

Fair Value (Details)

Fair Value (Details) - Level 2 [Member] - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments, Fair Value Disclosure [Abstract]
Foreign currency contracts, liability	$ 0.1
Forward exchange contract, asset		$ 1
Carrying Value [Member]
Investments, Fair Value Disclosure [Abstract]
Long term debt	634.7	645.2
Fair Value [Member]
Investments, Fair Value Disclosure [Abstract]
Long term debt	$ 638.3	$ 653.7

Segment Information, Operating

Segment Information, Operating Results by Segment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)
Segment Information [Abstract]
Number of reportable segments | Segment			3
Revenue [Abstract]
Revenue	$ 403,525	$ 374,313	$ 788,195	$ 743,319
Operating income (loss)	49,657	51,591	99,063	102,429
Interest expense	7,653	6,352	14,698	12,354
Earnings before income taxes	42,004	45,239	84,365	90,075
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	202,020	181,752	390,042	353,724
Operating income (loss)	26,209	24,456	49,887	46,636
Interest expense	0	0	0	0
Earnings before income taxes	26,209	24,456	49,887	46,636
Color [Member]
Revenue [Abstract]
Revenue	162,925	156,532	319,289	313,481
Operating income (loss)	31,502	29,217	63,181	61,102
Interest expense	0	0	0	0
Earnings before income taxes	31,502	29,217	63,181	61,102
Asia Pacific [Member]
Revenue [Abstract]
Revenue	38,580	36,029	78,864	76,114
Operating income (loss)	7,880	7,575	16,656	16,816
Interest expense	0	0	0	0
Earnings before income taxes	7,880	7,575	16,656	16,816
Reportable Segments [Member]
Revenue [Abstract]
Revenue	415,493	384,776	808,916	764,874
Reportable Segments [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	209,213	188,284	402,305	367,136
Reportable Segments [Member] | Color [Member]
Revenue [Abstract]
Revenue	167,700	160,463	327,725	321,624
Reportable Segments [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	38,580	36,029	78,886	76,114
Intersegment Revenue [Member]
Revenue [Abstract]
Revenue	11,968	10,463	20,721	21,555
Intersegment Revenue [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	7,193	6,532	12,263	13,412
Intersegment Revenue [Member] | Color [Member]
Revenue [Abstract]
Revenue	4,775	3,931	8,436	8,143
Intersegment Revenue [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	0	0	22	0
Corporate & Other [Member] | Corporate and Other [Member]
Revenue [Abstract]
Revenue	0	0	0	0
Operating income (loss)	(15,934)	(9,657)	(30,661)	(22,125)
Interest expense	7,653	6,352	14,698	12,354
Earnings before income taxes	$ (23,587)	$ (16,009)	$ (45,359)	$ (34,479)

Segment Information, Revenue fr

Segment Information, Revenue from External Customers by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue [Abstract]
Revenue	$ 403,525	$ 374,313	$ 788,195	$ 743,319
Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue	134,749	133,688	259,554	258,513
Natural Ingredients [Member]
Revenue [Abstract]
Revenue	74,464	54,596	142,751	108,623
Food & Pharmaceutical Colors [Member]
Revenue [Abstract]
Revenue	125,327	120,165	242,385	238,912
Personal Care [Member]
Revenue [Abstract]
Revenue	42,373	40,298	85,340	82,712
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	202,020	181,752	390,042	353,724
Flavors & Extracts [Member] | Flavors, Extracts & Flavor Ingredients [Member]
Revenue [Abstract]
Revenue	134,749	133,688	259,554	258,513
Flavors & Extracts [Member] | Natural Ingredients [Member]
Revenue [Abstract]
Revenue	74,464	54,596	142,751	108,623
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
Color [Member]
Revenue [Abstract]
Revenue	162,925	156,532	319,289	313,481
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	125,327	120,165	242,385	238,912
Color [Member] | Personal Care [Member]
Revenue [Abstract]
Revenue	42,373	40,298	85,340	82,712
Asia Pacific [Member]
Revenue [Abstract]
Revenue	38,580	36,029	78,864	76,114
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
Reportable Segments [Member]
Revenue [Abstract]
Revenue	415,493	384,776	808,916	764,874
Reportable Segments [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	209,213	188,284	402,305	367,136
Reportable Segments [Member] | Color [Member]
Revenue [Abstract]
Revenue	167,700	160,463	327,725	321,624
Reportable Segments [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	38,580	36,029	78,886	76,114
Intersegment Revenue [Member]
Revenue [Abstract]
Revenue	11,968	10,463	20,721	21,555
Intersegment Revenue [Member] | Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	7,193	6,532	12,263	13,412
Intersegment Revenue [Member] | Color [Member]
Revenue [Abstract]
Revenue	4,775	3,931	8,436	8,143
Intersegment Revenue [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	$ 0	$ 0	$ 22	$ 0

Segment Information, Revenue _2

Segment Information, Revenue from External Customers by Geographic Markets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue [Abstract]
Revenue	$ 403,525	$ 374,313	$ 788,195	$ 743,319
North America [Member]
Revenue [Abstract]
Revenue	239,267	214,751	461,339	425,158
Europe [Member]
Revenue [Abstract]
Revenue	77,949	76,288	156,314	148,570
Asia Pacific [Member]
Revenue [Abstract]
Revenue	57,768	57,992	117,578	120,537
Other [Member]
Revenue [Abstract]
Revenue	28,541	25,282	52,964	49,054
Flavors & Extracts [Member]
Revenue [Abstract]
Revenue	202,020	181,752	390,042	353,724
Color [Member]
Revenue [Abstract]
Revenue	162,925	156,532	319,289	313,481
Asia Pacific [Member]
Revenue [Abstract]
Revenue	38,580	36,029	78,864	76,114
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | North America [Member]
Revenue [Abstract]
Revenue	156,650	137,135	303,602	269,103
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Europe [Member]
Revenue [Abstract]
Revenue	32,064	31,867	64,221	60,794
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	5,103	6,290	8,809	11,491
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Other [Member]
Revenue [Abstract]
Revenue	8,203	6,460	13,410	12,336
Reportable Geographical Components [Member] | Color [Member] | North America [Member]
Revenue [Abstract]
Revenue	82,535	77,554	157,655	155,931
Reportable Geographical Components [Member] | Color [Member] | Europe [Member]
Revenue [Abstract]
Revenue	45,825	44,397	91,987	87,649
Reportable Geographical Components [Member] | Color [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	15,648	16,308	33,067	34,457
Reportable Geographical Components [Member] | Color [Member] | Other [Member]
Revenue [Abstract]
Revenue	18,917	18,273	36,580	35,444
Reportable Geographical Components [Member] | Asia Pacific [Member] | North America [Member]
Revenue [Abstract]
Revenue	82	62	82	124
Reportable Geographical Components [Member] | Asia Pacific [Member] | Europe [Member]
Revenue [Abstract]
Revenue	60	24	106	127
Reportable Geographical Components [Member] | Asia Pacific [Member] | Asia Pacific [Member]
Revenue [Abstract]
Revenue	37,017	35,394	75,702	74,589
Reportable Geographical Components [Member] | Asia Pacific [Member] | Other [Member]
Revenue [Abstract]
Revenue	$ 1,421	$ 549	$ 2,974	$ 1,274

Retirement Plans (Details)

Retirement Plans (Details) - Defined Benefit Plan [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 509	$ 371	$ 881	$ 739
Interest cost	529	413	930	822
Expected return on plan assets	(260)	(245)	(502)	(484)
Recognized actuarial gain	(91)	(138)	(182)	(277)
Total defined benefit expense	$ 687	$ 401	$ 1,127	$ 800

Derivative Instruments and He_2

Derivative Instruments and Hedging Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
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	$ 30.7		$ 30.7		$ 58.4
Foreign Currency Denominated Debt, Net Investment Hedging [Member]
Derivative Instruments and Hedging Activity for the Period [Abstract]
Carrying value of foreign denominated debt	304.8		304.8		$ 313.3
Impact of foreign exchange rates on debt instruments recorded in other comprehensive income	$ (1.9)	$ 3.8	$ (8.5)	$ 8.2

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes [Abstract]
Effective income tax rates	26.40%	24.80%	26.70%	24.90%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 1,063,936	$ 1,028,221	$ 1,053,324	$ 999,598
Other comprehensive income (loss) before reclassifications		(22,379)	7,787	(25,700)	24,328
Amounts reclassified from OCI		(70)	(621)	(360)	(861)
Ending balance		1,057,775	1,054,264	1,057,775	1,054,264
Accumulated Other Comprehensive (Loss) Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(175,728)	(184,387)	(172,117)	(200,688)
Ending balance		(198,177)	(177,221)	(198,177)	(177,221)
Cash Flow Hedges [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	1,477	983	997	(599)
Other comprehensive income (loss) before reclassifications	[1]	(1,239)	1,513	(537)	3,213
Amounts reclassified from OCI	[1]	(2)	(499)	(224)	(617)
Ending balance	[1]	236	1,997	236	1,997
Pension Items [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	(2,147)	(1,914)	(2,079)	(1,792)
Other comprehensive income (loss) before reclassifications	[1]	0	0	0	0
Amounts reclassified from OCI	[1]	(68)	(122)	(136)	(244)
Ending balance	[1]	(2,215)	(2,036)	(2,215)	(2,036)
Foreign Currency Items [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(175,058)	(183,456)	(171,035)	(198,297)
Other comprehensive income (loss) before reclassifications		(21,140)	6,274	(25,163)	21,115
Amounts reclassified from OCI		0	0	0	0
Ending balance		$ (196,198)	$ (177,182)	$ (196,198)	$ (177,182)
[1] Cash Flow Hedges and Pension Items are net of tax.

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - Dividends Declared 2024-Q3 [Member]	Jul. 25, 2024 $ / shares
Subsequent Events [Abstract]
Dividend declared date	Jul. 25, 2024
Dividend payable (in dollars per share)	$ 0.41
Dividend payable date	Sep. 03, 2024