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Restructuring (Tables)

3 Months Ended

Mar. 31, 2014

Restructuring [Abstract]

Summary of restructuring costs

For the three months ended March 31, 2014, the Company recorded restructuring and other costs of $52.7 million ($37.4 million after-tax). Detail of the restructuring and other costs recorded in selling and administrative expenses in the Corporate & Other segment during the three month period ended March 31, 2014 is as follows:

		Three Months Ended,
(In thousands)		March 31, 2014
Employee separations		$	12,322
Long-lived asset impairment			38,660
Intangibles impairment			1,049
Gain on asset sales			(602	)
Other costs			1,293
Total		$	52,722

The Company expects to incur approximately $20 million to $25 million of additional restructuring costs by the end of December 2014 and $12 million to $17 million of additional restructuring costs in 2015.

For the quarter ended March 31, 2013, the Company recorded restructuring costs of $12.8 million ($9.4 million after-tax), related to the 2013 restructuring program to relocate the Flavors & Fragrances Group headquarters to Chicago, as well as a profit improvement plan across all segments of the Company. Detail of the restructuring expenses recorded in Corporate & Other segment during the three month period ended March 31, 2013 is as follows:

		Selling &				Cost of
(In thousands)		Administrative				Products Sold				Total
Employee separation		$	8,912			$	-			$	8,912
Long-lived asset  impairment			2,526				-				2,526
Write-down of inventory			-				595				595
Other			740				-				740
Total		$	12,178			$	595			$	12,773

Restructuring cost by segment

The following table summarizes the restructuring and other costs by the segments that the costs relate to for the periods ended March 31, 2014 and 2013:

		Three Months Ended,
(In thousands)		March 31, 2014				March 31, 2013
Flavors & Fragrances		$	44,983			$	8,539
Color			6,539				3,709
Corporate & Other			1,200				525
Total		$	52,722			$	12,773

Summary of accrual for restructuring and other charges

The following table summarizes the accrual for the restructuring and other charges for the three month period ended March 31, 2014:

		Employee				Asset Related
(In thousands)		Separations				and Other				Total
Balance as of December 31, 2013		$	4,562			$	1,588			$	6,150
Restructuring and other costs			12,322				40,400				52,722
Gain on sale of assets			-				602				602
Cash spent			(2,287	)			(1,147	)			(3,434	)
Reduction of assets			-				(39,709	)			(39,709	)
Translation adjustment			(35	)			-				(35	)
Balance as of March, 31, 2014		$	14,562			$	1,734			$	16,296

X

- Definition

Tabular disclosure of restructuring and related costs by segment including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost.

+ References

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- Definition

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 420

-SubTopic 10

-Section 50

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