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Restructuring (Tables)

9 Months Ended

Sep. 30, 2014

Restructuring [Abstract]

Restructuring cost by segment

The following table summarizes the restructuring and other costs by segment and discontinued operations for the three-and nine-month periods ended September 30, 2014 and 2013:

		Three Months Ended September 30,
(In thousands)		2014				2013
Flavors & Fragrances		$	20,064			$	4,167
Color			-				1,497
Corporate & Other			968				922
Total Continuing Operations		$	21,032			$	6,586
Discontinued Operations			2,071				-
Total Restructuring		$	23,103			$	6,586

		Nine Months Ended September 30,
(In thousands)		2014				2013
Flavors & Fragrances		$	74,115			$	18,657
Color			-				5,807
Corporate & Other			4,672				1,537
Total Continuing Operations		$	78,787			$	26,001
Discontinued Operations			10,017				-
Total Restructuring		$	88,804			$	26,001

Summary of restructuring costs

Details of the restructuring and other costs recorded during the three and nine month periods ended September 30, 2014 are as follows:

(In thousands)		Three Months Ended September 30, 2014				Nine Months Ended September 30, 2014
Employee separation		$	1,033			$	14,611
Long-lived asset impairment			18,210				66,082
Intangibles impairment			-				1,049
Write-down of inventory			2,671				2,671
Gain on asset sales			-				(602	)
Other costs (1)			1,189				4,993
Total		$	23,103			$	88,804

⁽¹⁾ Other costs include decommissioning costs, professional services, personnel moving costs, other related costs and 2014 proxy contest costs.

Summary of accrual for restructuring and other charges

Details of the restructuring expenses recorded in Corporate & Other segment are as follows:

Three months ended September 30, 2013

		Selling &				Cost of
(In thousands)		Administrative				Products Sold				Total
Employee separation		$	5,002			$	-			$	5,002
Long-lived asset impairment			220				-				220
Gain on asset sales			(3,019	)			-				(3,019	)
Write-down of inventory			-				545				545
Other costs(1)			3,838				-				3,838
Total		$	6,041			$	545			$	6,586

Nine months ended September 30, 2013

		Selling &				Cost of
(In thousands)		Administrative				Products Sold				Total
Employee separation		$	16,342			$	-			$	16,342
Long-lived asset impairment			3,626				-				3,626
Gain on asset sales			(3,019	)			-				(3,019	)
Write-down of inventory			-				1,417				1,417
Other costs(1)			7,635				-				7,635
Total		$	24,584			$	1,417			$	26,001

⁽¹⁾ Other costs include decommissioning, professional services, personnel (other than employee separations) and moving related costs.

The following table summarizes the accrual for the restructuring and other charges for the nine months ended September 30, 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			14,611				74,193				88,804
Gain on sale of assets			-				602				602
Cash spent			(4,812	)			(4,613	)			(9,425	)
Reduction of assets			-				(69,802	)			(69,802	)
Translation adjustment			(1,034	)			-				(1,034	)
Balance as of September 30, 2014		$	13,327			$	1,968			$	15,295

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

-Topic 420

-SubTopic 10

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- Definition

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

-Paragraph 1

-Subparagraph (b)(2)

-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869



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-Name Accounting Standards Codification

-Topic 420

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB Topic 5.P.4(b)(2))

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