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Restructuring (Tables)

3 Months Ended

Mar. 31, 2015

Restructuring [Abstract]

Restructuring cost by segment

The following table summarizes the restructuring and other costs by segment and discontinued operations for the three months ended March 31, 2015 and 2014:

		Three Months Ended March 31,
(In thousands)		2015				2014
Flavors & Fragrances		$	5,829			$	44,983
Color			161				-
Corporate & Other			1,125				1,204
Total Continuing Operations			7,115				46,187
Discontinued Operations			29				6,535
Total Restructuring		$	7,144			$	52,722

Summary of restructuring costs

The Company recorded restructuring and other charges in continuing operations for the three months ended March 31, 2015 as follows:

(In thousands)		Selling & Administrative				Cost of Products Sold				Total
Employee separation		$	1,908			$	-			$	1,908
Long-lived asset impairment			3,815				-				3,815
Gain on asset sales			(1,301	)			-				(1,301	)
Write-down of inventory			-				141				141
Other costs(1)			2,552				-				2,552
Total		$	6,974			$	141			$	7,115

⁽¹⁾ Other costs include decommissioning costs, professional services, moving costs and other related costs.

The Company recorded restructuring and other charges in continuing operations for the three months ended March 31, 2014 as follows:

(In thousands)		Selling & Administrative				Cost of Products Sold				Total
Employee separation		$	11,267			$	-			$	11,267
Long-lived asset impairment			34,230				-				34,230
Gain on asset sales			(602	)			-				(602	)
Write-down of inventory			-				-				-
Other costs(1)			1,292				-				1,292
Total		$	46,187			$	-			$	46,187

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

Summary of accrual for restructuring and other charges

The following table summarizes the accrual for the restructuring and other charges for the three months ended March 31, 2015:

(In thousands)		Employee Separations				Asset Related and Other				Total
Balance as of December 31, 2014		$	14,909			$	897			$	15,806
Restructuring and other costs			2,015				5,129				7,144
Gain on sale of assets			-				1,301				1,301
Cash spent			(1,964	)			(2,884	)			(4,848	)
Reduction of assets			-				(3,904	)			(3,904	)
Translation adjustment			(1,337	)			-				(1,337	)
Balance as of March 31, 2015		$	13,623			$	539			$	14,162

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

No definition available.

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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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-Topic 420

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-Section S99

-Paragraph 2

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

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