XML 20 R11.htm IDEA: XBRL DOCUMENT
v3.19.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2019
Segment Information [Abstract] |
Segment Information | 4. Segment Information Operating results by segment for the periods presented are as follows:
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Corporate & Other |  |  | Consolidated |
Three months ended June 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 174,534 |  |  | $ | 135,650 |  |  | $ | 29,002 |  |  | $ | - |  |  | $ | 339,186 |
Intersegment revenue |  |  | 5,600 |  |  |  | 3,262 |  |  |  | - |  |  |  | - |  |  |  | 8,862 |
Total revenue |  | $ | 180,134 |  |  | $ | 138,912 |  |  | $ | 29,002 |  |  | $ | - |  |  | $ | 348,048 |
Operating income (loss) |  | $ | 20,050 |  |  | $ | 27,877 |  |  | $ | 4,201 |  |  | $ | (4,760 | ) |  | $ | 47,368 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,200 |  |  |  | 5,200 |
Earnings (loss) before income taxes |  | $ | 20,050 |  |  | $ | 27,877 |  |  | $ | 4,201 |  |  | $ | (9,960 | ) |  | $ | 42,168 |
Three months ended June 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 191,818 |  |  | $ | 140,702 |  |  | $ | 30,521 |  |  | $ | - |  |  | $ | 363,041 |
Intersegment revenue |  |  | 6,840 |  |  |  | 3,589 |  |  |  | - |  |  |  | - |  |  |  | 10,429 |
Total revenue |  | $ | 198,658 |  |  | $ | 144,291 |  |  | $ | 30,521 |  |  | $ | - |  |  | $ | 373,470 |
Operating income (loss) |  | $ | 24,001 |  |  | $ | 31,133 |  |  | $ | 4,634 |  |  | $ | (7,587 | ) |  | $ | 52,181 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,555 |  |  |  | 5,555 |
Earnings (loss) before income taxes |  | $ | 24,001 |  |  | $ | 31,133 |  |  | $ | 4,634 |  |  | $ | (13,142 | ) |  | $ | 46,626 |
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Corporate & Other |  |  | Consolidated |
Six months ended June 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 353,278 |  |  | $ | 275,900 |  |  | $ | 57,521 |  |  | $ | - |  |  | $ | 686,699 |
Intersegment revenue |  |  | 10,409 |  |  |  | 6,891 |  |  |  | - |  |  |  | - |  |  |  | 17,300 |
Total revenue |  | $ | 363,687 |  |  | $ | 282,791 |  |  | $ | 57,521 |  |  | $ | - |  |  | $ | 703,999 |
Operating income (loss) |  | $ | 43,175 |  |  | $ | 58,076 |  |  | $ | 8,419 |  |  | $ | (12,882 | ) |  | $ | 96,788 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,602 |  |  |  | 10,602 |
Earnings (loss) before income taxes |  | $ | 43,175 |  |  | $ | 58,076 |  |  | $ | 8,419 |  |  | $ | (23,484 | ) |  | $ | 86,186 |
Six months ended June 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 374,300 |  |  | $ | 284,430 |  |  | $ | 60,788 |  |  | $ | - |  |  | $ | 719,518 |
Intersegment revenue |  |  | 12,704 |  |  |  | 7,021 |  |  |  | - |  |  |  | - |  |  |  | 19,725 |
Total revenue |  | $ | 387,004 |  |  | $ | 291,451 |  |  | $ | 60,788 |  |  | $ | - |  |  | $ | 739,243 |
Operating income (loss) |  | $ | 49,328 |  |  | $ | 64,805 |  |  | $ | 9,506 |  |  | $ | (15,777 | ) |  | $ | 107,862 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,110 |  |  |  | 11,110 |
Earnings (loss) before income taxes |  | $ | 49,328 |  |  | $ | 64,805 |  |  | $ | 9,506 |  |  | $ | (26,887 | ) |  | $ | 96,752 |
The Company evaluates performance based on operating income of the respective segments before restructuring and other costs, interest expense, and income taxes. There were no restructuring and other costs incurred in either the first six months of 2019 or 2018. In July 2018, the Company completed the acquisition of Mazza Innovation Limited (See Note 2, Acquisitions, for further information). This business was included in Corporate & Other in 2018. Beginning in the first quarter of 2019, the results of operations of this business are now reported in the Color segment. The results for 2018 have been restated to reflect this change. In addition to evaluating the Company’s performance based on the segments above, revenue is also disaggregated and analyzed by product line and geographic market. The following tables display the Company’s revenue by these major sources. Product Lines
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Three months ended June 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |
Flavors |  | $ | 101,495 |  |  | $ | - |  |  | $ | - |  |  | $ | 101,495 |
Natural Ingredients |  |  | 52,425 |  |  |  | - |  |  |  | - |  |  |  | 52,425 |
Fragrances |  |  | 26,214 |  |  |  | - |  |  |  | - |  |  |  | 26,214 |
Food & Beverage Colors |  |  | - |  |  |  | 79,374 |  |  |  | - |  |  |  | 79,374 |
Cosmetics |  |  | - |  |  |  | 35,855 |  |  |  | - |  |  |  | 35,855 |
Other Colors |  |  | - |  |  |  | 23,683 |  |  |  | - |  |  |  | 23,683 |
Asia Pacific |  |  | - |  |  |  | - |  |  |  | 29,002 |  |  |  | 29,002 |
Intersegment Revenue |  |  | (5,600 | ) |  |  | (3,262 | ) |  |  | - |  |  |  | (8,862 | )
Total revenue from external customers |  | $ | 174,534 |  |  | $ | 135,650 |  |  | $ | 29,002 |  |  | $ | 339,186 |
Three months ended June 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Flavors |  | $ | 115,222 |  |  | $ | - |  |  | $ | - |  |  | $ | 115,222 |
Natural Ingredients |  |  | 56,197 |  |  |  | - |  |  |  | - |  |  |  | 56,197 |
Fragrances |  |  | 27,239 |  |  |  | - |  |  |  | - |  |  |  | 27,239 |
Food & Beverage Colors |  |  | - |  |  |  | 77,467 |  |  |  | - |  |  |  | 77,467 |
Cosmetics |  |  | - |  |  |  | 40,727 |  |  |  | - |  |  |  | 40,727 |
Other Colors |  |  | - |  |  |  | 26,097 |  |  |  | - |  |  |  | 26,097 |
Asia Pacific |  |  | - |  |  |  | - |  |  |  | 30,521 |  |  |  | 30,521 |
Intersegment Revenue |  |  | (6,840 | ) |  |  | (3,589 | ) |  |  | - |  |  |  | (10,429 | )
Total revenue from external customers |  | $ | 191,818 |  |  | $ | 140,702 |  |  | $ | 30,521 |  |  | $ | 363,041 |
Product Lines
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Six months ended June 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |
Flavors |  | $ | 205,771 |  |  | $ | - |  |  | $ | - |  |  | $ | 205,771 |
Natural Ingredients |  |  | 103,644 |  |  |  | - |  |  |  | - |  |  |  | 103,644 |
Fragrances |  |  | 54,272 |  |  |  | - |  |  |  | - |  |  |  | 54,272 |
Food & Beverage Colors |  |  | - |  |  |  | 159,738 |  |  |  | - |  |  |  | 159,738 |
Cosmetics |  |  | - |  |  |  | 74,138 |  |  |  | - |  |  |  | 74,138 |
Other Colors |  |  | - |  |  |  | 48,915 |  |  |  | - |  |  |  | 48,915 |
Asia Pacific |  |  | - |  |  |  | - |  |  |  | 57,521 |  |  |  | 57,521 |
Intersegment Revenue |  |  | (10,409 | ) |  |  | (6,891 | ) |  |  | - |  |  |  | (17,300 | )
Total revenue from external customers |  | $ | 353,278 |  |  | $ | 275,900 |  |  | $ | 57,521 |  |  | $ | 686,699 |
Six months ended June 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Flavors |  | $ | 224,273 |  |  | $ | - |  |  | $ | - |  |  | $ | 224,273 |
Natural Ingredients |  |  | 109,398 |  |  |  | - |  |  |  | - |  |  |  | 109,398 |
Fragrances |  |  | 53,333 |  |  |  | - |  |  |  | - |  |  |  | 53,333 |
Food & Beverage Colors |  |  | - |  |  |  | 154,283 |  |  |  | - |  |  |  | 154,283 |
Cosmetics |  |  | - |  |  |  | 86,231 |  |  |  | - |  |  |  | 86,231 |
Other Colors |  |  | - |  |  |  | 50,937 |  |  |  | - |  |  |  | 50,937 |
Asia Pacific |  |  | - |  |  |  | - |  |  |  | 60,788 |  |  |  | 60,788 |
Intersegment Revenue |  |  | (12,704 | ) |  |  | (7,021 | ) |  |  | - |  |  |  | (19,725 | )
Total revenue from external customers |  | $ | 374,300 |  |  | $ | 284,430 |  |  | $ | 60,788 |  |  | $ | 719,518 |
Geographic Markets
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Three months ended June 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 113,115 |  |  | $ | 65,301 |  |  | $ | 37 |  |  | $ | 178,453 |
Europe |  |  | 41,323 |  |  |  | 38,682 |  |  |  | 107 |  |  |  | 80,112 |
Asia Pacific |  |  | 9,430 |  |  |  | 15,112 |  |  |  | 28,722 |  |  |  | 53,264 |
Other |  |  | 10,666 |  |  |  | 16,555 |  |  |  | 136 |  |  |  | 27,357 |
Total revenue from external customers |  | $ | 174,534 |  |  | $ | 135,650 |  |  | $ | 29,002 |  |  | $ | 339,186 |
Three months ended June 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 127,196 |  |  | $ | 63,738 |  |  | $ | - |  |  | $ | 190,934 |
Europe |  |  | 44,964 |  |  |  | 41,127 |  |  |  | 24 |  |  |  | 86,115 |
Asia Pacific |  |  | 9,069 |  |  |  | 17,641 |  |  |  | 30,284 |  |  |  | 56,994 |
Other |  |  | 10,589 |  |  |  | 18,196 |  |  |  | 213 |  |  |  | 28,998 |
Total revenue from external customers |  | $ | 191,818 |  |  | $ | 140,702 |  |  | $ | 30,521 |  |  | $ | 363,041 |
Geographic Markets
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Six months ended June 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 225,862 |  |  | $ | 131,308 |  |  | $ | 62 |  |  | $ | 357,232 |
Europe |  |  | 89,324 |  |  |  | 80,817 |  |  |  | 148 |  |  |  | 170,289 |
Asia Pacific |  |  | 17,039 |  |  |  | 31,537 |  |  |  | 56,988 |  |  |  | 105,564 |
Other |  |  | 21,053 |  |  |  | 32,238 |  |  |  | 323 |  |  |  | 53,614 |
Total revenue from external customers |  | $ | 353,278 |  |  | $ | 275,900 |  |  | $ | 57,521 |  |  | $ | 686,699 |
Six months ended June 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 246,251 |  |  | $ | 127,320 |  |  | $ | - |  |  | $ | 373,571 |
Europe |  |  | 90,391 |  |  |  | 84,758 |  |  |  | 30 |  |  |  | 175,179 |
Asia Pacific |  |  | 16,091 |  |  |  | 34,551 |  |  |  | 60,295 |  |  |  | 110,937 |
Other |  |  | 21,567 |  |  |  | 37,801 |  |  |  | 463 |  |  |  | 59,831 |
Total revenue from external customers |  | $ | 374,300 |  |  | $ | 284,430 |  |  | $ | 60,788 |  |  | $ | 719,518 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration