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Segment Information | 6 Months Ended
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Jun. 30, 2020
Segment Information [Abstract] |
Segment Information |
7. | 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, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 178,430 |  |  | $ | 116,879 |  |  | $ | 27,781 |  |  | $ | - |  |  | $ | 323,090 |
Intersegment revenue |  |  | 5,181 |  |  |  | 4,417 |  |  |  | 92 |  |  |  | - |  |  |  | 9,690 |
Total revenue |  | $ | 183,611 |  |  | $ | 121,296 |  |  | $ | 27,873 |  |  | $ | - |  |  | $ | 332,780 |
Operating income (loss) |  | $ | 22,752 |  |  | $ | 22,263 |  |  | $ | 4,849 |  |  | $ | (7,739 | ) |  | $ | 42,125 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,608 |  |  |  | 3,608 |
Earnings (loss) before income taxes |  | $ | 22,752 |  |  | $ | 22,263 |  |  | $ | 4,849 |  |  | $ | (11,347 | ) |  | $ | 38,517 |
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 |
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Corporate & Other |  |  | Consolidated |
Six months ended June 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 359,617 |  |  | $ | 256,072 |  |  | $ | 58,078 |  |  | $ | - |  |  | $ | 673,767 |
Intersegment revenue |  |  | 10,492 |  |  |  | 8,719 |  |  |  | 244 |  |  |  | - |  |  |  | 19,455 |
Total revenue |  | $ | 370,109 |  |  | $ | 264,791 |  |  | $ | 58,322 |  |  | $ | - |  |  | $ | 693,222 |
Operating income (loss) |  | $ | 43,623 |  |  | $ | 51,927 |  |  | $ | 9,908 |  |  | $ | (28,772 | ) |  | $ | 76,686 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,915 |  |  |  | 7,915 |
Earnings (loss) before income taxes |  | $ | 43,623 |  |  | $ | 51,927 |  |  | $ | 9,908 |  |  | $ | (36,687 | ) |  | $ | 68,771 |
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 |
The Company evaluates performance based on operating income before divestiture and other related costs, restructuring and other charges, 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 Condensed Statements of Earnings, and intersegment sales, which are accounted for at prices that approximate market prices and are eliminated in consolidation. The 2020 divestiture and other related costs, which pertain to the divestiture of the Company’s inks product line, and the anticipated divestitures of the Company’s fragrances (excluding its essential oils product line) and yogurt fruit preparations product lines, are reported in Corporate & Other. There were no divestiture and other related costs or restructuring and other costs in the first six months of 2019. 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. During the first quarter of 2020, the Company updated its product line disclosures as a result of its previous announcement regarding its intent to divest its inks, fragrances (excluding its essential oils product line), and yogurt fruit preparations product lines. Flavors, Extracts & Flavor Ingredients now includes essential oils, which was previously reported in Fragrances. Fragrances now only includes the aroma chemicals and fragrance compounds product lines. Yogurt Fruit Preparations is now disclosed separately; previously it was reported in the Flavors product line. Food & Beverage Colors now includes pharmaceutical colors and natural extraction, which were previously reported in Other Colors. Personal Care includes cosmetic and non-food colors. Inks is now disclosed separately; previously it was reported in Other Colors. The results for 2019 have been restated to reflect these changes. Product Lines
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Three months ended June 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |
Flavors, Extracts & Flavor Ingredients |  | $ | 101,642 |  |  | $ | - |  |  | $ | - |  |  | $ | 101,642 |
Natural Ingredients |  |  | 57,227 |  |  |  | - |  |  |  | - |  |  |  | 57,227 |
Fragrances |  |  | 21,077 |  |  |  | - |  |  |  | - |  |  |  | 21,077 |
Yogurt Fruit Preparations |  |  | 3,665 |  |  |  | - |  |  |  | - |  |  |  | 3,665 |
Food & Beverage Colors |  |  | - |  |  |  | 86,825 |  |  |  | - |  |  |  | 86,825 |
Personal Care |  |  | - |  |  |  | 31,095 |  |  |  | - |  |  |  | 31,095 |
Inks |  |  | - |  |  |  | 3,376 |  |  |  | - |  |  |  | 3,376 |
Asia Pacific |  |  | - |  |  |  | - |  |  |  | 27,873 |  |  |  | 27,873 |
Intersegment Revenue |  |  | (5,181 | ) |  |  | (4,417 | ) |  |  | (92 | ) |  |  | (9,690 | )
Total revenue from external customers |  | $ | 178,430 |  |  | $ | 116,879 |  |  | $ | 27,781 |  |  | $ | 323,090 |
Three months ended June 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Flavors, Extracts & Flavor Ingredients |  | $ | 100,415 |  |  | $ | - |  |  | $ | - |  |  | $ | 100,415 |
Natural Ingredients |  |  | 52,425 |  |  |  | - |  |  |  | - |  |  |  | 52,425 |
Fragrances |  |  | 21,166 |  |  |  | - |  |  |  | - |  |  |  | 21,166 |
Yogurt Fruit Preparations |  |  | 6,128 |  |  |  | - |  |  |  | - |  |  |  | 6,128 |
Food & Beverage Colors |  |  | - |  |  |  | 88,596 |  |  |  | - |  |  |  | 88,596 |
Personal Care |  |  | - |  |  |  | 41,398 |  |  |  | - |  |  |  | 41,398 |
Inks |  |  | - |  |  |  | 8,918 |  |  |  | - |  |  |  | 8,918 |
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 |
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Six months ended June 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |
Flavors, Extracts & Flavor Ingredients |  | $ | 203,095 |  |  | $ | - |  |  | $ | - |  |  | $ | 203,095 |
Natural Ingredients |  |  | 114,827 |  |  |  | - |  |  |  | - |  |  |  | 114,827 |
Fragrances |  |  | 43,361 |  |  |  | - |  |  |  | - |  |  |  | 43,361 |
Yogurt Fruit Preparations |  |  | 8,826 |  |  |  | - |  |  |  | - |  |  |  | 8,826 |
Food & Beverage Colors |  |  | - |  |  |  | 177,618 |  |  |  | - |  |  |  | 177,618 |
Personal Care |  |  | - |  |  |  | 74,838 |  |  |  | - |  |  |  | 74,838 |
Inks |  |  | - |  |  |  | 12,335 |  |  |  | - |  |  |  | 12,335 |
Asia Pacific |  |  | - |  |  |  | - |  |  |  | 58,322 |  |  |  | 58,322 |
Intersegment Revenue |  |  | (10,492 | ) |  |  | (8,719 | ) |  |  | (244 | ) |  |  | (19,455 | )
Total revenue from external customers |  | $ | 359,617 |  |  | $ | 256,072 |  |  | $ | 58,078 |  |  | $ | 673,767 |
Six months ended June 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Flavors, Extracts & Flavor Ingredients |  | $ | 203,943 |  |  | $ | - |  |  | $ | - |  |  | $ | 203,943 |
Natural Ingredients |  |  | 103,644 |  |  |  | - |  |  |  | - |  |  |  | 103,644 |
Fragrances |  |  | 44,433 |  |  |  | - |  |  |  | - |  |  |  | 44,433 |
Yogurt Fruit Preparations |  |  | 11,667 |  |  |  | - |  |  |  | - |  |  |  | 11,667 |
Food & Beverage Colors |  |  | - |  |  |  | 177,444 |  |  |  | - |  |  |  | 177,444 |
Personal Care |  |  | - |  |  |  | 86,319 |  |  |  | - |  |  |  | 86,319 |
Inks |  |  | - |  |  |  | 19,028 |  |  |  | - |  |  |  | 19,028 |
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 |
Geographic Markets
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Three months ended June 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 120,827 |  |  | $ | 61,370 |  |  | $ | - |  |  | $ | 182,197 |
Europe |  |  | 39,272 |  |  |  | 25,250 |  |  |  | 45 |  |  |  | 64,567 |
Asia Pacific |  |  | 8,103 |  |  |  | 16,195 |  |  |  | 27,135 |  |  |  | 51,433 |
Other |  |  | 10,228 |  |  |  | 14,064 |  |  |  | 601 |  |  |  | 24,893 |
Total revenue from external customers |  | $ | 178,430 |  |  | $ | 116,879 |  |  | $ | 27,781 |  |  | $ | 323,090 |
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 |
(In thousands) |  | Flavors & Fragrances |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Six months ended June 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 237,528 |  |  | $ | 127,635 |  |  | $ | - |  |  | $ | 365,163 |
Europe |  |  | 83,149 |  |  |  | 63,988 |  |  |  | 67 |  |  |  | 147,204 |
Asia Pacific |  |  | 17,458 |  |  |  | 32,170 |  |  |  | 56,257 |  |  |  | 105,885 |
Other |  |  | 21,482 |  |  |  | 32,279 |  |  |  | 1,754 |  |  |  | 55,515 |
Total revenue from external customers |  | $ | 359,617 |  |  | $ | 256,072 |  |  | $ | 58,078 |  |  | $ | 673,767 |
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 |

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