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Divestitures | 9 Months Ended
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Sep. 30, 2021
Divestitures [Abstract] |
Divestitures |
2. | Divestitures
In October 2019, the Company announced its intent to divest its inks, fragrances (excluding its essential oils product line), and yogurt fruit preparations product lines. The divesting and exit of these three product lines does not meet the criteria to be presented as a discontinued operation on the Consolidated Statements of Earnings. On June 30, 2020, the Company completed the sale of its inks product line. In 2021 and 2020, the Company received $0.5 million and $11.6 million of net cash, respectively, as part of the sale. On September 18, 2020, the Company completed the sale of its yogurt fruit preparations product line for $1.0 million. The sale included an earnout based on future performance, which could result in additional cash consideration for the Company. On April 1, 2021, the Company completed the sale of its fragrances product line (excluding its essential oils product line) for $36.3 million of net cash. As a result of the completion of the sale, the Company recorded a non-cash net loss of $11.3 million, for the nine months ended September 30, 2021, primarily related to the reclassification of accumulated foreign currency translation and related items from Accumulated Other Comprehensive Loss to Selling and Administrative Expenses in the Consolidated Statements of Earnings. The assets and liabilities related to the inks and fragrances (excluding its essential oils product line) product lines are recorded in Assets Held for Sale and Liabilities Held for Sale as of December 31, 2020, as follows:
(In thousands) |  | December 31, 2020 |
Assets held for sale: |  |  |
Trade accounts receivable |  | $ | 20,722 |
Inventories |  |  | 25,045 |
Prepaid expenses and other current assets |  |  | 1,843 |
Property, plant, and equipment, net |  |  | 3,434 |
Intangible assets |  |  | 1,716 |
Assets held for sale |  | $ | 52,760 |
Liabilities held for sale: |  |  |  |
Trade accounts payable |  | $ | 13,967 |
Accrued salaries, wages, and withholdings from employees |  |  | 1,739 |
Other accrued expenses |  |  | 1,633 |
Liabilities held for sale |  | $ | 17,339 |
The Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the three months ended September 30, 2021:
(In thousands) |  | Yogurt Fruit Preparations |  |  | Fragrances |  |  | Inks |  |  | Corporate/ Other |  |  | Total |
Other costs - Selling and administrative expenses(1) |  | $ | 102 |  |  | $ | 149 |  |  | $ | (157 | ) |  | $ | 147 |  |  | $ | 241 |
| (1) | Other costs – Selling and administrative expenses include employee separation costs, professional services, accelerated depreciation, and other related costs and income.
The Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the three months ended September 30, 2020:
(In thousands) |  | Yogurt Fruit Preparations |  |  | Fragrances |  |  | Inks |  |  | Corporate/ Other |  |  | Total |
Other costs - Selling and administrative expenses(1) |  | $ | (446 | ) |  | $ | 247 |  |  | $ | 158 |  |  | $ | 353 |  |  | $ | 312 |
Other costs – Cost of Products Sold |  |  | - |  |  |  | 7 |  |  |  | (207 | ) |  |  | 52 |  |  |  | (148 | )
Total |  | $ | (446 | ) |  | $ | 254 |  |  | $ | (49 | ) |  | $ | 405 |  |  | $ | 164 |
| (1) | Other costs – Selling and administrative expenses include employee separation costs, professional services, accelerated depreciation, and other related costs and income.
The Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the nine months ended September 30, 2021:
(In thousands) |  | Yogurt Fruit Preparations |  |  | Fragrances |  |  | Inks |  |  | Corporate/ Other |  |  | Total |
Non-cash impairment charges – Selling and administrative expenses |  | $ | - |  |  | $ | 1,062 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,062 |
Non-cash charges – Cost of products sold |  |  | - |  |  |  | 37 |  |  |  | (9 | ) |  |  | - |  |  |  | 28 |
Reclassification of foreign currency translation and related items – Selling and administrative expenses |  |  | - |  |  |  | 10,193 |  |  |  | - |  |  |  | - |  |  |  | 10,193 |
Other costs - Selling and administrative expenses(1) |  |  | 631 |  |  |  | 1,365 |  |  |  | (362 | ) |  |  | 584 |  |  |  | 2,218 |
Total |  | $ | 631 |  |  | $ | 12,657 |  |  | $ | (371 | ) |  | $ | 584 |  |  | $ | 13,501 |
| (1) | Other costs – Selling and administrative expenses include employee separation costs, professional services, accelerated depreciation, and other related costs.
The Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the nine months ended September 30, 2020:
(In thousands) |  | Yogurt Fruit Preparations |  |  | Fragrances |  |  | Inks |  |  | Corporate/ Other |  |  | Total |
Non-cash impairment charges – Selling and administrative expenses |  | $ | 2,597 |  |  | $ | 339 |  |  | $ | 9,295 |  |  | $ | (6 | ) |  | $ | 12,225 |
Non-cash charges – Cost of products sold |  |  | 1,679 |  |  |  | 77 |  |  |  | (207 | ) |  |  | 242 |  |  |  | 1,791 |
Reclassification of foreign currency translation and related items – Selling and administrative expenses |  |  | - |  |  |  | - |  |  |  | (8,639 | ) |  |  | - |  |  |  | (8,639 | )
Other costs - Selling and administrative expenses(1) |  |  | (71 | ) |  |  | 2,353 |  |  |  | 931 |  |  |  | 1,890 |  |  |  | 5,103 |
Total |  | $ | 4,205 |  |  | $ | 2,769 |  |  | $ | 1,380 |  |  | $ | 2,126 |  |  | $ | 10,480 |
| (1) | Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, and other related costs.
The Company recorded non-cash impairment charges in Selling and Administrative Expenses, primarily related to property, plant, and equipment and allocated goodwill, when the estimated fair value less costs to sell the product line was lower than its carrying value. The Company recorded non-cash charges in Cost of Products Sold to reduce the carrying value of certain inventories when they were determined to be excess. I n March 2020, the Company was notified by the buyer of the Company’s fragrances product line that environmental sampling conducted at the Company’s Granada, Spain location had identified the presence of contaminants in soil and groundwater in certain areas of the property. The Company records liabilities related to environmental remediation obligations when estimated future expenditures are probable and the amount of the liability is reasonably estimable. The Company recorded $0.8 million in the three months ended June 30, 2020, based upon an environmental investigation and a quantitative risk assessment performed by a consultant hired by the Company. During the nine months ended September 30, 2021, the Company recorded an additional $0.3 million related to these obligations in Selling and Administrative Expenses based on further analysis at the site during the period. As of September 30, 2021, the Company estimates remaining 2021 divestiture & other related costs will not be significant.

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