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Divestitures | 12 Months Ended
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Dec. 31, 2021
Divestitures [Abstract] |
Divestitures | 14. 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. In 2021 and 2020, the Company received $1.0 million of net cash in both years, as part of the sale. The sale also 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 year ended December 31, 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, less allowance for losses of $456 |  | $ | 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 year ended December 31, 2021:
(In thousands) |  | Yogurt Fruit Preparations |  |  | Fragrances |  |  | Inks |  |  | Corporate/ Other |  |  | Consolidated |
Non-cash impairment charges – Selling and administrative expenses |  | $ | (1,000 | ) |  | $ | 1,062 |  |  | $ | - |  |  | $ | - |  |  | $ | 62 |
Non-cash charges – Cost of products sold |  |  | - |  |  |  | 95 |  |  |  | (9 | ) |  |  | - |  |  |  | 86 |
Reclassification of foreign currency translation and related items – Selling and administrative expenses |  |  | - |  |  |  | 10,201 |  |  |  | 2 |  |  |  | - |  |  |  | 10,203 |
Other costs - Selling and administrative expenses(1) |  |  | 917 |  |  |  | 2,553 |  |  |  | (281 | ) |  |  | 598 |  |  |  | 3,787 |
Total |  | $ | (83 | ) |  | $ | 13,911 |  |  | $ | (288 | ) |  | $ | 598 |  |  | $ | 14,138 |
| (1) | Other costs – Selling and administrative expenses include employee separation costs, bad debt expense, professional services, accelerated depreciation, environmental remediation costs, 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 year ended December 31, 2020:
(In thousands) |  | Yogurt Fruit Preparations |  |  | Fragrances |  |  | Inks |  |  | Corporate/ Other |  |  | Consolidated |
Non-cash impairment charges – Selling and administrative expenses |  | $ | 2,597 |  |  | $ | 2,055 |  |  | $ | 8,928 |  |  | $ | (861 | ) |  | $ | 12,719 |
Non-cash charges – Cost of products sold |  |  | 1,679 |  |  |  | 77 |  |  |  | (203 | ) |  |  | 242 |  |  |  | 1,795 |
Reclassification of foreign currency translation and related items – Selling and administrative expenses |  |  | - |  |  |  | - |  |  |  | (8,625 | ) |  |  | - |  |  |  | (8,625 | )
Other costs - Selling and administrative expenses(1) |  |  | 337 |  |  |  | 3,029 |  |  |  | 892 |  |  |  | 2,008 |  |  |  | 6,266 |
Total |  | $ | 4,613 |  |  | $ | 5,161 |  |  | $ | 992 |  |  | $ | 1,389 |  |  | $ | 12,155 |
| (1) | Other costs – Selling and administrative expenses include employee separation costs, environmental remediation 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 year ended December 31, 2019:
(In thousands) |  | Yogurt Fruit Preparations |  |  | Fragrances |  |  | Inks |  |  | Corporate/ Other |  |  | Consolidated |
Non-cash impairment charges – Selling and administrative expenses |  | $ | - |  |  | $ | 18,204 |  |  | $ | 15,849 |  |  | $ | 555 |  |  | $ | 34,608 |
Non-cash charges – Cost of products sold |  |  | 9,767 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,767 |
Other costs - Selling and administrative expenses(1) |  |  | - |  |  |  | 305 |  |  |  | 26 |  |  |  | 374 |  |  |  | 705 |
Other costs – Cost of products sold(2) |  |  | 800 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 800 |
Total |  | $ | 10,567 |  |  | $ | 18,509 |  |  | $ | 15,875 |  |  | $ | 929 |  |  | $ | 45,880 |
| (1) | Other costs – Selling and administrative expenses include employee separation costs, professional services, and other related costs.
| (2) | Other costs – Cost of product sold include inventory disposal costs 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, during the years ended December 31, 2021, 2020, and 2019, when the estimated fair value less costs to sell the product line was lower than its carrying value. The estimated fair values for the inks and fragrances (excluding its essential oils product line) product lines were determined based on indicative bids, which are classified as Level 3 inputs in the fair value measurement hierarchy. The Company recorded non-cash charges in Cost of Products Sold during the years ended December 31, 2021, 2020, and 2019, to reduce the carrying value of certain inventories, when they were determined to be excess. The Company recorded a non-cash loss during the year ended December 31, 2021 and a non-cash gain during the year ended December 31, 2020, related to the reclassification of foreign currency translation and related items from Accumulated Other Comprehensive Loss to Selling and Administrative Expenses in the Consolidated Statement of Earnings. In 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. Based upon an environmental investigation and a quantitative risk assessment performed by a consultant hired by the Company, the Company has recorded $0.3 million and $0.8 million related to these obligations in Selling and Administrative Expenses during the years ended December 31, 2021 and 2020, respectively.

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