XML 23 R15.htm IDEA: XBRL DOCUMENT
v3.22.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2022
Segment Information [Abstract] |
Segment Information |
8. | Segment Information
The Company evaluates performance based on operating income before divestiture & other related costs, share-based compensation, restructuring and other charges including operational improvement plan costs, 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 Statements of Earnings, and intersegment sales, which are accounted for at prices that approximate market prices and are eliminated in consolidation. The Company determines its operating segments based on information utilized by its chief operating decision maker to allocate resources and assess performance. The Company’s three reportable segments are the Flavors & Extracts and Color segments, which are both managed on a product line basis, and the Asia Pacific segment, which is managed on a geographic basis. The Company’s Flavors & Extracts segment produces flavor, extracts and essential oils products that impart a desired taste, texture, aroma, and/or other characteristics to a broad range of consumer and other products. The Color segment produces natural and synthetic color systems for use in foods, beverages, pharmaceuticals, and nutraceuticals; colors and other ingredients for cosmetics, such as active ingredients, solubilizers, and surface treated pigments; pharmaceutical and nutraceutical excipients, such as colors, flavors, coatings, and nutraceutical ingredients; and technical colors for industrial applications. The Asia Pacific segment is managed on a geographic basis and produces and distributes color and flavor products for the Asia Pacific countries. The Company’s corporate expenses, divestiture & other related costs, share-based compensation, operational improvement plan expenses, and other costs are included in the “Corporate & Other” category. Divestiture & other related costs and restructuring and other costs, including the Operational Improvement Plan costs, for the three months ended March 31, 2021, are further described in Note 2, Divestitures, and Note 3, Operational Improvement Plan, and are included in the operating income (loss) results in Corporate & Other below. There were no divestiture & other related costs or Operational Improvement Plan costs for the three months ended March 31, 2022. In addition, the Company’s corporate expenses and share-based compensation are included in Corporate & Other. Operating results by segment for the periods presented are as follows:
(In thousands) |  | Flavors & Extracts |  |  | Color |  |  | Asia Pacific |  |  | Corporate & Other |  |  | Consolidated |
Three months ended March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 175,202 |  |  | $ | 143,928 |  |  | $ | 36,391 |  |  | $ | - |  |  | $ | 355,521 |
Intersegment revenue |  |  | 7,525 |  |  |  | 4,510 |  |  |  | 74 |  |  |  | - |  |  |  | 12,109 |
Total revenue |  | $ | 182,727 |  |  | $ | 148,438 |  |  | $ | 36,465 |  |  | $ | - |  |  | $ | 367,630 |
Operating income (loss) |  | $ | 27,579 |  |  | $ | 30,657 |  |  | $ | 8,204 |  |  | $ | (13,651 | ) |  | $ | 52,789 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,993 |  |  |  | 2,993 |
Earnings (loss) before income taxes |  | $ | 27,579 |  |  | $ | 30,657 |  |  | $ | 8,204 |  |  | $ | (16,644 | ) |  | $ | 49,796 |
Three months ended March 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 194,661 |  |  | $ | 131,201 |  |  | $ | 33,840 |  |  | $ | - |  |  | $ | 359,702 |
Intersegment revenue |  |  | 6,250 |  |  |  | 4,519 |  |  |  | - |  |  |  | - |  |  |  | 10,769 |
Total revenue |  | $ | 200,911 |  |  | $ | 135,720 |  |  | $ | 33,840 |  |  | $ | - |  |  | $ | 370,471 |
Operating income (loss) |  | $ | 27,018 |  |  | $ | 26,594 |  |  | $ | 6,752 |  |  | $ | (13,467 | ) |  | $ | 46,897 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,433 |  |  |  | 3,433 |
Earnings (loss) before income taxes |  | $ | 27,018 |  |  | $ | 26,594 |  |  | $ | 6,752 |  |  | $ | (16,900 | ) |  | $ | 43,464 |
Product Lines
(In thousands) |  | Flavors & Extracts |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Three months ended March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Flavors, Extracts & Flavor Ingredients |  | $ | 126,518 |  |  | $ | - |  |  | $ | - |  |  | $ | 126,518 |
Natural Ingredients |  |  | 56,209 |  |  |  | - |  |  |  | - |  |  |  | 56,209 |
Food & Pharmaceutical Colors |  |  | - |  |  |  | 103,109 |  |  |  | - |  |  |  | 103,109 |
Personal Care |  |  | - |  |  |  | 44,846 |  |  |  | - |  |  |  | 44,846 |
Inks |  |  | - |  |  |  | 483 |  |  |  | - |  |  |  | 483 |
Asia Pacific |  |  | - |  |  |  | - |  |  |  | 36,465 |  |  |  | 36,465 |
Intersegment Revenue |  |  | (7,525 | ) |  |  | (4,510 | ) |  |  | (74 | ) |  |  | (12,109 | )
Total revenue from external customers |  | $ | 175,202 |  |  | $ | 143,928 |  |  | $ | 36,391 |  |  | $ | 355,521 |
Three months ended March 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Flavors, Extracts & Flavor Ingredients |  | $ | 113,818 |  |  | $ | - |  |  | $ | - |  |  | $ | 113,818 |
Natural Ingredients |  |  | 62,204 |  |  |  | - |  |  |  | - |  |  |  | 62,204 |
Fragrances |  |  | 22,739 |  |  |  | - |  |  |  | - |  |  |  | 22,739 |
Yogurt Fruit Preparations |  |  | 2,150 |  |  |  | - |  |  |  | - |  |  |  | 2,150 |
Food & Pharmaceutical Colors |  |  | - |  |  |  | 93,785 |  |  |  | - |  |  |  | 93,785 |
Personal Care |  |  | - |  |  |  | 41,515 |  |  |  | - |  |  |  | 41,515 |
Inks |  |  | - |  |  |  | 420 |  |  |  | - |  |  |  | 420 |
Asia Pacific |  |  | - |  |  |  | - |  |  |  | 33,840 |  |  |  | 33,840 |
Intersegment Revenue |  |  | (6,250 | ) |  |  | (4,519 | ) |  |  | - |  |  |  | (10,769 | )
Total revenue from external customers |  | $ | 194,661 |  |  | $ | 131,201 |  |  | $ | 33,840 |  |  | $ | 359,702 |
Geographic Markets
(In thousands) |  | Flavors & Extracts |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Three months ended March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 126,702 |  |  | $ | 69,928 |  |  | $ | 58 |  |  | $ | 196,688 |
Europe |  |  | 32,605 |  |  |  | 41,978 |  |  |  | 81 |  |  |  | 74,664 |
Asia Pacific |  |  | 9,737 |  |  |  | 16,016 |  |  |  | 33,982 |  |  |  | 59,735 |
Other |  |  | 6,158 |  |  |  | 16,006 |  |  |  | 2,270 |  |  |  | 24,434 |
Total revenue from external customers |  | $ | 175,202 |  |  | $ | 143,928 |  |  | $ | 36,391 |  |  | $ | 355,521 |
Three months ended March 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 129,643 |  |  | $ | 63,670 |  |  | $ | 25 |  |  | $ | 193,338 |
Europe |  |  | 44,568 |  |  |  | 37,278 |  |  |  | 22 |  |  |  | 81,868 |
Asia Pacific |  |  | 9,717 |  |  |  | 14,838 |  |  |  | 32,558 |  |  |  | 57,113 |
Other |  |  | 10,733 |  |  |  | 15,415 |  |  |  | 1,235 |  |  |  | 27,383 |
Total revenue from external customers |  | $ | 194,661 |  |  | $ | 131,201 |  |  | $ | 33,840 |  |  | $ | 359,702 |

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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration