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Divestitures | 12 Months Ended
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Dec. 31, 2023
Divestitures [Abstract] |
Divestitures | 14. Divestitures In 2021, the Company received $1.5 million of net cash related to the previously completed sales of its yogurt fruit preparations and inks product lines. In 2022, the Company received $2.5 million of net cash related to the previously completed sale of its yogurt fruit preparations product line. 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 Company reports all costs and income associated with the divestitures in Corporate & Other. There were no divestiture & other related costs for the year ended December 31, 2023. For the year ended December 31, 2022, the Company recorded a $2.5 million gain in Selling and Administrative Expenses associated with the yogurt fruit preparations product line. 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, environmental remediation costs, professional services, accelerated depreciation, 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 year ended December 31, 2021, 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 year ended December 31, 2021, 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, related to the reclassification of foreign currency translation and related items from Accumulated Other Comprehensive Loss to Selling and Administrative Expenses in the Consolidated Statements 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 recorded $0.3 million related to these obligations in Selling and Administrative Expenses during the year ended December 31, 2021.

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