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Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Information [Abstract]  
Segment Information
7.
Segment Information

The Company evaluates performance based on operating income before share-based compensation; restructuring and other charges, including Portfolio Optimization 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, 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 personal care, 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, flavor, and essential oils products in the Asia Pacific countries. The Company’s corporate expenses, share-based compensation, and restructuring and other charges, including Portfolio Optimization Plan costs, are included in the “Corporate & Other” category.
Operating results by segment for the periods presented are as follows:
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia
Pacific
    
Corporate &
Other
    
Consolidated
  
Three months ended September 30, 2024:
                              
Revenue from external customers
  
$
194,222
    
$
156,672
    
$
41,719
    
$
-
    
$
392,613
  
Intersegment revenue
    
9,057
      
5,408
      
59
      
-
      
14,524
  
Total revenue
  
$
203,279
    
$
162,080
    
$
41,778
    
$
-
    
$
407,137
  
                                         
Operating income (loss)
  
$
25,862
    
$
29,806
    
$
9,307
    
$
(14,455
)
  
$
50,520
  
Interest expense
    
-
      
-
      
-
      
7,696
      
7,696
  
Earnings (loss) before income taxes
  
$
25,862
    
$
29,806
    
$
9,307
    
$
(22,151
)
  
$
42,824
  
                                         
Three months ended September 30, 2023:
                                        
Revenue from external customers
  
$
185,029
    
$
142,026
    
$
36,774
    
$
-
    
$
363,829
  
Intersegment revenue
    
5,968
      
2,913
      
-
      
-
      
8,881
  
Total revenue
  
$
190,997
    
$
144,939
    
$
36,774
    
$
-
    
$
372,710
  
                                         
Operating income (loss)
  
$
23,078
    
$
22,925
    
$
8,095
    
$
(9,567
)
  
$
44,531
  
Interest expense
    
-
      
-
      
-
      
6,294
      
6,294
  
Earnings (loss) before income taxes
  
$
23,078
    
$
22,925
    
$
8,095
    
$
(15,861
)
  
$
38,237
  

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia
Pacific
    
Corporate &
Other
    
Consolidated
  
Nine months ended September 30, 2024:
                              
Revenue from external customers
  
$
584,264
    
$
475,961
    
$
120,583
    
$
-
    
$
1,180,808
  
Intersegment revenue
    
21,320
      
13,844
      
81
      
-
      
35,245
  
Total revenue
  
$
605,584
    
$
489,805
    
$
120,664
    
$
-
    
$
1,216,053
  
                                         
Operating income (loss)
  
$
75,749
    
$
92,987
    
$
25,963
    
$
(45,116
)
  
$
149,583
  
Interest expense
    
-
      
-
      
-
      
22,394
      
22,394
  
Earnings (loss) before income taxes
  
$
75,749
    
$
92,987
    
$
25,963
    
$
(67,510
)
  
$
127,189
  
                                         
Nine months ended September 30, 2023:
                                        
Revenue from external customers
  
$
538,753
    
$
455,507
    
$
112,888
    
$
-
    
$
1,107,148
  
Intersegment revenue
    
19,380
      
11,056
      
-
      
-
      
30,436
  
Total revenue
  
$
558,133
    
$
466,563
    
$
112,888
    
$
-
    
$
1,137,584
  
                                         
Operating income (loss)
  
$
69,714
    
$
84,027
    
$
24,911
    
$
(31,692
)
  
$
146,960
  
Interest expense
    
-
      
-
      
-
      
18,648
      
18,648
  
Earnings (loss) before income taxes
  
$
69,714
    
$
84,027
    
$
24,911
    
$
(50,340
)
  
$
128,312
  

Product Lines
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Three months ended September 30, 2024:
                        
Flavors, Extracts & Flavor Ingredients
  
$
128,990
    
$
-
    
$
-
    
$
128,990
  
Natural Ingredients
    
74,289
      
-
      
-
      
74,289
  
Food & Pharmaceutical Colors
    
-
      
118,883
      
-
      
118,883
  
Personal Care
    
-
      
43,197
      
-
      
43,197
  
Asia Pacific
    
-
      
-
      
41,778
      
41,778
  
Intersegment Revenue
    
(9,057
)
    
(5,408
)
    
(59
)
    
(14,524
)
Total revenue from external customers
  
$
194,222
    
$
156,672
    
$
41,719
    
$
392,613
  
                                 
Three months ended September 30, 2023:
                                
Flavors, Extracts & Flavor Ingredients
  
$
124,697
    
$
-
    
$
-
    
$
124,697
  
Natural Ingredients
    
66,300
      
-
      
-
      
66,300
  
Food & Pharmaceutical Colors
    
-
      
107,723
      
-
      
107,723
  
Personal Care
    
-
      
37,216
      
-
      
37,216
  
Asia Pacific
    
-
      
-
      
36,774
      
36,774
  
Intersegment Revenue
    
(5,968
)
    
(2,913
)
    
-
      
(8,881
)
Total revenue from external customers
  
$
185,029
    
$
142,026
    
$
36,774
    
$
363,829
  

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Nine months ended September 30, 2024:
                        
Flavors, Extracts & Flavor Ingredients
  
$
388,544
    
$
-
    
$
-
    
$
388,544
  
Natural Ingredients
    
217,040
      
-
      
-
      
217,040
  
Food & Pharmaceutical Colors
    
-
      
361,268
      
-
      
361,268
  
Personal Care
    
-
      
128,537
      
-
      
128,537
  
Asia Pacific
    
-
      
-
      
120,664
      
120,664
  
Intersegment Revenue
    
(21,320
)
    
(13,844
)
    
(81
)
    
(35,245
)
Total revenue from external customers
  
$
584,264
    
$
475,961
    
$
120,583
    
$
1,180,808
  
                                 
Nine months ended September 30, 2023:
                                
Flavors, Extracts & Flavor Ingredients
  
$
383,210
    
$
-
    
$
-
    
$
383,210
  
Natural Ingredients
    
174,923
      
-
      
-
      
174,923
  
Food & Pharmaceutical Colors
    
-
      
346,635
      
-
      
346,635
  
Personal Care
    
-
      
119,928
      
-
      
119,928
  
Asia Pacific
    
-
      
-
      
112,888
      
112,888
  
Intersegment Revenue
    
(19,380
)
    
(11,056
)
    
-
      
(30,436
)
Total revenue from external customers
  
$
538,753
    
$
455,507
    
$
112,888
    
$
1,107,148
  

Geographic Markets
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Three months ended September 30, 2024:
                        
North America
  
$
152,753
    
$
78,187
    
$
15
    
$
230,955
  
Europe
    
30,908
      
37,089
      
32
      
68,029
  
Asia Pacific
    
4,500
      
16,477
      
40,101
      
61,078
  
Other
    
6,061
      
24,919
      
1,571
      
32,551
  
Total revenue from external customers
  
$
194,222
    
$
156,672
    
$
41,719
    
$
392,613
  
                                 
Three months ended September 30, 2023:
                                
North America
  
$
147,992
    
$
75,417
    
$
-
    
$
223,409
  
Europe
    
25,298
      
36,816
      
57
      
62,171
  
Asia Pacific
    
4,881
      
13,344
      
35,791
      
54,016
  
Other
    
6,858
      
16,449
      
926
      
24,233
  
Total revenue from external customers
  
$
185,029
    
$
142,026
    
$
36,774
    
$
363,829
  

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Nine months ended September 30, 2024:
                        
North America
  
$
456,355
    
$
235,842
    
$
97
    
$
692,294
  
Europe
    
95,129
      
129,076
      
138
      
224,343
  
Asia Pacific
    
13,309
      
49,544
      
115,803
      
178,656
  
Other
    
19,471
      
61,499
      
4,545
      
85,515
  
Total revenue from external customers
  
$
584,264
    
$
475,961
    
$
120,583
    
$
1,180,808
  
                                 
Nine months ended September 30, 2023:
                                
North America
  
$
417,095
    
$
231,348
    
$
124
    
$
648,567
  
Europe
    
86,092
      
124,465
      
184
      
210,741
  
Asia Pacific
    
16,372
      
47,801
      
110,380
      
174,553
  
Other
    
19,194
      
51,893
      
2,200
      
73,287
  
Total revenue from external customers
  
$
538,753
    
$
455,507
    
$
112,888
    
$
1,107,148