SENSIENT TECHNOLOGIES CORP, 10-K filed on 2/22/2024
Annual Report
v3.24.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 09, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Document Transition Report false    
Entity File Number 001-07626    
Entity Registrant Name Sensient Technologies Corp    
Entity Central Index Key 0000310142    
Entity Incorporation, State or Country Code WI    
Entity Tax Identification Number 39-0561070    
Entity Address, Address Line One 777 EAST WISCONSIN AVENUE    
Entity Address, City or Town MILWAUKEE    
Entity Address, State or Province WI    
Entity Address, Postal Zip Code 53202-5304    
City Area Code 414    
Local Phone Number 271-6755    
Title of 12(b) Security Common Stock, $0.10 par value    
Trading Symbol SXT    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2,949,219,588
Entity Common Stock, Shares Outstanding   42,343,684  
Auditor Firm ID 42    
Auditor Name Ernst & Young LLP    
Auditor Location Milwaukee, Wisconsin    
v3.24.0.1
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF EARNINGS [Abstract]      
Revenue $ 1,456,450 $ 1,437,039 $ 1,380,264
Cost of products sold 996,153 947,928 925,603
Selling and administrative expenses 305,274 292,360 284,633
Operating income 155,023 196,751 170,028
Interest expense 25,172 14,547 12,544
Earnings before income taxes 129,851 182,204 157,484
Income taxes 36,457 41,317 38,739
Net earnings $ 93,394 $ 140,887 $ 118,745
Earnings per common share:      
Basic (in dollars per share) $ 2.22 $ 3.36 $ 2.82
Diluted (in dollars per share) $ 2.21 $ 3.34 $ 2.81
Weighted average number of common shares outstanding:      
Basic (in shares) 42,027 41,888 42,077
Diluted (in shares) 42,242 42,213 42,258
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]      
Net earnings $ 93,394 $ 140,887 $ 118,745
Cash flow hedges adjustment, net of tax benefit of $(984), $(471), and $(430), respectively 1,596 (805) (543)
Pension adjustment, net of tax (benefit) expense of $(72), $(462), and $577, respectively (287) (1,439) 1,612
Foreign currency translation on net investment hedges (11,378) 19,340 17,937
Tax effect of current year activity on net investment hedges 2,826 (4,804) (4,455)
Foreign currency translation on long-term intercompany loans (1,813) (2,468) 13,798
Tax effect of current year activity on long-term intercompany loans 1,820 (2,408) (3,990)
Reclassification of cumulative translation to net earnings 0 0 10,203
Other foreign currency translation 35,807 (33,476) (50,099)
Total comprehensive income $ 121,965 $ 114,827 $ 103,208
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]      
Cash flow hedges adjustment, tax benefit $ (984) $ (471) $ (430)
Pension adjustment, tax (benefit) expense $ (72) $ (462) $ 577
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 28,934 $ 20,921
Trade accounts receivable 272,164 302,109
Inventories 598,399 564,110
Prepaid expenses and other current assets 37,119 47,640
Total current assets 936,616 934,780
Other assets 94,873 96,609
Deferred tax assets 41,564 32,717
Intangible assets, net 12,112 18,600
Goodwill 424,065 415,715
Property, Plant, and Equipment:    
Land 31,901 31,444
Buildings 343,594 322,268
Machinery and equipment 781,789 722,294
Construction in progress 59,091 65,809
Property, plant, and equipment, gross 1,216,375 1,141,815
Less accumulated depreciation (711,098) (658,622)
Property, plant, and equipment, net 505,277 483,193
Total assets 2,014,507 1,981,614
Current Liabilities:    
Trade accounts payable 131,114 142,365
Accrued salaries, wages, and withholdings from employees 26,412 43,738
Other accrued expenses 52,024 51,231
Income taxes 13,296 14,446
Short-term borrowings 13,460 20,373
Total current liabilities 236,306 272,153
Deferred tax liabilities 14,260 15,977
Other liabilities 37,817 37,191
Accrued employee and retiree benefits 27,715 26,364
Long-term debt 645,085 630,331
Shareholders' Equity:    
Common stock, par value $0.10 a share, authorized 100,000,000 shares; issued 53,954,874 shares 5,396 5,396
Additional paid-in capital 115,941 124,043
Earnings reinvested in the business 1,726,872 1,702,700
Treasury stock, 11,885,398 and 12,058,773 shares, respectively, at cost (622,768) (631,853)
Accumulated other comprehensive loss (172,117) (200,688)
Total shareholders' equity 1,053,324 999,598
Total liabilities and shareholders' equity $ 2,014,507 $ 1,981,614
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Shareholders' Equity:    
Common stock, par value (in dollars per share) $ 0.1 $ 0.1
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 53,954,874 53,954,874
Treasury stock, shares (in shares) 11,885,398 12,058,773
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net earnings $ 93,394 $ 140,887 $ 118,745
Adjustments to arrive at net cash provided by operating activities:      
Depreciation and amortization 57,820 52,467 52,051
Share-based compensation expense 8,933 16,138 9,573
Net loss on assets 541 276 331
Net (gain) loss on divestitures and other charges 0 (2,532) 14,021
Portfolio optimization plan costs 24,089 0 0
Deferred income taxes (5,100) (11,010) (6,071)
Changes in operating assets and liabilities:      
Trade accounts receivable 35,801 (46,086) (34,571)
Inventories (28,193) (159,014) (36,323)
Prepaid expenses and other assets 5,767 (5,055) (6,057)
Trade accounts payable and other accrued expenses (5,978) 17,489 21,326
Accrued salaries, wages, and withholdings from employees (17,830) 3,486 7,321
Income taxes (1,175) 4,422 4,275
Other liabilities 1,628 602 597
Net cash provided by operating activities 169,697 12,070 145,218
Cash Flows from Investing Activities      
Acquisition of property, plant, and equipment (87,868) (79,322) (60,788)
Proceeds from sale of assets 156 264 216
Proceeds from divestiture of businesses 0 2,532 37,790
Acquisition of new businesses (1,650) (22,714) (13,875)
Other investing activities 1,741 792 1,097
Net cash used in investing activities (87,621) (98,448) (35,560)
Cash Flows from Financing Activities      
Proceeds from additional borrowings 351,662 328,597 112,194
Debt payments (355,161) (171,447) (110,168)
Purchase of treasury stock 0 0 (42,511)
Dividends paid (69,222) (68,915) (66,694)
Other financing activities (9,278) (2,056) (582)
Net cash (used in) provided by financing activities (81,999) 86,179 (107,761)
Effect of exchange rate changes on cash and cash equivalents 7,936 (4,620) (927)
Net increase (decrease) in cash and cash equivalents 8,013 (4,819) 970
Cash and cash equivalents at beginning of year 20,921 25,740 24,770
Cash and cash equivalents at end of year 28,934 20,921 25,740
Cash paid during the year for:      
Interest 24,443 14,716 12,593
Income taxes 39,681 48,242 29,224
Capitalized interest $ 1,984 $ 910 $ 471
v3.24.0.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-In Capital [Member]
Earnings Reinvested in the Business [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive (Loss) Income [Member]
Total
Beginning balance at Dec. 31, 2020 $ 5,396 $ 102,909 $ 1,578,662 $ (593,540) $ (159,091)  
Beginning balance (in shares) at Dec. 31, 2020       11,647,627    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings     118,745     $ 118,745
Other comprehensive income (loss)         (15,537)  
Cash dividends paid     (66,694)      
Share-based compensation   9,573        
Non-vested stock issued upon vesting   (1,264)   $ 1,264    
Non-vested stock issued upon vesting (in shares)       (24,711)    
Benefit plans   338   $ 756    
Benefit plans (in shares)       (14,791)    
Purchase of treasury stock       $ (42,511)    
Purchase of treasury stock (in shares)       492,045    
Other   (204)   $ (377)    
Other (in shares)       7,379    
Ending balance at Dec. 31, 2021 5,396 111,352 1,630,713 $ (634,408) (174,628)  
Ending balance (in shares) at Dec. 31, 2021       12,107,549    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings     140,887     140,887
Other comprehensive income (loss)         (26,060)  
Cash dividends paid     (68,915)      
Share-based compensation   16,138        
Non-vested stock issued upon vesting   (3,239)   $ 3,239    
Non-vested stock issued upon vesting (in shares)       (61,821)    
Benefit plans   560   $ 618    
Benefit plans (in shares)       (11,786)    
Other   (768) 15 $ (1,302)    
Other (in shares)       24,831    
Ending balance at Dec. 31, 2022 5,396 124,043 1,702,700 $ (631,853) (200,688) $ 999,598
Ending balance (in shares) at Dec. 31, 2022       12,058,773   12,058,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings     93,394     $ 93,394
Other comprehensive income (loss)         28,571  
Cash dividends paid     (69,222)      
Share-based compensation   8,933        
Non-vested stock issued upon vesting   (14,987)   $ 14,987    
Non-vested stock issued upon vesting (in shares)       (286,019)    
Benefit plans   375   $ 952    
Benefit plans (in shares)       (18,172)    
Other   (2,423)   $ (6,854)    
Other (in shares)       130,816    
Ending balance at Dec. 31, 2023 $ 5,396 $ 115,941 $ 1,726,872 $ (622,768) $ (172,117) $ 1,053,324
Ending balance (in shares) at Dec. 31, 2023       11,885,398   11,885,398
v3.24.0.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]      
Cash dividends per share (in dollars per share) $ 1.64 $ 1.64 $ 1.58
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
1. Summary of Significant Accounting Policies

Nature of Operations
Sensient Technologies Corporation, together with its subsidiaries (the Company or Sensient), is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients. The Company uses advanced technologies at facilities around the world to develop specialty food and beverage systems; personal care, essential oils, pharmaceutical, and nutraceutical systems; specialty colors; and other specialty and fine chemicals. The Company’s three reportable segments are the Flavors & Extracts Group and the Color Group, which are managed on a product line basis, and the Asia Pacific Group, which is managed on a geographic basis. The Company’s corporate expenses, divestiture & other related costs and income, share-based compensation, restructuring and other charges, including operational improvement plan costs and income and portfolio optimization plan costs, and other costs are included in the “Corporate & Other” category. In the second quarter of 2021, the Company divested its fragrances (excluding essential oils) product line.

Principles of Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates
The preparation of the consolidated financial statements requires the use of management’s estimates and assumptions that affect reported amounts of assets, liabilities, revenue, and expenses during the reporting period and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

Revenue Recognition
The Company recognizes revenue at the transfer of control of its products to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve this core principle, the Company applies the following five-step approach:

•
Identification of the contract, or contracts, with a customer
•
Identification of the performance obligations in the contract
•
Determination of the transaction price
•
Allocation of the transaction price to the performance obligations in the contract
•
Recognition of revenue when, or as, the Company satisfies the performance obligations

The Company considers customer purchase orders, which in some cases are governed by master sales agreements, coupled with the Company’s purchase order acceptances, to be the contracts with the customer. For each contract, the Company considers the identified performance obligation to be the promise to transfer products. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment and then determines the net consideration to which the Company expects to be entitled. In addition, the Company assesses the customer’s ability to pay as part of its evaluation of the contract. As the Company’s standard payment terms are less than one year, the Company elected the practical expedient under Accounting Standards Codification (ASC) 606-10-32-18, and determined that its contracts do not have a significant financing component. The Company allocates the transaction price to each distinct product based on the relative standalone selling price. Revenue is recognized when control of the product is transferred to the customer, the customer is obligated to pay the Company, and the Company has no remaining obligations, which is typically at shipment. In certain locations, primarily outside the United States, product delivery terms may vary. Thus, in such locations, the point at which control of the product transfers to the customer and revenue recognition occurs will vary accordingly.

Customer returns of non-conforming products are estimated at the time revenue is recognized. In certain customer relationships, volume rebates exist, which are recognized according to the terms and conditions of the contractual relationship. Customer returns, rebates, and discounts are not material to the Company’s consolidated financial statements. The Company has elected to recognize the revenue and cost for freight and shipping when control over the products has transferred to the customer. The Company has elected to immediately expense contract costs related to obtaining a contract as the amortization period of the asset the Company otherwise would have recognized would have been less than a year.

In addition to evaluating the Company’s performance based on the segments above, revenue is also disaggregated and analyzed by product line and geographic market (See Note 12, Segment and Geographic Information, for further information).

Cost of Products Sold
Cost of products sold includes materials, labor, and overhead expenses incurred in the manufacture of our products. Cost of products sold also includes charges for obsolete and slow-moving inventories as well as costs for quality control, purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, other costs of our internal distribution network, and costs incurred for shipping and handling. The Company records fees billed to customers for shipping and handling as revenue.

Selling and Administrative Expenses
Selling and administrative expenses primarily include the salaries and related costs for executive, finance, accounting, human resources, information technology, research and development, and legal personnel as well as salaries and related costs of salespersons and commissions paid to external sales agents.

Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition as cash equivalents.

Accounts Receivable
Receivables are recorded at their face amount, less an allowance for losses on doubtful accounts. The allowance for doubtful accounts is based on customer-specific analysis and general matters such as current assessments of past due balances and economic conditions. Specific accounts are written off against the allowance for doubtful accounts when it is deemed that the receivable is no longer collectible.

Inventories
Inventories are stated at the lower of cost or net realizable value. Net realizable value is determined on the basis of estimated realizable values. Cost is determined using the first-in, first-out (FIFO) method. Inventories include finished and in-process products totaling $437.1 million and $385.2 million at December 31, 2023 and 2022, respectively, and raw materials and supplies of $161.3 million and $178.9 million at December 31, 2023 and 2022, respectively.

The Company recorded a non-cash charge of $3.1 million in Cost of Products Sold related to the portfolio optimization plan in 2023. The non-cash charge reduced the carrying value of certain inventories, as they were determined to be excess. See Note 16, Portfolio Optimization Plan, for additional information.

Property, Plant, and Equipment
Property, plant, and equipment are recorded at cost reduced by accumulated depreciation. Depreciation is provided over the estimated useful life of the related asset using the straight-line method for financial reporting. The estimated useful lives for buildings and leasehold improvements range from 5 to 40 years. Machinery and equipment have estimated useful lives ranging from 3 to 20 years. Interest costs on significant projects constructed or developed for the Company’s own use are capitalized as part of the asset.

Goodwill and Other Intangible Assets
The carrying value of goodwill is evaluated for impairment on an annual basis or more frequently when an indicator of impairment occurs. The impairment assessment includes comparing the carrying amount of net assets, including goodwill, of each reporting unit to its respective fair value as of the date of the assessment. Fair value was estimated based upon an evaluation of the reporting unit’s estimated future discounted cash flows as well as the public trading and private transaction valuation multiples for comparable companies. The Company performed such a quantitative analysis in 2022, which indicated a substantial premium compared to the carrying value of net assets, including goodwill, at the reporting unit level. In 2023 and 2021, the Company completed a qualitative assessment noting no indicators of impairment. The Company did not record impairment charges for any of its reporting units in 2023, 2022, or 2021.

The cost of intangible assets with determinable useful lives is amortized on a straight-line basis to reflect the pattern of economic benefits consumed, ranging from 5 to 25 years. These assets include technological know-how, customer relationships, patents, trademarks, trade secrets, and non-compete agreements, among others.

Impairment of Long-lived Assets
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs undiscounted cash flow analyses to determine if potential impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on the difference between fair value and carrying value. Impairment losses were recorded as a result of the Company’s divestiture of its fragrances product line (excluding its essential oils product line) in 2021 and the Company’s portfolio optimization plan in 2023. See Note 14, Divestitures, and Note 16, Portfolio Optimization Plan, for additional information.

Leases
The Company enters into lease agreements for certain office space, warehouses, land, and equipment in the ordinary course of business. The Company determines if an arrangement is a lease at inception and evaluates the lease classification (i.e., operating lease or financing lease) at that time. Lease arrangements with an initial term of 12 months or less are considered short-term leases and are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the term of the lease.

Operating leases are included in Other Assets, Other Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheet. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term.

The Company uses its incremental borrowing rate on the commencement date for determining the present value of lease payments. The Company considers the likelihood of exercising options to extend or terminate the lease when determining the lease term.

The Company has lease agreements with lease and non-lease components. The Company has elected the practical expedient of accounting for the lease and non-lease components of each lease as a single lease component.

Derivative Financial Instruments
The Company selectively uses derivative financial instruments to reduce market risk associated with changes in foreign currency and interest rate exposures, which exist as part of ongoing business operations. All derivative transactions are authorized and executed pursuant to the Company’s risk management policies and procedures, which strictly prohibit the use of financial instruments for speculative trading purposes.

The primary objectives of the foreign exchange risk management activities are to understand and mitigate the impact of potential foreign exchange fluctuations on the Company’s financial results and its economic well-being. Changes in the fair value of derivatives that are designated as fair value hedges, along with the gain or loss on the hedged item, are recorded in current period earnings. These risk management transactions may involve the use of foreign currency derivatives to protect against exposure resulting from recorded accounts receivable and payable. The Company may utilize forward exchange contracts, generally with maturities of less than 18 months, which qualify as cash flow hedges. Generally, these foreign exchange contracts are intended to offset the effect of exchange rate fluctuations on non-functional currency denominated sales and purchases. For derivative instruments that are designated as cash flow hedges, gains and losses are deferred in Accumulated Other Comprehensive Income (OCI) until the underlying transaction is recognized in earnings.

For hedges designated as cash flow hedges, the Company elects critical terms that match at the onset of the hedge transaction. Hedge accounting is permitted only if the hedge meets the critical terms match requirements. The Company reviews the critical terms at each effectiveness testing date to ensure the respective terms match; therefore, achieving a highly effective hedge.

Interest Rate Hedging
The Company is exposed to interest rate risk through its corporate borrowing activities. The objective of the Company’s interest rate risk management activities is to manage the levels of the Company’s fixed and floating interest rate exposure to be consistent with the Company’s preferred mix. The interest rate risk management program may include entering into interest rate swaps, which qualify as fair value hedges, when there is a desire to modify the Company’s exposure to interest rates. Gains or losses on fair value hedges are recognized in earnings, net of gains and losses on the fair value of the hedged instruments.

Net Investments Hedging
The Company is exposed to risk related to its net investments in foreign subsidiaries. As part of its risk management activities, the Company may enter into foreign-denominated debt to be used as a non-derivative instrument to hedge the Company’s net investment in foreign subsidiaries. The change in the fair value of debt designated as a net investment hedge is recorded in foreign currency translation in OCI.

Commodity Purchases
The Company purchases certain commodities in the normal course of business that result in physical delivery of the goods and, hence, are excluded from ASC 815, Derivatives and Hedging.

Translation of Foreign Currencies
For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of foreign operations are translated into U.S. dollars at current exchange rates. Revenue and expense accounts are translated into U.S. dollars at average exchange rates prevailing during the year. Adjustments resulting from the translation of foreign accounts into U.S. dollars are recorded in foreign currency translation in OCI. Transaction gains and losses that occur as a result of transactions denominated in non-functional currencies are included in earnings and were not significant during the years ended December 31, 2023, 2022, and 2021.

Share-Based Compensation
Share-based compensation expense is recognized over the vesting period of each award based on the fair value of the instrument at the time of grant as summarized in Note 8, Share-Based Compensation.

Income Taxes
The Company recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and a deferred tax liability or asset for the estimated future tax effects attributable to temporary differences and carryforwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Deferred tax assets are reduced, if necessary, by the amount of any tax benefits for which the utilization of the asset is not considered likely.

Earnings Per Share
The difference between basic and diluted earnings per share (EPS) is the dilutive effect of non-vested stock. Diluted EPS assumes that non-vested stock has vested.

The following table sets forth the computation of basic and diluted EPS for the years ended December 31:

 
  
Years Ended December 31,
  
(In thousands except per share amounts)
  
2023
    
2022
    
2021
  
Numerator:
                  
Net earnings
  
$
93,394
    
$
140,887
    
$
118,745
  
Denominator:
                        
Denominator for basic EPS - weighted average common shares
    
42,027
      
41,888
      
42,077
  
Effect of dilutive securities
    
215
      
325
      
181
  
Denominator for diluted EPS - diluted weighted average shares outstanding
    
42,242
      
42,213
      
42,258
  
 
                        
Earnings per Common Share:
                        
Basic
  
$
2.22
    
$
3.36
    
$
2.82
  
Diluted
  
$
2.21
    
$
3.34
    
$
2.81
  

The Company has a share-based compensation plan under which employees may be granted share-based awards in which non-forfeitable dividends are paid on non-vested shares for certain awards. As such, these shares are considered participating securities under the two-class method of calculating EPS as described in ASC 260, Earnings per Share. The two-class method of calculating EPS did not have a material impact on the Company’s EPS calculations as of December 31, 2023, 2022, and 2021.

All EPS amounts are presented on a diluted basis unless otherwise noted.

Accumulated Other Comprehensive Income (Loss)
Accumulated OCI is composed primarily of foreign currency translation, pension liability, and unrealized gains or losses on cash flow hedges. See Note 10, Accumulated Other Comprehensive Income, for additional information.

Research and Development
Research and development costs are recorded in Selling and Administrative Expenses in the year they are incurred. Research and development costs were $48.1 million, $42.2 million, and $34.3 million, during the years ended December 31, 2023, 2022, and 2021, respectively.

Advertising
Advertising costs are recorded in Selling and Administrative Expenses as they are incurred. Advertising costs were $2.5 million, $1.9 million, and $2.4 million, during the years ended December 31, 2023, 2022, and 2021, respectively.

Environmental Liabilities
The Company records liabilities related to environmental remediation obligations when estimated future expenditures are probable and reasonably estimable. Such accruals are adjusted as further information becomes available or as circumstances change. Estimated future expenditures are discounted to their present value when the timing and amount of future cash flows are fixed and readily determinable. Recoveries of remediation costs from other parties, if any, are recognized as assets when their receipt is realizable.

Subsequent Events
The Company performed an evaluation of subsequent events through the date these financial statements were issued. See Note 18, Subsequent Event, for additional information.

Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to provide disclosures of significant segment expenses and other segment items. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements and its related disclosures.

Other recently issued accounting pronouncements are not expected to have a material impact on the Company’s consolidated financial statements.
v3.24.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2023
Acquisitions [Abstract]  
Acquisitions
2. Acquisitions

On July 15, 2021, the Company acquired substantially all of the assets of Flavor Solutions, Inc., a flavors business located in New Jersey. The purchase price for this acquisition was $14.9 million in cash. The assets acquired and liabilities assumed were recorded at their estimated fair value as of the acquisition date. The Company acquired net assets of $0.4 million and identified intangible assets, principally customer relationships, of $5.0 million. The remaining $9.5 million was allocated to goodwill. This business is part of the Flavors & Extracts segment.

On October 3, 2022, the Company acquired Endemix Doğal Maddeler A.Ş. and Teknoloji Yatırımları ve Danışmanlık Sanayi ve Ticaret A.Ş. (collectively, Endemix), a natural colors business located in Turkey. The Company paid $23.3 million in cash for this acquisition, which is net of $1.3 million in debt assumed. The assets acquired and liabilities assumed were recorded at their estimated fair value as of the acquisition date. The Company acquired net assets of $9.0 million and identified intangible assets, principally technological know-how and customer relationships, of $4.9 million. The remaining $9.4 million was allocated to goodwill. This business is part of the Color segment.
v3.24.0.1
Trade Accounts Receivable
 12 Months Ended
Dec. 31, 2023
Trade Accounts Receivable [Abstract]  
Trade Accounts Receivable
3. Trade Accounts Receivable

Trade accounts receivables are recorded at their face amount, less an allowance for expected losses on doubtful accounts. The allowance for doubtful accounts is calculated based on customer-specific analysis and an aging methodology using historical loss information. The Company believes historical loss information is a reasonable basis for expected credit losses as the Company’s historical credit loss experience correlates with its customer delinquency status. This information is also adjusted for any known current economic conditions. Forecasted economic conditions have not had a significant impact on the current credit loss estimate due to the short-term nature of the Company’s customer receivables; however, the Company will continue to monitor and evaluate the rapidly changing economic conditions. Additionally, as the Company only has one portfolio segment, there are not different risks between portfolios. Specific accounts are written off against the allowance for doubtful accounts when the receivable is deemed no longer collectible.

The following table summarizes the changes in the allowance for doubtful accounts for the years ended December 31, 2023 and 2022:

(In thousands)
  
Allowance for
Doubtful Accounts
  
Balance at December 31, 2021
  
$
4,877
  
Provision for expected credit losses
    
944
  
Accounts written off
    
(1,305
)
Translation and other activity
    
(80
)
Balance at December 31, 2022
  
$
4,436
  
Provision for expected credit losses
    1,020  
Accounts written off
    (1,279 )
Translation and other activity
    196
Balance at December 31, 2023   $ 4,373  
v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
4. Goodwill and Intangible Assets

At December 31, 2023 and 2022, goodwill is the only intangible asset that is not subject to amortization. The following table summarizes intangible assets with determinable useful lives by major category as of December 31, 2023 and 2022:

 
        
2023
    
2022
  
(In thousands except weighted average amortization years)
  
Weighted
Average
Amortization
Years
    
Cost
    
Accumulated
Amortization
    
Cost
    
Accumulated
Amortization
  
 
                              
Technological know-how
    
12.6
    
$
7,452
    
$
(4,412
)
  
$
12,005
    
$
(3,383
)
Customer relationships
    
19.0
      
9,689
      
(3,242
)
    
9,697
      
(2,691
)
Patents, trademarks, non-compete agreements, and other
    
15.4
      
12,147
      
(9,522
)
    
11,596
      
(8,624
)
Total finite-lived intangibles
    
15.9
    
$
29,288
    
$
(17,176
)
  
$
33,298
    
$
(14,698
)

Amortization of intangible assets was $2.3 million in 2023, $2.0 million in 2022, and $1.8 million in 2021. Estimated amortization expense, for the five years subsequent to December 31, 2023, is $1.9 million in 2024; $1.9 million in 2025; $1.7 million in 2026; $1.3 million in 2027; and $1.2 million in 2028.

The changes in goodwill for the years ended December 31, 2023 and 2022, by reportable business segment, were as follows:

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Balance as of December 31, 2021
  
$
103,716
    
$
311,264
    
$
5,054
    
$
420,034
  
Currency translation impact
    
(2,796
)
    
(10,625
)
    
(338
)
    
(13,759
)
Acquisitions(1)
     —       9,440       —       9,440  
Balance as of December 31, 2022
  
$
100,920
    
$
310,079
    
$
4,716
    
$
415,715
  
Currency translation impact
    
2,393
      
6,102
      
(145
)
    
8,350
  
Balance as of December 31, 2023
  
$
103,313
    
$
316,181
    
$
4,571
    
$
424,065
  

(1)
In 2022, the Company acquired Endemix. See Note 2, Acquisitions, for additional information.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
5. Leases

The Company leases certain office space, warehouses, land, and equipment under operating lease arrangements. Some of the Company’s leases include options to extend the leases for up to an additional five years. Some of the Company’s lease agreements also include rental payments that are adjusted periodically for inflation (i.e., CPI index).

The Company recorded operating lease expense, which includes short-term lease expense and variable lease costs, of $11.9 million, $11.3 million, and $9.6 million during the years ended December 31, 2023, 2022, and 2021, respectively.

For the years ended December 31, 2023, 2022, and 2021, the Company paid $10.3 million, $9.3 million, and $8.2 million, respectively, in cash for operating leases, not including short-term lease expense or variable lease costs. The Company entered into operating leases that resulted in $9.0 million, $17.2 million, and $9.8 million of right-of-use assets in exchange for operating lease obligations for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company included $36.3 million of right-of-use assets in Other Assets and $28.0 million of operating lease liabilities in Other Liabilities on the Company’s Consolidated Balance Sheets as of both December 31, 2023 and 2022. The Company included $8.6 million and $8.2 million of operating lease liabilities in Other Accrued Expenses on the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.

The Company’s weighted average remaining operating lease term was 7.6 years as of December 31, 2023. The Company’s weighted average discount rate for operating leases was 4.17% as of December 31, 2023.

As of December 31, 2023, maturities of operating lease liabilities for future annual periods are as follows:

(In thousands)
      
Year ending December 31,
      
2024
  
$
10,023
  
2025
    
6,207
  
2026
    
4,801
  
2027
    
4,151
  
2028
    
3,236
  
Thereafter
    
14,932
  
Total lease payments
    
43,350
  
Less imputed interest
    
(6,762
)
Present value of lease liabilities
  
$
36,588
  
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt [Abstract]  
Debt
6. Debt

Long-term Debt
Long-term debt consisted of the following unsecured obligations at December 31:

(In thousands)
  
2023
    
2022
  
3.66% senior notes due November 2023
  
$
-
    
$
75,000
  
3.65% senior notes due May 2024
    
27,000
      
27,000
  
4.19% senior notes due November 2025
    
25,000
      
25,000
  
6.08% senior notes due November 2026     35,000       -  
6.14% senior notes due November 2027     35,000       -  
4.94% senior notes due May 2028     75,000       -  
6.34% senior notes due November 2029     35,000       -  
3.06% Euro-denominated senior notes due November 2023
    
-
      
40,945
  
1.27% Euro-denominated senior notes due May 2024
    
55,194
      
53,527
  
1.71% Euro-denominated senior notes due May 2027
    
44,155
      
42,822
  
4.15% Euro-denominated senior notes due May 2028     44,155       -  
4.62% Euro-denominated senior notes due November 2029     44,155       -  
2.53% British Pound-denominated notes due November 2023
    
-
      
30,208
  
2.76% British Pound-denominated notes due November 2025
    
31,827
      
30,208
  
Euro-denominated term loan
    
82,790
      
80,291
  
Revolving Credit Facilities
    
111,039
      
225,469
  
Various other notes
    
117
      
622
  
Total debt
    
645,432
      
631,092
  
Less debt fees
    
(230
)
    
(260
)
Less current portion
    
(117
)
    
(501
)
Total long-term debt
  
$
645,085
    
$
630,331
  

In November 2022, the Company entered into a €75 million unsecured term loan (Term Loan) with PNC Bank, N.A (PNC Bank) that matures in November 2024. The Company immediately borrowed the full amount of the Term Loan and used the proceeds to repay the €66.9 million 1.85% senior note that came due in November 2022 and a portion of outstanding borrowings on the Company’s revolving credit facility. The term loan will act as a partial hedge of the Company’s net asset position in Euros. See Note 7, Derivative Instruments and Hedging Activity, for additional information. Borrowings on the Term Loan bear interest at a variable rate, based upon the Eurocurrency Rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. The average interest rate on the Term Loan was 4.49% for the year ended December 31, 2023.

In December 2022, the Company amended the amended and restated credit agreement (Credit Agreement) to, among other things, transition from the London Inter-Bank Offered Rate to: (i) the Secured Overnight Financing Rate (SOFR) as the benchmark rate under the Credit Agreement for borrowings denominated in U.S. dollars and (ii) the Euro Interbank Offered Rate for borrowings denominated in Euros. Borrowings under the revolving credit facility bear interest at a variable rate, based upon the applicable reference rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below.

The borrowings under the revolving credit facility, excluding borrowings on the accounts receivable securitization program, had an average interest rate of 5.74% and 3.01% for the years ended December 31, 2023 and 2022, respectively.

In May 2023, the Company entered into an agreement to issue $75 million and €40 million in five-year, fixed-rate, senior notes at coupon rates of 4.94% and 4.15%, respectively. The notes were issued in May 2023, and the proceeds were used to repay a portion of existing indebtedness under the Company’s Credit Agreement. The notes will mature in May 2028.

In August 2023, the Company amended its accounts receivable securitization program with Wells Fargo Bank N.A. (Wells Fargo) to extend the termination date from August 2023 to August 2024. Under the amended program, Wells Fargo has extended a secured loan (Secured Loan) of up to $85 million to the Company secured by Wells Fargo’s undivided interests in certain of the Company’s trade accounts receivables. The interest rate on the Secured Loan is the SOFR as administered by the Federal Reserve Bank of New York plus a 10 basis point Term SOFR Adjustment plus an Applicable Margin of 70 basis points. The Company has the intent and ability either to refinance the Secured Loan with available funds from the Company’s existing long-term revolving credit facility or to extend its accounts receivable program with Wells Fargo when it matures. Accordingly, the Secured Loan has been classified as long-term debt on the Company’s Consolidated Balance Sheet and is included with the Revolving Credit Facilities above. As of December 31, 2023, the amount was fully drawn.

In November 2023, the Company entered into a fixed rate, senior note purchase agreement with the purchasers named therein pursuant to which the Company issued $105 million of U.S. dollar-denominated senior notes and €40 million of Euro-denominated senior notes. The three U.S. dollar-denominated notes were issued for $35 million each, maturing in November 2026, November 2027, and November 2029, and bearing interest rates of 6.08%, 6.14%, and 6.34%, respectively. The Euro-denominated note was issued for €40 million, maturing in November 2029 and bearing an interest rate of 4.62%. The proceeds were used to refinance the $75 million 3.66% senior notes due in November 2023 and the €38.2 million 3.06% senior notes due in November 2023, and to repay a portion of the Company’s revolving credit borrowings, including the borrowings previously used to repay the existing balance due on the Company’s 25 million Great British Pound 2.53% senior notes due in November 2023.

The aggregate amounts of contractual maturities on long-term debt subsequent to December 31, 2023, are as follows:

(In thousands)
      
Year ending December 31,
      
2024
  
$
249,849
  
2025
    
56,795
  
2026
    
61,013
  
2027
    
79,135
  
2028
    
119,144
  
Thereafter
     79,149
  
Total long-term debt maturities
  
$
645,085
  

The Company had $317.8 million available under the revolving credit facility and $32.2 million available under other lines of credit from several banks at December 31, 2023.

Substantially all of the senior financing obligations contain restrictions concerning interest coverage, borrowings, and investments. The most restrictive loan covenants require a Leverage Ratio less than 3.5 and an Interest Coverage Ratio greater than 3.0, in each case, as defined in the Company’s Credit Agreement. The Company is in compliance with all of these restrictions at December 31, 2023.

The Company had stand-by and trade letters of credit outstanding of $6.2 million and $2.8 million as of December 31, 2023 and 2022, respectively.

Short-term Borrowings
The Company’s short-term borrowings consisted of the following items at December 31:

(In thousands)
  
2023
    
2022
  
U.S. credit facilities
  
$
13,343
    
$
19,872
  
Current maturities of long-term debt
    
117
      
501
  
Total
  
$
13,460
    
$
20,373
  

The weighted average interest rates on short-term borrowings were 6.58% and 5.47% at December 31, 2023 and 2022, respectively.
v3.24.0.1
Derivative Instruments and Hedging Activity
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activity [Abstract]  
Derivative Instruments and Hedging Activity
7. Derivative Instruments and Hedging Activity

The Company may use derivative instruments for the purpose of hedging currency, commodity, and interest rate exposures, which exist as part of ongoing business operations. As a policy, the Company does not engage in speculative or leveraged transactions nor does the Company hold or issue financial instruments for trading purposes. Hedge effectiveness is determined by how closely the changes in the fair value of the hedging instrument offset the changes in the fair value or cash flows of the hedged transaction. Hedge accounting, which generally results in the deferral of derivative gains and losses until such time as the underlying transaction is recognized in net earnings, is permitted only if the hedging relationship is expected to be highly effective at the inception of the transaction and on an ongoing basis.

The Company manages its exposure to foreign exchange risk by the use of forward exchange contracts to reduce the effect of fluctuating foreign currencies on non-functional currency sales, purchases, and other known foreign currency exposures. These forward exchange contracts generally have maturities of less than 18 months. The Company also uses certain debt denominated in foreign currencies to manage the net asset positions of the Company’s foreign subsidiaries. The Company’s primary hedging activities and their accounting treatment are summarized below.

Forward Exchange Contracts
Certain forward exchange contracts have been designated as cash flow hedges. The Company had $58.4 million and $70.1 million of forward exchange contracts, designated as cash flow hedges, outstanding as of December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022, and 2021, gains of $2.2 million, $1.0 million, and $1.3 million, respectively, were reclassified into net earnings in the Company’s Consolidated Statement of Earnings that offset the earnings impact of the related non-functional asset or liability hedged in the same period. In addition, the Company utilizes forward exchange contracts that are not designated as cash flow hedges and the results of these transactions are not material to the financial statements.

Net Investment Hedges
The Company has designated certain foreign currency denominated long-term borrowings as partial hedges of the Company’s foreign currency net asset positions. As of December 31, 2023 and 2022, the total value of the Company’s net investment hedges was $313.3 million and $315.5 million, respectively. These net investment hedges include Euro and British Pound denominated long-term debt. Changes in the fair value of this debt attributable to changes in the spot foreign exchange rate are recorded in foreign currency translation in OCI. The impact of foreign exchange rates on these debt instruments increased debt by $11.4 million and decreased debt by $19.3 million for the years ended December 31, 2023 and 2022, respectively, and are recorded as foreign currency translation in OCI. For the years ended December 31, 2023 and 2022, there was no reclassification of OCI with respect to net investment hedges into net earnings. For the year ended December 31, 2021, losses of $4.2 million were reclassified into net earnings in the Company’s Consolidated Statement of Earnings that offset the underlying transactions’ impact on earnings in the same period. In 2021, the losses were primarily associated with the partial termination of the net investment hedge related to the Euro debt in connection with the sale of the fragrances product line, including the Spanish legal entity. See Note 14, Divestitures, for additional information.

Concentrations of Credit Risk
Counterparties to forward exchange contracts consist of large international financial institutions. While these counterparties may expose the Company to potential losses due to the credit risk of non-performance, losses are not anticipated. Concentrations of credit risk with respect to trade accounts receivable are limited by the large number of customers, generally short payment terms, and their dispersion across geographic areas.
v3.24.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Compensation [Abstract]  
Share-Based Compensation
8. Share-Based Compensation

The Company has traditionally maintained separate stock plans for non-employee directors, the 2012 Non-Employee Directors Stock Plan, and employees, the 2017 Stock Plan, under which directors and employees may be granted non-vested stock that vests over a specific time-period. In April 2017, the shareholders of the Company approved the 2017 Stock Plan authorizing 1.8 million shares for issuance as non-vested stock in the form of restricted stock, restricted stock units, performance stock units, non-qualified stock options, incentive stock options, and stock appreciation rights. In April 2022, the shareholders of the Company approved an Amended and Restated 2017 Stock Plan. The Amended and Restated 2017 Stock Plan incorporates substantially all of the key terms of the Company’s 2012 Non-Employee Directors Stock Plan into the Company’s existing 2017 Stock Plan, creating one omnibus plan covering the Company’s non-employee directors, officers, and key employees. The total number of shares of common stock reserved for issuance under the Amended and Restated 2017 Stock Plan increased by 350 thousand shares (from 1.8 million to 2.15 million in aggregate), plus any cancellations of shares issued under the Amended and Restated 2017 Stock Plan. As of December 31, 2023, there were 1.0 million shares available to issue as non-vested stock under the Company’s Amended and Restated 2017 Stock Plan. The Company may also issue up to 0.2 million shares of stock pursuant to its 1999 Amended and Restated Directors Deferred Compensation Plan.

The Company recognizes expense for shares of non-vested stock over a three-year vesting period with a pro-rata vesting upon retirement. During the period of restriction, the holder of non-vested stock has voting rights and is entitled to receive all dividends and other distributions paid with respect to the stock. The holders of the performance stock units are not entitled to vote or receive dividends and other distributions paid with respect to the stock, until the units have vested and shares of stock issued.

Grants issued after December 2013 and before December 2020 to elected officers consist of 100% performance stock unit awards. These awards are based on a three-year performance period and a three-year vesting period with a pro-rata vesting upon retirement. Three-year performance that exceeds the stated performance metrics would result in an award up to 200% of the original grant. Starting with the December 2020 grant, grants issued to elected officers consist of 60% performance stock unit awards (as described above) and 40% non-vested restricted stock awards. The non-vested restricted stock awards granted are based on a three-year vesting period with a pro-rata vesting upon retirement.

The Company expenses awards for non-vested stock, including time-vesting stock and performance stock units, based on the fair value of the Company’s common stock at the date of the grant.

The December 2019 performance stock unit awards, which were based on the three-year performance period of January 1, 2020 to December 31, 2022, exceeded the stated performance metrics, which resulted in an award payout of 200% of the original grant upon vesting in February 2023.

The following table summarizes the non-vested stock and performance stock unit activity:

 
(In thousands except fair value)
  
Shares
    
Grant Date
Weighted Average
Fair Value
    
Aggregate Intrinsic
Value
  
Outstanding at December 31, 2020
    
451
    
$
63.28
    
$
33,283
  
Granted
    
129
      
90.10
          
Vested
    
(25
)
    
61.91
          
Cancelled
    
(73
)
    
72.37
          
Outstanding at December 31, 2021
    
482
      
69.15
      
48,271
  
Granted
    
168
      
73.52
          
Vested
    
(62
)
    
58.81
          
Cancelled
    
(69
)
    
58.62
          
Outstanding at December 31, 2022
    
519
      
73.19
      
37,883
  
Granted
    
201
      
61.61
          
Vested, net
    
(179
)
    
63.02
          
Cancelled
    
(5
)
    
72.45
          
Outstanding at December 31, 2023
    
536
    
$
72.26
    
$
35,383
  

The total intrinsic values of shares vested during 2023, 2022, and 2021, was $20.3 million, $5.1 million, and $1.9 million, respectively.

As of December 31, 2023, total remaining unearned compensation, net of expected forfeitures, related to non-vested stock and performance stock units was $20.9 million, which will be amortized over the weighted average remaining service period of 2.2 years.

Total pre-tax share-based compensation expense recognized in the Consolidated Statements of Earnings was $8.9 million, $16.1 million, and $9.6 million in 2023, 2022, and 2021, respectively. The Company also recognized tax related benefits of $1.1 million, $1.2 million, and $1.0 million in 2023, 2022, and 2021, respectively.
v3.24.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2023
Retirement Plans [Abstract]  
Retirement Plans
9. Retirement Plans

The Company provides benefits under defined contribution plans including a savings plan and an employee stock ownership plan (ESOP). The savings plan covers substantially all domestic salaried and certain non-union hourly employees and provides for matching contributions up to 4% of each employee’s salary. The ESOP covers substantially all domestic employees and provides for contributions based on a percentage of each employee’s compensation as determined by the Company’s Board of Directors. Total expense for the Company’s defined contribution plans was $8.2 million in 2023, $7.8 million in 2022, and $6.7 million in 2021.

Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:

(In thousands)
  
2023
    
2022
  
Benefit obligation at beginning of year
  
$
32,367
    
$
41,780
  
Service cost
    
1,741
      
1,622
  
Interest cost
    
1,886
      
953
  
Foreign currency exchange rate changes
    
999
      
(1,488
)
Benefits and settlements paid
    
(2,737
)
    
(1,724
)
Actuarial loss (gain)
    
2,157
      
(8,776
)
Benefit obligation at end of year
    
36,413
      
32,367
  
Plan assets at beginning of year
    
19,929
      
32,982
  
Company contributions
    
1,598
      
1,027
  
Foreign currency exchange rate changes
    
920
      
(2,430
)
Benefits paid
    
(2,737
)
    
(1,724
)
Actual gain (loss) on plan assets
    
1,560
      
(9,926
)
Plan assets at end of year
    
21,270
      
19,929
  
Funded status
  
$
(15,143
)
  
$
(12,438
)
Accumulated benefit obligation
  
$
34,786
    
$
31,472
  

Amounts recognized in the Consolidated Balance Sheets at December 31:

(In thousands)
  
2023
    
2022
  
Accrued employee and retiree benefits
  
$
(19,165
)
  
$
(16,822
)
Other accrued expenses
    
(726
)
    
(745
)
Other assets
    
4,748
      
5,129
  
Net liability
  
$
(15,143
)
  
$
(12,438
)

Components of annual benefit cost:
(In thousands)
  
2023
    
2022
    
2021
  
Service cost
  
$
1,741
    
$
1,622
    
$
1,740
  
Interest cost
    
1,886
      
953
      
851
  
Expected return on plan assets
    
(1,007
)
    
(785
)
    
(728
)
Recognized actuarial (gain) loss
    
(656
)
    
32
      
267
  
Settlement income
    
-
      
-
      
(151
)
Defined benefit expense
  
$
1,964
    
$
1,822
    
$
1,979
  

The Company’s non-service cost portion of defined benefit expense is recorded in Interest Expense on the Company’s Consolidated Statements of Earnings. The Company’s service cost portion of defined benefit expense is recorded in Selling and Administrative Expenses on the Company’s Consolidated Statements of Earnings.

Weighted average liability assumptions as of December 31:
 
  
2023
    
2022
  
Discount rate
    
5.15
%
    
5.12
%
Expected return on plan assets
    
4.91
%
    
4.89
%
Rate of compensation increase
    
1.14
%
    
0.90
%

Weighted average cost assumptions for the year ended December 31:

 
  
2023
    
2022
    
2021
  
Discount rate
    
5.12
%
    
2.35
%
    
1.87
%
Expected return on plan assets
    
4.89
%
    
2.54
%
    
2.17
%
Rate of compensation increase
    
0.90
%
    
1.02
%
    
1.07
%

The aggregate amounts of benefits expected to be paid from defined benefit plans in each of the next five years subsequent to December 31, 2023, which include employees’ expected future service, are as follows: 2024, $2.0 million; 2025, $9.2 million; 2026, $2.0 million; 2027, $2.0 million; 2028, $2.1 million; and $13.2 million in total for the years 2029 through 2033.

The Company expects to contribute $0.7 million to defined benefit plans in 2024.

Amounts in accumulated other comprehensive loss at December 31 were as follows:

(In thousands)
  
2023
    
2022
  
Unrecognized net actuarial loss
  
$
2,936
    
$
2,210
  
Prior service cost
    
155
      
153
  
Total before tax effects
  
$
3,091
    
$
2,363
  

The pension adjustments, net of tax, recognized in OCI, were as follows:

(In thousands)
  
2023
    
2022
    
2021
  
Net actuarial gain (loss) arising during the period
  
$
192
    
$
(1,466
)
  
$
1,528
  
Amortization of actuarial (gain) loss, included in defined benefit expense
    
(479
)
    
27
      
84
  
Pension adjustment, net of tax
  
$
(287
)
  
$
(1,439
)
  
$
1,612
  

The investment objectives and target allocations for the Company’s pension plans related to the assets of the plans are reviewed on a regular basis. The investment objectives for the pension assets are to maximize the return on assets while maintaining an overall level of risk appropriate for a retirement fund and ensuring the availability of funds for the payment of retirement benefits. The levels of risk assumed by the pension plans are determined by market conditions, the rate of return expectations, and the liquidity requirements of each pension plan. The actual asset allocations of each pension plan are reviewed on a regular basis to ensure that they are in line with the target allocations.

The following table presents the Company’s pension plan assets by asset category as of December 31, 2023 and 2022:

 
  
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2023
Using Fair Value Hierarchy
    
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2022
Using Fair Value Hierarchy
  
(In thousands)
  
2023
    
Level 1
    
Level 2
    
Level 3
    
2022
    
Level 1
    
Level 2
    
Level 3
  
Equity Funds
                                                
Domestic
  
$
5,623
    
$
5,623
    
$
—
    
$
—
    
$
5,208
    
$
5,208
    
$
—
    
$
—
  
International
    
47
      
—
      
47
      
—
      
55
      
—
      
55
      
—
  
International Fixed Income Funds
    
14,486
      
1,574
      
12,912
      
—
      
14,551
      
1,060
      
13,491
      
—
  
Other investments
    
1,114
      
1,097
      
17
      
—
      
115
      
84
      
31
      
—
  
Total assets at fair value
  
$
21,270
    
$
8,294
    
$
12,976
    
$
—
    
$
19,929
    
$
6,352
    
$
13,577
    
$
—
  

The Company is required to categorize pension plan assets based on the following fair value hierarchy:

Level 1:
Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2:
Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data.
Level 3:
Unobservable inputs that reflect the reporting entity’s own assumptions.
v3.24.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2023
Accumulated Other Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income
10. Accumulated Other Comprehensive Income

The following table summarizes the changes in OCI for 2023, 2022, and 2021:

(In thousands)
  
Cash Flow
Hedges (1)
    
Pension
Items (1)
    
Foreign Currency
Items
    
Total
  
Balance as of December 31, 2020
  
$
749
    
$
(1,965
)
  
$
(157,875
)
  
$
(159,091
)
Other comprehensive income (loss) before reclassifications
    
775
      
1,528
      
(26,809
)
    
(24,506
)
Amounts reclassified from OCI
    
(1,318
)
    
84
      
10,203
      
8,969
  
Balance as of December 31, 2021
  
$
206
    
$
(353
)
  
$
(174,481
)
  
$
(174,628
)
Other comprehensive income (loss) before reclassifications
    
215
      
(1,466
)
    
(23,816
)
    
(25,067
)
Amounts reclassified from OCI
    
(1,020
)
    
27
      
-
      
(993
)
Balance as of December 31, 2022
  
$
(599
)
  
$
(1,792
)
  
$
(198,297
)
  
$
(200,688
)
Other comprehensive income before reclassifications
    
3,833
      
192
      
27,262
      
31,287
  
Amounts reclassified from OCI
    
(2,237
)
    
(479
)
    
-
      
(2,716
)
Balance as of December 31, 2023
  
$
997
    
$
(2,079
)
  
$
(171,035
)
  
$
(172,117
)
(1)
Cash Flow Hedges and Pension Items are net of tax.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Income Taxes
11. Income Taxes

Earnings before income taxes were as follows:

(In thousands)
  
2023
    
2022
    
2021
  
United States
  
$
45,900
    
$
73,192
    
$
71,764
  
Foreign
    
83,951
      
109,012
      
85,720
  
Total
  
$
129,851
    
$
182,204
    
$
157,484
  

The provision for income taxes was as follows:

(In thousands)
  
2023
    
2022
    
2021
  
Current income tax expense:
                  
Federal
  
$
11,153
    
$
21,640
    
$
16,807
  
State
    
2,814
      
5,138
      
5,128
  
Foreign
    
27,590
      
25,549
      
22,875
  
 
    
41,557
      
52,327
      
44,810
  
Deferred benefit:
                        
Federal
    
(4,656
)
    
(8,520
)
    
(4,159
)
State
    
(813
)
    
(1,353
)
    
(1,189
)
Foreign
    
369
   
(1,137
)
    
(723
)
 
    
(5,100
)
    
(11,010
)
    
(6,071
)
Income taxes
  
$
36,457
    
$
41,317
    
$
38,739
  

The reconciliation between the U.S. Federal tax rate and the actual effective tax rate was as follows:

 
  
2023
    
2022
    
2021
  
Taxes at statutory rate
    
21.0
%
    
21.0
%
    
21.0
%
State income taxes, net of federal income tax benefit
    
1.1
      
1.7
      
3.0
  
Tax credits
    
(1.9
)
    
(1.3
)
    
(1.4
)
Taxes on foreign earnings
    
4.8
      
2.9
      
4.7
  
Global Intangible Low-Taxed Income
    
0.6
      
0.4
      
0.7
  
Foreign Derived Intangible Income
    
(1.3
)
    
(1.0
)
    
(0.9
)
Loss on balance sheet hedge
    
-
      
-
      
0.7
  
Resolution of prior years’ tax matters
    
0.3
   
(0.1
)
    
(0.4
)
Valuation allowance adjustments
    
2.8
   
(2.7
)
    
(2.9
)
Nondeductible compensation
     1.2       1.9       1.1  
Other, net
    
(0.5
)
    
(0.1
)
    
(1.0
)
Effective tax rate
    
28.1
%
    
22.7
%
    
24.6
%

Taxes on foreign earnings include the difference between the tax rates applied to foreign earnings relative to the U.S. statutory tax rate, accruals for foreign unrecognized tax benefits, and the impact of the U.S. foreign tax credit, not including the impact from Global Intangible Low-Taxed Income (GILTI). The impact on the Company’s effective tax rate varies from year to year based on the finalization of prior year foreign and domestic tax items, audit settlements, and mix of foreign earnings. The effective tax rates in 2023, 2022, and 2021 were all impacted by the release of valuation allowances related to the foreign tax credit carryover and net operating losses. The effective tax rate in 2023 was impacted by the limited tax deductibility of costs related to the portfolio optimization plan, and the effective tax rates in 2022 and 2021 were impacted by tax costs related to the divestitures. See Note 14, Divestitures, and Note 16, Portfolio Optimization Plan.

The Company’s valuation allowance at December 31, 2023 and 2022 was $34.1 million and $28.1 million, respectively. In 2023, the valuation allowance related to foreign tax credits was reduced, and the valuation allowance related to state and foreign NOLs was increased. In 2022, the valuation allowance related to foreign tax credits and state and foreign NOLs was reduced. During 2021, the Company completed tax planning strategies and Federal tax regulations were finalized that resulted in the partial release of this valuation allowance.

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities consisted of the following:

(In thousands)
  
2023
    
2022
  
Deferred tax assets:
            
Benefit plans
  
$
8,976
    
$
8,601
  
Liabilities and reserves
    
20,960
      
18,623
  
Operating loss and credit carryovers
    
59,615
      
60,070
  
Capitalized research and development costs
     13,148       7,882  
Other
    
14,680
      
4,414
  
Gross deferred tax assets
    
117,379
      
99,590
  
Valuation allowance
    
(34,122
)
    
(28,073
)
Deferred tax assets
    
83,257
      
71,517
  
Deferred tax liabilities:
                
Property, plant, and equipment
    
(33,654
)
    
(34,174
)
Goodwill
    
(22,299
)
    
(20,603
)
Deferred tax liabilities
    
(55,953
)
    
(54,777
)
Net deferred tax assets
  
$
27,304
    
$
16,740
  

At December 31, 2023, foreign tax credit carryovers were $31.7 million, all of which expire before 2035. At December 31, 2023, foreign operating loss carryovers were $76.7 million. Included in the foreign operating loss carryovers are losses of $13.5 million that expire through 2036 and $63.2 million that expire after 2036 or do not have an expiration date. At December 31, 2023, state operating loss carryovers were $115.1 million, which expire prior to 2036.

The Company is electing to recognize GILTI as a period expense in the period the tax is incurred.

The Organisation for Economic Co-operation and Development has issued Pillar Two model rules imposing a global minimum corporate tax rate of 15%. Many countries have implemented laws based on these model rules, with expected effective dates beginning in fiscal year 2024. As currently designed, Pillar Two will ultimately apply to our worldwide operations. These rules are not expected to materially increase our global tax costs as we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum. We will continue to monitor U.S. and global legislative action related to Pillar Two for potential impacts.

Federal and state income taxes are provided on international subsidiary income distributed to or taxable in the U.S. during the year. At December 31, 2023, no additional income or withholding taxes have been provided for the $720.8 million of undistributed earnings or any additional outside basis differences inherent in these entities, as these amounts are considered to be invested indefinitely. If the undistributed earnings were repatriated, the Company estimates it would have a withholding tax liability of $37.1 million. The determination of the tax liability for any outside basis differences is not practicable.

A reconciliation of the change in the liability for unrecognized tax benefits for 2023 and 2022 is as follows:

(In thousands)
  
2023
    
2022
  
Balance at beginning of year
  
$
3,939
    
$
3,761
  
Increases for tax positions taken in the current year
    
876
      
800
  
Decreases related to settlements with tax authorities
    
(175
)
    
(209
)
Decreases as a result of lapse of the applicable statutes of limitations
    
(610
)
    
(338
)
Foreign currency exchange rate changes
    
221
   
(75
)
Balance at the end of year
  
$
4,251
    
$
3,939
  

The amount of the unrecognized tax benefits that would affect the effective tax rate, if recognized, was approximately $4.3 million. The Company recognizes interest and penalties related to the unrecognized tax benefits in income tax expense. $0.4 million of accrued interest and penalties were reported as an income tax liability as of both December 31, 2023 and 2022. The liability for unrecognized tax benefits relates to multiple jurisdictions and is reported in Other Liabilities on the Company’s Consolidated Balance Sheet at December 31, 2023.

The Company believes that it is reasonably possible that the total amount of liability for unrecognized tax benefits as of December 31, 2023, will decrease by approximately $0.9 million during 2024, of which $0.8 million is estimated to impact the effective tax rate. The potential decrease relates to various tax matters for which the statute of limitations may expire or will be otherwise settled in 2024. The amount that is ultimately recognized in the financial statements will be dependent upon various factors including potential increases or decreases in unrecognized tax benefits as a result of examinations, settlements, and other unanticipated items that may occur during the year. With limited exceptions, the Company is no longer subject to federal, state, and local, or non-U.S. income tax examinations by tax authorities for years before 2019.
v3.24.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2023
Segment and Geographic Information [Abstract]  
Segment and Geographic Information
12. Segment and Geographic Information

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on operating income before divestiture & other related costs and income, share-based compensation, restructuring and other charges, including operational improvement plan costs and income and 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.

Assets by business segment and geographic region are those assets used in the Company’s operations in each segment and geographic region. Segment assets reflect the allocation of goodwill to each segment. Corporate & Other assets consist primarily of accounts receivables from the securitization program, investments, deferred tax assets, and fixed assets.

Segment Information
The Company determines its operating segments based on information utilized by its chief operating decision maker to allocate resources and assess performance. Segment performance is evaluated on operating income of the respective business units before divestiture & other related costs and income, share-based compensation, and restructuring and other charges, including operational improvement plan costs and income and portfolio optimization plan costs, which are reported in Corporate & Other.

The Company’s three reportable segments are 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 characteristic to a broad range of consumer and other products. The Color segment produces natural and synthetic color systems for foods, beverages, pharmaceuticals, and nutraceuticals; colors, ingredients, and systems for personal care; 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 for the Asia Pacific countries. The Company’s corporate expenses, divestiture & other related costs and income, share-based compensation, restructuring and other charges, including operational improvement plan costs and income and portfolio optimization plan costs, and certain other costs are included in the “Corporate & Other” category.

Divestiture & other related costs and income and restructuring and other costs, including the operational improvement plan costs and income and portfolio optimization plan costs, for the years ended December 31, 2023, 2022, and 2021, are further described in Note 14, Divestitures, Note 15, Operational Improvement Plan, and Note 16, Portfolio Optimization Plan, and are included in the operating income (loss) results in Corporate & Other below. In addition, the Company’s corporate expenses and share-based compensation are included in Corporate & Other.

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Corporate
& Other
    
Consolidated
  
2023:
                              
Revenue from external customers
  
$
716,049
    
$
594,316
    
$
146,085
    
$
—
    
$
1,456,450
  
Intersegment revenue
    
25,023
      
13,643
      
5
      
—
      
38,671
  
Total revenue
    
741,072
      
607,959
      
146,090
      
—
      
1,495,121
  
 
                                        
Operating income (loss)
    
87,773
      
105,370
      
30,800
      
(68,920
)
    
155,023
  
Interest expense
    
—
      
—
      
—
      
25,172
      
25,172
  
Earnings (loss) before income taxes
    
87,773
      
105,370
      
30,800
      
(94,092
)
    
129,851
  
 
                                        
Assets
    
792,674
      
846,559
      
112,335
      
262,939
      
2,014,507
  
Capital expenditures
    
40,489
      
37,720
      
2,923
      
6,736
      
87,868
  
Depreciation and amortization
    
29,400
      
22,294
      
2,548
      
3,578
      
57,820
  
 
                                        
2022:
                                        
Revenue from external customers
  
$
710,592
    
$
583,379
    
$
143,068
    
$
—
    
$
1,437,039
  
Intersegment revenue
    
27,411
      
20,638
      
513
      
—
      
48,562
  
Total revenue
    
738,003
      
604,017
      
143,581
      
—
      
1,485,601
  
 
                                        
Operating income (loss)
    
105,424
      
114,619
      
29,492
      
(52,784
)
    
196,751
  
Interest expense
    
—
      
—
      
—
      
14,547
      
14,547
  
Earnings (loss) before income taxes
    
105,424
      
114,619
      
29,492
      
(67,331
)
    
182,204
  
 
                                        
Assets
    
738,181
      
849,425
      
115,132
      
278,876
      
1,981,614
  
Capital expenditures
    
40,805
      
30,300
      
2,164
      
6,053
      
79,322
  
Depreciation and amortization
    
26,660
      
20,174
      
2,489
      
3,144
      
52,467
  
 
                                        
2021:
                                        
Revenue from external customers
  
$
717,688
    
$
527,626
    
$
134,950
    
$
—
    
$
1,380,264
  
Intersegment revenue
    
21,739
      
17,644
      
398
      
—
      
39,781
  
Total revenue
    
739,427
      
545,270
      
135,348
      
—
      
1,420,045
  
 
                                        
Operating income (loss)
    
98,660
      
103,575
      
26,330
      
(58,537
)
    
170,028
  
Interest expense
    
—
      
—
      
—
      
12,544
      
12,544
  
Earnings (loss) before income taxes
    
98,660
      
103,575
      
26,330
      
(71,081
)
    
157,484
  
 
                                        
Assets
    
639,992
      
738,139
      
108,126
      
259,236
      
1,745,493
  
Capital expenditures
    
35,846
      
16,806
      
2,813
      
5,323
      
60,788
  
Depreciation and amortization
    
26,020
      
20,572
      
2,748
      
2,711
      
52,051
  

Geographic Information
The Company has manufacturing facilities or sales offices in North America, Europe, Asia, Australia, South America, and Africa.

The Company’s annual revenue summarized by geographic location is as follows:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Corporate
& Other
    
Consolidated
  
2023:
                              
Revenue from external customers:
                              
North America
  
$
553,790
    
$
304,995
    
$
125
    
$
—
    
$
858,910
  
Europe
    
113,757
      
162,644
      
236
      
—
      
276,637
  
Asia Pacific
    
21,382
      
58,003
      
142,281
      
—
      
221,666
  
Other
    
27,120
      
68,674
      
3,443
      
—
      
99,237
  
Total revenue from external customers
  
$
716,049
    
$
594,316
    
$
146,085
    
$
—
    
$
1,456,450
  
Long-lived assets:
                                        
North America
  
$
297,615
    
$
277,730
    
$
—
    
$
114,995
    
$
690,340
  
Europe
    
82,938
      
244,587
      
—
      
24
      
327,549
  
Asia Pacific
    
8
      
4,199
      
30,473
      
—
      
34,680
  
Other
    
241
      
25,081
      
—
      
—
      
25,322
  
Total long-lived assets
  
$
380,802
    
$
551,597
    
$
30,473
    
$
115,019
    
$
1,077,891
  
 
                                        
2022:
                                        
Revenue from external customers:
                                        
North America
  
$
541,120
    
$
304,778
    
$
120
    
$
—
    
$
846,018
  
Europe
    
115,925
      
151,437
      
213
      
—
      
267,575
  
Asia Pacific
    
29,092
      
61,064
      
139,134
      
—
      
229,290
  
Other
    
24,455
      
66,100
      
3,601
      
—
      
94,156
  
Total revenue from external customers
  
$
710,592
    
$
583,379
    
$
143,068
    
$
—
    
$
1,437,039
  
Long-lived assets:
                                        
North America
  
$
286,497
    
$
271,075
    
$
—
    
$
107,784
    
$
665,356
  
Europe
    
86,248
      
236,719
      
—
      
24
      
322,991
  
Asia Pacific
    
237
      
3,796
      
29,915
      
—
      
33,948
  
Other
    
389
      
24,150
      
—
      
—
      
24,539
  
Total long-lived assets
  
$
373,371
    
$
535,740
    
$
29,915
    
$
107,808
    
$
1,046,834
  
 
                                        
2021:
                                        
Revenue from external customers:
                                        
North America
  
$
523,960
    
$
263,031
    
$
116
    
$
—
    
$
787,107
  
Europe
    
135,348
      
142,741
      
140
      
—
      
278,229
  
Asia Pacific
    
29,880
      
59,914
      
131,772
      
—
      
221,566
  
Other
    
28,500
      
61,940
      
2,922
      
—
      
93,362
  
Total revenue from external customers
  
$
717,688
    
$
527,626
    
$
134,950
    
$
—
    
$
1,380,264
  
Long-lived assets:
                                        
North America
  
$
268,934
    
$
250,682
    
$
—
    
$
105,150
    
$
624,766
  
Europe
    
91,934
      
225,916
      
—
      
25
      
317,875
  
Asia Pacific
    
275
      
4,513
      
32,901
      
—
      
37,689
  
Other
    
568
      
23,442
      
—
      
—
      
24,010
  
Total long-lived assets
  
$
361,711
    
$
504,553
    
$
32,901
    
$
105,175
    
$
1,004,340
  

Sales in the United States, based on the final country of destination of the Company’s products, were $707.1 million, $711.1 million, and $658.0 million, in 2023, 2022, and 2021, respectively. No other country of destination exceeded 10% of consolidated sales. Total long-lived assets in the United States amounted to $603.2 million, $586.8 million, and $550.3 million, at December 31, 2023, 2022, and 2021, respectively.

Product Information
The Company’s revenue summarized by product portfolio is as follows:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
2023:
                        
Flavors, Extracts & Flavor Ingredients
  
$
496,036
    
$
—
    
$
—
    
$
496,036
  
Natural Ingredients
    
245,036
      
—
      
—
      
245,036
  
Food & Pharmaceutical Colors
    
—
      
452,204
      
—
      
452,204
  
Personal Care
    
—
      
155,755
      
—
      
155,755
  
Asia Pacific
    
—
      
—
      
146,090
      
146,090
  
Intersegment Revenue
    
(25,023
)
    
(13,643
)
    
(5
)
    
(38,671
)
Total revenue from external customers
  
$
716,049
    
$
594,316
    
$
146,085
    
$
1,456,450
  
                                 
2022:
                                
Flavors, Extracts & Flavor Ingredients
  
$
498,055
    
$
—
    
$
—
    
$
498,055
  
Natural Ingredients
    
239,948
      
—
      
—
      
239,948
  
Food & Pharmaceutical Colors
    
—
      
437,065
      
—
      
437,065
  
Personal Care
    
—
      
165,335
      
—
      
165,335
  
Inks
    
—
      
1,617
      
—
      
1,617
  
Asia Pacific
    
—
      
—
      
143,581
      
143,581
  
Intersegment Revenue
    
(27,411
)
    
(20,638
)
    
(513
)
    
(48,562
)
Total revenue from external customers
  
$
710,592
    
$
583,379
    
$
143,068
    
$
1,437,039
  
                                 
2021:
                                
Flavors, Extracts & Flavor Ingredients
  
$
455,818
    
$
—
    
$
—
    
$
455,818
  
Natural Ingredients
    
255,772
      
—
      
—
      
255,772
  
Fragrances
    
22,739
      
—
      
—
      
22,739
  
Yogurt Fruit Preparations
    
5,098
      
—
      
—
      
5,098
  
Food & Pharmaceutical Colors
    
—
      
385,069
      
—
      
385,069
  
Personal Care
    
—
      
158,237
      
—
      
158,237
  
Inks
    
—
      
1,964
      
—
      
1,964
  
Asia Pacific
    
—
      
—
      
135,348
      
135,348
  
Intersegment Revenue
    
(21,739
)
    
(17,644
)
    
(398
)
    
(39,781
)
Total revenue from external customers
  
$
717,688
    
$
527,626
    
$
134,950
    
$
1,380,264
  
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Measurements [Abstract]  
Fair Value Measurements
13. Fair Value Measurements

ASC 820, Fair Value Measurement, defines fair value for financial assets and liabilities, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. As of December 31, 2023 and 2022, the Company’s assets and liabilities subject to this standard are forward exchange contracts. The net fair value of the forward exchange contracts based on current pricing obtained for comparable derivative products (Level 2 inputs) was an asset of $1.0 million and a liability of $0.2 million as of December 31, 2023 and 2022, respectively. The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, trade accounts payable, accrued expenses, and short-term borrowings were approximately the same as the fair values as of December 31, 2023. The fair value of the Company’s long-term debt, including current maturities, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2 inputs). The carrying value of the long-term debt at December 31, 2023 and 2022, was $645.2 million and $630.8 million, respectively. The fair value of the long-term debt at December 31, 2023 and 2022, was $653.7 million and $622.2 million, respectively.
v3.24.0.1
Divestitures
 12 Months Ended
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.
v3.24.0.1
Operational Improvement Plan
 12 Months Ended
Dec. 31, 2023
Operational Improvement Plan [Abstract]  
Operational Improvement Plan
15. Operational Improvement Plan

During the third quarter of 2020, the Company approved an operational improvement plan (Operational Improvement Plan) to consolidate manufacturing facilities and improve efficiencies within the Company. As part of the Operational Improvement Plan, the Company combined its New Jersey cosmetics manufacturing facility in the Personal Care product line of the Color segment into its existing Color segment facility in Missouri. In addition, the Company centralized certain Flavors & Extracts segment support functions in Europe into one location. In the Asia Pacific segment, the Company incurred costs in connection with the elimination of certain selling and administrative positions.

During the second quarter of 2021, the Company received cash proceeds, net of associated expenses, in connection with the termination of a New Jersey office and laboratory space lease. The terminated lease was originally executed in November 2020 as part of the Operational Improvement Plan; however, the landlord for the property requested to terminate the lease prior to the end of its term and compensated the Company as part of a negotiated resolution for that termination.

The Company reports all costs and income associated with the Operational Improvement Plan in Corporate & Other. There were no Operational Improvement Plan costs recorded for the years ended December 31, 2023 and 2022.

The following table summarizes the Operational Improvement Plan income and expenses recorded in Selling and Administrative Expenses by segment for the year ended December 31, 2021:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia
Pacific
    
Consolidated
  
Employee separation
  
$
(123
)
  
$
(8
)
  
$
(351
)
  
$
(482
)
Other income(1)
    
-
      
(3,624
)
    
-
      
(3,624
)
Other costs(2)
    
-
      
2,207
      
4
      
2,211
  
Total
  
$
(123
)
  
$
(1,425
)
  
$
(347
)
  
$
(1,895
)


(1)
Other income includes cash received for the early termination of a lease less associated expenses.

(2)
Other costs include professional services, accelerated depreciation, and other related costs.
v3.24.0.1
Portfolio Optimization Plan
 12 Months Ended
Dec. 31, 2023
Portfolio Optimization Plan [Abstract]  
Portfolio Optimization Plan

16. Portfolio Optimization Plan

During the fourth quarter of 2023, the board of directors of the Company approved a portfolio optimization plan (Portfolio Optimization Plan) to undertake an effort to optimize certain production facilities and improve efficiencies within the Company. As part of the Portfolio Optimization Plan, in the Flavors & Extracts segment, the Company is evaluating the potential closure of its manufacturing facility in Felinfach, Wales, United Kingdom, the potential closure of its sales office in Granada, Spain, and the potential centralization and elimination of certain selling and administrative positions, with such proposals remaining subject to information and consultation processes in certain countries. In addition, in the Color segment, the Company’s proposals include closing a manufacturing facility in Delta, British Columbia, Canada, closing a sales office in Argentina, and centralizing and eliminating certain production positions as well as potentially eliminating some selling and administrative positions, with such proposals remaining subject to information and consultation processes in certain countries. The Company reports all costs associated with the Portfolio Optimization Plan in the Corporate & Other segment.

The Company recorded non-cash impairment charges in Selling and Administrative Expenses, primarily related to certain property, plant, and equipment and definite-lived intangible assets during the year ended December 31, 2023, when the estimated fair value of these assets was lower than the carrying value. The estimated fair value for property, plant, and equipment was based on an independent market valuation, which is classified as Level 3 inputs in the fair value measurement hierarchy. The definite-lived intangible assets relate to a product line to be shut down and were fully impaired as of December 31, 2023. The Company also recorded non-cash charges in Cost of Products Sold during the year ended December 31, 2023, to reduce the carrying value of certain inventories when they were determined to be excess.

As of December 31, 2023, the Company recorded $3.7 million of accrued liabilities in Other Accrued Expenses on the Company’s Consolidated Balance Sheet related to this plan. The Company expects this plan would, if executed in full, cost approximately $40 million, primarily related to non-cash impairment charges and proposed employee separation costs, and upon completion would reduce annual operating costs by approximately $8 million to $10 million, with the full benefit expected to be achieved after 2025. The Company proposes to reduce headcount by approximately 130 positions, primarily in the Flavors & Extracts and Color segments, related to certain production and selling and administrative positions.

The following table summarizes the Portfolio Optimization Plan expenses by segment for the year ended December 31, 2023:


 
(In thousands)
  
Flavors &
Extracts
    

Color
    
Corporate
& Other
    
Consolidated
  
Non-cash impairment charges – Selling and administrative expenses
  
$
11,599
    
$
9,355
    
$
-
    
$
20,954
  
Non-cash charges – Cost of products sold
    
2,040
      
1,095
      
-
      
3,135
  
Employee separation – Selling and administrative expenses
    
2,820
      
288
      
108
      
3,216
  
Other costs – Selling and administrative expenses(1)
    
39
      
497
      
-
      
536
  
Total
  
$
16,498
    
$
11,235
    
$
108
    
$
27,841
  


(1)
Other costs include legal settlements, professional services, and other related costs.
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
17. Commitments and Contingencies

The Company is subject to various claims and litigation arising in the normal course of business. The Company establishes reserves for claims and proceedings when it is probable that liabilities exist and reasonable estimates of loss can be made. While it is not possible to predict the outcome of these matters, based on our assessment of the facts and circumstances now known, we do not believe that these matters, individually or in the aggregate, will have a material adverse effect on our financial position. However, actual outcomes may be different from those expected and could have a material effect on our results of operations or cash flows in a particular period.

See Note 14, Divestitures, for information about estimated environmental remediation costs associated with our former Granada, Spain location.
v3.24.0.1
Subsequent Event
 12 Months Ended
Dec. 31, 2023
Subsequent Event [Abstract]  
Subsequent Event
18. Subsequent Event

On January 19, 2024, the Company announced its quarterly dividend of 41 cents per share would be payable on March 1, 2024.
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Insider Trading Arrangements [Line Items]  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Schedule II Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2023
Schedule II - Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
Financial Statement Schedule

Schedule II
Valuation and Qualifying Accounts (in thousands); Years Ended December 31, 2023, 2022, and 2021
Valuation Accounts Deducted in the Balance Sheet From the Assets to Which They Apply
  
Balance
at Beginning
of Period
    
Additions
Charged to
Costs and
Expenses
    
Additions
Recorded
During
Acquisitions
    
Deductions
(A)
    
Balance at
End of
Period
  
                               
2021
Allowance for losses:
Trade accounts receivable
  
$
3,435
    
$
1,631
    
$
0
    
$
189
    
$
4,877
  
 
                                        
2022
Allowance for losses:
Trade accounts receivable
  
$
4,877
    
$
944
    
$
0
    
$
1,385
    
$
4,436
  
 
                                        
2023
Allowance for losses:
Trade accounts receivable
  
$
4,436
    
$
1,020
    
$
0
    
$
1,083
    
$
4,373
  
(A) Accounts written off, net of recoveries. In 2021, $456 thousand was moved from Assets Held for Sale to Trade Accounts Receivable on the Consolidated Balance Sheet related to the fragrances divestiture.
  

All other schedules are omitted because they are inapplicable, not required by the instructions, or the information is included in the consolidated financial statements or notes thereto.
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements requires the use of management’s estimates and assumptions that affect reported amounts of assets, liabilities, revenue, and expenses during the reporting period and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Revenue Recognition
Revenue Recognition
The Company recognizes revenue at the transfer of control of its products to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve this core principle, the Company applies the following five-step approach:

•
Identification of the contract, or contracts, with a customer
•
Identification of the performance obligations in the contract
•
Determination of the transaction price
•
Allocation of the transaction price to the performance obligations in the contract
•
Recognition of revenue when, or as, the Company satisfies the performance obligations

The Company considers customer purchase orders, which in some cases are governed by master sales agreements, coupled with the Company’s purchase order acceptances, to be the contracts with the customer. For each contract, the Company considers the identified performance obligation to be the promise to transfer products. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment and then determines the net consideration to which the Company expects to be entitled. In addition, the Company assesses the customer’s ability to pay as part of its evaluation of the contract. As the Company’s standard payment terms are less than one year, the Company elected the practical expedient under Accounting Standards Codification (ASC) 606-10-32-18, and determined that its contracts do not have a significant financing component. The Company allocates the transaction price to each distinct product based on the relative standalone selling price. Revenue is recognized when control of the product is transferred to the customer, the customer is obligated to pay the Company, and the Company has no remaining obligations, which is typically at shipment. In certain locations, primarily outside the United States, product delivery terms may vary. Thus, in such locations, the point at which control of the product transfers to the customer and revenue recognition occurs will vary accordingly.

Customer returns of non-conforming products are estimated at the time revenue is recognized. In certain customer relationships, volume rebates exist, which are recognized according to the terms and conditions of the contractual relationship. Customer returns, rebates, and discounts are not material to the Company’s consolidated financial statements. The Company has elected to recognize the revenue and cost for freight and shipping when control over the products has transferred to the customer. The Company has elected to immediately expense contract costs related to obtaining a contract as the amortization period of the asset the Company otherwise would have recognized would have been less than a year.

In addition to evaluating the Company’s performance based on the segments above, revenue is also disaggregated and analyzed by product line and geographic market (See Note 12, Segment and Geographic Information, for further information).
Cost of Products Sold
Cost of Products Sold
Cost of products sold includes materials, labor, and overhead expenses incurred in the manufacture of our products. Cost of products sold also includes charges for obsolete and slow-moving inventories as well as costs for quality control, purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, other costs of our internal distribution network, and costs incurred for shipping and handling. The Company records fees billed to customers for shipping and handling as revenue.
Selling and Administrative Expenses
Selling and Administrative Expenses
Selling and administrative expenses primarily include the salaries and related costs for executive, finance, accounting, human resources, information technology, research and development, and legal personnel as well as salaries and related costs of salespersons and commissions paid to external sales agents.
Cash Equivalents
Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition as cash equivalents.
Accounts Receivable
Accounts Receivable
Receivables are recorded at their face amount, less an allowance for losses on doubtful accounts. The allowance for doubtful accounts is based on customer-specific analysis and general matters such as current assessments of past due balances and economic conditions. Specific accounts are written off against the allowance for doubtful accounts when it is deemed that the receivable is no longer collectible.
Inventories
Inventories
Inventories are stated at the lower of cost or net realizable value. Net realizable value is determined on the basis of estimated realizable values. Cost is determined using the first-in, first-out (FIFO) method. Inventories include finished and in-process products totaling $437.1 million and $385.2 million at December 31, 2023 and 2022, respectively, and raw materials and supplies of $161.3 million and $178.9 million at December 31, 2023 and 2022, respectively.

The Company recorded a non-cash charge of $3.1 million in Cost of Products Sold related to the portfolio optimization plan in 2023. The non-cash charge reduced the carrying value of certain inventories, as they were determined to be excess. See Note 16, Portfolio Optimization Plan, for additional information.
Property, Plant, and Equipment
Property, Plant, and Equipment
Property, plant, and equipment are recorded at cost reduced by accumulated depreciation. Depreciation is provided over the estimated useful life of the related asset using the straight-line method for financial reporting. The estimated useful lives for buildings and leasehold improvements range from 5 to 40 years. Machinery and equipment have estimated useful lives ranging from 3 to 20 years. Interest costs on significant projects constructed or developed for the Company’s own use are capitalized as part of the asset.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
The carrying value of goodwill is evaluated for impairment on an annual basis or more frequently when an indicator of impairment occurs. The impairment assessment includes comparing the carrying amount of net assets, including goodwill, of each reporting unit to its respective fair value as of the date of the assessment. Fair value was estimated based upon an evaluation of the reporting unit’s estimated future discounted cash flows as well as the public trading and private transaction valuation multiples for comparable companies. The Company performed such a quantitative analysis in 2022, which indicated a substantial premium compared to the carrying value of net assets, including goodwill, at the reporting unit level. In 2023 and 2021, the Company completed a qualitative assessment noting no indicators of impairment. The Company did not record impairment charges for any of its reporting units in 2023, 2022, or 2021.

The cost of intangible assets with determinable useful lives is amortized on a straight-line basis to reflect the pattern of economic benefits consumed, ranging from 5 to 25 years. These assets include technological know-how, customer relationships, patents, trademarks, trade secrets, and non-compete agreements, among others.
Impairment of Long-lived Assets
Impairment of Long-lived Assets
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company performs undiscounted cash flow analyses to determine if potential impairment exists. If impairment is determined to exist, any related impairment loss is calculated based on the difference between fair value and carrying value. Impairment losses were recorded as a result of the Company’s divestiture of its fragrances product line (excluding its essential oils product line) in 2021 and the Company’s portfolio optimization plan in 2023. See Note 14, Divestitures, and Note 16, Portfolio Optimization Plan, for additional information.
Leases
Leases
The Company enters into lease agreements for certain office space, warehouses, land, and equipment in the ordinary course of business. The Company determines if an arrangement is a lease at inception and evaluates the lease classification (i.e., operating lease or financing lease) at that time. Lease arrangements with an initial term of 12 months or less are considered short-term leases and are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the term of the lease.

Operating leases are included in Other Assets, Other Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheet. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term.

The Company uses its incremental borrowing rate on the commencement date for determining the present value of lease payments. The Company considers the likelihood of exercising options to extend or terminate the lease when determining the lease term.

The Company has lease agreements with lease and non-lease components. The Company has elected the practical expedient of accounting for the lease and non-lease components of each lease as a single lease component.
Derivative Financial Instruments
Derivative Financial Instruments
The Company selectively uses derivative financial instruments to reduce market risk associated with changes in foreign currency and interest rate exposures, which exist as part of ongoing business operations. All derivative transactions are authorized and executed pursuant to the Company’s risk management policies and procedures, which strictly prohibit the use of financial instruments for speculative trading purposes.

The primary objectives of the foreign exchange risk management activities are to understand and mitigate the impact of potential foreign exchange fluctuations on the Company’s financial results and its economic well-being. Changes in the fair value of derivatives that are designated as fair value hedges, along with the gain or loss on the hedged item, are recorded in current period earnings. These risk management transactions may involve the use of foreign currency derivatives to protect against exposure resulting from recorded accounts receivable and payable. The Company may utilize forward exchange contracts, generally with maturities of less than 18 months, which qualify as cash flow hedges. Generally, these foreign exchange contracts are intended to offset the effect of exchange rate fluctuations on non-functional currency denominated sales and purchases. For derivative instruments that are designated as cash flow hedges, gains and losses are deferred in Accumulated Other Comprehensive Income (OCI) until the underlying transaction is recognized in earnings.

For hedges designated as cash flow hedges, the Company elects critical terms that match at the onset of the hedge transaction. Hedge accounting is permitted only if the hedge meets the critical terms match requirements. The Company reviews the critical terms at each effectiveness testing date to ensure the respective terms match; therefore, achieving a highly effective hedge.
Interest Rate Hedging
Interest Rate Hedging
The Company is exposed to interest rate risk through its corporate borrowing activities. The objective of the Company’s interest rate risk management activities is to manage the levels of the Company’s fixed and floating interest rate exposure to be consistent with the Company’s preferred mix. The interest rate risk management program may include entering into interest rate swaps, which qualify as fair value hedges, when there is a desire to modify the Company’s exposure to interest rates. Gains or losses on fair value hedges are recognized in earnings, net of gains and losses on the fair value of the hedged instruments.
Net Investments Hedging
Net Investments Hedging
The Company is exposed to risk related to its net investments in foreign subsidiaries. As part of its risk management activities, the Company may enter into foreign-denominated debt to be used as a non-derivative instrument to hedge the Company’s net investment in foreign subsidiaries. The change in the fair value of debt designated as a net investment hedge is recorded in foreign currency translation in OCI.
Commodity Purchases
Commodity Purchases
The Company purchases certain commodities in the normal course of business that result in physical delivery of the goods and, hence, are excluded from ASC 815, Derivatives and Hedging.
Translation of Foreign Currencies
Translation of Foreign Currencies
For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of foreign operations are translated into U.S. dollars at current exchange rates. Revenue and expense accounts are translated into U.S. dollars at average exchange rates prevailing during the year. Adjustments resulting from the translation of foreign accounts into U.S. dollars are recorded in foreign currency translation in OCI. Transaction gains and losses that occur as a result of transactions denominated in non-functional currencies are included in earnings and were not significant during the years ended December 31, 2023, 2022, and 2021.
Share-Based Compensation
Share-Based Compensation
Share-based compensation expense is recognized over the vesting period of each award based on the fair value of the instrument at the time of grant as summarized in Note 8, Share-Based Compensation.
Income Taxes
Income Taxes
The Company recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and a deferred tax liability or asset for the estimated future tax effects attributable to temporary differences and carryforwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Deferred tax assets are reduced, if necessary, by the amount of any tax benefits for which the utilization of the asset is not considered likely.
Earnings Per Share
Earnings Per Share
The difference between basic and diluted earnings per share (EPS) is the dilutive effect of non-vested stock. Diluted EPS assumes that non-vested stock has vested.

The following table sets forth the computation of basic and diluted EPS for the years ended December 31:

 
  
Years Ended December 31,
  
(In thousands except per share amounts)
  
2023
    
2022
    
2021
  
Numerator:
                  
Net earnings
  
$
93,394
    
$
140,887
    
$
118,745
  
Denominator:
                        
Denominator for basic EPS - weighted average common shares
    
42,027
      
41,888
      
42,077
  
Effect of dilutive securities
    
215
      
325
      
181
  
Denominator for diluted EPS - diluted weighted average shares outstanding
    
42,242
      
42,213
      
42,258
  
 
                        
Earnings per Common Share:
                        
Basic
  
$
2.22
    
$
3.36
    
$
2.82
  
Diluted
  
$
2.21
    
$
3.34
    
$
2.81
  

The Company has a share-based compensation plan under which employees may be granted share-based awards in which non-forfeitable dividends are paid on non-vested shares for certain awards. As such, these shares are considered participating securities under the two-class method of calculating EPS as described in ASC 260, Earnings per Share. The two-class method of calculating EPS did not have a material impact on the Company’s EPS calculations as of December 31, 2023, 2022, and 2021.

All EPS amounts are presented on a diluted basis unless otherwise noted.
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Accumulated OCI is composed primarily of foreign currency translation, pension liability, and unrealized gains or losses on cash flow hedges. See Note 10, Accumulated Other Comprehensive Income, for additional information.
Research and Development
Research and Development
Research and development costs are recorded in Selling and Administrative Expenses in the year they are incurred. Research and development costs were $48.1 million, $42.2 million, and $34.3 million, during the years ended December 31, 2023, 2022, and 2021, respectively.
Advertising
Advertising
Advertising costs are recorded in Selling and Administrative Expenses as they are incurred. Advertising costs were $2.5 million, $1.9 million, and $2.4 million, during the years ended December 31, 2023, 2022, and 2021, respectively.
Environmental Liabilities
Environmental Liabilities
The Company records liabilities related to environmental remediation obligations when estimated future expenditures are probable and reasonably estimable. Such accruals are adjusted as further information becomes available or as circumstances change. Estimated future expenditures are discounted to their present value when the timing and amount of future cash flows are fixed and readily determinable. Recoveries of remediation costs from other parties, if any, are recognized as assets when their receipt is realizable.
Subsequent Events
Subsequent Events
The Company performed an evaluation of subsequent events through the date these financial statements were issued. See Note 18, Subsequent Event, for additional information.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to provide disclosures of significant segment expenses and other segment items. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements and its related disclosures.

Other recently issued accounting pronouncements are not expected to have a material impact on the Company’s consolidated financial statements.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Weighted-Average Common Shares for the Computation of EPS
The following table sets forth the computation of basic and diluted EPS for the years ended December 31:

 
  
Years Ended December 31,
  
(In thousands except per share amounts)
  
2023
    
2022
    
2021
  
Numerator:
                  
Net earnings
  
$
93,394
    
$
140,887
    
$
118,745
  
Denominator:
                        
Denominator for basic EPS - weighted average common shares
    
42,027
      
41,888
      
42,077
  
Effect of dilutive securities
    
215
      
325
      
181
  
Denominator for diluted EPS - diluted weighted average shares outstanding
    
42,242
      
42,213
      
42,258
  
 
                        
Earnings per Common Share:
                        
Basic
  
$
2.22
    
$
3.36
    
$
2.82
  
Diluted
  
$
2.21
    
$
3.34
    
$
2.81
  
v3.24.0.1
Trade Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2023
Trade Accounts Receivable [Abstract]  
Changes in Allowance for Doubtful Accounts
The following table summarizes the changes in the allowance for doubtful accounts for the years ended December 31, 2023 and 2022:

(In thousands)
  
Allowance for
Doubtful Accounts
  
Balance at December 31, 2021
  
$
4,877
  
Provision for expected credit losses
    
944
  
Accounts written off
    
(1,305
)
Translation and other activity
    
(80
)
Balance at December 31, 2022
  
$
4,436
  
Provision for expected credit losses
    1,020  
Accounts written off
    (1,279 )
Translation and other activity
    196
Balance at December 31, 2023   $ 4,373  
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets [Abstract]  
Intangible Assets
At December 31, 2023 and 2022, goodwill is the only intangible asset that is not subject to amortization. The following table summarizes intangible assets with determinable useful lives by major category as of December 31, 2023 and 2022:

 
        
2023
    
2022
  
(In thousands except weighted average amortization years)
  
Weighted
Average
Amortization
Years
    
Cost
    
Accumulated
Amortization
    
Cost
    
Accumulated
Amortization
  
 
                              
Technological know-how
    
12.6
    
$
7,452
    
$
(4,412
)
  
$
12,005
    
$
(3,383
)
Customer relationships
    
19.0
      
9,689
      
(3,242
)
    
9,697
      
(2,691
)
Patents, trademarks, non-compete agreements, and other
    
15.4
      
12,147
      
(9,522
)
    
11,596
      
(8,624
)
Total finite-lived intangibles
    
15.9
    
$
29,288
    
$
(17,176
)
  
$
33,298
    
$
(14,698
)
Changes in Goodwill by Business Segment
The changes in goodwill for the years ended December 31, 2023 and 2022, by reportable business segment, were as follows:

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Balance as of December 31, 2021
  
$
103,716
    
$
311,264
    
$
5,054
    
$
420,034
  
Currency translation impact
    
(2,796
)
    
(10,625
)
    
(338
)
    
(13,759
)
Acquisitions(1)
     —       9,440       —       9,440  
Balance as of December 31, 2022
  
$
100,920
    
$
310,079
    
$
4,716
    
$
415,715
  
Currency translation impact
    
2,393
      
6,102
      
(145
)
    
8,350
  
Balance as of December 31, 2023
  
$
103,313
    
$
316,181
    
$
4,571
    
$
424,065
  

(1)
In 2022, the Company acquired Endemix. See Note 2, Acquisitions, for additional information.
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Maturities of Operating Lease Liabilities
As of December 31, 2023, maturities of operating lease liabilities for future annual periods are as follows:

(In thousands)
      
Year ending December 31,
      
2024
  
$
10,023
  
2025
    
6,207
  
2026
    
4,801
  
2027
    
4,151
  
2028
    
3,236
  
Thereafter
    
14,932
  
Total lease payments
    
43,350
  
Less imputed interest
    
(6,762
)
Present value of lease liabilities
  
$
36,588
  
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt [Abstract]  
Long-Term Debt
Long-term debt consisted of the following unsecured obligations at December 31:

(In thousands)
  
2023
    
2022
  
3.66% senior notes due November 2023
  
$
-
    
$
75,000
  
3.65% senior notes due May 2024
    
27,000
      
27,000
  
4.19% senior notes due November 2025
    
25,000
      
25,000
  
6.08% senior notes due November 2026     35,000       -  
6.14% senior notes due November 2027     35,000       -  
4.94% senior notes due May 2028     75,000       -  
6.34% senior notes due November 2029     35,000       -  
3.06% Euro-denominated senior notes due November 2023
    
-
      
40,945
  
1.27% Euro-denominated senior notes due May 2024
    
55,194
      
53,527
  
1.71% Euro-denominated senior notes due May 2027
    
44,155
      
42,822
  
4.15% Euro-denominated senior notes due May 2028     44,155       -  
4.62% Euro-denominated senior notes due November 2029     44,155       -  
2.53% British Pound-denominated notes due November 2023
    
-
      
30,208
  
2.76% British Pound-denominated notes due November 2025
    
31,827
      
30,208
  
Euro-denominated term loan
    
82,790
      
80,291
  
Revolving Credit Facilities
    
111,039
      
225,469
  
Various other notes
    
117
      
622
  
Total debt
    
645,432
      
631,092
  
Less debt fees
    
(230
)
    
(260
)
Less current portion
    
(117
)
    
(501
)
Total long-term debt
  
$
645,085
    
$
630,331
  
Contractual Maturities on Long-Term Debt
The aggregate amounts of contractual maturities on long-term debt subsequent to December 31, 2023, are as follows:

(In thousands)
      
Year ending December 31,
      
2024
  
$
249,849
  
2025
    
56,795
  
2026
    
61,013
  
2027
    
79,135
  
2028
    
119,144
  
Thereafter
     79,149
  
Total long-term debt maturities
  
$
645,085
  
Short-Term Borrowings
The Company’s short-term borrowings consisted of the following items at December 31:

(In thousands)
  
2023
    
2022
  
U.S. credit facilities
  
$
13,343
    
$
19,872
  
Current maturities of long-term debt
    
117
      
501
  
Total
  
$
13,460
    
$
20,373
  
v3.24.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Compensation [Abstract]  
Non-vested Stock and Performance Unit Activity
The following table summarizes the non-vested stock and performance stock unit activity:

 
(In thousands except fair value)
  
Shares
    
Grant Date
Weighted Average
Fair Value
    
Aggregate Intrinsic
Value
  
Outstanding at December 31, 2020
    
451
    
$
63.28
    
$
33,283
  
Granted
    
129
      
90.10
          
Vested
    
(25
)
    
61.91
          
Cancelled
    
(73
)
    
72.37
          
Outstanding at December 31, 2021
    
482
      
69.15
      
48,271
  
Granted
    
168
      
73.52
          
Vested
    
(62
)
    
58.81
          
Cancelled
    
(69
)
    
58.62
          
Outstanding at December 31, 2022
    
519
      
73.19
      
37,883
  
Granted
    
201
      
61.61
          
Vested, net
    
(179
)
    
63.02
          
Cancelled
    
(5
)
    
72.45
          
Outstanding at December 31, 2023
    
536
    
$
72.26
    
$
35,383
  
v3.24.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Plans [Abstract]  
Funded Status of Defined Benefit Plan
Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:

(In thousands)
  
2023
    
2022
  
Benefit obligation at beginning of year
  
$
32,367
    
$
41,780
  
Service cost
    
1,741
      
1,622
  
Interest cost
    
1,886
      
953
  
Foreign currency exchange rate changes
    
999
      
(1,488
)
Benefits and settlements paid
    
(2,737
)
    
(1,724
)
Actuarial loss (gain)
    
2,157
      
(8,776
)
Benefit obligation at end of year
    
36,413
      
32,367
  
Plan assets at beginning of year
    
19,929
      
32,982
  
Company contributions
    
1,598
      
1,027
  
Foreign currency exchange rate changes
    
920
      
(2,430
)
Benefits paid
    
(2,737
)
    
(1,724
)
Actual gain (loss) on plan assets
    
1,560
      
(9,926
)
Plan assets at end of year
    
21,270
      
19,929
  
Funded status
  
$
(15,143
)
  
$
(12,438
)
Accumulated benefit obligation
  
$
34,786
    
$
31,472
  
Amounts Recognized in Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets at December 31:

(In thousands)
  
2023
    
2022
  
Accrued employee and retiree benefits
  
$
(19,165
)
  
$
(16,822
)
Other accrued expenses
    
(726
)
    
(745
)
Other assets
    
4,748
      
5,129
  
Net liability
  
$
(15,143
)
  
$
(12,438
)
Annual Benefit Cost
Components of annual benefit cost:
(In thousands)
  
2023
    
2022
    
2021
  
Service cost
  
$
1,741
    
$
1,622
    
$
1,740
  
Interest cost
    
1,886
      
953
      
851
  
Expected return on plan assets
    
(1,007
)
    
(785
)
    
(728
)
Recognized actuarial (gain) loss
    
(656
)
    
32
      
267
  
Settlement income
    
-
      
-
      
(151
)
Defined benefit expense
  
$
1,964
    
$
1,822
    
$
1,979
  
Weighted Average Assumptions
Weighted average liability assumptions as of December 31:
 
  
2023
    
2022
  
Discount rate
    
5.15
%
    
5.12
%
Expected return on plan assets
    
4.91
%
    
4.89
%
Rate of compensation increase
    
1.14
%
    
0.90
%

Weighted average cost assumptions for the year ended December 31:

 
  
2023
    
2022
    
2021
  
Discount rate
    
5.12
%
    
2.35
%
    
1.87
%
Expected return on plan assets
    
4.89
%
    
2.54
%
    
2.17
%
Rate of compensation increase
    
0.90
%
    
1.02
%
    
1.07
%
Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts in accumulated other comprehensive loss at December 31 were as follows:

(In thousands)
  
2023
    
2022
  
Unrecognized net actuarial loss
  
$
2,936
    
$
2,210
  
Prior service cost
    
155
      
153
  
Total before tax effects
  
$
3,091
    
$
2,363
  
Pension Adjustments Recognized in Accumulated Other Comprehensive Income
The pension adjustments, net of tax, recognized in OCI, were as follows:

(In thousands)
  
2023
    
2022
    
2021
  
Net actuarial gain (loss) arising during the period
  
$
192
    
$
(1,466
)
  
$
1,528
  
Amortization of actuarial (gain) loss, included in defined benefit expense
    
(479
)
    
27
      
84
  
Pension adjustment, net of tax
  
$
(287
)
  
$
(1,439
)
  
$
1,612
  
Pension Plan Assets by Asset Category
The following table presents the Company’s pension plan assets by asset category as of December 31, 2023 and 2022:

 
  
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2023
Using Fair Value Hierarchy
    
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2022
Using Fair Value Hierarchy
  
(In thousands)
  
2023
    
Level 1
    
Level 2
    
Level 3
    
2022
    
Level 1
    
Level 2
    
Level 3
  
Equity Funds
                                                
Domestic
  
$
5,623
    
$
5,623
    
$
—
    
$
—
    
$
5,208
    
$
5,208
    
$
—
    
$
—
  
International
    
47
      
—
      
47
      
—
      
55
      
—
      
55
      
—
  
International Fixed Income Funds
    
14,486
      
1,574
      
12,912
      
—
      
14,551
      
1,060
      
13,491
      
—
  
Other investments
    
1,114
      
1,097
      
17
      
—
      
115
      
84
      
31
      
—
  
Total assets at fair value
  
$
21,270
    
$
8,294
    
$
12,976
    
$
—
    
$
19,929
    
$
6,352
    
$
13,577
    
$
—
  
v3.24.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2023
Accumulated Other Comprehensive Income [Abstract]  
Changes in OCI
The following table summarizes the changes in OCI for 2023, 2022, and 2021:

(In thousands)
  
Cash Flow
Hedges (1)
    
Pension
Items (1)
    
Foreign Currency
Items
    
Total
  
Balance as of December 31, 2020
  
$
749
    
$
(1,965
)
  
$
(157,875
)
  
$
(159,091
)
Other comprehensive income (loss) before reclassifications
    
775
      
1,528
      
(26,809
)
    
(24,506
)
Amounts reclassified from OCI
    
(1,318
)
    
84
      
10,203
      
8,969
  
Balance as of December 31, 2021
  
$
206
    
$
(353
)
  
$
(174,481
)
  
$
(174,628
)
Other comprehensive income (loss) before reclassifications
    
215
      
(1,466
)
    
(23,816
)
    
(25,067
)
Amounts reclassified from OCI
    
(1,020
)
    
27
      
-
      
(993
)
Balance as of December 31, 2022
  
$
(599
)
  
$
(1,792
)
  
$
(198,297
)
  
$
(200,688
)
Other comprehensive income before reclassifications
    
3,833
      
192
      
27,262
      
31,287
  
Amounts reclassified from OCI
    
(2,237
)
    
(479
)
    
-
      
(2,716
)
Balance as of December 31, 2023
  
$
997
    
$
(2,079
)
  
$
(171,035
)
  
$
(172,117
)
(1)
Cash Flow Hedges and Pension Items are net of tax.
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Earnings Before Income Taxes
Earnings before income taxes were as follows:

(In thousands)
  
2023
    
2022
    
2021
  
United States
  
$
45,900
    
$
73,192
    
$
71,764
  
Foreign
    
83,951
      
109,012
      
85,720
  
Total
  
$
129,851
    
$
182,204
    
$
157,484
  
Provision for Income Taxes
The provision for income taxes was as follows:

(In thousands)
  
2023
    
2022
    
2021
  
Current income tax expense:
                  
Federal
  
$
11,153
    
$
21,640
    
$
16,807
  
State
    
2,814
      
5,138
      
5,128
  
Foreign
    
27,590
      
25,549
      
22,875
  
 
    
41,557
      
52,327
      
44,810
  
Deferred benefit:
                        
Federal
    
(4,656
)
    
(8,520
)
    
(4,159
)
State
    
(813
)
    
(1,353
)
    
(1,189
)
Foreign
    
369
   
(1,137
)
    
(723
)
 
    
(5,100
)
    
(11,010
)
    
(6,071
)
Income taxes
  
$
36,457
    
$
41,317
    
$
38,739
  
Effective Income Tax Rate Reconciliation
The reconciliation between the U.S. Federal tax rate and the actual effective tax rate was as follows:

 
  
2023
    
2022
    
2021
  
Taxes at statutory rate
    
21.0
%
    
21.0
%
    
21.0
%
State income taxes, net of federal income tax benefit
    
1.1
      
1.7
      
3.0
  
Tax credits
    
(1.9
)
    
(1.3
)
    
(1.4
)
Taxes on foreign earnings
    
4.8
      
2.9
      
4.7
  
Global Intangible Low-Taxed Income
    
0.6
      
0.4
      
0.7
  
Foreign Derived Intangible Income
    
(1.3
)
    
(1.0
)
    
(0.9
)
Loss on balance sheet hedge
    
-
      
-
      
0.7
  
Resolution of prior years’ tax matters
    
0.3
   
(0.1
)
    
(0.4
)
Valuation allowance adjustments
    
2.8
   
(2.7
)
    
(2.9
)
Nondeductible compensation
     1.2       1.9       1.1  
Other, net
    
(0.5
)
    
(0.1
)
    
(1.0
)
Effective tax rate
    
28.1
%
    
22.7
%
    
24.6
%
Tax Effects of Temporary Differences - Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities consisted of the following:

(In thousands)
  
2023
    
2022
  
Deferred tax assets:
            
Benefit plans
  
$
8,976
    
$
8,601
  
Liabilities and reserves
    
20,960
      
18,623
  
Operating loss and credit carryovers
    
59,615
      
60,070
  
Capitalized research and development costs
     13,148       7,882  
Other
    
14,680
      
4,414
  
Gross deferred tax assets
    
117,379
      
99,590
  
Valuation allowance
    
(34,122
)
    
(28,073
)
Deferred tax assets
    
83,257
      
71,517
  
Deferred tax liabilities:
                
Property, plant, and equipment
    
(33,654
)
    
(34,174
)
Goodwill
    
(22,299
)
    
(20,603
)
Deferred tax liabilities
    
(55,953
)
    
(54,777
)
Net deferred tax assets
  
$
27,304
    
$
16,740
  
Reconciliation of Change in Liability for Unrecognized Tax Benefits
A reconciliation of the change in the liability for unrecognized tax benefits for 2023 and 2022 is as follows:

(In thousands)
  
2023
    
2022
  
Balance at beginning of year
  
$
3,939
    
$
3,761
  
Increases for tax positions taken in the current year
    
876
      
800
  
Decreases related to settlements with tax authorities
    
(175
)
    
(209
)
Decreases as a result of lapse of the applicable statutes of limitations
    
(610
)
    
(338
)
Foreign currency exchange rate changes
    
221
   
(75
)
Balance at the end of year
  
$
4,251
    
$
3,939
  
v3.24.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment and Geographic Information [Abstract]  
Segment Information
Divestiture & other related costs and income and restructuring and other costs, including the operational improvement plan costs and income and portfolio optimization plan costs, for the years ended December 31, 2023, 2022, and 2021, are further described in Note 14, Divestitures, Note 15, Operational Improvement Plan, and Note 16, Portfolio Optimization Plan, and are included in the operating income (loss) results in Corporate & Other below. In addition, the Company’s corporate expenses and share-based compensation are included in Corporate & Other.

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Corporate
& Other
    
Consolidated
  
2023:
                              
Revenue from external customers
  
$
716,049
    
$
594,316
    
$
146,085
    
$
—
    
$
1,456,450
  
Intersegment revenue
    
25,023
      
13,643
      
5
      
—
      
38,671
  
Total revenue
    
741,072
      
607,959
      
146,090
      
—
      
1,495,121
  
 
                                        
Operating income (loss)
    
87,773
      
105,370
      
30,800
      
(68,920
)
    
155,023
  
Interest expense
    
—
      
—
      
—
      
25,172
      
25,172
  
Earnings (loss) before income taxes
    
87,773
      
105,370
      
30,800
      
(94,092
)
    
129,851
  
 
                                        
Assets
    
792,674
      
846,559
      
112,335
      
262,939
      
2,014,507
  
Capital expenditures
    
40,489
      
37,720
      
2,923
      
6,736
      
87,868
  
Depreciation and amortization
    
29,400
      
22,294
      
2,548
      
3,578
      
57,820
  
 
                                        
2022:
                                        
Revenue from external customers
  
$
710,592
    
$
583,379
    
$
143,068
    
$
—
    
$
1,437,039
  
Intersegment revenue
    
27,411
      
20,638
      
513
      
—
      
48,562
  
Total revenue
    
738,003
      
604,017
      
143,581
      
—
      
1,485,601
  
 
                                        
Operating income (loss)
    
105,424
      
114,619
      
29,492
      
(52,784
)
    
196,751
  
Interest expense
    
—
      
—
      
—
      
14,547
      
14,547
  
Earnings (loss) before income taxes
    
105,424
      
114,619
      
29,492
      
(67,331
)
    
182,204
  
 
                                        
Assets
    
738,181
      
849,425
      
115,132
      
278,876
      
1,981,614
  
Capital expenditures
    
40,805
      
30,300
      
2,164
      
6,053
      
79,322
  
Depreciation and amortization
    
26,660
      
20,174
      
2,489
      
3,144
      
52,467
  
 
                                        
2021:
                                        
Revenue from external customers
  
$
717,688
    
$
527,626
    
$
134,950
    
$
—
    
$
1,380,264
  
Intersegment revenue
    
21,739
      
17,644
      
398
      
—
      
39,781
  
Total revenue
    
739,427
      
545,270
      
135,348
      
—
      
1,420,045
  
 
                                        
Operating income (loss)
    
98,660
      
103,575
      
26,330
      
(58,537
)
    
170,028
  
Interest expense
    
—
      
—
      
—
      
12,544
      
12,544
  
Earnings (loss) before income taxes
    
98,660
      
103,575
      
26,330
      
(71,081
)
    
157,484
  
 
                                        
Assets
    
639,992
      
738,139
      
108,126
      
259,236
      
1,745,493
  
Capital expenditures
    
35,846
      
16,806
      
2,813
      
5,323
      
60,788
  
Depreciation and amortization
    
26,020
      
20,572
      
2,748
      
2,711
      
52,051
  
Geographical Information
The Company’s annual revenue summarized by geographic location is as follows:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Corporate
& Other
    
Consolidated
  
2023:
                              
Revenue from external customers:
                              
North America
  
$
553,790
    
$
304,995
    
$
125
    
$
—
    
$
858,910
  
Europe
    
113,757
      
162,644
      
236
      
—
      
276,637
  
Asia Pacific
    
21,382
      
58,003
      
142,281
      
—
      
221,666
  
Other
    
27,120
      
68,674
      
3,443
      
—
      
99,237
  
Total revenue from external customers
  
$
716,049
    
$
594,316
    
$
146,085
    
$
—
    
$
1,456,450
  
Long-lived assets:
                                        
North America
  
$
297,615
    
$
277,730
    
$
—
    
$
114,995
    
$
690,340
  
Europe
    
82,938
      
244,587
      
—
      
24
      
327,549
  
Asia Pacific
    
8
      
4,199
      
30,473
      
—
      
34,680
  
Other
    
241
      
25,081
      
—
      
—
      
25,322
  
Total long-lived assets
  
$
380,802
    
$
551,597
    
$
30,473
    
$
115,019
    
$
1,077,891
  
 
                                        
2022:
                                        
Revenue from external customers:
                                        
North America
  
$
541,120
    
$
304,778
    
$
120
    
$
—
    
$
846,018
  
Europe
    
115,925
      
151,437
      
213
      
—
      
267,575
  
Asia Pacific
    
29,092
      
61,064
      
139,134
      
—
      
229,290
  
Other
    
24,455
      
66,100
      
3,601
      
—
      
94,156
  
Total revenue from external customers
  
$
710,592
    
$
583,379
    
$
143,068
    
$
—
    
$
1,437,039
  
Long-lived assets:
                                        
North America
  
$
286,497
    
$
271,075
    
$
—
    
$
107,784
    
$
665,356
  
Europe
    
86,248
      
236,719
      
—
      
24
      
322,991
  
Asia Pacific
    
237
      
3,796
      
29,915
      
—
      
33,948
  
Other
    
389
      
24,150
      
—
      
—
      
24,539
  
Total long-lived assets
  
$
373,371
    
$
535,740
    
$
29,915
    
$
107,808
    
$
1,046,834
  
 
                                        
2021:
                                        
Revenue from external customers:
                                        
North America
  
$
523,960
    
$
263,031
    
$
116
    
$
—
    
$
787,107
  
Europe
    
135,348
      
142,741
      
140
      
—
      
278,229
  
Asia Pacific
    
29,880
      
59,914
      
131,772
      
—
      
221,566
  
Other
    
28,500
      
61,940
      
2,922
      
—
      
93,362
  
Total revenue from external customers
  
$
717,688
    
$
527,626
    
$
134,950
    
$
—
    
$
1,380,264
  
Long-lived assets:
                                        
North America
  
$
268,934
    
$
250,682
    
$
—
    
$
105,150
    
$
624,766
  
Europe
    
91,934
      
225,916
      
—
      
25
      
317,875
  
Asia Pacific
    
275
      
4,513
      
32,901
      
—
      
37,689
  
Other
    
568
      
23,442
      
—
      
—
      
24,010
  
Total long-lived assets
  
$
361,711
    
$
504,553
    
$
32,901
    
$
105,175
    
$
1,004,340
  
Product Lines
The Company’s revenue summarized by product portfolio is as follows:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
2023:
                        
Flavors, Extracts & Flavor Ingredients
  
$
496,036
    
$
—
    
$
—
    
$
496,036
  
Natural Ingredients
    
245,036
      
—
      
—
      
245,036
  
Food & Pharmaceutical Colors
    
—
      
452,204
      
—
      
452,204
  
Personal Care
    
—
      
155,755
      
—
      
155,755
  
Asia Pacific
    
—
      
—
      
146,090
      
146,090
  
Intersegment Revenue
    
(25,023
)
    
(13,643
)
    
(5
)
    
(38,671
)
Total revenue from external customers
  
$
716,049
    
$
594,316
    
$
146,085
    
$
1,456,450
  
                                 
2022:
                                
Flavors, Extracts & Flavor Ingredients
  
$
498,055
    
$
—
    
$
—
    
$
498,055
  
Natural Ingredients
    
239,948
      
—
      
—
      
239,948
  
Food & Pharmaceutical Colors
    
—
      
437,065
      
—
      
437,065
  
Personal Care
    
—
      
165,335
      
—
      
165,335
  
Inks
    
—
      
1,617
      
—
      
1,617
  
Asia Pacific
    
—
      
—
      
143,581
      
143,581
  
Intersegment Revenue
    
(27,411
)
    
(20,638
)
    
(513
)
    
(48,562
)
Total revenue from external customers
  
$
710,592
    
$
583,379
    
$
143,068
    
$
1,437,039
  
                                 
2021:
                                
Flavors, Extracts & Flavor Ingredients
  
$
455,818
    
$
—
    
$
—
    
$
455,818
  
Natural Ingredients
    
255,772
      
—
      
—
      
255,772
  
Fragrances
    
22,739
      
—
      
—
      
22,739
  
Yogurt Fruit Preparations
    
5,098
      
—
      
—
      
5,098
  
Food & Pharmaceutical Colors
    
—
      
385,069
      
—
      
385,069
  
Personal Care
    
—
      
158,237
      
—
      
158,237
  
Inks
    
—
      
1,964
      
—
      
1,964
  
Asia Pacific
    
—
      
—
      
135,348
      
135,348
  
Intersegment Revenue
    
(21,739
)
    
(17,644
)
    
(398
)
    
(39,781
)
Total revenue from external customers
  
$
717,688
    
$
527,626
    
$
134,950
    
$
1,380,264
  
v3.24.0.1
Divestitures (Tables)
 12 Months Ended
Dec. 31, 2023
Divestitures [Abstract]  
Divestiture and Other Related Costs
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.
v3.24.0.1
Operational Improvement Plan (Tables)
 12 Months Ended
Dec. 31, 2023
Operational Improvement Plan [Abstract]  
Operational Improvement Plan Costs by Segment
The following table summarizes the Operational Improvement Plan income and expenses recorded in Selling and Administrative Expenses by segment for the year ended December 31, 2021:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia
Pacific
    
Consolidated
  
Employee separation
  
$
(123
)
  
$
(8
)
  
$
(351
)
  
$
(482
)
Other income(1)
    
-
      
(3,624
)
    
-
      
(3,624
)
Other costs(2)
    
-
      
2,207
      
4
      
2,211
  
Total
  
$
(123
)
  
$
(1,425
)
  
$
(347
)
  
$
(1,895
)


(1)
Other income includes cash received for the early termination of a lease less associated expenses.

(2)
Other costs include professional services, accelerated depreciation, and other related costs.
v3.24.0.1
Portfolio Optimization Plan (Tables)
 12 Months Ended
Dec. 31, 2023
Portfolio Optimization Plan [Abstract]  
Portfolio Optimization Plan Expenses by Segment

The following table summarizes the Portfolio Optimization Plan expenses by segment for the year ended December 31, 2023:


 
(In thousands)
  
Flavors &
Extracts
    

Color
    
Corporate
& Other
    
Consolidated
  
Non-cash impairment charges – Selling and administrative expenses
  
$
11,599
    
$
9,355
    
$
-
    
$
20,954
  
Non-cash charges – Cost of products sold
    
2,040
      
1,095
      
-
      
3,135
  
Employee separation – Selling and administrative expenses
    
2,820
      
288
      
108
      
3,216
  
Other costs – Selling and administrative expenses(1)
    
39
      
497
      
-
      
536
  
Total
  
$
16,498
    
$
11,235
    
$
108
    
$
27,841
  


(1)
Other costs include legal settlements, professional services, and other related costs.
v3.24.0.1
Summary of Significant Accounting Policies, Nature of Operations (Details)
 12 Months Ended
Dec. 31, 2023
Segment
Nature of Operations [Abstract]  
Number of reportable segments 3
v3.24.0.1
Summary of Significant Accounting Policies, Inventories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Inventories [Abstract]    
Inventories include finished and in-process products $ 437.1 $ 385.2
Raw materials and supplies 161.3 $ 178.9
Non-cash impairment charges $ 3.1  
v3.24.0.1
Summary of Significant Accounting Policies, Property Plant and Equipment (Details)
Dec. 31, 2023
Building and Leasehold Improvements [Member] | Minimum [Member]  
Property, Plant, and Equipment [Abstract]  
Estimated useful lives 5 years
Building and Leasehold Improvements [Member] | Maximum [Member]  
Property, Plant, and Equipment [Abstract]  
Estimated useful lives 40 years
Machinery and Equipment [Member] | Minimum [Member]  
Property, Plant, and Equipment [Abstract]  
Estimated useful lives 3 years
Machinery and Equipment [Member] | Maximum [Member]  
Property, Plant, and Equipment [Abstract]  
Estimated useful lives 20 years
v3.24.0.1
Summary of Significant Accounting Policies, Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Intangible assets [Abstract]      
Impairment charge $ 0 $ 0 $ 0
Minimum [Member]      
Intangible assets [Abstract]      
Useful lives of intangible assets 5 years    
Maximum [Member]      
Intangible assets [Abstract]      
Useful lives of intangible assets 25 years    
v3.24.0.1
Summary of Significant Accounting Policies, Derivative Financial Instruments (Details) - Maximum [Member]
 12 Months Ended
Dec. 31, 2023
Derivative Financial Instruments [Abstract]  
Number of months for contracts to mature 18 months
Forward Exchange Contracts [Member]  
Derivative Financial Instruments [Abstract]  
Number of months for contracts to mature 18 months
v3.24.0.1
Summary of Significant Accounting Policies, Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator [Abstract]      
Net earnings $ 93,394 $ 140,887 $ 118,745
Denominator [Abstract]      
Denominator for basic EPS - weighted average common shares (in shares) 42,027 41,888 42,077
Effect of dilutive securities (in shares) 215 325 181
Denominator for diluted EPS - diluted weighted average shares outstanding (in shares) 42,242 42,213 42,258
Earnings per Common Share [Abstract]      
Basic (in dollars per share) $ 2.22 $ 3.36 $ 2.82
Diluted (in dollars per share) $ 2.21 $ 3.34 $ 2.81
v3.24.0.1
Summary of Significant Accounting Policies, Research and Development (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Research and Development [Abstract]      
Research and development costs $ 48.1 $ 42.2 $ 34.3
v3.24.0.1
Summary of Significant Accounting Policies, Advertising (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Advertising [Abstract]      
Advertising costs $ 2.5 $ 1.9 $ 2.4
v3.24.0.1
Acquisitions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 03, 2022
Jul. 15, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Acquisition [Abstract]          
Acquisition of new businesses     $ 1,650 $ 22,714 $ 13,875
Goodwill     $ 424,065 $ 415,715 $ 420,034
Flavor Solutions, Inc. [Member]          
Acquisition [Abstract]          
Acquisition of new businesses   $ 14,900      
Net assets acquired   400      
Goodwill   9,500      
Flavor Solutions, Inc. [Member] | Customer Relationships [Member]          
Acquisition [Abstract]          
Intangibles assets acquired   $ 5,000      
Endemix [Member]          
Acquisition [Abstract]          
Acquisition of new businesses $ 23,300        
Debt assumed 1,300        
Net assets acquired 9,000        
Goodwill 9,400        
Endemix [Member] | Technological Know-how and Customer Relationships [Member]          
Acquisition [Abstract]          
Intangibles assets acquired $ 4,900        
v3.24.0.1
Trade Accounts Receivable (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Segment
Dec. 31, 2022
USD ($)
Trade Accounts Receivable [Abstract]    
Number of portfolio segments | Segment 1  
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 4,436 $ 4,877
Provision for expected credit losses 1,020 944
Accounts written off (1,279) (1,305)
Translation and other activity 196 (80)
Ending balance $ 4,373 $ 4,436
v3.24.0.1
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Intangible assets [Abstract]      
Cost $ 29,288 $ 33,298  
Accumulated Amortization (17,176) (14,698)  
Intangible assets expense [Abstract]      
Amortization expense of intangible assets 2,300 2,000 $ 1,800
Estimated Amortization Expense [Abstract]      
2024 1,900    
2025 1,900    
2026 1,700    
2027 1,300    
2028 $ 1,200    
Weighted Average [Member]      
Intangible assets [Abstract]      
Weighted Average Amortization Years 15 years 10 months 24 days    
Technological Know-how [Member]      
Intangible assets [Abstract]      
Cost $ 7,452 12,005  
Accumulated Amortization $ (4,412) (3,383)  
Technological Know-how [Member] | Weighted Average [Member]      
Intangible assets [Abstract]      
Weighted Average Amortization Years 12 years 7 months 6 days    
Customer Relationships [Member]      
Intangible assets [Abstract]      
Cost $ 9,689 9,697  
Accumulated Amortization $ (3,242) (2,691)  
Customer Relationships [Member] | Weighted Average [Member]      
Intangible assets [Abstract]      
Weighted Average Amortization Years 19 years    
Patents, Trademarks, Non-compete Agreements and Other [Member]      
Intangible assets [Abstract]      
Cost $ 12,147 11,596  
Accumulated Amortization $ (9,522) $ (8,624)  
Patents, Trademarks, Non-compete Agreements and Other [Member] | Weighted Average [Member]      
Intangible assets [Abstract]      
Weighted Average Amortization Years 15 years 4 months 24 days    
v3.24.0.1
Goodwill and Intangible Assets, Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill activity [Roll Forward]    
Balance as of beginning of period $ 415,715 $ 420,034
Currency translation impact 8,350 (13,759)
Acquisitions [1]   9,440
Balance as of end of period 424,065 415,715
Flavors & Extracts [Member]    
Goodwill activity [Roll Forward]    
Balance as of beginning of period 100,920 103,716
Currency translation impact 2,393 (2,796)
Acquisitions [1]   0
Balance as of end of period 103,313 100,920
Color [Member]    
Goodwill activity [Roll Forward]    
Balance as of beginning of period 310,079 311,264
Currency translation impact 6,102 (10,625)
Acquisitions [1]   9,440
Balance as of end of period 316,181 310,079
Asia Pacific [Member]    
Goodwill activity [Roll Forward]    
Balance as of beginning of period 4,716 5,054
Currency translation impact (145) (338)
Acquisitions [1]   0
Balance as of end of period $ 4,571 $ 4,716
[1] In 2022, the Company acquired Endemix. See Note 2, Acquisitions, for additional information.
v3.24.0.1
Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Extended lease term 5 years    
Operating lease expense $ 11,900 $ 11,300 $ 9,600
Cash paid for operating leases 10,300 9,300 8,200
Right-of-use assets in exchange for operating lease obligations 9,000 17,200 $ 9,800
Right-of-use assets $ 36,300 $ 36,300  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other Assets, Noncurrent Other Assets, Noncurrent  
Operating lease, liability, Current $ 8,600 $ 8,200  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other Accrued Liabilities, Current Other Accrued Liabilities, Current  
Operating lease, liability, Noncurrent $ 28,000 $ 28,000  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent  
Weighted average remaining operating lease term 7 years 7 months 6 days    
Weighted average discount rate for operating leases 4.17%    
Maturities of Operating Lease Liabilities [Abstract]      
2024 $ 10,023    
2025 6,207    
2026 4,801    
2027 4,151    
2028 3,236    
Thereafter 14,932    
Total lease payments 43,350    
Less imputed interest (6,762)    
Present value of lease liabilities $ 36,588    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent    
v3.24.0.1
Debt (Details)
$ in Thousands, € in Millions, £ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2022
EUR (€)
Nov. 30, 2023
USD ($)
Note
Aug. 31, 2023
Dec. 31, 2023
USD ($)
Interest / Debt
Nov. 30, 2023
EUR (€)
Nov. 30, 2023
GBP (£)
May 31, 2023
USD ($)
May 31, 2023
EUR (€)
Dec. 31, 2022
USD ($)
Long term debt [Abstract]                  
Long term debt       $ 645,432         $ 631,092
Less debt fees       (230)         (260)
Less current portion       (117)         (501)
Long-term debt       645,085         630,331
Number of U.S. Dollar-denominated notes | Note   3              
Maximum borrowing capacity       85,000          
Aggregate amounts of contractual maturities of long-term debt [Abstract]                  
2024       249,849          
2025       56,795          
2026       61,013          
2027       79,135          
2028       119,144          
Thereafter       79,149          
Total long-term debt maturities       645,085          
Stand-by letters of credit outstanding       6,200         2,800
Short-term borrowings [Abstract]                  
Short-term borrowings       13,460         20,373
Current maturities of long-term debt       $ 117         $ 501
Weighted-average interest rates on short-term borrowings       6.58%         5.47%
Minimum [Member]                  
Long term debt [Abstract]                  
Maturity date       Aug. 30, 2023          
Interest coverage, required | Interest / Debt       3          
Maximum [Member]                  
Long term debt [Abstract]                  
Maturity date       Aug. 30, 2024          
Debt to EBITDA, required | Interest / Debt       3.5          
SOFR Adjustment [Member]                  
Long term debt [Abstract]                  
Interest rate     0.10%            
Applicable Margin [Member]                  
Long term debt [Abstract]                  
Interest rate on secured loan     0.70%            
Revolving Credit Facility [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 111,039         $ 225,469
Average interest rate       5.74%         3.01%
Long term debt additional disclosures [Abstract]                  
Remaining borrowing capacity       $ 317,800          
Other Line of Credit Facility [Member]                  
Long term debt additional disclosures [Abstract]                  
Remaining borrowing capacity       32,200          
3.66% Senior Notes due November 2023 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 0         $ 75,000
Senior notes   $ 75,000              
Maturity date       Nov. 30, 2023          
Interest rate on secured loan   3.66%   3.66% 3.66% 3.66%      
3.65% Senior Notes due May 2024 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 27,000         27,000
Maturity date       May 31, 2024          
Interest rate on secured loan       3.65%          
4.19% Senior Notes due November 2025 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 25,000         25,000
Maturity date       Nov. 30, 2025          
Interest rate on secured loan       4.19%          
6.08% Senior Notes Due November 2026 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 35,000         0
Senior notes   $ 35,000              
Maturity date       Nov. 30, 2026          
Interest rate on secured loan   6.08%   6.08% 6.08% 6.08%      
6.14% Senior Notes due November 2027 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 35,000         0
Senior notes   $ 35,000              
Maturity date       Nov. 30, 2027          
Interest rate on secured loan   6.14%   6.14% 6.14% 6.14%      
4.94% Senior Notes due May 2028 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 75,000         0
Maturity date       May 31, 2028          
Interest rate on secured loan       4.94%          
6.34% Senior Notes due November 2029 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 35,000         0
Senior notes   $ 35,000              
Maturity date       Nov. 30, 2029          
Interest rate on secured loan   6.34%   6.34% 6.34% 6.34%      
3.06% Euro-denominated Senior Notes due November 2023 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 0         40,945
Senior notes | €         € 38.2        
Maturity date       Nov. 30, 2023          
Interest rate on secured loan   3.06%   3.06% 3.06% 3.06%      
1.27% Euro-denominated Senior Notes due May 2024 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 55,194         53,527
Maturity date       May 31, 2024          
Interest rate on secured loan       1.27%          
1.71% Euro-denominated Senior Notes due May 2027 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 44,155         42,822
Maturity date       May 31, 2027          
Interest rate on secured loan       1.71%          
4.15% Euro-denominated Senior Notes due May 2028 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 44,155         0
Maturity date       May 31, 2028          
Interest rate on secured loan       4.15%          
4.62% Euro-denominated Senior Notes due November 2029 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 44,155         0
Senior notes | €         € 40.0        
Maturity date       Nov. 30, 2029          
Interest rate on secured loan   4.62%   4.62% 4.62% 4.62%      
2.53% British Pound-denominated Notes due November 2023 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 0         30,208
Senior notes | £           £ 25      
Maturity date       Nov. 30, 2023          
Interest rate on secured loan   2.53%   2.53% 2.53% 2.53%      
2.76% British Pound-denominated Notes due November 2025 [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 31,827         30,208
Maturity date       Nov. 30, 2025          
Interest rate on secured loan       2.76%          
Euro Denominated Term Loan [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 82,790         80,291
Average interest rate       4.49%          
Maturity date       Nov. 30, 2024          
Unsecured debt | € € 75.0                
Various Other Notes [Member]                  
Long term debt [Abstract]                  
Long term debt       $ 117         622
1.85% Euro-denominated Senior Notes due November 2022 [Member]                  
Long term debt [Abstract]                  
Maturity date       Nov. 30, 2022          
Interest rate on secured loan 1.85%                
Repayment of debt | € € 66.9                
Dollar [Member]                  
Long term debt [Abstract]                  
Senior notes   $ 105              
Euro [Member]                  
Long term debt [Abstract]                  
Senior notes | €         € 40.0        
U.S. Credit Facilities [Member]                  
Short-term borrowings [Abstract]                  
Short-term borrowings       $ 13,343         $ 19,872
Senior Notes [Member]                  
Long term debt [Abstract]                  
Debt term       5 years          
Maturity date       May 31, 2028          
Senior Notes [Member] | Dollar [Member]                  
Long term debt [Abstract]                  
Senior notes             $ 75    
Interest rate on secured loan             4.94% 4.94%  
Senior Notes [Member] | Euro [Member]                  
Long term debt [Abstract]                  
Senior notes | €               € 40.0  
Interest rate on secured loan             4.15% 4.15%  
v3.24.0.1
Derivative Instruments and Hedging Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative instruments and hedging activity for the period [Abstract]      
Impact of foreign exchange rates on debt instruments recorded in other comprehensive income $ (11,378) $ 19,340 $ 17,937
Maximum [Member]      
Derivative instruments and hedging activity for the period [Abstract]      
Number of months for contracts to mature 18 months    
Forward Exchange Contracts [Member] | Maximum [Member]      
Derivative instruments and hedging activity for the period [Abstract]      
Number of months for contracts to mature 18 months    
Forward Exchange Contracts [Member] | Cash Flow Hedging [Member]      
Derivative instruments and hedging activity for the period [Abstract]      
Derivative, fair value $ 58,400 70,100  
Amount of gains (losses) reclassified into net earnings 2,200 1,000 1,300
Foreign Currency Denominated Debt, Net Investment Hedging [Member]      
Derivative instruments and hedging activity for the period [Abstract]      
Amount of gains (losses) reclassified into net earnings     $ (4,200)
Carrying value of foreign denominated debt 313,300 315,500  
Impact of foreign exchange rates on debt instruments recorded in other comprehensive income $ 11,400 $ (19,300)  
v3.24.0.1
Share-Based Compensation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Apr. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Apr. 30, 2017
Additional Disclosures [Abstract]            
Total pre-tax share-based compensation expense (income) recognized in the Consolidated Statements of Earnings   $ 8,900 $ 16,100 $ 9,600    
Tax related benefits (expense)   $ 1,100 $ 1,200 $ 1,000    
Non-vested Stock [Member]            
Stock Unit Activity [Roll Forward]            
Outstanding, beginning of period (in shares)   519 482 451    
Granted (in shares)   201 168 129    
Vested, net (in shares)   (179) (62) (25)    
Cancelled (in shares)   (5) (69) (73)    
Outstanding, end of period (in shares)   536 519 482 451  
Grant Date Weighted Average Fair Value [Abstract]            
Outstanding, beginning of period (in dollars per share)   $ 73.19 $ 69.15 $ 63.28    
Granted (in dollars per share)   61.61 73.52 90.1    
Vested, net (in dollars per share)   63.02 58.81 61.91    
Cancelled (in dollars per share)   72.45 58.62 72.37    
Outstanding, end of period (in dollars per share)   $ 72.26 $ 73.19 $ 69.15 $ 63.28  
Aggregate Intrinsic Value [Abstract]            
Outstanding, aggregate intrinsic value   $ 35,383 $ 37,883 $ 48,271 $ 33,283  
Additional Disclosures [Abstract]            
Total intrinsic values of shares vested   20,300 $ 5,100 $ 1,900    
Non-vested Stock and Performance Stock Units [Member]            
Additional Disclosures [Abstract]            
Compensation cost not yet recognized   $ 20,900        
Compensation cost not yet recognized, period for recognition   2 years 2 months 12 days        
Performance Stock Units [Member]            
Share-based Compensation Arrangement [Abstract]            
Number of years to measure performance metrics     3 years 3 years 3 years  
2017 Stock Plan [Member] | Non-vested Stock [Member]            
Share-based Compensation Arrangement [Abstract]            
Number of shares authorized for issuance (in shares)           1,800
Award vesting period   3 years        
Percentage of grants to elected officers that will be performance stock unit awards   60.00% 60.00%   100.00%  
Percentage of grants to elected officers, non-vested restricted stock awards   40.00% 40.00%      
Number of years to measure performance metrics   3 years        
2017 Stock Plan [Member] | Non-vested Stock [Member] | Maximum [Member]            
Share-based Compensation Arrangement [Abstract]            
Percentage of stated performance metrics award of grant   200.00% 200.00% 200.00%    
Amended and Restated 2017 Stock Plan [Member] | Non-vested Stock [Member]            
Share-based Compensation Arrangement [Abstract]            
Number of shares authorized for issuance (in shares) 2,150          
Increase in number of shares authorized for issuance (in shares) 350          
Number of shares available for issuance (in shares)   1,000        
Amended and Restated Directors Deferred Compensation Plan [Member] | Maximum [Member]            
Share-based Compensation Arrangement [Abstract]            
Number of shares available for issuance (in shares)   200        
v3.24.0.1
Retirement Plans, Defined Contribution Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Contribution Plan [Member]      
Defined Contribution Pension and Other Postretirement Benefit Expense [Abstract]      
Percentage of matching contributions under defined contribution plan 4.00%    
Total expense for defined contribution plans $ 8,200 $ 7,800 $ 6,700
Pension Plan [Member]      
Benefit obligation [Roll Forward]      
Benefit obligation at beginning of year 32,367 41,780  
Service cost 1,741 1,622 1,740
Interest cost 1,886 953 851
Foreign currency exchange rate changes 999 (1,488)  
Benefits and settlements paid (2,737) (1,724)  
Actuarial loss (gain) 2,157 (8,776)  
Benefit obligation at end of year 36,413 32,367 41,780
Change in fair value of plan assets [Roll Forward]      
Plan assets at beginning of year 19,929 32,982  
Company contributions 1,598 1,027  
Foreign currency exchange rate changes 920 (2,430)  
Benefits paid (2,737) (1,724)  
Actual gain (loss) on plan assets 1,560 (9,926)  
Plan assets at end of year 21,270 19,929 32,982
Funded status (15,143) (12,438)  
Accumulated benefit obligation 34,786 31,472  
Amounts recognized in Consolidated Balance Sheets [Abstract]      
Accrued employee and retiree benefits (19,165) (16,822)  
Other accrued expenses (726) (745)  
Other assets 4,748 5,129  
Net liability (15,143) (12,438)  
Components of annual benefit cost [Abstract]      
Service cost 1,741 1,622 1,740
Interest cost 1,886 953 851
Expected return on plan assets (1,007) (785) (728)
Recognized actuarial (gain) loss (656) 32 267
Settlement income 0 0 (151)
Defined benefit expense $ 1,964 $ 1,822 $ 1,979
Weighted average liability assumptions [Abstract]      
Discount rate 5.15% 5.12%  
Expected return on plan assets 4.91% 4.89%  
Rate of compensation increase 1.14% 0.90%  
Weighted average cost assumption [Abstract]      
Discount rate 5.12% 2.35% 1.87%
Expected return on plan assets 4.89% 2.54% 2.17%
Rate of compensation increase 0.90% 1.02% 1.07%
Estimated Future Benefit Payments [Abstract]      
2024 $ 2,000    
2025 9,200    
2026 2,000    
2027 2,000    
2028 2,100    
2029 through 2033 13,200    
Estimated future employer contributions for next fiscal year 700    
Amounts recognized in Accumulated Other Comprehensive Loss [Abstract]      
Unrecognized net actuarial loss 2,936 $ 2,210  
Prior service cost 155 153  
Total before tax effects 3,091 2,363  
Other Comprehensive Income (Loss), Pension Adjustment, Net of Tax [Abstract]      
Net actuarial gain (loss) arising during the period 192 (1,466) $ 1,528
Amortization of actuarial (gain) loss, included in defined benefit expense (479) 27 84
Pension adjustment, net of tax $ (287) $ (1,439) $ 1,612
v3.24.0.1
Retirement Plans, Pension Plan Assets (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value $ 21,270 $ 19,929 $ 32,982
Level 1 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 8,294 6,352  
Level 2 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 12,976 13,577  
Level 3 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 0 0  
Domestic [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 5,623 5,208  
Domestic [Member] | Level 1 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 5,623 5,208  
Domestic [Member] | Level 2 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 0 0  
Domestic [Member] | Level 3 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 0 0  
International [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 47 55  
International [Member] | Level 1 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 0 0  
International [Member] | Level 2 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 47 55  
International [Member] | Level 3 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 0 0  
International Fixed Income Funds [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 14,486 14,551  
International Fixed Income Funds [Member] | Level 1 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 1,574 1,060  
International Fixed Income Funds [Member] | Level 2 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 12,912 13,491  
International Fixed Income Funds [Member] | Level 3 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 0 0  
Other Investments [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 1,114 115  
Other Investments [Member] | Level 1 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 1,097 84  
Other Investments [Member] | Level 2 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 17 31  
Other Investments [Member] | Level 3 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value $ 0 $ 0  
v3.24.0.1
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 999,598    
Other comprehensive income before reclassifications 31,287 $ (25,067) $ (24,506)
Amounts reclassified from OCI (2,716) (993) 8,969
Ending balance 1,053,324 999,598  
Accumulated Other Comprehensive (Loss) Income [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (200,688) (174,628) (159,091)
Ending balance (172,117) (200,688) (174,628)
Cash Flow Hedges [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance [1] (599) 206 749
Other comprehensive income before reclassifications [1] 3,833 215 775
Amounts reclassified from OCI [1] (2,237) (1,020) (1,318)
Ending balance [1] 997 (599) 206
Pension Items [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance [1] (1,792) (353) (1,965)
Other comprehensive income before reclassifications [1] 192 (1,466) 1,528
Amounts reclassified from OCI [1] (479) 27 84
Ending balance [1] (2,079) (1,792) (353)
Foreign Currency Items [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (198,297) (174,481) (157,875)
Other comprehensive income before reclassifications 27,262 (23,816) (26,809)
Amounts reclassified from OCI 0 0 10,203
Ending balance $ (171,035) $ (198,297) $ (174,481)
[1] Cash Flow Hedges and Pension Items are net of tax.
v3.24.0.1
Income Taxes, Earnings Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings before income taxes [Abstract]      
United States $ 45,900 $ 73,192 $ 71,764
Foreign 83,951 109,012 85,720
Earnings before income taxes $ 129,851 $ 182,204 $ 157,484
v3.24.0.1
Income Taxes, Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current income tax expense [Abstract]      
Federal $ 11,153 $ 21,640 $ 16,807
State 2,814 5,138 5,128
Foreign 27,590 25,549 22,875
Current income tax expense 41,557 52,327 44,810
Deferred benefit [Abstract]      
Federal (4,656) (8,520) (4,159)
State (813) (1,353) (1,189)
Foreign 369 (1,137) (723)
Deferred income tax benefit (5,100) (11,010) (6,071)
Income taxes $ 36,457 $ 41,317 $ 38,739
v3.24.0.1
Income Taxes, Tax Reconciliation and Tax Cuts and Jobs Act (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Effective tax rate reconciliation [Abstract]      
Taxes at statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal income tax benefit 1.10% 1.70% 3.00%
Tax credits (1.90%) (1.30%) (1.40%)
Taxes on foreign earnings 4.80% 2.90% 4.70%
Global Intangible Low-Taxed Income 0.60% 0.40% 0.70%
Foreign Derived Intangible Income (1.30%) (1.00%) (0.90%)
Loss on balance sheet hedge 0.00% 0.00% 0.70%
Resolution of prior years' tax matters 0.30% (0.10%) (0.40%)
Valuation allowance adjustments 2.80% (2.70%) (2.90%)
Nondeductible compensation 1.20% 1.90% 1.10%
Other, net (0.50%) (0.10%) (1.00%)
Effective tax rate 28.10% 22.70% 24.60%
Valuation Allowance [Abstract]      
Valuation allowance $ (34,122) $ (28,073)  
v3.24.0.1
Income Taxes, Deferred Tax Assets and Liabilities, Operating Loss Carryovers (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets [Abstract]      
Benefit plans $ 8,976 $ 8,601  
Liabilities and reserves 20,960 18,623  
Operating loss and credit carryovers 59,615 60,070  
Capitalized research and development costs 13,148 7,882  
Other 14,680 4,414  
Gross deferred tax assets 117,379 99,590  
Valuation allowance (34,122) (28,073)  
Deferred tax assets 83,257 71,517  
Deferred tax liabilities [Abstract]      
Property, plant, and equipment (33,654) (34,174)  
Goodwill (22,299) (20,603)  
Deferred tax liabilities (55,953) (54,777)  
Net deferred tax assets 27,304 $ 16,740  
Operating Loss Carryforwards [Abstract]      
Operating loss carryovers, tax credit $ 31,700    
Taxes at statutory rate 21.00% 21.00% 21.00%
Undistributed earnings $ 720,800    
Withholding of tax liability $ 37,100    
Minimum [Member]      
Operating Loss Carryforwards [Abstract]      
Taxes at statutory rate 15.00%    
Foreign [Member]      
Operating Loss Carryforwards [Abstract]      
Operating loss carryovers $ 76,700    
Operating loss carryovers, subject to expiration 13,500    
Operating loss carryovers, not subject to expiration 63,200    
State [Member]      
Operating Loss Carryforwards [Abstract]      
Operating loss carryovers 115,100    
Operating loss carryovers, subject to expiration $ 115,100    
v3.24.0.1
Income Taxes, Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of change in liability for unrecognized tax benefits [Roll Forward]    
Balance at beginning of year $ 3,939 $ 3,761
Increases for tax positions taken in the current year 876 800
Decreases related to settlements with tax authorities (175) (209)
Decreases as a result of lapse of the applicable statutes of limitations (610) (338)
Foreign currency exchange rate changes 221 (75)
Balance at the end of year 4,251 3,939
Income tax uncertainties [Abstract]    
Unrecognized tax benefits that would impact the effective tax rate, if recognized 4,300  
Income tax interest and penalties accrued 400 $ 400
Expected decrease in liability for unrecognized tax benefits in the next fiscal year 900  
Unrecognized tax benefits that would impact the effective tax rate in the next fiscal year $ 800  
v3.24.0.1
Segment and Geographic Information, Reportable Segments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segment and Geographic Information [Abstract]      
Number of reportable segment | Segment 3    
Revenue [Abstract]      
Revenue $ 1,456,450 $ 1,437,039 $ 1,380,264
Operating income (loss) 155,023 196,751 170,028
Interest expense 25,172 14,547 12,544
Earnings before income taxes 129,851 182,204 157,484
Assets 2,014,507 1,981,614 1,745,493
Capital expenditures 87,868 79,322 60,788
Depreciation and amortization 57,820 52,467 52,051
Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 716,049 710,592 717,688
Operating income (loss) 87,773 105,424 98,660
Interest expense 0 0 0
Earnings before income taxes 87,773 105,424 98,660
Assets 792,674 738,181 639,992
Capital expenditures 40,489 40,805 35,846
Depreciation and amortization 29,400 26,660 26,020
Color [Member]      
Revenue [Abstract]      
Revenue 594,316 583,379 527,626
Operating income (loss) 105,370 114,619 103,575
Interest expense 0 0 0
Earnings before income taxes 105,370 114,619 103,575
Assets 846,559 849,425 738,139
Capital expenditures 37,720 30,300 16,806
Depreciation and amortization 22,294 20,174 20,572
Asia Pacific [Member]      
Revenue [Abstract]      
Revenue 146,085 143,068 134,950
Operating income (loss) 30,800 29,492 26,330
Interest expense 0 0 0
Earnings before income taxes 30,800 29,492 26,330
Assets 112,335 115,132 108,126
Capital expenditures 2,923 2,164 2,813
Depreciation and amortization 2,548 2,489 2,748
Reportable Segments [Member]      
Revenue [Abstract]      
Revenue 1,495,121 1,485,601 1,420,045
Reportable Segments [Member] | Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 741,072 738,003 739,427
Reportable Segments [Member] | Color [Member]      
Revenue [Abstract]      
Revenue 607,959 604,017 545,270
Reportable Segments [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue 146,090 143,581 135,348
Intersegment Revenue [Member]      
Revenue [Abstract]      
Revenue 38,671 48,562 39,781
Intersegment Revenue [Member] | Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 25,023 27,411 21,739
Intersegment Revenue [Member] | Color [Member]      
Revenue [Abstract]      
Revenue 13,643 20,638 17,644
Intersegment Revenue [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue 5 513 398
Corporate & Other [Member] | Corporate and Other [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Operating income (loss) (68,920) (52,784) (58,537)
Interest expense 25,172 14,547 12,544
Earnings before income taxes (94,092) (67,331) (71,081)
Assets 262,939 278,876 259,236
Capital expenditures 6,736 6,053 5,323
Depreciation and amortization $ 3,578 $ 3,144 $ 2,711
v3.24.0.1
Segment and Geographic Information, Segment and Geographic Info (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue [Abstract]      
Revenue from external customers $ 1,456,450 $ 1,437,039 $ 1,380,264
Long-lived assets 1,077,891 1,046,834 1,004,340
North America [Member]      
Revenue [Abstract]      
Revenue from external customers 858,910 846,018 787,107
Long-lived assets 690,340 665,356 624,766
Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 276,637 267,575 278,229
Long-lived assets 327,549 322,991 317,875
Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 221,666 229,290 221,566
Long-lived assets 34,680 33,948 37,689
Other [Member]      
Revenue [Abstract]      
Revenue from external customers 99,237 94,156 93,362
Long-lived assets 25,322 24,539 24,010
United States [Member]      
Revenue [Abstract]      
Revenue from external customers 707,100 711,100 658,000
Long-lived assets 603,200 586,800 550,300
Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue from external customers 716,049 710,592 717,688
Long-lived assets 380,802 373,371 361,711
Color [Member]      
Revenue [Abstract]      
Revenue from external customers 594,316 583,379 527,626
Long-lived assets 551,597 535,740 504,553
Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 146,085 143,068 134,950
Long-lived assets 30,473 29,915 32,901
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | North America [Member]      
Revenue [Abstract]      
Revenue from external customers 553,790 541,120 523,960
Long-lived assets 297,615 286,497 268,934
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 113,757 115,925 135,348
Long-lived assets 82,938 86,248 91,934
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 21,382 29,092 29,880
Long-lived assets 8 237 275
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Other [Member]      
Revenue [Abstract]      
Revenue from external customers 27,120 24,455 28,500
Long-lived assets 241 389 568
Reportable Geographical Components [Member] | Color [Member] | North America [Member]      
Revenue [Abstract]      
Revenue from external customers 304,995 304,778 263,031
Long-lived assets 277,730 271,075 250,682
Reportable Geographical Components [Member] | Color [Member] | Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 162,644 151,437 142,741
Long-lived assets 244,587 236,719 225,916
Reportable Geographical Components [Member] | Color [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 58,003 61,064 59,914
Long-lived assets 4,199 3,796 4,513
Reportable Geographical Components [Member] | Color [Member] | Other [Member]      
Revenue [Abstract]      
Revenue from external customers 68,674 66,100 61,940
Long-lived assets 25,081 24,150 23,442
Reportable Geographical Components [Member] | Asia Pacific [Member] | North America [Member]      
Revenue [Abstract]      
Revenue from external customers 125 120 116
Long-lived assets 0 0 0
Reportable Geographical Components [Member] | Asia Pacific [Member] | Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 236 213 140
Long-lived assets 0 0 0
Reportable Geographical Components [Member] | Asia Pacific [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 142,281 139,134 131,772
Long-lived assets 30,473 29,915 32,901
Reportable Geographical Components [Member] | Asia Pacific [Member] | Other [Member]      
Revenue [Abstract]      
Revenue from external customers 3,443 3,601 2,922
Long-lived assets 0 0 0
Corporate & Other [Member] | Corporate and Other [Member]      
Revenue [Abstract]      
Revenue from external customers 0 0 0
Long-lived assets 115,019 107,808 105,175
Corporate & Other [Member] | Corporate and Other [Member] | North America [Member]      
Revenue [Abstract]      
Revenue from external customers 0 0 0
Long-lived assets 114,995 107,784 105,150
Corporate & Other [Member] | Corporate and Other [Member] | Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 0 0 0
Long-lived assets 24 24 25
Corporate & Other [Member] | Corporate and Other [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 0 0 0
Long-lived assets 0 0 0
Corporate & Other [Member] | Corporate and Other [Member] | Other [Member]      
Revenue [Abstract]      
Revenue from external customers 0 0 0
Long-lived assets $ 0 $ 0 $ 0
v3.24.0.1
Segment and Geographic Information, Revenue from External Customers by Products Line (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue [Abstract]      
Revenue $ 1,456,450 $ 1,437,039 $ 1,380,264
Flavors, Extracts & Flavor Ingredients [Member]      
Revenue [Abstract]      
Revenue 496,036 498,055 455,818
Natural Ingredients [Member]      
Revenue [Abstract]      
Revenue 245,036 239,948 255,772
Fragrances [Member]      
Revenue [Abstract]      
Revenue     22,739
Yogurt Fruit Preparations [Member]      
Revenue [Abstract]      
Revenue     5,098
Food & Pharmaceutical Colors [Member]      
Revenue [Abstract]      
Revenue 452,204 437,065 385,069
Personal Care [Member]      
Revenue [Abstract]      
Revenue 155,755 165,335 158,237
Inks [Member]      
Revenue [Abstract]      
Revenue   1,617 1,964
Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 716,049 710,592 717,688
Flavors & Extracts [Member] | Flavors, Extracts & Flavor Ingredients [Member]      
Revenue [Abstract]      
Revenue 496,036 498,055 455,818
Flavors & Extracts [Member] | Natural Ingredients [Member]      
Revenue [Abstract]      
Revenue 245,036 239,948 255,772
Flavors & Extracts [Member] | Fragrances [Member]      
Revenue [Abstract]      
Revenue     22,739
Flavors & Extracts [Member] | Yogurt Fruit Preparations [Member]      
Revenue [Abstract]      
Revenue     5,098
Flavors & Extracts [Member] | Food & Pharmaceutical Colors [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Flavors & Extracts [Member] | Personal Care [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Flavors & Extracts [Member] | Inks [Member]      
Revenue [Abstract]      
Revenue   0 0
Color [Member]      
Revenue [Abstract]      
Revenue 594,316 583,379 527,626
Color [Member] | Flavors, Extracts & Flavor Ingredients [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Color [Member] | Natural Ingredients [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Color [Member] | Fragrances [Member]      
Revenue [Abstract]      
Revenue     0
Color [Member] | Yogurt Fruit Preparations [Member]      
Revenue [Abstract]      
Revenue     0
Color [Member] | Food & Pharmaceutical Colors [Member]      
Revenue [Abstract]      
Revenue 452,204 437,065 385,069
Color [Member] | Personal Care [Member]      
Revenue [Abstract]      
Revenue 155,755 165,335 158,237
Color [Member] | Inks [Member]      
Revenue [Abstract]      
Revenue   1,617 1,964
Asia Pacific [Member]      
Revenue [Abstract]      
Revenue 146,085 143,068 134,950
Asia Pacific [Member] | Flavors, Extracts & Flavor Ingredients [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Asia Pacific [Member] | Natural Ingredients [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Asia Pacific [Member] | Fragrances [Member]      
Revenue [Abstract]      
Revenue     0
Asia Pacific [Member] | Yogurt Fruit Preparations [Member]      
Revenue [Abstract]      
Revenue     0
Asia Pacific [Member] | Food & Pharmaceutical Colors [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Asia Pacific [Member] | Personal Care [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Asia Pacific [Member] | Inks [Member]      
Revenue [Abstract]      
Revenue   0 0
Reportable Segments [Member]      
Revenue [Abstract]      
Revenue 1,495,121 1,485,601 1,420,045
Reportable Segments [Member] | Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 741,072 738,003 739,427
Reportable Segments [Member] | Color [Member]      
Revenue [Abstract]      
Revenue 607,959 604,017 545,270
Reportable Segments [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue 146,090 143,581 135,348
Intersegment Revenue [Member]      
Revenue [Abstract]      
Revenue 38,671 48,562 39,781
Intersegment Revenue [Member] | Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 25,023 27,411 21,739
Intersegment Revenue [Member] | Color [Member]      
Revenue [Abstract]      
Revenue 13,643 20,638 17,644
Intersegment Revenue [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue $ 5 $ 513 $ 398
v3.24.0.1
Fair Value Measurements (Details) - Level 2 [Member] - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investments, Fair Value Disclosure [Abstract]    
Forward exchange contract, assets $ 1.0 $ 1.0
Forward exchange contract, liability 0.2 0.2
Carrying Value [Member]    
Investments, Fair Value Disclosure [Abstract]    
Long term debt 645.2 630.8
Fair Value [Member]    
Investments, Fair Value Disclosure [Abstract]    
Long term debt $ 653.7 $ 622.2
v3.24.0.1
Divestitures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 01, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Divestiture Transactions [Abstract]        
Proceeds from divestiture of businesses   $ 0 $ 2,532 $ 37,790
Divestiture & other related costs [Abstract]        
Divestiture and other related costs   $ 0   14,138
Yogurt Fruit Preparations [Member]        
Divestiture Transactions [Abstract]        
Proceeds from divestiture of businesses     2,500  
Divestiture & other related costs [Abstract]        
Divestiture and other related costs       (83)
Yogurt Fruit Preparations & Ink [Member]        
Divestiture Transactions [Abstract]        
Proceeds from divestiture of businesses       1,500
Fragrances [Member]        
Divestiture Transactions [Abstract]        
Proceeds from divestiture of businesses $ 36,300      
Non-cash gain (loss) on disposal of business       (11,300)
Divestiture & other related costs [Abstract]        
Divestiture and other related costs       13,911
Inks [Member]        
Divestiture & other related costs [Abstract]        
Divestiture and other related costs       (288)
Corporate & Other [Member]        
Divestiture & other related costs [Abstract]        
Divestiture and other related costs       598
Selling, General and Administrative Expenses [Member]        
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       62
Reclassification of foreign currency translation and related items       10,203
Other costs [1]       3,787
Expenses recorded related to environmental obligations       300
Selling, General and Administrative Expenses [Member] | Yogurt Fruit Preparations [Member]        
Divestiture Transactions [Abstract]        
Non-cash gain (loss) on disposal of business     $ 2,500  
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       (1,000)
Reclassification of foreign currency translation and related items       0
Other costs [1]       917
Selling, General and Administrative Expenses [Member] | Fragrances [Member]        
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       1,062
Reclassification of foreign currency translation and related items       10,201
Other costs [1]       2,553
Selling, General and Administrative Expenses [Member] | Inks [Member]        
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       0
Reclassification of foreign currency translation and related items       2
Other costs [1]       (281)
Selling, General and Administrative Expenses [Member] | Corporate & Other [Member]        
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       0
Reclassification of foreign currency translation and related items       0
Other costs [1]       598
Cost of Products Sold [Member]        
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       86
Cost of Products Sold [Member] | Yogurt Fruit Preparations [Member]        
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       0
Cost of Products Sold [Member] | Fragrances [Member]        
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       95
Cost of Products Sold [Member] | Inks [Member]        
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       (9)
Cost of Products Sold [Member] | Corporate & Other [Member]        
Divestiture & other related costs [Abstract]        
Non-cash impairment charges       $ 0
[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.
v3.24.0.1
Operational Improvement Plan (Details) - Selling & Administrative Expenses [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring Costs [Abstract]      
Operational Improvement Plan costs $ 0 $ 0 $ (1,895)
Employee Separation Costs [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs     (482)
Other Income [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs [1]     (3,624)
Other Costs [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs [2]     2,211
Flavors & Extracts [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs     (123)
Flavors & Extracts [Member] | Employee Separation Costs [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs     (123)
Flavors & Extracts [Member] | Other Income [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs [1]     0
Flavors & Extracts [Member] | Other Costs [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs [2]     0
Color [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs     (1,425)
Color [Member] | Employee Separation Costs [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs     (8)
Color [Member] | Other Income [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs [1]     (3,624)
Color [Member] | Other Costs [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs [2]     2,207
Asia Pacific [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs     (347)
Asia Pacific [Member] | Employee Separation Costs [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs     (351)
Asia Pacific [Member] | Other Income [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs [1]     0
Asia Pacific [Member] | Other Costs [Member]      
Restructuring Costs [Abstract]      
Operational Improvement Plan costs [2]     $ 4
[1] Other income includes cash received for the early termination of a lease less associated expenses.
[2] Other costs include professional services, accelerated depreciation, and other related costs.
v3.24.0.1
Portfolio Optimization Plan (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Positions
Portfolio Optimization Plan [Abstract]  
Accrued liabilities related to portfolio optimization plan $ 3,700
Expected plan cost $ 40,000
Number of reduced positions | Positions 130
Portfolio Optimization Plan Expenses [Abstract]  
Portfolio optimization plan expenses $ 27,841
Minimum [Member]  
Portfolio Optimization Plan [Abstract]  
Reduction of annual operating costs 8,000
Maximum [Member]  
Portfolio Optimization Plan [Abstract]  
Reduction of annual operating costs 10,000
Selling and Administrative Expenses [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Non-cash impairment charges 20,954
Employee separation 3,216
Other costs 536 [1]
Cost of Products Sold [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Non-cash impairment charges 3,135
Flavors & Extracts [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Portfolio optimization plan expenses 16,498
Flavors & Extracts [Member] | Selling and Administrative Expenses [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Non-cash impairment charges 11,599
Employee separation 2,820
Other costs 39 [1]
Flavors & Extracts [Member] | Cost of Products Sold [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Non-cash impairment charges 2,040
Color [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Portfolio optimization plan expenses 11,235
Color [Member] | Selling and Administrative Expenses [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Non-cash impairment charges 9,355
Employee separation 288
Other costs 497 [1]
Color [Member] | Cost of Products Sold [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Non-cash impairment charges 1,095
Corporate & Other [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Portfolio optimization plan expenses 108
Corporate & Other [Member] | Selling and Administrative Expenses [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Non-cash impairment charges 0
Employee separation 108
Other costs 0 [1]
Corporate & Other [Member] | Cost of Products Sold [Member]  
Portfolio Optimization Plan Expenses [Abstract]  
Non-cash impairment charges $ 0
[1] Other costs include legal settlements, professional services, and other related costs.
v3.24.0.1
Subsequent Event (Details) - Subsequent Event [Member]
Jan. 19, 2024
$ / shares
Subsequent Events [Abstract]  
Dividend declared date Jan. 19, 2024
Dividend payable (in dollars per share) $ 0.41
Dividend payable date Mar. 01, 2024
v3.24.0.1
Schedule II Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Inks and Fragrances [Member]      
Movement in Valuation Allowances and Reserves [Roll Forward]      
Allowance for credit loss     $ 456
Allowance for Trade Receivables [Member]      
Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 4,436 $ 4,877 3,435
Additions Charged to Costs and Expenses 1,020 944 1,631
Additions Recorded During Acquisitions 0 0 0
Deductions [1] 1,083 1,385 189
Balance at End of Period $ 4,373 $ 4,436 $ 4,877
[1] Accounts written off, net of recoveries. In 2021, $456 thousand was moved from Assets Held for Sale to Trade Accounts Receivable on the Consolidated Balance Sheet related to the fragrances divestiture.