SENSIENT TECHNOLOGIES CORP, 10-K filed on 2/19/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 04, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
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     $ 3,086,020,977
Entity Common Stock, Shares Outstanding   42,393,332  
Auditor Firm ID 42    
Auditor Name Ernst & Young LLP    
Auditor Location Milwaukee, Wisconsin    
v3.25.0.1
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF EARNINGS [Abstract]      
Revenue $ 1,557,228 $ 1,456,450 $ 1,437,039
Cost of products sold 1,050,135 996,153 947,928
Selling and administrative expenses 315,514 305,274 292,360
Operating income 191,579 155,023 196,751
Interest expense 28,781 25,172 14,547
Earnings before income taxes 162,798 129,851 182,204
Income taxes 38,132 36,457 41,317
Net earnings $ 124,666 $ 93,394 $ 140,887
Earnings per common share:      
Basic (in dollars per share) $ 2.96 $ 2.22 $ 3.36
Diluted (in dollars per share) $ 2.94 $ 2.21 $ 3.34
Weighted average number of common shares outstanding:      
Basic (in shares) 42,145 42,027 41,888
Diluted (in shares) 42,396 42,242 42,213
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]      
Net earnings $ 124,666 $ 93,394 $ 140,887
Cash flow hedges adjustment, net of tax expense (benefit) of $256, $(984), and $(471), respectively (1,307) 1,596 (805)
Pension adjustment, net of tax benefit of $(88), $(72), and $(462), respectively (269) (287) (1,439)
Foreign currency translation on net investment hedges 17,996 (11,378) 19,340
Tax effect of current year activity on net investment hedges (4,470) 2,826 (4,804)
Foreign currency translation on long-term intercompany loans 12,026 (1,813) (2,468)
Tax effect of current year activity on long-term intercompany loans (4,430) 1,820 (2,408)
Other foreign currency translation (74,268) 35,807 (33,476)
Total comprehensive income $ 69,944 $ 121,965 $ 114,827
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]      
Cash flow hedges adjustment, net of tax expense (benefit) $ 256 $ (984) $ (471)
Pension adjustment, net of tax benefit $ (88) $ (72) $ (462)
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 26,626 $ 28,934
Trade accounts receivable 290,087 272,164
Inventories 600,302 598,399
Prepaid expenses and other current assets 44,871 37,119
Total current assets 961,886 936,616
Other assets 96,276 94,873
Deferred tax assets 50,387 41,564
Intangible assets, net 11,883 12,112
Goodwill 411,775 424,065
Property, Plant, and Equipment:    
Land 32,369 31,901
Buildings 351,171 343,594
Machinery and equipment 804,385 781,789
Construction in progress 43,929 59,091
Property, plant, and equipment, gross 1,231,854 1,216,375
Less accumulated depreciation (740,267) (711,098)
Property, plant, and equipment, net 491,587 505,277
Total assets 2,023,794 2,014,507
Current Liabilities:    
Trade accounts payable 139,052 131,114
Accrued salaries, wages, and withholdings from employees 47,470 26,412
Other accrued expenses 52,026 52,024
Income taxes 12,243 13,296
Short-term borrowings 19,848 13,460
Total current liabilities 270,639 236,306
Deferred tax liabilities 14,607 14,260
Other liabilities 39,540 37,817
Accrued employee and retiree benefits 24,499 27,715
Long-term debt 613,523 645,085
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 117,500 115,941
Earnings reinvested in the business 1,782,139 1,726,872
Treasury stock, 11,779,321 and 11,885,398 shares, respectively, at cost (617,210) (622,768)
Accumulated other comprehensive loss (226,839) (172,117)
Total shareholders' equity 1,060,986 1,053,324
Total liabilities and shareholders' equity $ 2,023,794 $ 2,014,507
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
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) 11,779,321 11,885,398
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net earnings $ 124,666 $ 93,394 $ 140,887
Adjustments to arrive at net cash provided by operating activities:      
Depreciation and amortization 60,329 57,820 52,467
Share-based compensation expense 10,084 8,933 16,138
Net (gain) loss on assets (140) 541 276
Net gain on divestitures and other charges 0 0 (2,532)
Portfolio Optimization Plan costs 1,415 24,089 0
Deferred income taxes (18,598) (5,100) (11,010)
Changes in operating assets and liabilities:      
Trade accounts receivable (29,638) 35,801 (46,086)
Inventories (18,295) (28,193) (159,014)
Prepaid expenses and other assets (5,407) 5,767 (5,055)
Trade accounts payable and other accrued expenses 8,995 (5,978) 17,489
Accrued salaries, wages, and withholdings from employees 22,518 (17,830) 3,486
Income taxes (810) (1,175) 4,422
Other liabilities 2,032 1,628 602
Net cash provided by operating activities 157,151 169,697 12,070
Cash flows from investing activities:      
Acquisition of property, plant, and equipment (59,212) (87,868) (79,322)
Proceeds from sale of assets 339 156 264
Proceeds from divestiture of businesses 0 0 2,532
Acquisition of new businesses 0 (1,650) (22,714)
Other investing activities (336) 1,741 792
Net cash used in investing activities (59,209) (87,621) (98,448)
Cash Flows from Financing Activities      
Proceeds from additional borrowings 159,321 351,662 328,597
Debt payments (167,073) (355,161) (171,447)
Dividends paid (69,399) (69,222) (68,915)
Other financing activities (4,395) (9,278) (2,056)
Net cash (used in) provided by financing activities (81,546) (81,999) 86,179
Effect of exchange rate changes on cash and cash equivalents (18,704) 7,936 (4,620)
Net (decrease) increase in cash and cash equivalents (2,308) 8,013 (4,819)
Cash and cash equivalents at beginning of year 28,934 20,921 25,740
Cash and cash equivalents at end of year 26,626 28,934 20,921
Cash paid during the year for:      
Interest 29,107 24,443 14,716
Income taxes 56,744 39,681 48,242
Capitalized interest $ 1,274 $ 1,984 $ 910
v3.25.0.1
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, 2021 $ 5,396 $ 111,352 $ 1,630,713 $ (634,408) $ (174,628)  
Beginning 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)  
Ending balance (in shares) at Dec. 31, 2022       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
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings     124,666     $ 124,666
Other comprehensive income (loss)         (54,722)  
Cash dividends paid     (69,399)      
Share-based compensation   10,084        
Non-vested stock issued upon vesting   (7,838)   $ 7,838    
Non-vested stock issued upon vesting (in shares)       (149,579)    
Benefit plans   299   $ 1,122    
Benefit plans (in shares)       (21,405)    
Other   (986)   $ (3,402)    
Other (in shares)       64,907    
Ending balance at Dec. 31, 2024 $ 5,396 $ 117,500 $ 1,782,139 $ (617,210) $ (226,839) $ 1,060,986
Ending balance (in shares) at Dec. 31, 2024       11,779,321   11,779,321
v3.25.0.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]      
Cash dividends per share (in dollars per share) $ 1.64 $ 1.64 $ 1.64
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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 income, share-based compensation, restructuring and other charges, including the Portfolio Optimization Plan costs, and other costs are included in the “Corporate & Other” category.

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 or supply 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 $426.8 million and $437.1 million at December 31, 2024 and 2023, respectively, and raw materials and supplies of $173.5 million and $161.3 million at December 31, 2024 and 2023, respectively.

The Company recorded non-cash charges of $0.7 million and $3.1 million in Cost of Products Sold related to the Portfolio Optimization Plan in 2024 and 2023, respectively. The non-cash charges in 2024 were primarily related to trial production runs that did not meet quality specifications and thus were disposed of, and the charges in 2023 reduced the carrying value of certain inventories, as they were determined to be excess. See Note 15, 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 2024 and 2023, 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 2024, 2023, or 2022.

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 Portfolio Optimization Plan in 2023. See Note 15, 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, 2024, 2023, and 2022.

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)
  
2024
    
2023
    
2022
  
Numerator:
                  
Net earnings
  
$
124,666
    
$
93,394
    
$
140,887
  
Denominator:
                        
Denominator for basic EPS - weighted average common shares
    
42,145
      
42,027
      
41,888
  
Effect of dilutive securities
    
251
      
215
      
325
  
Denominator for diluted EPS - diluted weighted average shares outstanding
    
42,396
      
42,242
      
42,213
  
 
                        
Earnings per Common Share:
                        
Basic
  
$
2.96
    
$
2.22
    
$
3.36
  
Diluted
  
$
2.94
    
$
2.21
    
$
3.34
  

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, 2024, 2023, and 2022.

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 $49.1 million, $48.1 million, and $42.2 million, during the years ended December 31, 2024, 2023, and 2022, respectively.

Advertising
Advertising costs are recorded in Selling and Administrative Expenses as they are incurred. Advertising costs were $2.6 million, $2.5 million, and $1.9 million, during the years ended December 31, 2024, 2023, and 2022, 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 17, Subsequent Event, for additional information.

Recently Adopted 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 the Company to disclose segment expenses that are significant and regularly provided to the Company’s chief operating decision maker (CODM). In addition, this ASU requires the Company to disclose the title and position of its CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. 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 adopted this standard in the fourth quarter of 2024 using a retrospective transition method, and the adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU will also require the Company to disaggregate its income taxes paid disclosure by federal, state, and foreign taxes, with further disaggregation required for significant individual jurisdictions. This ASU is effective for fiscal years beginning after December 15, 2024. The Company will adopt this ASU in the fourth quarter of 2025 using a prospective transition method. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements and its related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses, which will require the Company to disclose disaggregated information about certain income statement expense line items. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. 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.
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Acquisitions [Abstract]  
Acquisitions
2. Acquisitions

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.
v3.25.0.1
Trade Accounts Receivable
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023:

(In thousands)
  
Allowance for
Doubtful Accounts
  
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
  
Provision for expected credit losses
    1,527  
Accounts written off
    (596 )
Translation and other activity
    (281 )
Balance at December 31, 2024   $ 5,023  
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
4. Goodwill and Intangible Assets

At December 31, 2024 and 2023, 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, 2024 and 2023:

 
        
2024
    
2023
  
(In thousands except weighted average amortization years)
  
Weighted
Average
Amortization
Years
    
Cost
    
Accumulated
Amortization
    
Cost
    
Accumulated
Amortization
  
 
                              
Technological know-how
    
11.7
    
$
6,643
    
$
(3,119
)
  
$
7,452
    
$
(4,412
)
Customer relationships
    
19.0
      
9,611
      
(3,672
)
    
9,689
      
(3,242
)
Patents, trademarks, non-compete agreements, and other
    
15.6
      
12,121
      
(9,701
)
    
12,147
      
(9,522
)
Total finite-lived intangibles
    
15.8
    
$
28,375
    
$
(16,492
)
  
$
29,288
    
$
(17,176
)

Amortization of intangible assets was $1.7 million in 2024, $2.3 million in 2023, and $2.0 million in 2022. Estimated amortization expense, for the five years subsequent to December 31, 2024, is $1.7 million in 2025; $1.5 million in 2026; $1.1 million in 2027; $1.0 million in 2028; and $1.0 million in 2029.

The changes in goodwill for the years ended December 31, 2024 and 2023, by reportable business segment, were as follows:

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
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
  
Currency translation impact
    
(3,070
)
    
(9,001
)
    
(219
)
    
(12,290
)
Balance as of December 31, 2024
  
$
100,243
    
$
307,180
    
$
4,352
    
$
411,775
  
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
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 $13.4 million, $11.9 million, and $11.3 million during the years ended December 31, 2024, 2023, and 2022, respectively.

For the years ended December 31, 2024, 2023, and 2022, the Company paid $11.5 million, $10.3 million, and $9.3 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, for each of the years ended December 31, 2024 and 2023, and $17.2 million, for the year ended December 31, 2022, of right-of-use assets in exchange for operating lease obligations. 

The Company included $36.4 million and $36.3 million of right-of-use assets in Other Assets on the Company’s Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively. The Company included $28.7 million and $28.0 million of operating lease liabilities in Other Liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively. The Company included $7.7 million and $8.6 million of operating lease liabilities in Other Accrued Expenses on the Company’s Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively.

The Company’s weighted average remaining operating lease term was 6.9 years as of December 31, 2024. The Company’s weighted average discount rate for operating leases was 4.20% as of December 31, 2024.

As of December 31, 2024, maturities of operating lease liabilities for future annual periods are as follows:

(In thousands)
      
Year ending December 31,
      
2025
  
$
9,086
  
2026
    
7,323
  
2027
    
6,276
  
2028
    
4,135
  
2029
    
3,562
  
Thereafter
    
11,801
  
Total lease payments
    
42,183
  
Less imputed interest
    
(5,830
)
Present value of lease liabilities
  
$
36,353
  
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt [Abstract]  
Debt
6. Debt

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

(In thousands)
  
2024
    
2023
  
3.65% senior notes due May 2024
  
$
-
    
$
27,000
  
4.19% senior notes due November 2025
    
25,000
      
25,000
  
6.08% senior notes due November 2026     35,000       35,000  
6.14% senior notes due November 2027     35,000       35,000  
4.94% senior notes due May 2028     75,000       75,000  
6.34% senior notes due November 2029     35,000       35,000  
1.27% Euro-denominated senior notes due May 2024
    
-
      
55,194
  
1.71% Euro-denominated senior notes due May 2027
    
41,416
      
44,155
  
4.15% Euro-denominated senior notes due May 2028     41,416       44,155  
4.62% Euro-denominated senior notes due November 2029     41,416       44,155  
2.76% British Pound-denominated notes due November 2025
    
31,289
      
31,827
  
Euro-denominated term loan
    
77,657
      
82,790
  
Revolving Credit Facilities
    
175,125
      
111,039
  
Various other notes
    
536
      
117
  
Total debt
    
613,855
      
645,432
  
Less debt fees
    
(133
)
    
(230
)
Less current portion
    
(199
)
    
(117
)
Total long-term debt
  
$
613,523
    
$
645,085
  

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 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.

In August 2024, the Company amended its accounts receivable securitization program with Wells Fargo Bank N.A. (Wells Fargo) to extend the termination date from August 2024 to August 2025. 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 Daily One Month Term SOFR as administered by CME Group Benchmark Administration Limited plus a 10 basis point Term SOFR Adjustment plus an Applicable Margin of 75 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, 2024, the amount was fully drawn.

In October 2024, the Company amended its €75 million unsecured term loan agreement (Term Loan) with PNC Bank, N.A (PNC Bank) to extend the termination date from November 2024 to November 2025. The term loan acts 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 4.96% for the year ended December 31, 2024.

The borrowings under the revolving credit facility, excluding borrowings on the accounts receivable securitization program, had an average interest rate of 5.46% and 5.74% for the years ended December 31, 2024 and 2023, respectively.

The aggregate amounts of contractual maturities on long-term debt subsequent to December 31, 2024, are as follows:

(In thousands)
      
Year ending December 31,
      
2025
   $
218,875
  
2026
    
125,308
  
2027
    
76,523
  
2028
    
116,406
  
2029
     76,411
  
Total long-term debt maturities
  
$
613,523
  

The Company had $256.5 million available under the revolving credit facility and $25.5 million available under other lines of credit from several banks at December 31, 2024.

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, 2024.

The Company had stand-by and trade letters of credit outstanding of $3.4 million and $6.2 million as of December 31, 2024 and 2023, respectively.

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

(In thousands)
  
2024
    
2023
  
U.S. credit facilities
  
$
18,382
    
$
13,343
  
Current maturities of long-term debt
    
199
      
117
  
Loans of foreign subsidiaries
    1,267
        -
  
Total
  
$
19,848
    
$
13,460
  

The weighted average interest rates on short-term borrowings were 5.67% and 6.58% at December 31, 2024 and 2023, respectively.
v3.25.0.1
Derivative Instruments and Hedging Activity
 12 Months Ended
Dec. 31, 2024
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 $70.3 million and $58.4 million of forward exchange contracts, designated as cash flow hedges, outstanding as of December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, the amounts reclassified into net earnings in the Company’s Consolidated Statements of Earnings that offset the earnings impact of the related non-functional asset or liability hedged in the same period were not material. For the years ended December 31, 2023 and 2022, gains of $2.2 million and $1.0 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, 2024 and 2023, the total value of the Company’s net investment hedges was $295.3 million and $313.3 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 decreased debt by $18.0 million and increased debt by $11.4 million for the years ended December 31, 2024 and 2023, respectively, and are recorded as foreign currency translation in OCI.

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.
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Compensation [Abstract]  
Share-Based Compensation
8. Share-Based Compensation

Prior to 2022, the Company 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, 2024, there were 0.9 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 to elected officers consist of 60% performance stock unit awards and 40% non-vested restricted stock awards. The performance stock unit awards are based on a three-year performance period and a three-year vesting period with a pro-rata vesting upon retirement. Starting with the December 2024 grant, grants issued to certain business unit leaders also consist of 60% performance stock unit awards and 40% non-vested restricted stock awards, in each case as described above. Three-year performance that exceeds the stated performance metrics would result in an award up to 150% of the original grant for business unit leaders and up to 200% for elected officers.

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 and December 2020 performance stock unit awards, which were based on the three-year performance period of January 1, 2020 to December 31, 2022 and January 1, 2021 to December 31, 2023, respectively, exceeded the stated performance metrics, which resulted in an award payout of 200% and 124%, respectively, of the original grant upon vesting in February 2023 and February 2024, respectively.

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, 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
  
Granted
    
190
      
71.79
          
Vested, net
    
(115
)
    
79.47
          
Cancelled
    
(70
)
    
70.87
          
Outstanding at December 31, 2024
    
541
    
$
70.74
    
$
38,517
  

The total intrinsic values of shares vested during 2024, 2023, and 2022, was $10.1 million, $20.3 million, and $5.1 million, respectively.

As of December 31, 2024, total remaining unearned compensation, net of expected forfeitures, related to non-vested stock and performance stock units was $22.1 million, which will be amortized over the weighted average remaining service period of 2.3 years.

Total pre-tax share-based compensation expense recognized in the Consolidated Statements of Earnings was $10.1 million, $8.9 million, and $16.1 million in 2024, 2023, and 2022, respectively. The Company also recognized tax related benefits of $1.0 million, $1.1 million, and $1.2 million in 2024, 2023, and 2022, respectively.
v3.25.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2024
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 $8.0 million in 2024, $8.2 million in 2023, and $7.8 million in 2022.

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)
  
2024
    
2023
  
Benefit obligation at beginning of year
  
$
36,413
    
$
32,367
  
Service cost
    
1,736
      
1,741
  
Interest cost
    
1,839
      
1,886
  
Foreign currency exchange rate changes
    
(979
)
    
999
  
Benefits paid
    
(5,266
)
    
(2,737
)
Actuarial (gain) loss
    
(2,856
)
    
2,157
  
Benefit obligation at end of year
    
30,887
      
36,413
  
Plan assets at beginning of year
    
21,270
      
19,929
  
Company contributions
    
4,192
      
1,598
  
Foreign currency exchange rate changes
    
(544
)
    
920
  
Benefits paid
    
(5,266
)
    
(2,737
)
Actual (loss) gain on plan assets
    
(680
)
    
1,560
  
Plan assets at end of year
    
18,972
      
21,270
  
Funded status
  
$
(11,915
)
  
$
(15,143
)
Accumulated benefit obligation
  
$
29,480
    
$
34,786
  

Amounts recognized in the Consolidated Balance Sheets at December 31:

(In thousands)
  
2024
    
2023
  
Accrued employee and retiree benefits
   $ (15,882 )  
$
(19,165
)
Other accrued expenses
    
(693
)
    
(726
)
Other assets
    
4,660
      
4,748
  
Net liability
  
$
(11,915
)
  
$
(15,143
)

Components of annual benefit cost:

(In thousands)
  
2024
    
2023
    
2022
  
Service cost
  
$
1,736
    
$
1,741
    
$
1,622
  
Interest cost
    
1,839
      
1,886
      
953
  
Expected return on plan assets
    
(1,237
)
    
(1,007
)
    
(785
)
Recognized actuarial (gain) loss
    
(359
)
    
(656
)
    
32
  
Settlement income
    
(610
)
    
-
      
-
  
Defined benefit expense
  
$
1,369
    
$
1,964
    
$
1,822
  

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:

 
  
2024
    
2023
  
Discount rate
    
5.83
%
    
5.15
%
Expected return on plan assets
    
5.71
%
    
4.91
%
Rate of compensation increase
    
1.17
%
    
1.14
%

Weighted average cost assumptions for the year ended December 31:

 
  
2024
    
2023
    
2022
  
Discount rate
    
5.15
%
    
5.12
%
    
2.35
%
Expected return on plan assets
    
4.91
%
    
4.89
%
    
2.54
%
Rate of compensation increase
    
1.14
%
    
0.90
%
    
1.02
%
 
The aggregate amounts of benefits expected to be paid from defined benefit plans in each of the next five years subsequent to December 31, 2024, which include employees’ expected future service, are as follows: 2025, $2.2 million; 2026, $6.4 million; 2027, $2.2 million; 2028, $2.2 million; 2029, $2.5 million; and $25.7 million in total for the years 2030 through 2034.

The Company expects to contribute $0.8 million to defined benefit plans in 2025.

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

(In thousands)
  
2024
    
2023
  
Unrecognized net actuarial loss
  
$
2,996
    
$
2,936
  
Prior service cost
    
146
      
155
  
Total before tax effects
  
$
3,142
    
$
3,091
  

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

(In thousands)
  
2024
    
2023
    
2022
  
Net actuarial gain (loss) arising during the period
  
$
665
    
$
192
    
$
(1,466
)
Amortization of actuarial (gain) loss, included in defined benefit expense
    
(934
)
    
(479
)
    
27
  
Pension adjustment, net of tax
  
$
(269
)
  
$
(287
)
  
$
(1,439
)

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, 2024 and 2023:

 
  
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2024
Using Fair Value Hierarchy
    
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2023
Using Fair Value Hierarchy
  
(In thousands)
  
2024
    
Level 1
    
Level 2
    
Level 3
    
2023
    
Level 1
    
Level 2
    
Level 3
  
Equity Funds
                                                
Domestic
  
$
5,496
    
$
5,496
    
$
—
    
$
—
    
$
5,623
    
$
5,623
    
$
—
    
$
—
  
International
    
28
      
—
      
28
      
—
      
47
      
—
      
47
      
—
  
International Fixed Income Funds
    
13,116
      
1,655
      
11,461
      
—
      
14,486
      
1,574
      
12,912
      
—
  
Other investments
    
332
      
321
      
11
      
—
      
1,114
      
1,097
      
17
      
—
  
Total assets at fair value
  
$
18,972
    
$
7,472
    
$
11,500
    
$
—
    
$
21,270
    
$
8,294
    
$
12,976
    
$
—
  

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.
v3.25.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income
10. Accumulated Other Comprehensive Income

The following table summarizes the changes in OCI for 2024, 2023, and 2022:

(In thousands)
  
Cash Flow
Hedges (1)
    
Pension
Items (1)
    
Foreign Currency
Items
    
Total
  
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
)
Other comprehensive (loss) income before reclassifications
    
(1,723
)
    
665
      
(53,146
)
    
(54,204
)
Amounts reclassified from OCI
    
416
      
(934
)
    
-
      
(518
)
Balance as of December 31, 2024
  
$
(310
)
  
$
(2,348
)
  
$
(224,181
)
  
$
(226,839
)
(1)
Cash Flow Hedges and Pension Items are net of tax.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Income Taxes
11. Income Taxes

Earnings before income taxes were as follows:

(In thousands)
  
2024
    
2023
    
2022
  
United States
  
$
57,318
    
$
45,900
    
$
73,192
  
Foreign
    
105,480
      
83,951
      
109,012
  
Total
  
$
162,798
    
$
129,851
    
$
182,204
  

The provision for income taxes was as follows:

(In thousands)
  
2024
    
2023
    
2022
  
Current income tax expense:
                  
Federal
  
$
20,307
    
$
11,153
    
$
21,640
  
State
    
3,375
      
2,814
      
5,138
  
Foreign
    
33,048
      
27,590
      
25,549
  
 
    
56,730
      
41,557
      
52,327
  
Deferred benefit:
                        
Federal
    
(12,743
)
    
(4,656
)
    
(8,520
)
State
    
(581
)
    
(813
)
    
(1,353
)
Foreign
    
(5,274
)
    
369
   
(1,137
)
 
    
(18,598
)
    
(5,100
)
    
(11,010
)
Income taxes
  
$
38,132
    
$
36,457
    
$
41,317
  

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

 
  
2024
    
2023
    
2022
  
Taxes at statutory rate
    
21.0
%
    
21.0
%
    
21.0
%
State income taxes, net of federal income tax benefit
    
1.0
      
1.1
      
1.7
  
Tax credits
    
(1.6
)
    
(1.9
)
    
(1.3
)
Taxes on foreign earnings
    
4.1
      
4.8
      
2.9
  
Global Intangible Low-Taxed Income
    
0.5
      
0.6
      
0.4
  
Foreign Derived Intangible Income
    
(1.2
)
    
(1.3
)
    
(1.0
)
Resolution of prior years’ tax matters
    
0.6
      
0.3
      
(0.1
)
Valuation allowance adjustments
    
(1.4
)
    
2.8
      
(2.7
)
Nondeductible compensation
     0.9       1.2       1.9  
Other, net
    
(0.5
)
    
(0.5
)
    
(0.1
)
Effective tax rate
    
23.4
%
    
28.1
%
    
22.7
%

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 2024, 2023, and 2022 were all impacted by the release of valuation allowances related to net operating losses. The effective tax rates in 2023 and 2022 were also impacted by the release of valuation allowances related to the foreign tax credit carryover. The effective tax rates in 2024 and 2023 were further impacted by the limited tax deductibility of costs related to the Portfolio Optimization Plan, and the effective tax rate in 2022 was further impacted by tax costs related to the divestitures. See Note 14, Divestitures, and Note 15, Portfolio Optimization Plan.

The Company’s valuation allowance at December 31, 2024 and 2023 was $29.7 million and $34.1 million, respectively. In 2024, the valuation allowance related to foreign NOLs was reduced, and the valuation allowance related to state NOLs was increased. In 2023, the valuation allowance related to foreign tax credits was reduced, and the valuation allowance related to state and foreign NOLs was increased.

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

(In thousands)
  
2024
    
2023
  
Deferred tax assets:
            
Benefit plans
  
$
8,123
    
$
8,976
  
Liabilities and reserves
    
20,322
      
20,960
  
Operating loss and credit carryovers
    
59,834
      
59,615
  
Capitalized research and development costs
     18,666       13,148  
Other
    
5,355
      
14,680
  
Gross deferred tax assets
    
112,300
      
117,379
  
Valuation allowance
    
(29,743
)
    
(34,122
)
Deferred tax assets
    
82,557
      
83,257
  
Deferred tax liabilities:
                
Property, plant, and equipment
    
(26,092
)
    
(33,654
)
Goodwill
    
(20,685
)
    
(22,299
)
Deferred tax liabilities
    
(46,777
)
    
(55,953
)
Net deferred tax assets
  
$
35,780
    
$
27,304
  

At December 31, 2024, foreign tax credit carryovers were $31.3 million, all of which expire before 2039. At December 31, 2024, foreign operating loss carryovers were $79.4 million. Included in the foreign operating loss carryovers are losses of $15.2 million that expire through 2039 and $64.2 million that expire after 2039 or do not have an expiration date. At December 31, 2024, state operating loss carryovers were $112.5 million, which expire prior to 2039.

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 effective dates beginning in fiscal year 2024. The current rules do not 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, 2024, no additional income or withholding taxes have been provided for the $815.3 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 $41.8 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 2024 and 2023 is as follows:

(In thousands)
  
2024
    
2023
  
Balance at beginning of year
  
$
4,251
    
$
3,939
  
Increases for tax positions taken in the current year
    
865
      
876
  
Increases for tax positions taken in prior years     422       -  
Decreases related to settlements with tax authorities
    
-
      
(175
)
Decreases as a result of lapse of the applicable statutes of limitations
    
(765
)
    
(610
)
Foreign currency exchange rate changes
    
(382
)
    
221
  
Balance at the end of year
  
$
4,391
    
$
4,251
  

The amount of the unrecognized tax benefits that would affect the effective tax rate, if recognized, was approximately $4.7 million. The Company recognizes interest and penalties related to the unrecognized tax benefits in income tax expense. $0.5 million and $0.4 million of accrued interest and penalties were reported as an income tax liability as of December 31, 2024 and 2023, respectively. 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, 2024.

The Company believes that it is reasonably possible that the total amount of liability for unrecognized tax benefits as of December 31, 2024, will decrease by approximately $1.4 million during 2025, 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 2025. 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 2020.
v3.25.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
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 income, share-based compensation, restructuring and other charges, including the 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 (CODM) to allocate resources and assess performance. The Company’s CODM is the President and Chief Executive Officer. The CODM uses segment operating income or loss to allocate resources, which includes employees, financial, or capital resources, predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual and year-over-year variances on a monthly basis for segment operating income or loss when allocating capital and personnel resources to the segments. Segment performance is evaluated on operating income of the respective business units before divestiture & other related income, share-based compensation, and restructuring and other charges, including the 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 income, share-based compensation, restructuring and other charges, including the Portfolio Optimization Plan costs, and certain other costs are included in the “Corporate & Other” category.

Divestiture & other related income and restructuring and other costs, including the Portfolio Optimization Plan costs, for the years ended December 31, 2024, 2023, and 2022, are further described in Note 14, Divestitures, and Note 15, 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
    
Total
  
2024:
                              
Total segment revenue  
$
793,698
    
$
647,939
    
$
162,525
    
$
—
    
$
1,604,162
  
Intersegment revenue
    
(28,175
)
    
(18,648
)
    
(111
)
    
—
      
(46,934
)
Consolidated revenue from external customers
    
765,523
      
629,291
      
162,414
      
—
      
1,557,228
  
Cost of products sold
    565,486       387,364       95,923       1,362       1,050,135  
Selling and administrative expense
    102,943       122,398       32,033       58,140       315,514  
Segment operating income (loss)
    
97,094
      
119,529
      
34,458
      
(59,502
)
    
191,579
  
Interest expense
                                    
28,781
  
Earnings before income taxes
                                  
$
162,798
  
 
                                        
Assets
    
802,177
      
819,380
      
116,817
      
285,420
      
2,023,794
  
Capital expenditures
    
29,237
      
21,722
      
2,375
      
5,878
      
59,212
  
Depreciation and amortization
    
30,437
      
23,417
      
2,472
      
4,003
      
60,329
  
 
                                        
2023:
                                        
Total segment revenue
  
$
741,072
    
$
607,959
    
$
146,090
    
$
—
    
$
1,495,121
  
Intersegment revenue
    
(25,023
)
    
(13,643
)
    
(5
)
    
—
      
(38,671
)
Consolidated revenue from external customers
    
716,049
      
594,316
      
146,085
      
—
      
1,456,450
  
Cost of products sold
    530,769       376,512       85,737       3,135       996,153  
Selling and administrative expense
    97,507       112,434       29,548       65,785       305,274  
Segment operating income (loss)
    
87,773
      
105,370
      
30,800
      
(68,920
)
    
155,023
  
Interest expense
                                    
25,172
  
Earnings before income taxes
                                  
$
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:
                                        
Total segment revenue
  
$
738,003
    
$
604,017
    
$
143,581
    
$
—
    
$
1,485,601
  
Intersegment revenue
    
(27,411
)
    
(20,638
)
    
(513
)
    
—
      
(48,562
)
Consolidated revenue from external customers
    
710,592
      
583,379
      
143,068
      
—
      
1,437,039
  
Cost of products sold
    508,675       355,599       83,654       —       947,928  
Selling and administrative expenses 
    96,493       113,161       29,922       52,784       292,360  
Segment operating income (loss)
    
105,424
      
114,619
      
29,492
      
(52,784
)
    
196,751
  
Interest expense
                                    
14,547
  
Earnings before income taxes
                                  
$
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
  

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
  
2024:
                              
Revenue from external customers:
                              
North America
  
$
597,046
    
$
313,180
    
$
100
    
$
—
    
$
910,326
  
Europe
    
124,257
      
169,185
      
149
      
—
      
293,591
  
Asia Pacific
    
17,878
      
64,600
      
156,243
      
—
      
238,721
  
Other
    
26,342
      
82,326
      
5,922
      
—
      
114,590
  
Total revenue from external customers
  
$
765,523
    
$
629,291
    
$
162,414
    
$
—
    
$
1,557,228
  
Long-lived assets:
                                        
North America
  
$
296,479
    
$
272,418
    
$
—
    
$
124,917
    
$
693,814
  
Europe
    
78,041
      
231,961
      
—
      
23
      
310,025
  
Asia Pacific
    
—
      
3,655
      
29,317
      
—
      
32,972
  
Other
    
764
      
24,333
      
—
      
—
      
25,097
  
Total long-lived assets
  
$
375,284
    
$
532,367
    
$
29,317
    
$
124,940
    
$
1,061,908
  
 
                                        
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
  

Sales in the United States, based on the final country of destination of the Company’s products, were $761.2 million, $707.1 million, and $711.1 million, in 2024, 2023, and 2022, respectively. No other country of destination exceeded 10% of consolidated sales. Total long-lived assets in the United States amounted to $612.7 million, $603.2 million, and $586.8 million, at December 31, 2024, 2023, and 2022, respectively.

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

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
2024:
                        
Flavors, Extracts & Flavor Ingredients
  
$
508,052
    
$
—
    
$
—
    
$
508,052
  
Natural Ingredients
    
285,646
      
—
      
—
      
285,646
  
Food & Pharmaceutical Colors
    
—
      
481,141
      
—
      
481,141
  
Personal Care
    
—
      
166,798
      
—
      
166,798
  
Asia Pacific
    
—
      
—
      
162,525
      
162,525
  
Intersegment Revenue
    
(28,175
)
    
(18,648
)
    
(111
)
    
(46,934
)
Total revenue from external customers
  
$
765,523
    
$
629,291
    
$
162,414
    
$
1,557,228
  
                                 
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
  
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023, 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 a liability of $0.8 million and an asset of $1.0 million as of December 31, 2024 and 2023, 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, 2024. 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, 2024 and 2023, was $613.7 million and $645.2 million, respectively. The fair value of the long-term debt at December 31, 2024 and 2023, was $622.0 million and $653.7 million, respectively.
v3.25.0.1
Divestitures
 12 Months Ended
Dec. 31, 2024
Divestitures [Abstract]  
Divestitures
14. Divestitures

The Company reports all costs and income associated with the divestitures in Corporate & Other. There were no divestiture & other related costs or income for the years ended December 31, 2024 and 2023. For the year ended December 31, 2022, the Company received $2.5 million of net cash related to the previously completed sale of its yogurt fruit preparations product line and recorded a corresponding $2.5 million gain in Selling and Administrative Expenses.
v3.25.0.1
Portfolio Optimization Plan
 12 Months Ended
Dec. 31, 2024
Portfolio Optimization Plan [Abstract]  
Portfolio Optimization Plan

15. Portfolio Optimization Plan

During the fourth quarter of 2023, the Board of Directors of the Company approved a plan to undertake an effort to optimize certain production facilities and improve efficiencies within the Company (Portfolio Optimization Plan). As part of the Portfolio Optimization Plan, in the Flavors & Extracts segment, the Company evaluated the closure of its manufacturing facility in Felinfach, Wales, United Kingdom, the closure of its sales office in Granada, Spain, and the centralization and elimination of certain selling and administrative positions. In addition, in the Color segment, the Company evaluated the closure of a manufacturing facility in Delta, British Columbia, Canada, the closure of a sales office in Argentina, and centralizing and eliminating certain production positions and selling and administrative positions. The Company reports all costs associated with the Portfolio Optimization Plan in the Corporate & Other segment.

The Company’s Felinfach site will continue to operate until all production activities have successfully transferred to other locations, and then will be closed. The Company has substantially completed all other actions contemplated under the Portfolio Optimization Plan in accordance with local laws.

The Company recorded $2.5 million and $3.7 million of accrued liabilities in Other Accrued Expenses on the Company’s Consolidated Balance Sheet related to the Portfolio Optimization Plan as of December 31, 2024 and 2023, respectively. The Company expects the Portfolio Optimization Plan will cost approximately $40 million, of which $34.5 million has been incurred through December 31, 2024, 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 anticipates it would reduce headcount by approximately 100 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, 2024:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Corporate &
Other
    
Consolidated
  
Non-cash impairment charges – Selling and administrative expenses
  
$
-
    
$
1,129
    
$
-
    
$
1,129
  
Non-cash charges – Cost of products sold
    
934
      
(194
)
    
-
      
740
  
Employee separation – Selling and administrative expenses
    
1,450
      
583
      
26
      
2,059
  
Other production costs – Cost of products sold
    
622
      
-
      
-
      
622
  
Other costs – Selling and administrative expenses(1)
    
1,813
      
382
      
(114
)
    
2,081
  
Total
  
$
4,819
    
$
1,900
    
$
(88
)
  
$
6,631
  



(1)
Other costs include professional services, decommissioning costs, and other related costs.


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.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
16. 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.
v3.25.0.1
Subsequent Event
 12 Months Ended
Dec. 31, 2024
Subsequent Event [Abstract]  
Subsequent Event
17. Subsequent Event

On January 17, 2025, the Company announced its quarterly dividend of 41 cents per share would be payable on March 3, 2025.
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Abstract]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company recognizes the importance of assessing, identifying, and managing material risks associated with cybersecurity threats in order to safeguard our information systems and protect the confidentiality, integrity, and availability of our information systems and the information residing therein. We have implemented several cybersecurity processes to aid in our efforts to assess, identify, and manage such material risks.
Our risk management program considers cybersecurity threat risks alongside other risks as part of our overall risk assessment process. We believe that integrating our cybersecurity risk management into our broader risk management framework promotes a company-wide culture of cybersecurity risk management and ensures that cybersecurity considerations are an integral part of decision-making at every level.

We employ a wide range of tools, policies, and services, including but not limited to penetration testing, network and endpoint monitoring, vulnerability assessments, information segregation, and tabletop exercises to inform our risk identification and assessment. We routinely review and upgrade our information technology and cybersecurity systems in order to better manage, report, and protect the information related to our formulas and processes, research and development, trade secrets, products, customers and suppliers, employees, and other sensitive information. We also have a cybersecurity specific risk assessment process that helps us identify our cybersecurity threat risks and maturity level by comparing our processes to standards set by the International Organization for Standardization.
To provide for the availability of critical data and systems, maintain regulatory compliance, manage our material risks from cybersecurity threats, and to protect against, detect, and respond to cybersecurity incidents, we:


 •
Run tabletop exercises with our executive team to simulate a response to a cybersecurity incident and use the findings to improve our processes and technologies;

•
Conduct regular third-party assessments of our cybersecurity program;

•
Undertake regular reviews of our incident response plan and other policies related to cybersecurity;

•
Run regular cyber penetration testing;

•
Through policy and practice, classify information, restrict access, and require employees to treat sensitive data with care; and

•
Conduct an annual employee training program, including regular phishing email simulations for all employees with access to corporate email systems to enhance awareness and responsiveness to such possible threats.
 
Our incident response plan coordinates the activities we take to prepare for, detect, respond to, and recover from cybersecurity incidents, which include processes to triage, assess severity of, escalate, contain, investigate, and remediate the incident, as well as to comply with potentially applicable legal obligations.
Recognizing the complexity and evolving nature of cybersecurity threats, the Company engages third-party experts, including assessors, auditors, and consultants, in evaluating and testing our risk management systems. Such engagements include: managed security services, regular audits, penetration testing, threat assessments, and consultation on security enhancements. The Company has processes in place to oversee and manage its use of third-party vendors. We conduct security assessments of third-party vendors engaged, limit the information systems of the Company available to the third party, and maintain monitoring to ensure compliance with our cybersecurity standards.
From time to time, we experience cybersecurity incidents and threats to our systems and information. Through the date hereof, no risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected, and we do not believe are reasonably likely to materially affect, the Company, including our business strategy, results of operations, or financial condition. However, we cannot guarantee that we will not be materially affected in the future. Cybersecurity threats rapidly evolve and are complex, so we must continually adapt and enhance our processes. As we do this, we must make judgments about where and how to invest resources to most effectively protect ourselves from threats. These are inherently challenging processes, and we can provide no assurance that the processes that we implement will be effective. For more information regarding cybersecurity risks that could impact the Company, see our risk factor disclosures at Item 1A of this Annual Report on Form 10-K, which such disclosures are incorporated by reference herein.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We employ a wide range of tools, policies, and services, including but not limited to penetration testing, network and endpoint monitoring, vulnerability assessments, information segregation, and tabletop exercises to inform our risk identification and assessment. We routinely review and upgrade our information technology and cybersecurity systems in order to better manage, report, and protect the information related to our formulas and processes, research and development, trade secrets, products, customers and suppliers, employees, and other sensitive information. We also have a cybersecurity specific risk assessment process that helps us identify our cybersecurity threat risks and maturity level by comparing our processes to standards set by the International Organization for Standardization.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] Through the date hereof, no risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected, and we do not believe are reasonably likely to materially affect, the Company, including our business strategy, results of operations, or financial condition. However, we cannot guarantee that we will not be materially affected in the future.
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
Cybersecurity is an important part of our risk management processes and an area of focus for our Board and management. Our entire Board is responsible for the oversight of risks from cybersecurity threats. At least twice annually, the entire Board receives an overview from management of our cybersecurity progress and effectiveness, covering topics such as current cybersecurity landscape and emerging threats, data security posture, results from third-party assessments, status of ongoing initiatives and strategies, and material cybersecurity threat risks or, if any, incidents and developments. In these sessions, the Board receives materials and discusses such matters with our Chief Information Officer. The Board also receives annual training on cybersecurity. In addition, we have formed an executive level steering committee (including the CEO, CFO, Group Presidents, General Counsel, VP, Human Resources, Controller/Chief Accounting Officer, and Chief Information Officer) that provides oversight and routinely discusses cybersecurity matters.
Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Chief Information Officer, our Director of Information Security, and our Director of Infrastructure. These individuals collectively have over 88 years of prior work experience in various roles in the information security field, including managing and implementing effective information technology and cybersecurity programs, as well as relevant degrees and certifications, including a Certified Information Systems Security Professional certification. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. As discussed above, our Chief Information Officer reports to the entire Board about cybersecurity threat risks, among other cybersecurity matters, at least twice annually or more frequently as circumstances may require.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Cybersecurity is an important part of our risk management processes and an area of focus for our Board and management. Our entire Board is responsible for the oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] At least twice annually, the entire Board receives an overview from management of our cybersecurity progress and effectiveness, covering topics such as current cybersecurity landscape and emerging threats, data security posture, results from third-party assessments, status of ongoing initiatives and strategies, and material cybersecurity threat risks or, if any, incidents and developments. In these sessions, the Board receives materials and discusses such matters with our Chief Information Officer. The Board also receives annual training on cybersecurity. In addition, we have formed an executive level steering committee (including the CEO, CFO, Group Presidents, General Counsel, VP, Human Resources, Controller/Chief Accounting Officer, and Chief Information Officer) that provides oversight and routinely discusses cybersecurity matters.
Cybersecurity Risk Role of Management [Text Block]
Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Chief Information Officer, our Director of Information Security, and our Director of Infrastructure. These individuals collectively have over 88 years of prior work experience in various roles in the information security field, including managing and implementing effective information technology and cybersecurity programs, as well as relevant degrees and certifications, including a Certified Information Systems Security Professional certification. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. As discussed above, our Chief Information Officer reports to the entire Board about cybersecurity threat risks, among other cybersecurity matters, at least twice annually or more frequently as circumstances may require.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Chief Information Officer, our Director of Information Security, and our Director of Infrastructure.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Chief Information Officer, our Director of Information Security, and our Director of Infrastructure. These individuals collectively have over 88 years of prior work experience in various roles in the information security field, including managing and implementing effective information technology and cybersecurity programs, as well as relevant degrees and certifications, including a Certified Information Systems Security Professional certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. As discussed above, our Chief Information Officer reports to the entire Board about cybersecurity threat risks, among other cybersecurity matters, at least twice annually or more frequently as circumstances may require.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Schedule II Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022
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
    
Balance at
End of
Period
  
                               
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
  
 
                                        
2024
Allowance for losses:
Trade accounts receivable
  
$
4,373
    
$
1,527
    
$
0
    
$
877
    
$
5,023
  

 

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.
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
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 or supply 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 $426.8 million and $437.1 million at December 31, 2024 and 2023, respectively, and raw materials and supplies of $173.5 million and $161.3 million at December 31, 2024 and 2023, respectively.

The Company recorded non-cash charges of $0.7 million and $3.1 million in Cost of Products Sold related to the Portfolio Optimization Plan in 2024 and 2023, respectively. The non-cash charges in 2024 were primarily related to trial production runs that did not meet quality specifications and thus were disposed of, and the charges in 2023 reduced the carrying value of certain inventories, as they were determined to be excess. See Note 15, 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 2024 and 2023, 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 2024, 2023, or 2022.

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 Portfolio Optimization Plan in 2023. See Note 15, 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, 2024, 2023, and 2022.
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)
  
2024
    
2023
    
2022
  
Numerator:
                  
Net earnings
  
$
124,666
    
$
93,394
    
$
140,887
  
Denominator:
                        
Denominator for basic EPS - weighted average common shares
    
42,145
      
42,027
      
41,888
  
Effect of dilutive securities
    
251
      
215
      
325
  
Denominator for diluted EPS - diluted weighted average shares outstanding
    
42,396
      
42,242
      
42,213
  
 
                        
Earnings per Common Share:
                        
Basic
  
$
2.96
    
$
2.22
    
$
3.36
  
Diluted
  
$
2.94
    
$
2.21
    
$
3.34
  

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, 2024, 2023, and 2022.

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 $49.1 million, $48.1 million, and $42.2 million, during the years ended December 31, 2024, 2023, and 2022, respectively.
Advertising
Advertising
Advertising costs are recorded in Selling and Administrative Expenses as they are incurred. Advertising costs were $2.6 million, $2.5 million, and $1.9 million, during the years ended December 31, 2024, 2023, and 2022, 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 17, Subsequent Event, for additional information.
Recently Adopted and Issued Accounting Pronouncements
Recently Adopted 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 the Company to disclose segment expenses that are significant and regularly provided to the Company’s chief operating decision maker (CODM). In addition, this ASU requires the Company to disclose the title and position of its CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. 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 adopted this standard in the fourth quarter of 2024 using a retrospective transition method, and the adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU will also require the Company to disaggregate its income taxes paid disclosure by federal, state, and foreign taxes, with further disaggregation required for significant individual jurisdictions. This ASU is effective for fiscal years beginning after December 15, 2024. The Company will adopt this ASU in the fourth quarter of 2025 using a prospective transition method. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements and its related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses, which will require the Company to disclose disaggregated information about certain income statement expense line items. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. 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.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
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)
  
2024
    
2023
    
2022
  
Numerator:
                  
Net earnings
  
$
124,666
    
$
93,394
    
$
140,887
  
Denominator:
                        
Denominator for basic EPS - weighted average common shares
    
42,145
      
42,027
      
41,888
  
Effect of dilutive securities
    
251
      
215
      
325
  
Denominator for diluted EPS - diluted weighted average shares outstanding
    
42,396
      
42,242
      
42,213
  
 
                        
Earnings per Common Share:
                        
Basic
  
$
2.96
    
$
2.22
    
$
3.36
  
Diluted
  
$
2.94
    
$
2.21
    
$
3.34
  
v3.25.0.1
Trade Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023:

(In thousands)
  
Allowance for
Doubtful Accounts
  
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
  
Provision for expected credit losses
    1,527  
Accounts written off
    (596 )
Translation and other activity
    (281 )
Balance at December 31, 2024   $ 5,023  
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets [Abstract]  
Intangible Assets
At December 31, 2024 and 2023, 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, 2024 and 2023:

 
        
2024
    
2023
  
(In thousands except weighted average amortization years)
  
Weighted
Average
Amortization
Years
    
Cost
    
Accumulated
Amortization
    
Cost
    
Accumulated
Amortization
  
 
                              
Technological know-how
    
11.7
    
$
6,643
    
$
(3,119
)
  
$
7,452
    
$
(4,412
)
Customer relationships
    
19.0
      
9,611
      
(3,672
)
    
9,689
      
(3,242
)
Patents, trademarks, non-compete agreements, and other
    
15.6
      
12,121
      
(9,701
)
    
12,147
      
(9,522
)
Total finite-lived intangibles
    
15.8
    
$
28,375
    
$
(16,492
)
  
$
29,288
    
$
(17,176
)
Changes in Goodwill by Business Segment
The changes in goodwill for the years ended December 31, 2024 and 2023, by reportable business segment, were as follows:

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
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
  
Currency translation impact
    
(3,070
)
    
(9,001
)
    
(219
)
    
(12,290
)
Balance as of December 31, 2024
  
$
100,243
    
$
307,180
    
$
4,352
    
$
411,775
  
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Maturities of Operating Lease Liabilities
As of December 31, 2024, maturities of operating lease liabilities for future annual periods are as follows:

(In thousands)
      
Year ending December 31,
      
2025
  
$
9,086
  
2026
    
7,323
  
2027
    
6,276
  
2028
    
4,135
  
2029
    
3,562
  
Thereafter
    
11,801
  
Total lease payments
    
42,183
  
Less imputed interest
    
(5,830
)
Present value of lease liabilities
  
$
36,353
  
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt [Abstract]  
Long-Term Debt
Long-term debt consisted of the following unsecured obligations at December 31:

(In thousands)
  
2024
    
2023
  
3.65% senior notes due May 2024
  
$
-
    
$
27,000
  
4.19% senior notes due November 2025
    
25,000
      
25,000
  
6.08% senior notes due November 2026     35,000       35,000  
6.14% senior notes due November 2027     35,000       35,000  
4.94% senior notes due May 2028     75,000       75,000  
6.34% senior notes due November 2029     35,000       35,000  
1.27% Euro-denominated senior notes due May 2024
    
-
      
55,194
  
1.71% Euro-denominated senior notes due May 2027
    
41,416
      
44,155
  
4.15% Euro-denominated senior notes due May 2028     41,416       44,155  
4.62% Euro-denominated senior notes due November 2029     41,416       44,155  
2.76% British Pound-denominated notes due November 2025
    
31,289
      
31,827
  
Euro-denominated term loan
    
77,657
      
82,790
  
Revolving Credit Facilities
    
175,125
      
111,039
  
Various other notes
    
536
      
117
  
Total debt
    
613,855
      
645,432
  
Less debt fees
    
(133
)
    
(230
)
Less current portion
    
(199
)
    
(117
)
Total long-term debt
  
$
613,523
    
$
645,085
  
Contractual Maturities on Long-Term Debt
The aggregate amounts of contractual maturities on long-term debt subsequent to December 31, 2024, are as follows:

(In thousands)
      
Year ending December 31,
      
2025
   $
218,875
  
2026
    
125,308
  
2027
    
76,523
  
2028
    
116,406
  
2029
     76,411
  
Total long-term debt maturities
  
$
613,523
  
Short-Term Borrowings
The Company’s short-term borrowings consisted of the following items at December 31:

(In thousands)
  
2024
    
2023
  
U.S. credit facilities
  
$
18,382
    
$
13,343
  
Current maturities of long-term debt
    
199
      
117
  
Loans of foreign subsidiaries
    1,267
        -
  
Total
  
$
19,848
    
$
13,460
  
v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
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, 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
  
Granted
    
190
      
71.79
          
Vested, net
    
(115
)
    
79.47
          
Cancelled
    
(70
)
    
70.87
          
Outstanding at December 31, 2024
    
541
    
$
70.74
    
$
38,517
  
v3.25.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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)
  
2024
    
2023
  
Benefit obligation at beginning of year
  
$
36,413
    
$
32,367
  
Service cost
    
1,736
      
1,741
  
Interest cost
    
1,839
      
1,886
  
Foreign currency exchange rate changes
    
(979
)
    
999
  
Benefits paid
    
(5,266
)
    
(2,737
)
Actuarial (gain) loss
    
(2,856
)
    
2,157
  
Benefit obligation at end of year
    
30,887
      
36,413
  
Plan assets at beginning of year
    
21,270
      
19,929
  
Company contributions
    
4,192
      
1,598
  
Foreign currency exchange rate changes
    
(544
)
    
920
  
Benefits paid
    
(5,266
)
    
(2,737
)
Actual (loss) gain on plan assets
    
(680
)
    
1,560
  
Plan assets at end of year
    
18,972
      
21,270
  
Funded status
  
$
(11,915
)
  
$
(15,143
)
Accumulated benefit obligation
  
$
29,480
    
$
34,786
  
Amounts Recognized in Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets at December 31:

(In thousands)
  
2024
    
2023
  
Accrued employee and retiree benefits
   $ (15,882 )  
$
(19,165
)
Other accrued expenses
    
(693
)
    
(726
)
Other assets
    
4,660
      
4,748
  
Net liability
  
$
(11,915
)
  
$
(15,143
)
Annual Benefit Cost
Components of annual benefit cost:

(In thousands)
  
2024
    
2023
    
2022
  
Service cost
  
$
1,736
    
$
1,741
    
$
1,622
  
Interest cost
    
1,839
      
1,886
      
953
  
Expected return on plan assets
    
(1,237
)
    
(1,007
)
    
(785
)
Recognized actuarial (gain) loss
    
(359
)
    
(656
)
    
32
  
Settlement income
    
(610
)
    
-
      
-
  
Defined benefit expense
  
$
1,369
    
$
1,964
    
$
1,822
  
Weighted Average Assumptions
Weighted average liability assumptions as of December 31:

 
  
2024
    
2023
  
Discount rate
    
5.83
%
    
5.15
%
Expected return on plan assets
    
5.71
%
    
4.91
%
Rate of compensation increase
    
1.17
%
    
1.14
%

Weighted average cost assumptions for the year ended December 31:

 
  
2024
    
2023
    
2022
  
Discount rate
    
5.15
%
    
5.12
%
    
2.35
%
Expected return on plan assets
    
4.91
%
    
4.89
%
    
2.54
%
Rate of compensation increase
    
1.14
%
    
0.90
%
    
1.02
%
Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts in accumulated other comprehensive loss at December 31 were as follows:

(In thousands)
  
2024
    
2023
  
Unrecognized net actuarial loss
  
$
2,996
    
$
2,936
  
Prior service cost
    
146
      
155
  
Total before tax effects
  
$
3,142
    
$
3,091
  
Pension Adjustments Recognized in Accumulated Other Comprehensive Income
The pension adjustments, net of tax, recognized in OCI, were as follows:

(In thousands)
  
2024
    
2023
    
2022
  
Net actuarial gain (loss) arising during the period
  
$
665
    
$
192
    
$
(1,466
)
Amortization of actuarial (gain) loss, included in defined benefit expense
    
(934
)
    
(479
)
    
27
  
Pension adjustment, net of tax
  
$
(269
)
  
$
(287
)
  
$
(1,439
)
Pension Plan Assets by Asset Category
The following table presents the Company’s pension plan assets by asset category as of December 31, 2024 and 2023:

 
  
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2024
Using Fair Value Hierarchy
    
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2023
Using Fair Value Hierarchy
  
(In thousands)
  
2024
    
Level 1
    
Level 2
    
Level 3
    
2023
    
Level 1
    
Level 2
    
Level 3
  
Equity Funds
                                                
Domestic
  
$
5,496
    
$
5,496
    
$
—
    
$
—
    
$
5,623
    
$
5,623
    
$
—
    
$
—
  
International
    
28
      
—
      
28
      
—
      
47
      
—
      
47
      
—
  
International Fixed Income Funds
    
13,116
      
1,655
      
11,461
      
—
      
14,486
      
1,574
      
12,912
      
—
  
Other investments
    
332
      
321
      
11
      
—
      
1,114
      
1,097
      
17
      
—
  
Total assets at fair value
  
$
18,972
    
$
7,472
    
$
11,500
    
$
—
    
$
21,270
    
$
8,294
    
$
12,976
    
$
—
  
v3.25.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income [Abstract]  
Changes in OCI
The following table summarizes the changes in OCI for 2024, 2023, and 2022:

(In thousands)
  
Cash Flow
Hedges (1)
    
Pension
Items (1)
    
Foreign Currency
Items
    
Total
  
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
)
Other comprehensive (loss) income before reclassifications
    
(1,723
)
    
665
      
(53,146
)
    
(54,204
)
Amounts reclassified from OCI
    
416
      
(934
)
    
-
      
(518
)
Balance as of December 31, 2024
  
$
(310
)
  
$
(2,348
)
  
$
(224,181
)
  
$
(226,839
)
(1)
Cash Flow Hedges and Pension Items are net of tax.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Earnings Before Income Taxes
Earnings before income taxes were as follows:

(In thousands)
  
2024
    
2023
    
2022
  
United States
  
$
57,318
    
$
45,900
    
$
73,192
  
Foreign
    
105,480
      
83,951
      
109,012
  
Total
  
$
162,798
    
$
129,851
    
$
182,204
  
Provision for Income Taxes
The provision for income taxes was as follows:

(In thousands)
  
2024
    
2023
    
2022
  
Current income tax expense:
                  
Federal
  
$
20,307
    
$
11,153
    
$
21,640
  
State
    
3,375
      
2,814
      
5,138
  
Foreign
    
33,048
      
27,590
      
25,549
  
 
    
56,730
      
41,557
      
52,327
  
Deferred benefit:
                        
Federal
    
(12,743
)
    
(4,656
)
    
(8,520
)
State
    
(581
)
    
(813
)
    
(1,353
)
Foreign
    
(5,274
)
    
369
   
(1,137
)
 
    
(18,598
)
    
(5,100
)
    
(11,010
)
Income taxes
  
$
38,132
    
$
36,457
    
$
41,317
  
Effective Income Tax Rate Reconciliation
The reconciliation between the U.S. Federal tax rate and the actual effective tax rate was as follows:

 
  
2024
    
2023
    
2022
  
Taxes at statutory rate
    
21.0
%
    
21.0
%
    
21.0
%
State income taxes, net of federal income tax benefit
    
1.0
      
1.1
      
1.7
  
Tax credits
    
(1.6
)
    
(1.9
)
    
(1.3
)
Taxes on foreign earnings
    
4.1
      
4.8
      
2.9
  
Global Intangible Low-Taxed Income
    
0.5
      
0.6
      
0.4
  
Foreign Derived Intangible Income
    
(1.2
)
    
(1.3
)
    
(1.0
)
Resolution of prior years’ tax matters
    
0.6
      
0.3
      
(0.1
)
Valuation allowance adjustments
    
(1.4
)
    
2.8
      
(2.7
)
Nondeductible compensation
     0.9       1.2       1.9  
Other, net
    
(0.5
)
    
(0.5
)
    
(0.1
)
Effective tax rate
    
23.4
%
    
28.1
%
    
22.7
%
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)
  
2024
    
2023
  
Deferred tax assets:
            
Benefit plans
  
$
8,123
    
$
8,976
  
Liabilities and reserves
    
20,322
      
20,960
  
Operating loss and credit carryovers
    
59,834
      
59,615
  
Capitalized research and development costs
     18,666       13,148  
Other
    
5,355
      
14,680
  
Gross deferred tax assets
    
112,300
      
117,379
  
Valuation allowance
    
(29,743
)
    
(34,122
)
Deferred tax assets
    
82,557
      
83,257
  
Deferred tax liabilities:
                
Property, plant, and equipment
    
(26,092
)
    
(33,654
)
Goodwill
    
(20,685
)
    
(22,299
)
Deferred tax liabilities
    
(46,777
)
    
(55,953
)
Net deferred tax assets
  
$
35,780
    
$
27,304
  
Reconciliation of Change in Liability for Unrecognized Tax Benefits
A reconciliation of the change in the liability for unrecognized tax benefits for 2024 and 2023 is as follows:

(In thousands)
  
2024
    
2023
  
Balance at beginning of year
  
$
4,251
    
$
3,939
  
Increases for tax positions taken in the current year
    
865
      
876
  
Increases for tax positions taken in prior years     422       -  
Decreases related to settlements with tax authorities
    
-
      
(175
)
Decreases as a result of lapse of the applicable statutes of limitations
    
(765
)
    
(610
)
Foreign currency exchange rate changes
    
(382
)
    
221
  
Balance at the end of year
  
$
4,391
    
$
4,251
  
v3.25.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment and Geographic Information [Abstract]  
Segment Information
Divestiture & other related income and restructuring and other costs, including the Portfolio Optimization Plan costs, for the years ended December 31, 2024, 2023, and 2022, are further described in Note 14, Divestitures, and Note 15, 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
    
Total
  
2024:
                              
Total segment revenue  
$
793,698
    
$
647,939
    
$
162,525
    
$
—
    
$
1,604,162
  
Intersegment revenue
    
(28,175
)
    
(18,648
)
    
(111
)
    
—
      
(46,934
)
Consolidated revenue from external customers
    
765,523
      
629,291
      
162,414
      
—
      
1,557,228
  
Cost of products sold
    565,486       387,364       95,923       1,362       1,050,135  
Selling and administrative expense
    102,943       122,398       32,033       58,140       315,514  
Segment operating income (loss)
    
97,094
      
119,529
      
34,458
      
(59,502
)
    
191,579
  
Interest expense
                                    
28,781
  
Earnings before income taxes
                                  
$
162,798
  
 
                                        
Assets
    
802,177
      
819,380
      
116,817
      
285,420
      
2,023,794
  
Capital expenditures
    
29,237
      
21,722
      
2,375
      
5,878
      
59,212
  
Depreciation and amortization
    
30,437
      
23,417
      
2,472
      
4,003
      
60,329
  
 
                                        
2023:
                                        
Total segment revenue
  
$
741,072
    
$
607,959
    
$
146,090
    
$
—
    
$
1,495,121
  
Intersegment revenue
    
(25,023
)
    
(13,643
)
    
(5
)
    
—
      
(38,671
)
Consolidated revenue from external customers
    
716,049
      
594,316
      
146,085
      
—
      
1,456,450
  
Cost of products sold
    530,769       376,512       85,737       3,135       996,153  
Selling and administrative expense
    97,507       112,434       29,548       65,785       305,274  
Segment operating income (loss)
    
87,773
      
105,370
      
30,800
      
(68,920
)
    
155,023
  
Interest expense
                                    
25,172
  
Earnings before income taxes
                                  
$
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:
                                        
Total segment revenue
  
$
738,003
    
$
604,017
    
$
143,581
    
$
—
    
$
1,485,601
  
Intersegment revenue
    
(27,411
)
    
(20,638
)
    
(513
)
    
—
      
(48,562
)
Consolidated revenue from external customers
    
710,592
      
583,379
      
143,068
      
—
      
1,437,039
  
Cost of products sold
    508,675       355,599       83,654       —       947,928  
Selling and administrative expenses 
    96,493       113,161       29,922       52,784       292,360  
Segment operating income (loss)
    
105,424
      
114,619
      
29,492
      
(52,784
)
    
196,751
  
Interest expense
                                    
14,547
  
Earnings before income taxes
                                  
$
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
  
Geographical Information
The Company’s annual revenue summarized by geographic location is as follows:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Corporate
& Other
    
Consolidated
  
2024:
                              
Revenue from external customers:
                              
North America
  
$
597,046
    
$
313,180
    
$
100
    
$
—
    
$
910,326
  
Europe
    
124,257
      
169,185
      
149
      
—
      
293,591
  
Asia Pacific
    
17,878
      
64,600
      
156,243
      
—
      
238,721
  
Other
    
26,342
      
82,326
      
5,922
      
—
      
114,590
  
Total revenue from external customers
  
$
765,523
    
$
629,291
    
$
162,414
    
$
—
    
$
1,557,228
  
Long-lived assets:
                                        
North America
  
$
296,479
    
$
272,418
    
$
—
    
$
124,917
    
$
693,814
  
Europe
    
78,041
      
231,961
      
—
      
23
      
310,025
  
Asia Pacific
    
—
      
3,655
      
29,317
      
—
      
32,972
  
Other
    
764
      
24,333
      
—
      
—
      
25,097
  
Total long-lived assets
  
$
375,284
    
$
532,367
    
$
29,317
    
$
124,940
    
$
1,061,908
  
 
                                        
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
  
Product Lines
The Company’s revenue summarized by product portfolio is as follows:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
2024:
                        
Flavors, Extracts & Flavor Ingredients
  
$
508,052
    
$
—
    
$
—
    
$
508,052
  
Natural Ingredients
    
285,646
      
—
      
—
      
285,646
  
Food & Pharmaceutical Colors
    
—
      
481,141
      
—
      
481,141
  
Personal Care
    
—
      
166,798
      
—
      
166,798
  
Asia Pacific
    
—
      
—
      
162,525
      
162,525
  
Intersegment Revenue
    
(28,175
)
    
(18,648
)
    
(111
)
    
(46,934
)
Total revenue from external customers
  
$
765,523
    
$
629,291
    
$
162,414
    
$
1,557,228
  
                                 
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
  
v3.25.0.1
Portfolio Optimization Plan (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Corporate &
Other
    
Consolidated
  
Non-cash impairment charges – Selling and administrative expenses
  
$
-
    
$
1,129
    
$
-
    
$
1,129
  
Non-cash charges – Cost of products sold
    
934
      
(194
)
    
-
      
740
  
Employee separation – Selling and administrative expenses
    
1,450
      
583
      
26
      
2,059
  
Other production costs – Cost of products sold
    
622
      
-
      
-
      
622
  
Other costs – Selling and administrative expenses(1)
    
1,813
      
382
      
(114
)
    
2,081
  
Total
  
$
4,819
    
$
1,900
    
$
(88
)
  
$
6,631
  



(1)
Other costs include professional services, decommissioning costs, and other related costs.


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.
v3.25.0.1
Summary of Significant Accounting Policies, Nature of Operations (Details)
 12 Months Ended
Dec. 31, 2024
Segment
Nature of Operations [Abstract]  
Number of reportable segments 3
v3.25.0.1
Summary of Significant Accounting Policies, Inventories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Inventories [Abstract]    
Inventories include finished and in-process products $ 426.8 $ 437.1
Raw materials and supplies 173.5 161.3
Non-cash impairment charges $ 0.7 $ 3.1
v3.25.0.1
Summary of Significant Accounting Policies, Property Plant and Equipment (Details)
Dec. 31, 2024
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
v3.25.0.1
Summary of Significant Accounting Policies, Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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    
v3.25.0.1
Summary of Significant Accounting Policies, Derivative Financial Instruments (Details) - Maximum [Member]
 12 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Summary of Significant Accounting Policies, Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator [Abstract]      
Net earnings $ 124,666 $ 93,394 $ 140,887
Denominator [Abstract]      
Denominator for basic EPS - weighted average common shares (in shares) 42,145 42,027 41,888
Effect of dilutive securities (in shares) 251 215 325
Denominator for diluted EPS - diluted weighted average shares outstanding (in shares) 42,396 42,242 42,213
Earnings per Common Share [Abstract]      
Basic (in dollars per share) $ 2.96 $ 2.22 $ 3.36
Diluted (in dollars per share) $ 2.94 $ 2.21 $ 3.34
v3.25.0.1
Summary of Significant Accounting Policies, Research and Development (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Research and Development [Abstract]      
Research and development costs $ 49.1 $ 48.1 $ 42.2
v3.25.0.1
Summary of Significant Accounting Policies, Advertising (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Advertising [Abstract]      
Advertising costs $ 2.6 $ 2.5 $ 1.9
v3.25.0.1
Acquisitions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 03, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Acquisition [Abstract]        
Acquisition of new businesses   $ 0 $ 1,650 $ 22,714
Goodwill   $ 411,775 $ 424,065 $ 415,715
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      
v3.25.0.1
Trade Accounts Receivable (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Trade Accounts Receivable [Abstract]    
Number of portfolio segments | Segment 1  
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 4,373 $ 4,436
Provision for expected credit losses 1,527 1,020
Accounts written off (596) (1,279)
Translation and other activity (281) 196
Ending balance $ 5,023 $ 4,373
v3.25.0.1
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Intangible assets [Abstract]      
Cost $ 28,375 $ 29,288  
Accumulated Amortization (16,492) (17,176)  
Intangible assets expense [Abstract]      
Amortization expense of intangible assets 1,700 2,300 $ 2,000
Estimated Amortization Expense [Abstract]      
2025 1,700    
2026 1,500    
2027 1,100    
2028 1,000    
2029 $ 1,000    
Weighted Average [Member]      
Intangible assets [Abstract]      
Weighted Average Amortization Years 15 years 9 months 18 days    
Technological Know-how [Member]      
Intangible assets [Abstract]      
Cost $ 6,643 7,452  
Accumulated Amortization $ (3,119) (4,412)  
Technological Know-how [Member] | Weighted Average [Member]      
Intangible assets [Abstract]      
Weighted Average Amortization Years 11 years 8 months 12 days    
Customer Relationships [Member]      
Intangible assets [Abstract]      
Cost $ 9,611 9,689  
Accumulated Amortization $ (3,672) (3,242)  
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 $ 12,121 12,147  
Accumulated Amortization $ (9,701) $ (9,522)  
Patents, Trademarks, Non-compete Agreements and Other [Member] | Weighted Average [Member]      
Intangible assets [Abstract]      
Weighted Average Amortization Years 15 years 7 months 6 days    
v3.25.0.1
Goodwill and Intangible Assets, Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill activity [Roll Forward]    
Balance as of beginning of period $ 424,065 $ 415,715
Currency translation impact (12,290) 8,350
Balance as of end of period 411,775 424,065
Flavors & Extracts [Member]    
Goodwill activity [Roll Forward]    
Balance as of beginning of period 103,313 100,920
Currency translation impact (3,070) 2,393
Balance as of end of period 100,243 103,313
Color [Member]    
Goodwill activity [Roll Forward]    
Balance as of beginning of period 316,181 310,079
Currency translation impact (9,001) 6,102
Balance as of end of period 307,180 316,181
Asia Pacific [Member]    
Goodwill activity [Roll Forward]    
Balance as of beginning of period 4,571 4,716
Currency translation impact (219) (145)
Balance as of end of period $ 4,352 $ 4,571
v3.25.0.1
Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Extended lease term 5 years    
Operating lease expense $ 13,400 $ 11,900 $ 11,300
Cash paid for operating leases 11,500 10,300 9,300
Right-of-use assets in exchange for operating lease obligations 9,000 9,000 $ 17,200
Right-of-use assets $ 36,400 $ 36,300  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other Assets, Noncurrent Other Assets, Noncurrent  
Operating lease, liability, Current $ 7,700 $ 8,600  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other Accrued Liabilities, Current Other Accrued Liabilities, Current  
Operating lease, liability, Noncurrent $ 28,700 $ 28,000  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent  
Weighted average remaining operating lease term 6 years 10 months 24 days    
Weighted average discount rate for operating leases 4.20%    
Maturities of Operating Lease Liabilities [Abstract]      
2025 $ 9,086    
2026 7,323    
2027 6,276    
2028 4,135    
2029 3,562    
Thereafter 11,801    
Total lease payments 42,183    
Less imputed interest (5,830)    
Present value of lease liabilities $ 36,353    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent    
v3.25.0.1
Debt (Details)
$ in Thousands, € in Millions, £ in Millions
 1 Months Ended 12 Months Ended
Aug. 31, 2024
Nov. 30, 2023
USD ($)
Note
Dec. 31, 2024
USD ($)
Interest / Debt
Oct. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Nov. 30, 2023
EUR (€)
Nov. 30, 2023
GBP (£)
May 31, 2023
USD ($)
May 31, 2023
EUR (€)
Long term debt [Abstract]                  
Long term debt     $ 613,855   $ 645,432        
Less debt fees     (133)   (230)        
Less current portion     (199)   (117)        
Long-term debt     613,523   645,085        
Number of U.S. Dollar-denominated notes | Note   3              
Maximum borrowing capacity     85,000            
Aggregate amounts of contractual maturities of long-term debt [Abstract]                  
2025     218,875            
2026     125,308            
2027     76,523            
2028     116,406            
2029     76,411            
Total long-term debt maturities     613,523            
Stand-by letters of credit outstanding     3,400   6,200        
Short-term borrowings [Abstract]                  
Short-term borrowings     19,848   13,460        
Current maturities of long-term debt     $ 199   $ 117        
Weighted-average interest rates on short-term borrowings     5.67%   6.58%        
Minimum [Member]                  
Long term debt [Abstract]                  
Maturity date     Aug. 30, 2024            
Interest coverage, required | Interest / Debt     3            
Maximum [Member]                  
Long term debt [Abstract]                  
Maturity date     Aug. 30, 2025            
Debt to EBITDA, required | Interest / Debt     3.5            
SOFR [Member]                  
Long term debt [Abstract]                  
Debt term     1 month            
SOFR Adjustment [Member]                  
Long term debt [Abstract]                  
Interest rate 0.10%                
Applicable Margin [Member]                  
Long term debt [Abstract]                  
Interest rate on secured loan 0.75%                
Revolving Credit Facility [Member]                  
Long term debt [Abstract]                  
Long term debt     $ 175,125   $ 111,039        
Average interest rate     5.46%   5.74%        
Long term debt additional disclosures [Abstract]                  
Remaining borrowing capacity     $ 256,500            
Other Line of Credit Facility [Member]                  
Long term debt additional disclosures [Abstract]                  
Remaining borrowing capacity     25,500            
3.65% Senior Notes due May 2024 [Member]                  
Long term debt [Abstract]                  
Long term debt     $ 0   $ 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   35,000        
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   35,000        
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   75,000        
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   35,000        
Senior notes   $ 35,000              
Maturity date     Nov. 30, 2029            
Interest rate on secured loan   6.34% 6.34%     6.34% 6.34%    
1.27% Euro-denominated Senior Notes due May 2024 [Member]                  
Long term debt [Abstract]                  
Long term debt     $ 0   55,194        
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     $ 41,416   44,155        
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     $ 41,416   44,155        
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     $ 41,416   44,155        
Senior notes | €           € 40.0      
Maturity date     Nov. 30, 2029            
Interest rate on secured loan   4.62% 4.62%     4.62% 4.62%    
2.76% British Pound-denominated Notes due November 2025 [Member]                  
Long term debt [Abstract]                  
Long term debt     $ 31,289   31,827        
Maturity date     Nov. 30, 2025            
Interest rate on secured loan     2.76%            
3.66% Senior Notes due November 2023 [Member]                  
Long term debt [Abstract]                  
Senior notes   $ 75,000              
Maturity date     Nov. 30, 2023            
Interest rate on secured loan   3.66%       3.66% 3.66%    
3.06% Euro-denominated Senior Notes due November 2023 [Member]                  
Long term debt [Abstract]                  
Senior notes | €           € 38.2      
Maturity date     Nov. 30, 2023            
Interest rate on secured loan   3.06%       3.06% 3.06%    
2.53% British Pound-denominated Notes due November 2023 [Member]                  
Long term debt [Abstract]                  
Senior notes | £             £ 25    
Maturity date     Nov. 30, 2023            
Interest rate on secured loan   2.53%       2.53% 2.53%    
Euro Denominated Term Loan [Member]                  
Long term debt [Abstract]                  
Long term debt     $ 77,657   82,790        
Average interest rate     4.96%            
Unsecured debt | €       € 75.0          
Euro Denominated Term Loan [Member] | Minimum [Member]                  
Long term debt [Abstract]                  
Maturity date     Nov. 30, 2024            
Euro Denominated Term Loan [Member] | Maximum [Member]                  
Long term debt [Abstract]                  
Maturity date     Nov. 30, 2025            
Various Other Notes [Member]                  
Long term debt [Abstract]                  
Long term debt     $ 536   117        
Dollar [Member]                  
Long term debt [Abstract]                  
Senior notes   $ 105,000              
Euro [Member]                  
Long term debt [Abstract]                  
Senior notes | €           € 40.0      
U.S. Credit Facilities [Member]                  
Short-term borrowings [Abstract]                  
Short-term borrowings     18,382   13,343        
Loans of Foreign Subsidiaries [Member]                  
Short-term borrowings [Abstract]                  
Short-term borrowings     $ 1,267   $ 0        
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               $ 75,000  
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%
v3.25.0.1
Derivative Instruments and Hedging Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative instruments and hedging activity for the period [Abstract]      
Impact of foreign exchange rates on debt instruments recorded in other comprehensive income $ 17,996 $ (11,378) $ 19,340
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 $ 70,300 58,400  
Amount of gains (losses) reclassified into net earnings 0 2,200 $ 1,000
Foreign Currency Denominated Debt, Net Investment Hedging [Member]      
Derivative instruments and hedging activity for the period [Abstract]      
Carrying value of foreign denominated debt 295,300 313,300  
Impact of foreign exchange rates on debt instruments recorded in other comprehensive income $ (18,000) $ 11,400  
v3.25.0.1
Share-Based Compensation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Apr. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Apr. 30, 2017
Additional Disclosures [Abstract]            
Total pre-tax share-based compensation expense (income) recognized in the Consolidated Statements of Earnings   $ 10,100 $ 8,900 $ 16,100    
Tax related benefits (expense)   $ 1,000 $ 1,100 $ 1,200    
Non-vested Stock [Member]            
Stock Unit Activity [Roll Forward]            
Outstanding, beginning of period (in shares)   536 519 482    
Granted (in shares)   190 201 168    
Vested, net (in shares)   (115) (179) (62)    
Cancelled (in shares)   (70) (5) (69)    
Outstanding, end of period (in shares)   541 536 519 482  
Grant Date Weighted Average Fair Value [Abstract]            
Outstanding, beginning of period (in dollars per share)   $ 72.26 $ 73.19 $ 69.15    
Granted (in dollars per share)   71.79 61.61 73.52    
Vested, net (in dollars per share)   79.47 63.02 58.81    
Cancelled (in dollars per share)   70.87 72.45 58.62    
Outstanding, end of period (in dollars per share)   $ 70.74 $ 72.26 $ 73.19 $ 69.15  
Aggregate Intrinsic Value [Abstract]            
Outstanding, aggregate intrinsic value   $ 38,517 $ 35,383 $ 37,883 $ 48,271  
Additional Disclosures [Abstract]            
Total intrinsic values of shares vested   10,100 $ 20,300 $ 5,100    
Non-vested Stock and Performance Stock Units [Member]            
Additional Disclosures [Abstract]            
Compensation cost not yet recognized   $ 22,100        
Compensation cost not yet recognized, period for recognition   2 years 3 months 18 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        
Number of years to measure performance metrics   3 years        
2017 Stock Plan [Member] | Non-vested Stock [Member] | Elected Officers [Member]            
Share-based Compensation Arrangement [Abstract]            
Percentage of grants to elected officers that will be performance stock unit awards   60.00%        
Percentage of grants to elected officers, non-vested restricted stock awards   40.00%        
2017 Stock Plan [Member] | Non-vested Stock [Member] | Business Unit Leaders [Member]            
Share-based Compensation Arrangement [Abstract]            
Percentage of grants to elected officers that will be performance stock unit awards   60.00%        
Percentage of grants to elected officers, non-vested restricted stock awards   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   124.00% 200.00%      
2017 Stock Plan [Member] | Non-vested Stock [Member] | Maximum [Member] | Elected Officers [Member]            
Share-based Compensation Arrangement [Abstract]            
Percentage of stated performance metrics award of grant   200.00%        
2017 Stock Plan [Member] | Non-vested Stock [Member] | Maximum [Member] | Business Unit Leaders [Member]            
Share-based Compensation Arrangement [Abstract]            
Percentage of stated performance metrics award of grant   150.00%        
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)   900        
Amended and Restated Directors Deferred Compensation Plan [Member] | Maximum [Member]            
Share-based Compensation Arrangement [Abstract]            
Number of shares available for issuance (in shares)   200        
v3.25.0.1
Retirement Plans, Defined Contribution Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 8,000 $ 8,200 $ 7,800
Pension Plan [Member]      
Benefit obligation [Roll Forward]      
Benefit obligation at beginning of year 36,413 32,367  
Service cost 1,736 1,741 1,622
Interest cost 1,839 1,886 953
Foreign currency exchange rate changes (979) 999  
Benefits paid (5,266) (2,737)  
Actuarial (gain) loss (2,856) 2,157  
Benefit obligation at end of year 30,887 36,413 32,367
Change in fair value of plan assets [Roll Forward]      
Plan assets at beginning of year 21,270 19,929  
Company contributions 4,192 1,598  
Foreign currency exchange rate changes (544) 920  
Benefits paid (5,266) (2,737)  
Actual (loss) gain on plan assets (680) 1,560  
Plan assets at end of year 18,972 21,270 19,929
Funded status (11,915) (15,143)  
Accumulated benefit obligation 29,480 34,786  
Amounts recognized in Consolidated Balance Sheets [Abstract]      
Accrued employee and retiree benefits (15,882) (19,165)  
Other accrued expenses (693) (726)  
Other assets 4,660 4,748  
Net liability (11,915) (15,143)  
Components of annual benefit cost [Abstract]      
Service cost 1,736 1,741 1,622
Interest cost 1,839 1,886 953
Expected return on plan assets (1,237) (1,007) (785)
Recognized actuarial (gain) loss (359) (656) 32
Settlement income (610) 0 0
Defined benefit expense $ 1,369 $ 1,964 $ 1,822
Weighted average liability assumptions [Abstract]      
Discount rate 5.83% 5.15%  
Expected return on plan assets 5.71% 4.91%  
Rate of compensation increase 1.17% 1.14%  
Weighted average cost assumption [Abstract]      
Discount rate 5.15% 5.12% 2.35%
Expected return on plan assets 4.91% 4.89% 2.54%
Rate of compensation increase 1.14% 0.90% 1.02%
Estimated Future Benefit Payments [Abstract]      
2025 $ 2,200    
2026 6,400    
2027 2,200    
2028 2,200    
2029 2,500    
2030 through 2034 25,700    
Estimated future employer contributions for next fiscal year 800    
Amounts recognized in Accumulated Other Comprehensive Loss [Abstract]      
Unrecognized net actuarial loss 2,996 $ 2,936  
Prior service cost 146 155  
Total before tax effects 3,142 3,091  
Other Comprehensive Income (Loss), Pension Adjustment, Net of Tax [Abstract]      
Net actuarial gain (loss) arising during the period 665 192 $ (1,466)
Amortization of actuarial (gain) loss, included in defined benefit expense (934) (479) 27
Pension adjustment, net of tax $ (269) $ (287) $ (1,439)
v3.25.0.1
Retirement Plans, Pension Plan Assets (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value $ 18,972 $ 21,270 $ 19,929
Level 1 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 7,472 8,294  
Level 2 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 11,500 12,976  
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 5,496 5,623  
Domestic [Member] | Level 1 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 5,496 5,623  
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 28 47  
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 28 47  
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 13,116 14,486  
International Fixed Income Funds [Member] | Level 1 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 1,655 1,574  
International Fixed Income Funds [Member] | Level 2 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 11,461 12,912  
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 332 1,114  
Other Investments [Member] | Level 1 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 321 1,097  
Other Investments [Member] | Level 2 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value 11 17  
Other Investments [Member] | Level 3 [Member]      
Pension Plan Assets by Asset Category [Abstract]      
Total assets at fair value $ 0 $ 0  
v3.25.0.1
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 1,053,324    
Other comprehensive (loss) income before reclassifications (54,204) $ 31,287 $ (25,067)
Amounts reclassified from OCI (518) (2,716) (993)
Ending balance 1,060,986 1,053,324  
Accumulated Other Comprehensive (Loss) Income [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (172,117) (200,688) (174,628)
Ending balance (226,839) (172,117) (200,688)
Cash Flow Hedges [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance [1] 997 (599) 206
Other comprehensive (loss) income before reclassifications [1] (1,723) 3,833 215
Amounts reclassified from OCI [1] 416 (2,237) (1,020)
Ending balance [1] (310) 997 (599)
Pension Items [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance [1] (2,079) (1,792) (353)
Other comprehensive (loss) income before reclassifications [1] 665 192 (1,466)
Amounts reclassified from OCI [1] (934) (479) 27
Ending balance [1] (2,348) (2,079) (1,792)
Foreign Currency Items [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (171,035) (198,297) (174,481)
Other comprehensive (loss) income before reclassifications (53,146) 27,262 (23,816)
Amounts reclassified from OCI 0 0 0
Ending balance $ (224,181) $ (171,035) $ (198,297)
[1] Cash Flow Hedges and Pension Items are net of tax.
v3.25.0.1
Income Taxes, Earnings Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings before income taxes [Abstract]      
United States $ 57,318 $ 45,900 $ 73,192
Foreign 105,480 83,951 109,012
Earnings before income taxes $ 162,798 $ 129,851 $ 182,204
v3.25.0.1
Income Taxes, Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current income tax expense [Abstract]      
Federal $ 20,307 $ 11,153 $ 21,640
State 3,375 2,814 5,138
Foreign 33,048 27,590 25,549
Current income tax expense 56,730 41,557 52,327
Deferred benefit [Abstract]      
Federal (12,743) (4,656) (8,520)
State (581) (813) (1,353)
Foreign (5,274) 369 (1,137)
Deferred income tax benefit (18,598) (5,100) (11,010)
Income taxes $ 38,132 $ 36,457 $ 41,317
v3.25.0.1
Income Taxes, Tax Reconciliation and Tax Cuts and Jobs Act (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective tax rate reconciliation [Abstract]      
Taxes at statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal income tax benefit 1.00% 1.10% 1.70%
Tax credits (1.60%) (1.90%) (1.30%)
Taxes on foreign earnings 4.10% 4.80% 2.90%
Global Intangible Low-Taxed Income 0.50% 0.60% 0.40%
Foreign Derived Intangible Income (1.20%) (1.30%) (1.00%)
Resolution of prior years' tax matters 0.60% 0.30% (0.10%)
Valuation allowance adjustments (1.40%) 2.80% (2.70%)
Nondeductible compensation 0.90% 1.20% 1.90%
Other, net (0.50%) (0.50%) (0.10%)
Effective tax rate 23.40% 28.10% 22.70%
Valuation Allowance [Abstract]      
Valuation allowance $ (29,743) $ (34,122)  
v3.25.0.1
Income Taxes, Deferred Tax Assets and Liabilities, Operating Loss Carryovers (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets [Abstract]      
Benefit plans $ 8,123 $ 8,976  
Liabilities and reserves 20,322 20,960  
Operating loss and credit carryovers 59,834 59,615  
Capitalized research and development costs 18,666 13,148  
Other 5,355 14,680  
Gross deferred tax assets 112,300 117,379  
Valuation allowance (29,743) (34,122)  
Deferred tax assets 82,557 83,257  
Deferred tax liabilities [Abstract]      
Property, plant, and equipment (26,092) (33,654)  
Goodwill (20,685) (22,299)  
Deferred tax liabilities (46,777) (55,953)  
Net deferred tax assets 35,780 $ 27,304  
Operating Loss Carryforwards [Abstract]      
Operating loss carryovers, tax credit $ 31,300    
Taxes at statutory rate 21.00% 21.00% 21.00%
Undistributed earnings $ 815,300    
Withholding of tax liability $ 41,800    
Minimum [Member]      
Operating Loss Carryforwards [Abstract]      
Taxes at statutory rate 15.00%    
Foreign [Member]      
Operating Loss Carryforwards [Abstract]      
Operating loss carryovers $ 79,400    
Operating loss carryovers, subject to expiration 15,200    
Operating loss carryovers, not subject to expiration 64,200    
State [Member]      
Operating Loss Carryforwards [Abstract]      
Operating loss carryovers 112,500    
Operating loss carryovers, subject to expiration $ 112,500    
v3.25.0.1
Income Taxes, Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of change in liability for unrecognized tax benefits [Roll Forward]    
Balance at beginning of year $ 4,251 $ 3,939
Increases for tax positions taken in the current year 865 876
Increases for tax positions taken in prior years 422 0
Decreases related to settlements with tax authorities 0 (175)
Decreases as a result of lapse of the applicable statutes of limitations (765) (610)
Foreign currency exchange rate changes (382) 221
Balance at the end of year 4,391 4,251
Income tax uncertainties [Abstract]    
Unrecognized tax benefits that would impact the effective tax rate, if recognized 4,700  
Income tax interest and penalties accrued 500 $ 400
Expected decrease in liability for unrecognized tax benefits in the next fiscal year 1,400  
Unrecognized tax benefits that would impact the effective tax rate in the next fiscal year $ 800  
v3.25.0.1
Segment and Geographic Information, Reportable Segments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment and Geographic Information [Abstract]      
Number of reportable segment | Segment 3    
Revenue [Abstract]      
Revenue $ 1,557,228 $ 1,456,450 $ 1,437,039
Cost of products sold 1,050,135 996,153 947,928
Selling and administrative expenses 315,514 305,274 292,360
Segment operating income (loss) 191,579 155,023 196,751
Interest expense 28,781 25,172 14,547
Earnings before income taxes 162,798 129,851 182,204
Assets 2,023,794 2,014,507 1,981,614
Capital expenditures 59,212 87,868 79,322
Depreciation and amortization 60,329 57,820 52,467
Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 765,523 716,049 710,592
Cost of products sold 565,486 530,769 508,675
Selling and administrative expenses 102,943 97,507 96,493
Segment operating income (loss) 97,094 87,773 105,424
Assets 802,177 792,674 738,181
Capital expenditures 29,237 40,489 40,805
Depreciation and amortization 30,437 29,400 26,660
Color [Member]      
Revenue [Abstract]      
Revenue 629,291 594,316 583,379
Cost of products sold 387,364 376,512 355,599
Selling and administrative expenses 122,398 112,434 113,161
Segment operating income (loss) 119,529 105,370 114,619
Assets 819,380 846,559 849,425
Capital expenditures 21,722 37,720 30,300
Depreciation and amortization 23,417 22,294 20,174
Asia Pacific [Member]      
Revenue [Abstract]      
Revenue 162,414 146,085 143,068
Cost of products sold 95,923 85,737 83,654
Selling and administrative expenses 32,033 29,548 29,922
Segment operating income (loss) 34,458 30,800 29,492
Assets 116,817 112,335 115,132
Capital expenditures 2,375 2,923 2,164
Depreciation and amortization 2,472 2,548 2,489
Reportable Segments [Member]      
Revenue [Abstract]      
Revenue 1,604,162 1,495,121 1,485,601
Reportable Segments [Member] | Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 793,698 741,072 738,003
Reportable Segments [Member] | Color [Member]      
Revenue [Abstract]      
Revenue 647,939 607,959 604,017
Reportable Segments [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue 162,525 146,090 143,581
Intersegment Revenue [Member]      
Revenue [Abstract]      
Revenue (46,934) (38,671) (48,562)
Intersegment Revenue [Member] | Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue (28,175) (25,023) (27,411)
Intersegment Revenue [Member] | Color [Member]      
Revenue [Abstract]      
Revenue (18,648) (13,643) (20,638)
Intersegment Revenue [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue (111) (5) (513)
Corporate & Other [Member] | Corporate and Other [Member]      
Revenue [Abstract]      
Revenue 0 0 0
Cost of products sold 1,362 3,135 0
Selling and administrative expenses 58,140 65,785 52,784
Segment operating income (loss) (59,502) (68,920) (52,784)
Assets 285,420 262,939 278,876
Capital expenditures 5,878 6,736 6,053
Depreciation and amortization $ 4,003 $ 3,578 $ 3,144
v3.25.0.1
Segment and Geographic Information, Segment and Geographic Info (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue [Abstract]      
Revenue from external customers $ 1,557,228 $ 1,456,450 $ 1,437,039
Long-lived assets 1,061,908 1,077,891 1,046,834
North America [Member]      
Revenue [Abstract]      
Revenue from external customers 910,326 858,910 846,018
Long-lived assets 693,814 690,340 665,356
Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 293,591 276,637 267,575
Long-lived assets 310,025 327,549 322,991
Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 238,721 221,666 229,290
Long-lived assets 32,972 34,680 33,948
Other [Member]      
Revenue [Abstract]      
Revenue from external customers 114,590 99,237 94,156
Long-lived assets 25,097 25,322 24,539
United States [Member]      
Revenue [Abstract]      
Revenue from external customers 761,200 707,100 711,100
Long-lived assets 612,700 603,200 586,800
Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue from external customers 765,523 716,049 710,592
Long-lived assets 375,284 380,802 373,371
Color [Member]      
Revenue [Abstract]      
Revenue from external customers 629,291 594,316 583,379
Long-lived assets 532,367 551,597 535,740
Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 162,414 146,085 143,068
Long-lived assets 29,317 30,473 29,915
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | North America [Member]      
Revenue [Abstract]      
Revenue from external customers 597,046 553,790 541,120
Long-lived assets 296,479 297,615 286,497
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 124,257 113,757 115,925
Long-lived assets 78,041 82,938 86,248
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 17,878 21,382 29,092
Long-lived assets 0 8 237
Reportable Geographical Components [Member] | Flavors & Extracts [Member] | Other [Member]      
Revenue [Abstract]      
Revenue from external customers 26,342 27,120 24,455
Long-lived assets 764 241 389
Reportable Geographical Components [Member] | Color [Member] | North America [Member]      
Revenue [Abstract]      
Revenue from external customers 313,180 304,995 304,778
Long-lived assets 272,418 277,730 271,075
Reportable Geographical Components [Member] | Color [Member] | Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 169,185 162,644 151,437
Long-lived assets 231,961 244,587 236,719
Reportable Geographical Components [Member] | Color [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 64,600 58,003 61,064
Long-lived assets 3,655 4,199 3,796
Reportable Geographical Components [Member] | Color [Member] | Other [Member]      
Revenue [Abstract]      
Revenue from external customers 82,326 68,674 66,100
Long-lived assets 24,333 25,081 24,150
Reportable Geographical Components [Member] | Asia Pacific [Member] | North America [Member]      
Revenue [Abstract]      
Revenue from external customers 100 125 120
Long-lived assets 0 0 0
Reportable Geographical Components [Member] | Asia Pacific [Member] | Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 149 236 213
Long-lived assets 0 0 0
Reportable Geographical Components [Member] | Asia Pacific [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue from external customers 156,243 142,281 139,134
Long-lived assets 29,317 30,473 29,915
Reportable Geographical Components [Member] | Asia Pacific [Member] | Other [Member]      
Revenue [Abstract]      
Revenue from external customers 5,922 3,443 3,601
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 124,940 115,019 107,808
Corporate & Other [Member] | Corporate and Other [Member] | North America [Member]      
Revenue [Abstract]      
Revenue from external customers 0 0 0
Long-lived assets 124,917 114,995 107,784
Corporate & Other [Member] | Corporate and Other [Member] | Europe [Member]      
Revenue [Abstract]      
Revenue from external customers 0 0 0
Long-lived assets 23 24 24
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
v3.25.0.1
Segment and Geographic Information, Revenue from External Customers by Products Line (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue [Abstract]      
Revenue $ 1,557,228 $ 1,456,450 $ 1,437,039
Flavors, Extracts & Flavor Ingredients [Member]      
Revenue [Abstract]      
Revenue 508,052 496,036 498,055
Natural Ingredients [Member]      
Revenue [Abstract]      
Revenue 285,646 245,036 239,948
Food & Pharmaceutical Colors [Member]      
Revenue [Abstract]      
Revenue 481,141 452,204 437,065
Personal Care [Member]      
Revenue [Abstract]      
Revenue 166,798 155,755 165,335
Inks [Member]      
Revenue [Abstract]      
Revenue     1,617
Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 765,523 716,049 710,592
Flavors & Extracts [Member] | Flavors, Extracts & Flavor Ingredients [Member]      
Revenue [Abstract]      
Revenue 508,052 496,036 498,055
Flavors & Extracts [Member] | Natural Ingredients [Member]      
Revenue [Abstract]      
Revenue 285,646 245,036 239,948
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
Color [Member]      
Revenue [Abstract]      
Revenue 629,291 594,316 583,379
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] | Food & Pharmaceutical Colors [Member]      
Revenue [Abstract]      
Revenue 481,141 452,204 437,065
Color [Member] | Personal Care [Member]      
Revenue [Abstract]      
Revenue 166,798 155,755 165,335
Color [Member] | Inks [Member]      
Revenue [Abstract]      
Revenue     1,617
Asia Pacific [Member]      
Revenue [Abstract]      
Revenue 162,414 146,085 143,068
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] | 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
Reportable Segments [Member]      
Revenue [Abstract]      
Revenue 1,604,162 1,495,121 1,485,601
Reportable Segments [Member] | Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue 793,698 741,072 738,003
Reportable Segments [Member] | Color [Member]      
Revenue [Abstract]      
Revenue 647,939 607,959 604,017
Reportable Segments [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue 162,525 146,090 143,581
Intersegment Revenue [Member]      
Revenue [Abstract]      
Revenue (46,934) (38,671) (48,562)
Intersegment Revenue [Member] | Flavors & Extracts [Member]      
Revenue [Abstract]      
Revenue (28,175) (25,023) (27,411)
Intersegment Revenue [Member] | Color [Member]      
Revenue [Abstract]      
Revenue (18,648) (13,643) (20,638)
Intersegment Revenue [Member] | Asia Pacific [Member]      
Revenue [Abstract]      
Revenue $ (111) $ (5) $ (513)
v3.25.0.1
Fair Value Measurements (Details) - Level 2 [Member] - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments, Fair Value Disclosure [Abstract]    
Forward exchange contract, liability $ 0.8  
Forward exchange contract, assets   $ 1.0
Carrying Value [Member]    
Investments, Fair Value Disclosure [Abstract]    
Long term debt 613.7 645.2
Fair Value [Member]    
Investments, Fair Value Disclosure [Abstract]    
Long term debt $ 622.0 $ 653.7
v3.25.0.1
Divestitures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Divestiture Transactions [Abstract]      
Divestiture and other related costs $ 0 $ 0  
Proceeds from divestiture of businesses $ 0 $ 0 $ 2,532
Yogurt Fruit Preparations [Member]      
Divestiture Transactions [Abstract]      
Proceeds from divestiture of businesses     2,500
Selling, General and Administrative Expenses [Member] | Yogurt Fruit Preparations [Member]      
Divestiture Transactions [Abstract]      
Non-cash gain (loss) on disposal of business     $ 2,500
v3.25.0.1
Portfolio Optimization Plan (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Positions
Dec. 31, 2023
USD ($)
Portfolio Optimization Plan [Abstract]    
Accrued liabilities related to portfolio optimization plan $ 2,500 $ 3,700
Expected plan cost 40,000  
Plan cost incurred $ 34,500  
Number of reduced positions | Positions 100  
Portfolio Optimization Plan Expenses [Abstract]    
Portfolio optimization plan expenses $ 6,631 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 1,129 20,954
Employee separation 2,059 3,216
Other costs 2,081 [1] 536 [2]
Cost of Products Sold [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Non-cash impairment charges 740 3,135
Other production costs 622  
Flavors & Extracts [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Portfolio optimization plan expenses 4,819 16,498
Flavors & Extracts [Member] | Selling and Administrative Expenses [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Non-cash impairment charges 0 11,599
Employee separation 1,450 2,820
Other costs 1,813 [1] 39 [2]
Flavors & Extracts [Member] | Cost of Products Sold [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Non-cash impairment charges 934 2,040
Other production costs 622  
Color [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Portfolio optimization plan expenses 1,900 11,235
Color [Member] | Selling and Administrative Expenses [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Non-cash impairment charges 1,129 9,355
Employee separation 583 288
Other costs 382 [1] 497 [2]
Color [Member] | Cost of Products Sold [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Non-cash impairment charges (194) 1,095
Other production costs 0  
Corporate & Other [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Portfolio optimization plan expenses (88) 108
Corporate & Other [Member] | Selling and Administrative Expenses [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Non-cash impairment charges 0 0
Employee separation 26 108
Other costs (114) [1] 0 [2]
Corporate & Other [Member] | Cost of Products Sold [Member]    
Portfolio Optimization Plan Expenses [Abstract]    
Non-cash impairment charges 0 $ 0
Other production costs $ 0  
[1] Other costs include professional services, decommissioning costs, and other related costs.
[2] Other costs include legal settlements, professional services, and other related costs.
v3.25.0.1
Subsequent Event (Details) - Subsequent Event [Member] - Dividends Declared 2024-Q4 [Member]
Jan. 17, 2025
$ / shares
Subsequent Events [Abstract]  
Dividend declared date Jan. 17, 2025
Dividend payable (in dollars per share) $ 0.41
Dividend payable date Mar. 03, 2025
v3.25.0.1
Schedule II Valuation and Qualifying Accounts (Details) - Allowance for Trade Receivables [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 4,373 $ 4,436 $ 4,877
Additions Charged to Costs and Expenses 1,527 1,020 944
Additions Recorded During Acquisitions 0 0 0
Deductions 877 1,083 1,385
Balance at End of Period $ 5,023 $ 4,373 $ 4,436