Segment Information

6 Months Ended

Jun. 30, 2014

Segment Information [Abstract]

Segment Information

3. Segment Information

Operating results by segment for the periods and at the dates presented are as follows:

(In thousands)	Flavors & Fragrances		Color		Corporate & Other			Consolidated
Three months ended June 30, 2014:
Revenue from external customers	$	207,961	$	127,824	$	38,881		$	374,666
Intersegment revenue		8,231		5,401		111			13,743
Total revenue	$	216,192	$	133,225	$	38,992		$	388,409
Operating income (loss)	$	33,554	$	30,858	$	(16,203	)	$	48,209
Interest expense		-		-		3,718			3,718
Earnings (loss) before income taxes	$	33,554	$	30,858	$	(19,921	)	$	44,491

Three months ended June 30, 2013:
Revenue from external customers	$	218,315	$	122,871	$	37,620		$	378,806
Intersegment revenue		8,311		5,360		33			13,704
Total revenue	$	226,626	$	128,231	$	37,653		$	392,510
Operating income (loss)	$	31,984	$	28,432	$	(11,738	)	$	48,678
Interest expense		-		-		4,008			4,008
Earnings (loss) before income taxes	$	31,984	$	28,432	$	(15,746	)	$	44,670

(In thousands)	Flavors & Fragrances		Color		Corporate & Other			Consolidated
Six months ended June 30, 2014:
Revenue from external customers	$	412,081	$	256,493	$	74,223		$	742,797
Intersegment revenue		17,490		10,370		111			27,971
Total revenue	$	429,571	$	266,863	$	74,334		$	770,768
Operating income (loss)	$	63,493	$	60,265	$	(73,970	)	$	49,788
Interest expense		-		-		7,849			7,849
Earnings (loss) before income taxes	$	63,493	$	60,265	$	(81,819	)	$	41,939

Six months ended June 30, 2013:
Revenue from external customers	$	425,311	$	246,654	$	72,481		$	744,446
Intersegment revenue		17,156		11,056		48			28,260
Total revenue	$	442,467	$	257,710	$	72,529		$	772,706
Operating income (loss)	$	60,390	$	55,115	$	(30,489	)	$	85,016
Interest expense		-		-		8,269			8,269
Earnings (loss) before income taxes	$	60,390	$	55,115	$	(38,758	)	$	76,747

Beginning in the first quarter of 2014, the results of operations for the Company’s fragrances businesses in Asia Pacific and China, previously reported in the Corporate & Other segment, are reported in the Flavors & Fragrances Group, and the results of operations for the Company’s pharmaceutical flavors business, previously reported in the Flavors & Fragrances Group, are reported in the Color Group with the pharmaceutical colors business. Results for 2013 have been restated to reflect these changes.

The Company evaluates performance based on operating income of the respective segments before restructuring and other costs, interest expense and income taxes. The 2014 and 2013 restructuring and other costs are included in the Corporate & Other segment.