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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Reportable Segment Information
Reportable segment information is as follows:
 
Three Months Ended March 31,
(DOLLARS IN THOUSANDS)
2016
 
2015
Net sales:
 
 
 
Flavors
$
372,508

 
$
377,108

Fragrances
410,804

 
397,799

Consolidated
$
783,312

 
$
774,907

Segment profit:
 
 
 
Flavors
$
91,813

 
$
92,727

Fragrances
89,237

 
81,598

Global expenses
(13,870
)
 
(11,564
)
Restructuring and other charges, net (1)
(101
)
 
(187
)
Acquisition and related costs (2)
(1,037
)
 
(500
)
Operational improvement initiative costs (3)
(268
)
 
(281
)
Spanish capital tax settlement (4)
1,446

 
—

Operating profit
167,220

 
161,793

Interest expense
(12,478
)
 
(11,095
)
Other income
154

 
5,710

Income before taxes
$
154,896

 
$
156,408


 
(1)
Restructuring and other charges, net relate to accelerated depreciation costs in Europe recorded in Cost of goods sold.
(2)
Acquisition and related costs are associated with the 2015 acquisition of Lucas Meyer as discussed in Note 3, including inventory step-up charges related to the inventory acquired.
(3)
Operational improvement initiative costs relate to accelerated depreciation costs in Asia in both the 2016 and 2015 periods.
(4)
The Spanish capital tax settlement represents interest received from the Spanish government related to the reversal of the unfavorable ruling the Spanish capital tax case from 2002, which was reversed during the year ended December 31, 2015.