Segment Information

6 Months Ended

Jun. 30, 2013

Segment Information [Abstract]

Segment Information

4. 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, 2013:
Revenue from external customers	$	219,142	$	121,376	$	38,288		$	378,806
Intersegment revenue		8,776		5,213		517			14,506
Total revenue	$	227,918	$	126,589	$	38,805		$	393,312
Operating income (loss)	$	32,561	$	27,710	$	(11,593	)	$	48,678
Interest expense		-		-		4,008			4,008
Earnings (loss) before income taxes	$	32,561	$	27,710	$	(15,601	)	$	44,670
Three months ended June 30, 2012:
Revenue from external customers	$	208,941	$	123,383	$	35,453		$	367,777
Intersegment revenue		9,977		5,858		324			16,159
Total revenue	$	218,918	$	129,241	$	35,777		$	383,936
Operating income (loss)	$	33,459	$	26,553	$	(5,714	)	$	54,298
Interest expense		-		-		4,347			4,347
Earnings (loss) before income taxes	$	33,459	$	26,553	$	(10,061	)	$	49,951

(In thousands)	Flavors & Fragrances		Color		Corporate & Other			Consolidated
Six months ended June 30, 2013:
Revenue from external customers	$	426,757	$	243,657	$	74,032		$	744,446
Intersegment revenue		18,202		10,810		766			29,778
Total revenue	$	444,959	$	254,467	$	74,798		$	774,224
Operating income (loss)	$	61,481	$	53,683	$	(30,148	)	$	85,016
Interest expense		-		-		8,269			8,269
Earnings (loss) before income taxes	$	61,481	$	53,683	$	(38,417	)	$	76,747
Six months ended June 30, 2012:
Revenue from external customers	$	413,341	$	250,085	$	70,011		$	733,437
Intersegment revenue		20,308		11,412		762			32,482
Total revenue	$	433,649	$	261,497	$	70,773		$	765,919
Operating income (loss)	$	62,524	$	52,336	$	(14,073	)	$	100,787
Interest expense		-		-		8,753			8,753
Earnings (loss) before income taxes	$	62,524	$	52,336	$	(22,826	)	$	92,034

Beginning in the first quarter of 2013, the results of operations for the Company’s cosmetic and pharmaceutical businesses in Asia Pacific and China, previously reported in the Corporate & Other segment, are reported in the Color segment. Results for 2012 have been restated to reflect this change.

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