Segment Information

6 Months Ended

Jun. 30, 2015

Segment Information [Abstract]

Segment Information

4. Segment Information

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

(In thousands)	Flavors & Fragrances		Color		Corporate & Other			Consolidated
Three months ended June 30, 2015:
Revenue from external customers	$	198,077	$	114,078	$	33,854		$	346,009
Intersegment revenue		6,555		5,271		53			11,879
Total revenue	$	204,632	$	119,349	$	33,907		$	357,888
Operating income (loss)	$	32,526	$	24,808	$	(12,267	)	$	45,067
Interest expense		-		-		4,106			4,106
Earnings (loss) before income taxes	$	32,526	$	24,808	$	(16,373	)	$	40,961
Three months ended June 30, 2014:
Revenue from external customers	$	211,266	$	126,833	$	35,274		$	373,373
Intersegment revenue		6,224		5,401		111			11,736
Total revenue	$	217,490	$	132,234	$	35,385		$	385,109
Operating income (loss)	$	34,144	$	30,726	$	(15,126	)	$	49,744
Interest expense		-		-		3,718			3,718
Earnings (loss) before income taxes	$	34,144	$	30,726	$	(18,844	)	$	46,026

(In thousands)	Flavors & Fragrances		Color		Corporate & Other			Consolidated
Six months ended June 30, 2015:
Revenue from external customers	$	397,177	$	229,615	$	65,443		$	692,235
Intersegment revenue		13,433		10,249		85			23,767
Total revenue	$	410,610	$	239,864	$	65,528		$	716,002
Operating income (loss)	$	62,985	$	50,947	$	(22,419	)	$	91,513
Interest expense		-		-		8,021			8,021
Earnings (loss) before income taxes	$	62,985	$	50,947	$	(30,440	)	$	83,492
Six months ended June 30, 2014:
Revenue from external customers	$	418,128	$	254,855	$	67,515		$	740,498
Intersegment revenue		13,695		10,370		111			24,176
Total revenue	$	431,823	$	265,225	$	67,626		$	764,674
Operating income (loss)	$	64,388	$	60,500	$	(66,558	)	$	58,330
Interest expense		-		-		7,849			7,849
Earnings (loss) before income taxes	$	64,388	$	60,500	$	(74,407	)	$	50,481

Beginning in the first quarter of 2015, the results of operations for the Company’s businesses in Central and South America, previously reported in the Corporate & Other segment, are now reported in the Flavors & Fragrances segment. Results for 2014 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 2015 and 2014 restructuring, acquisition, and other costs related to continuing operations are reported in the Corporate & Other segment.