Segment Information

9 Months Ended

Sep. 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 September 30, 2015:
Revenue from external customers	$	201,049	$	112,047	$	31,437		$	344,533
Intersegment revenue		6,324		4,399		34			10,757
Total revenue	$	207,373	$	116,446	$	31,471		$	355,290
Operating income (loss)	$	31,369	$	22,859	$	(11,008	)	$	43,220
Interest expense		-		-		4,295			4,295
Earnings (loss) before income taxes	$	31,369	$	22,859	$	(15,303	)	$	38,925
Three months ended September 30, 2014:
Revenue from external customers	$	209,638	$	122,140	$	32,726		$	364,504
Intersegment revenue		6,997		5,986		27			13,010
Total revenue	$	216,635	$	128,126	$	32,753		$	377,514
Operating income (loss)	$	30,613	$	28,799	$	(23,318	)	$	36,094
Interest expense		-		-		4,016			4,016
Earnings (loss) before income taxes	$	30,613	$	28,799	$	(27,334	)	$	32,078

(In thousands)	Flavors & Fragrances		Color		Corporate & Other			Consolidated
Nine months ended September 30, 2015:
Revenue from external customers	$	598,226	$	341,662	$	96,880		$	1,036,768
Intersegment revenue		19,757		14,648		119			34,524
Total revenue	$	617,983	$	356,310	$	96,999		$	1,071,292
Operating income (loss)	$	94,354	$	73,806	$	(33,427	)	$	134,733
Interest expense		-		-		12,316			12,316
Earnings (loss) before income taxes	$	94,354	$	73,806	$	(45,743	)	$	122,417
Nine months ended September 30, 2014:
Revenue from external customers	$	627,766	$	376,995	$	100,241		$	1,105,002
Intersegment revenue		20,692		16,356		138			37,186
Total revenue	$	648,458	$	393,351	$	100,379		$	1,142,188
Operating income (loss)	$	95,001	$	89,299	$	(89,876	)	$	94,424
Interest expense		-		-		11,866			11,866
Earnings (loss) before income taxes	$	95,001	$	89,299	$	(101,742	)	$	82,558

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.