4.	Segment Information

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

(In thousands)	Flavors & Fragrances		Color		Asia Pacific		Corporate & Other			Consolidated
Three months ended March 31, 2019:
Revenue from external customers	$	178,744	$	140,250	$	28,519	$	-		$	347,513
Intersegment revenue		4,809		3,629		-		-			8,438
Total revenue	$	183,553	$	143,879	$	28,519	$	-		$	355,951

Operating income (loss)	$	23,125	$	30,199	$	4,218	$	(8,122	)	$	49,420
Interest expense		-		-		-		5,402			5,402
Earnings (loss) before income taxes	$	23,125	$	30,199	$	4,218	$	(13,524	)	$	44,018

Three months ended March 31, 2018:
Revenue from external customers	$	182,482	$	143,728	$	30,267	$	-		$	356,477
Intersegment revenue		5,864		3,432		-		-			9,296
Total revenue	$	188,346	$	147,160	$	30,267	$	-		$	365,773

Operating income (loss)	$	25,327	$	33,672	$	4,872	$	(8,190	)	$	55,681
Interest expense		-		-		-		5,555			5,555
Earnings (loss) before income taxes	$	25,327	$	33,672	$	4,872	$	(13,745	)	$	50,126

The Company evaluates performance based on operating income of the respective segments before restructuring and other costs, interest expense, and income taxes. There were no restructuring and other costs incurred in either the first quarter of 2019 or 2018.

In July 2018, the Company completed the acquisition of Mazza Innovation Limited (See Note 2, Acquisitions, for further information). This business was included in Corporate & Other in 2018. Beginning in the first quarter of 2019, the results of operations of this business are now reported in the Color segment. The results for 2018 have been restated to reflect this change.

In addition to evaluating the Company’s performance based on the segments above, revenue is also disaggregated and analyzed by product line and geographic market. The following table displays the Company’s revenue by these major sources.

Product Lines

(In thousands)	Flavors & Fragrances			Color			Asia Pacific		Consolidated
Three months ended March 31, 2019:
Flavors	$	104,276		$	-		$	-	$	104,276
Natural Ingredients		51,219			-			-		51,219
Fragrances		28,058			-			-		28,058
Food & Beverage Colors		-			80,364			-		80,364
Cosmetics		-			38,283			-		38,283
Other Colors		-			25,232			-		25,232
Asia Pacific		-			-			28,519		28,519
Intersegment Revenue		(4,809	)		(3,629	)		-		(8,438	)
Total revenue from external customers	$	178,744		$	140,250		$	28,519	$	347,513

(In thousands)	Flavors & Fragrances			Color			Asia Pacific		Consolidated
Three months ended March 31, 2018:
Flavors	$	109,051		$	-		$	-	$	109,051
Natural Ingredients		53,201			-			-		53,201
Fragrances		26,094			-			-		26,094
Food & Beverage Colors		-			76,816			-		76,816
Cosmetics		-			45,504			-		45,504
Other Colors		-			24,840			-		24,840
Asia Pacific		-			-			30,267		30,267
Intersegment Revenue		(5,864	)		(3,432	)		-		(9,296	)
Total revenue from external customers	$	182,482		$	143,728		$	30,267	$	356,477

Geographic Markets

(In thousands)	Flavors & Fragrances		Color		Asia Pacific		Consolidated
Three months ended March 31, 2019:
North America	$	112,747	$	66,007	$	25	$	178,779
Europe		48,001		42,135		41		90,177
Asia Pacific		7,609		16,425		28,266		52,300
Other		10,387		15,683		187		26,257
Total revenue from external customers	$	178,744	$	140,250	$	28,519	$	347,513

Three months ended March 31, 2018:
North America	$	119,055	$	63,582	$	-	$	182,637
Europe		45,427		43,631		6		89,064
Asia Pacific		7,022		16,910		30,011		53,943
Other		10,978		19,605		250		30,833
Total revenue from external customers	$	182,482	$	143,728	$	30,267	$	356,477