Divestitures (Tables)

12 Months Ended

Dec. 31, 2020

Divestitures [Abstract]

Assets and Liabilities Held for Sale

The assets and liabilities related to the inks and fragrances (excluding its essential oils product line) product lines are recorded in Assets held for sale and Liabilities held for sale as of December 31, 2020 and 2019, as follows:

(In thousands)	2020		2019
Assets held for sale:
Trade accounts receivable, less allowance for losses of $456 and $2,350, respectively	$	20,722	$	31,653
Inventories		25,045		34,612
Prepaid expenses and other current assets		1,843		5,528
Property, Plant, and Equipment, net		3,434		14,496
Intangible assets		1,716		5,004
Assets held for sale	$	52,760	$	91,293
Liabilities held for sale:
Trade accounts payable	$	13,967	$	12,318
Accrued salaries, wages, and withholdings from employees		1,739		1,677
Other accrued expenses		1,633		5,190
Liabilities held for sale	$	17,339	$	19,185

Divestiture and Other Related Costs

The Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the year ended December 31, 2020:

(In thousands)	Yogurt Fruit Preparations		Fragrances		Inks			Corporate/ Other			Consolidated
Non-cash impairment charges – Selling and administrative expenses	$	2,597	$	2,055	$	8,928		$	(861	)	$	12,719
Non-cash charges – Cost of products sold		1,679		77		(203	)		242			1,795
Reclassification of foreign currency translation and related items – Selling and administrative expenses		-		-		(8,625	)		-			(8,625	)
Other costs - Selling and administrative expenses(1)		337		3,029		892			2,008			6,266
Total	$	4,613	$	5,161	$	992		$	1,389		$	12,155

(1) Other costs – Selling and administrative expenses include employee separation costs, professional services, accelerated depreciation, and other related costs.

The Company reports all costs associated with the divestitures in Corporate & Other. The following table summarizes the divestiture & other related costs for the year ended December 31, 2019:

(In thousands)	Yogurt Fruit Preparations		Fragrances		Inks		Corporate/ Other		Consolidated
Non-cash impairment charges – Selling and administrative expenses	$	-	$	18,204	$	15,849	$	555	$	34,608
Non-cash charges – Cost of products sold		9,767		-		-		-		9,767
Other costs - Selling and administrative expenses(1)		-		305		26		374		705
Other costs – Cost of products sold(2)		800		-		-		-		800
Total	$	10,567	$	18,509	$	15,875	$	929	$	45,880

(1) Other costs – Selling and administrative expenses include employee separation costs, professional services, and other related costs.

(2) Other costs – Cost of product sold include inventory disposal costs and other related costs.