Divestitures (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, and December 31, 2020, as follows:

(In thousands)	March 31, 2021		December 31, 2020
Assets held for sale:
Trade accounts receivable	$	20,433	$	20,722
Inventories		21,897		25,045
Prepaid expenses and other current assets		2,049		1,843
Property, plant, and equipment, net		3,540		3,434
Intangible assets		1,678		1,716
Assets held for sale	$	49,597	$	52,760
Liabilities held for sale:
Trade accounts payable	$	12,469	$	13,967
Accrued salaries, wages, and withholdings from employees		1,557		1,739
Other accrued expenses		1,327		1,633
Liabilities held for sale	$	15,353	$	17,339

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 three months ended March 31, 2021:

(In thousands)	Yogurt Fruit Preparations		Fragrances		Inks			Corporate/ Other		Total
Non-cash charges – Cost of products sold	$	-	$	34	$	(9	)	$	-	$	25
Other costs - Selling and administrative expenses(1)		265		1,014		(107	)		375		1,547
Total	$	265	$	1,048	$	(116	)	$	375	$	1,572

(1)  Other costs – Selling and administrative expenses include environmental remediation, 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 three months ended March 31, 2020:

(In thousands)	Yogurt Fruit Preparations		Fragrances		Inks		Corporate/ Other		Total
Non-cash impairment charges – Selling and administrative expenses	$	-	$	339	$	9,437	$	351	$	10,127
Non-cash charges – Cost of products sold		-		-		-		190		190
Other costs - Selling and administrative expenses(1)		68		818		102		538		1,526
Total	$	68	$	1,157	$	9,539	$	1,079	$	11,843

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