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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Reportable Segment Information
Our reportable segment information is as follows:
 
December 31,
(DOLLARS IN THOUSANDS)
2014
 
2013
 
2012
Net sales
 
 
 
 
 
Flavors
$
1,457,055

 
$
1,422,739

 
$
1,378,377

Fragrances
1,631,478

 
1,530,157

 
1,443,069

Consolidated
$
3,088,533

 
$
2,952,896

 
$
2,821,446

 
 
 
 
 
 
 
December 31,
 
 
(DOLLARS IN THOUSANDS)
2014
 
2013
 
 
Segment assets
 
 
 
 
 
Flavors
$
1,539,254

 
$
1,573,737

 
 
Fragrances
1,753,477

 
1,623,033

 
 
Global assets
201,890

 
134,961

 
 
Consolidated
$
3,494,621

 
$
3,331,731

 
 
 
 
 
 
 
 
 
December 31,
(DOLLARS IN THOUSANDS)
2014
 
2013
 
2012
Segment profit:
 
 
 
 
 
Flavors
$
331,257

 
$
323,562

 
$
298,326

Fragrances
335,447

 
283,651

 
238,379

Global expenses
(65,443
)
 
(66,942
)
 
(48,419
)
Restructuring and other charges, net
(1,298
)
 
(2,151
)
 
(1,668
)
Spanish capital tax charge (1)
—

 
(13,011
)
 
—

Operational improvement initiative costs (2)
(7,642
)
 
(8,770
)
 
—

Operating Profit
592,321

 
516,339

 
486,618

Interest expense
(46,067
)
 
(46,767
)
 
(41,753
)
Other income (expense), net (3)
2,807

 
15,638

 
(1,450
)
Income before taxes
$
549,061

 
$
485,210

 
$
443,415

Profit margin
 
 
 
 
 
Flavors
22.7
%
 
22.7
%
 
21.6
%
Fragrances
20.6
%
 
18.5
%
 
16.5
%
Consolidated
19.2
%
 
17.5
%
 
17.2
%

(1) The Spanish capital tax charge represents the charge recorded during the year ended December 31, 2013 as a result of the unfavorable ruling of the Spanish capital tax case from 2002.
(2) Operational improvement initiative costs relate to the closing of a smaller facility in Europe and certain manufacturing activities in Asia, while transferring production to larger facilities in each respective region.
(3) Other income (expense), net includes a $14.2 million gain on the sale of non-operating assets for the year ended December 31, 2013.
Capital Expenditure and Depreciation and Amortization by Segment
 
Capital Expenditures
 
Depreciation and Amortization
(DOLLARS IN THOUSANDS)
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Flavors
$
91,104

 
$
108,215

 
$
90,309

 
$
36,008

 
$
33,662

 
$
30,816

Fragrances
43,948

 
17,616

 
26,069

 
43,790

 
39,716

 
42,987

Unallocated assets
8,130

 
8,326

 
9,762

 
9,556

 
9,849

 
2,864

Consolidated
$
143,182

 
$
134,157

 
$
126,140

 
$
89,354

 
$
83,227

 
$
76,667
Net Sales by Geographic Area
 
Net Sales by Geographic Area
(DOLLARS IN THOUSANDS)
2014
 
2013
 
2012
Europe, Africa and Middle East
$
1,041,585

 
$
971,921

 
$
912,768

Greater Asia
856,217

 
823,504

 
771,877

North America
690,214

 
680,840

 
694,430

Latin America
500,517

 
476,631

 
442,371

Consolidated
$
3,088,533

 
$
2,952,896

 
$
2,821,446