Nature of Operations and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Company's statement of cash flows periods ended March 31, 2020 and March 31, 2019 to the amounts reported in the Company's balance sheet as at March 31, 2020, December 31, 2019, March 31, 2019 and December 31, 2018.



(DOLLARS IN THOUSANDS)	March 31, 2020		December 31, 2019		March 31, 2019		December 31, 2018
Current assets
Cash and cash equivalents	$	433,246	$	606,823	$	483,504	$	634,897
Restricted cash	9,699		17,122		13,625		13,625
Noncurrent assets
Restricted cash included in Other assets	5,439		—		—		—
Cash, cash equivalents and restricted cash	$	448,384	$	623,945	$	497,129	$	648,522

Disaggregation of Revenue

The following table presents the Company's revenues disaggregated by product categories:



	Three Months Ended March 31,
(DOLLARS IN THOUSANDS)	2020		2019
Taste
Flavor compounds	$	576,368	$	567,314
Savory solutions	155,764		136,337
Inclusions	30,146		28,633
Nutrition and specialty ingredients	43,955		44,208
Flavor ingredients	24,089		28,310
Total Taste	830,322		804,802
Scent
Fine fragrances	94,150		106,074
Consumer fragrance	314,028		283,221
Fragrance ingredients	108,817		103,305
Total Scent	516,995		492,600
Total revenues	$	1,347,317	$	1,297,402

Contract Asset and Accounts Receivable

March 31, 2020 and December 31, 2019:



(DOLLARS IN THOUSANDS)	March 31, 2020		December 31, 2019
Receivables (included in Trade receivables)	$	961,842	$	892,625
Contract asset - Short term	1,951		2,736
Contract liabilities - Short term	11,379		11,107

Schedule of Bad Debt Reserve

The following is a rollforward of the Company's allowances for bad debts for the three months ended March 31, 2020:



(DOLLARS IN THOUSANDS)	Allowances for Bad Debts
Balance at December 31, 2019	$	16,428
Bad debt expense	4,751
Write-offs	(1,301		)
Foreign exchange	(1,150		)
Balance at March 31, 2020	$	18,728