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

6 Months Ended

Jun. 30, 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 June 30, 2020 and June 30, 2019 to the amounts reported in the Company's balance sheet as at June 30, 2020, December 31, 2019, June 30, 2019 and December 31, 2018.


(DOLLARS IN THOUSANDS)	June 30, 2020		December 31, 2019		June 30, 2019		December 31, 2018
Current assets
Cash and cash equivalents	$	497,412	$	606,823	$	426,717	$	634,897
Restricted cash	10,122		17,122		28,103		13,625
Noncurrent assets
Restricted cash included in Other assets	4,400		—		—		—
Cash, cash equivalents and restricted cash	$	511,934	$	623,945	$	454,820	$	648,522

Disaggregation of Revenue

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


	Three Months Ended June 30,						Six Months Ended June 30,
(DOLLARS IN THOUSANDS)	2020		2019		2020		2019
Taste
Flavor compounds	$	654,781	$	710,251	$	1,388,478	$	1,415,013



Flavor ingredients	93,543		101,068		190,168		201,108
Total Taste	748,324		811,319		1,578,646		1,616,121
Scent


Fragrance compounds	358,157		375,882		766,335		765,178
Fragrance ingredients	92,292		104,367		201,109		207,671
Total Scent	450,449		480,249		967,444		972,849
Total revenues	$	1,198,773	$	1,291,568	$	2,546,090	$	2,588,970

Contract Asset and Accounts Receivable

June 30, 2020 and December 31, 2019:


(DOLLARS IN THOUSANDS)	June 30, 2020		December 31, 2019
Receivables (included in Trade receivables)	$	982,624	$	892,625
Contract asset - Short term	919		2,736
Contract liabilities - Short term	4,223		11,107

Schedule of Bad Debt Reserve

The following is a rollforward of the Company's allowances for bad debts for the six months ended June 30, 2020:


(DOLLARS IN THOUSANDS)	Allowances for Bad Debts
Balance at December 31, 2019	$	16,428
Bad debt expense	5,728
Write-offs	(24)
Foreign exchange	(1,076)
Balance at June 30, 2020	$	21,056