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

9 Months Ended

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


(DOLLARS IN THOUSANDS)	September 30, 2020		December 31, 2019		September 30, 2019		December 31, 2018
Current assets
Cash and cash equivalents	$	469,840	$	606,823	$	494,897	$	634,897
Restricted cash	12,841		17,122		9,157		13,625
Noncurrent assets
Restricted cash included in Other assets	845		—		—		—
Cash, cash equivalents and restricted cash	$	483,526	$	623,945	$	504,054	$	648,522

Disaggregation of Revenue

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2020		2019		2020		2019
Taste
Flavor compounds	$	674,240	$	697,787	$	2,062,718	$	2,112,801



Flavor ingredients	90,998		84,641		281,166		285,748
Total Taste	765,238		782,428		2,343,884		2,398,549
Scent


Fragrance compounds	404,524		389,949		1,170,860		1,155,127
Fragrance ingredients	98,314		94,968		299,422		302,639
Total Scent	502,838		484,917		1,470,282		1,457,766
Total revenues	$	1,268,076	$	1,267,345	$	3,814,166	$	3,856,315

Contract Asset and Accounts Receivable

September 30, 2020 and December 31, 2019:


(DOLLARS IN THOUSANDS)	September 30, 2020		December 31, 2019
Receivables (included in Trade receivables)	$	951,138	$	892,625
Contract asset - Short term	960		2,736
Contract liabilities - Short term	4,648		11,107

Schedule of Bad Debt Reserve

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


(DOLLARS IN THOUSANDS)	Allowances for Bad Debts
Balance at December 31, 2019	$	16,428
Bad debt expense	7,443
Write-offs	(587)
Foreign exchange	(771)
Balance at September 30, 2020	$	22,513