UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 10‑Q

(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended:
June 30, 2014

OR
 
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from 
 
to
 

Commission file number:  1‑7626

SENSIENT TECHNOLOGIES CORPORATION
(Exact name of registrant as specified in its charter)

Wisconsin
 
39‑0561070
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)

777 East Wisconsin Avenue, Milwaukee, Wisconsin  53202-5304
(Address of principal executive offices)

Registrant's telephone number, including area code:
 (414) 271‑6755

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days.Yes  x No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  x No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer  x
Accelerated filer o
   Non-accelerated filer o
Smaller reporting company o
 
 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes o No x
 
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class
 
Outstanding at July 31, 2014
Common Stock, par value $0.10 per share
 
48,219,181


SENSIENT TECHNOLOGIES CORPORATION
INDEX

Page No.
 
 
PART I. FINANCIAL INFORMATION:
 
 
 
Item 1.
 
 
 
1
 
 
 
2
 
 
 
3
 
 
 
4
 
 
 
5
 
 
Item 2.
12
 
 
Item 3.
16
 
 
Item 4.
16
 
 
PART II. OTHER INFORMATION:
 
 
Item 1.
17
 
 
 
Item 1A.
17
 
 
 
Item 2.
17
 
 
 
Item 6.
17
 
 
 
 
18
 
19


PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(In thousands except per share amounts)
(Unaudited)

 
 
Three Months
   
Six Months
 
 
 
Ended June 30,
   
Ended June 30,
 
 
 
   
   
   
 
 
 
2014
   
2013
   
2014
   
2013
 
 
 
   
   
   
 
Revenue
 
$
374,666
   
$
378,806
   
$
742,797
   
$
744,446
 
 
                               
Cost of products sold
   
245,002
     
256,285
     
488,625
     
504,788
 
 
                               
Selling and administrative expenses
   
81,455
     
73,843
     
204,384
     
154,642
 
 
                               
Operating income
   
48,209
     
48,678
     
49,788
     
85,016
 
 
                               
Interest expense
   
3,718
     
4,008
     
7,849
     
8,269
 
 
                               
Earnings before income taxes
   
44,491
     
44,670
     
41,939
     
76,747
 
 
                               
Income taxes
   
15,430
     
12,388
     
14,953
     
23,026
 
 
                               
Net earnings
 
$
29,061
   
$
32,282
   
$
26,986
   
$
53,721
 
 
                               
Weighted average number of shares outstanding:
                               
Basic
   
48,665
     
49,751
     
49,256
     
49,731
 
 
                               
Diluted
   
48,953
     
49,917
     
49,512
     
49,892
 
 
                               
Earnings per common share:
                               
Basic
 
$
0.60
   
$
0.65
   
$
0.55
   
$
1.08
 
 
                               
Diluted
 
$
0.59
   
$
0.65
   
$
0.55
   
$
1.08
 
 
                               
Dividends declared per common share
 
$
0.00
   
$
0.23
   
$
0.48
   
$
0.45
 

See accompanying notes to consolidated condensed financial statements.
1

SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)

 
 
Three Months
   
Six Months
 
 
 
Ended June 30,
   
Ended June 30,
 
 
 
   
   
   
 
 
 
2014
   
2013
   
2014
   
2013
 
 
 
   
   
   
 
Comprehensive Income
 
$
34,130
   
$
24,657
   
$
32,210
   
$
28,043
 

See accompanying notes to consolidated condensed financial statements.
2

SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)

 
 
June 30,
   
 
 
 
 
2014
   
December 31,
 
ASSETS
 
(Unaudited)
   
2013
 
 
 
   
 
CURRENT ASSETS:
 
   
 
Cash and cash equivalents
 
$
28,428
   
$
19,836
 
Trade accounts receivable, net
   
265,641
     
233,751
 
Inventories
   
479,450
     
474,452
 
Prepaid expenses and other current assets
   
74,373
     
61,786
 
TOTAL CURRENT ASSETS
   
847,892
     
789,825
 
OTHER ASSETS
   
89,305
     
47,786
 
INTANGIBLE ASSETS, NET
   
9,694
     
10,546
 
GOODWILL
   
459,554
     
457,269
 
PROPERTY, PLANT AND EQUIPMENT:
               
Land
   
45,630
     
56,343
 
Buildings
   
329,721
     
374,388
 
Machinery and equipment
   
747,956
     
751,267
 
Construction in progress
   
64,792
     
55,236
 
 
   
1,188,099
     
1,237,234
 
Less accumulated depreciation
   
(668,072
)
   
(671,926
)
 
   
520,027
     
565,308
 
TOTAL ASSETS
 
$
1,926,472
   
$
1,870,734
 
 
               
LIABILITIES AND SHAREHOLDERS' EQUITY
               
 
               
CURRENT LIABILITIES:
               
Trade accounts payable
 
$
98,693
   
$
99,117
 
Accrued salaries, wages and withholdings from employees
   
28,120
     
32,669
 
Other accrued expenses
   
95,422
     
78,579
 
Income taxes
   
3,450
     
5,478
 
Short-term borrowings
   
22,521
     
7,050
 
TOTAL CURRENT LIABILITIES
   
248,206
     
222,893
 
OTHER LIABILITIES
   
32,521
     
28,495
 
ACCRUED EMPLOYEE AND RETIREE BENEFITS
   
27,145
     
28,538
 
LONG‑TERM DEBT
   
472,105
     
348,124
 
SHAREHOLDERS' EQUITY:
               
Common stock
   
5,396
     
5,396
 
Additional paid‑in capital
   
108,202
     
105,119
 
Earnings reinvested in the business
   
1,221,051
     
1,217,874
 
Treasury stock, at cost
   
(199,380
)
   
(91,707
)
Accumulated other comprehensive loss
   
11,226
     
6,002
 
 
               
TOTAL SHAREHOLDERS’ EQUITY
   
1,146,495
     
1,242,684
 
 
               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
 
$
1,926,472
   
$
1,870,734
 

See accompanying notes to consolidated condensed financial statements.

3

SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 
 
Six Months
 
 
 
Ended June 30,
 
 
 
   
 
 
 
2014
   
2013
 
 
 
   
 
Cash flows from operating activities:
Net earnings
 
$
26,986
   
$
53,721
 
Adjustments to arrive at net cash provided by operating activities:
               
Depreciation and amortization
   
26,395
     
25,893
 
Share-based compensation
   
2,849
     
1,330
 
Loss on assets
   
48,260
     
3,073
 
Deferred income taxes
   
(6,590
)
   
(222
)
Changes in operating assets and liabilities
   
(28,461
)
   
(13,751
)
 
Net cash provided by operating activities
   
69,439
     
70,044
 
 
Cash flows from investing activities:
               
Acquisition of property, plant and equipment
   
(29,752
)
   
(55,241
)
Proceeds from sale of assets
   
930
     
31
 
Other investing activity
   
(620
)
   
(132
)
 
               
Net cash used in investing activities
   
(29,442
)
   
(55,342
)
 
               
Cash flows from financing activities:
               
Proceeds from additional borrowings
   
174,741
     
75,596
 
Debt payments
   
(73,478
)
   
(55,127
)
Purchase of treasury stock
   
(108,753
)
   
-
 
Dividends paid
   
(23,809
)
   
(22,507
)
Proceeds from options exercised and other equity transactions
   
396
     
420
 
 
               
Net cash used in financing activities
   
(30,903
)
   
(1,618
)
 
               
Effect of exchange rate changes on cash and cash equivalents
   
(502
)
   
(1,481
)
 
               
Net increase in cash and cash equivalents
   
8,592
     
11,603
 
Cash and cash equivalents at beginning of period
   
19,836
     
15,062
 
 
               
Cash and cash equivalents at end of period
 
$
28,428
   
$
26,665
 

See accompanying notes to consolidated condensed financial statements.
4

SENSIENT TECHNOLOGIES CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)

1. Accounting Policies

In the opinion of Sensient Technologies Corporation (the “Company”), the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) which are necessary to present fairly the financial position of the Company as of June 30, 2014, and December 31, 2013, and the results of operations, comprehensive income and cash flows for the three and six months ended June 30, 2014 and 2013.  The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.

Expenses are charged to operations in the year incurred.  However, for interim reporting purposes, certain expenses are charged to operations based on a proportionate share of estimated annual amounts rather than as they are actually incurred. In interim periods, depreciation expense is estimated using actual depreciation on fixed assets that have been placed in service at the beginning of the year, combined with an estimate of depreciation expense on expected current year additions.

On January 1, 2014, the Company adopted Accounting Standards Update (ASU) No. 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires companies to change the balance sheet presentation of certain unrecognized tax benefits and deferred tax assets. The adoption of this ASU had no material impact on the Company’s balance sheet presentation, financial condition or results of operations.

Refer to the notes in the Company’s annual consolidated financial statements for the year ended December 31, 2013, for additional details of the Company’s financial condition and a description of the Company’s accounting policies, which have been continued without change.

2. Fair Value

Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, defines fair value for financial assets and liabilities, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. As of June 30, 2014, and December 31, 2013, the Company’s assets and liabilities subject to this standard are forward exchange contracts and investments in a money market fund and municipal investments. The fair value of the forward exchange contracts based on current pricing obtained for comparable derivative products (Level 2 inputs) was negligible and an asset of $0.2 million as of June 30, 2014 and December 31, 2013, respectively. The fair value of the investments based on June 30, 2014, and December 31, 2013, market quotes (Level 1 inputs) was an asset of $21.1 million and $19.8 million, respectively, and is reported in Other Assets in the Consolidated Condensed Balance Sheets.

The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, accounts payable, accrued expenses and short-term borrowings approximated fair values as of June 30, 2014. The fair value of the Company’s long-term debt, including current maturities, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2 inputs). The carrying value of the long-term debt at June 30, 2014, was $472.1 million. The fair value of the long-term debt at June 30, 2014, was $485.3 million.

5

3. Segment Information

Operating results by segment for the periods and at the dates presented are as follows:

(In thousands)
 
Flavors &
Fragrances
   
 
Color
   
Corporate
& Other
   
 
Consolidated
 
Three months ended June 30, 2014:
 
   
   
   
 
Revenue from external customers
 
$
207,961
   
$
127,824
   
$
38,881
   
$
374,666
 
Intersegment revenue
   
8,231
     
5,401
     
111
     
13,743
 
Total revenue
 
$
216,192
   
$
133,225
   
$
38,992
   
$
388,409
 
 
                               
Operating income (loss)
 
$
33,554
   
$
30,858
   
$
(16,203
)
 
$
48,209
 
Interest expense
   
-
     
-
     
3,718
     
3,718
 
Earnings (loss) before income taxes
 
$
33,554
   
$
30,858
   
$
(19,921
)
 
$
44,491
 
 
Three months ended June 30, 2013:
               
Revenue from external customers
 
$
218,315
   
$
122,871
   
$
37,620
   
$
378,806
 
Intersegment revenue
   
8,311
     
5,360
     
33
     
13,704
 
Total revenue
 
$
226,626
   
$
128,231
   
$
37,653
   
$
392,510
 
 
                               
Operating income (loss)
 
$
31,984
   
$
28,432
   
$
(11,738
)
 
$
48,678
 
Interest expense
   
-
     
-
     
4,008
     
4,008
 
Earnings (loss) before income taxes
 
$
31,984
   
$
28,432
   
$
(15,746
)
 
$
44,670
 

(In thousands)
 
Flavors &
Fragrances
   
 
Color
   
Corporate
& Other
   
 
Consolidated
 
Six months ended June 30, 2014:
 
   
   
   
 
Revenue from external customers
 
$
412,081
   
$
256,493
   
$
74,223
   
$
742,797
 
Intersegment revenue
   
17,490
     
10,370
     
111
     
27,971
 
Total revenue
 
$
429,571
   
$
266,863
   
$
74,334
   
$
770,768
 
 
                               
Operating income (loss)
 
$
63,493
   
$
60,265
   
$
(73,970
)
 
$
49,788
 
Interest expense
   
-
     
-
     
7,849
     
7,849
 
Earnings (loss) before income taxes
 
$
63,493
   
$
60,265
   
$
(81,819
)
 
$
41,939
 
 
Six months ended June 30, 2013:
 
   
   
   
 
Revenue from external customers
 
$
425,311
   
$
246,654
   
$
72,481
   
$
744,446
 
Intersegment revenue
   
17,156
     
11,056
     
48
     
28,260
 
Total revenue
 
$
442,467
   
$
257,710
   
$
72,529
   
$
772,706
 
 
                               
Operating income (loss)
 
$
60,390
   
$
55,115
   
$
(30,489
)
 
$
85,016
 
Interest expense
   
-
     
-
     
8,269
     
8,269
 
Earnings (loss) before income taxes
 
$
60,390
   
$
55,115
   
$
(38,758
)
 
$
76,747
 

Beginning in the first quarter of 2014, the results of operations for the Company’s fragrances businesses in Asia Pacific and China, previously reported in the Corporate & Other segment, are reported in the Flavors & Fragrances Group, and the results of operations for the Company’s pharmaceutical flavors business, previously reported in the Flavors & Fragrances Group, are reported in the Color Group with the pharmaceutical colors business. Results for 2013 have been restated to reflect these changes.

The Company evaluates performance based on operating income of the respective segments before restructuring and other costs, interest expense and income taxes. The 2014 and 2013 restructuring and other costs are included in the Corporate & Other segment.
6

4. Inventories

At June 30, 2014, and December 31, 2013, inventories included finished and in-process products totaling $339.4 million and $317.1 million, respectively, and raw materials and supplies of $140.1 million and $157.4 million, respectively.

5. Retirement Plans

The Company’s components of annual benefit cost for the defined benefit plans for the periods presented are as follows:
 
 
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
(In thousands)
 
2014
   
2013
   
2014
   
2013
 
 
 
   
   
   
 
Service cost
 
$
635
   
$
755
   
$
1,267
   
$
1,513
 
Interest cost
   
603
     
600
     
1,202
     
1,204
 
Expected return on plan assets
   
(480
)
   
(362
)
   
(954
)
   
(727
)
Amortization of prior service cost
   
43
     
43
     
86
     
86
 
Amortization of actuarial (gain) loss
   
(157
)
   
799
     
(317
)
   
1,599
 
Curtailment gain
   
(115
)
   
-
     
(115
)
   
-
 
 
                               
Total defined benefit expense
 
$
529
   
$
1,835
   
$
1,169
   
$
3,675
 

6. Shareholders’ Equity

During the three and six months ended June 30, 2014, the Company repurchased 1.8 million and 2 million shares of its common stock for an aggregate price of $97.8 million and $108.8 million, respectively.

7. Derivative Instruments and Hedging Activity

The Company may use forward exchange contracts and foreign currency denominated debt to manage its exposure to foreign exchange risk by reducing the effect of fluctuating foreign currencies on short-term foreign currency denominated intercompany transactions, non-functional currency raw material purchases, non-functional currency sales and other known foreign currency exposures. These forward exchange contracts have maturities of less than twelve months. The Company’s primary hedging activities and their accounting treatment are summarized below:

Forward exchange contracts – The forward exchange contracts that have been designated as hedges are accounted for as cash flow hedges. The Company had $28.1 million and $29.6 million of forward exchange contracts, designated as hedges, outstanding as of June 30, 2014, and December 31, 2013, respectively. Due to the short term nature of these contracts, the results of these transactions are not material to the financial statements. In addition, the Company utilizes forward exchange contracts that are not designated as cash flow hedges and the results of these transactions are not material to the financial statements.

Net investment hedges – The Company has certain debt denominated in Euros and Swiss Francs. These debt instruments have been designated as partial hedges of the Company’s Euro and Swiss Franc net asset positions. Changes in the fair value of this debt attributable to changes in the spot foreign exchange rate are recorded in foreign currency translation in other comprehensive income (“OCI”). As of June 30, 2014, and December 31, 2013, the total value of the Company’s Euro and Swiss Franc debt was $109.8 million and $96.5 million, respectively.  For the three and six months ended June 30, 2014, the impact of foreign exchange rates on these debt instruments decreased debt by $0.5 million and $0.2 million, respectively, and has been recorded as foreign currency translation in OCI.

7

8. Income Taxes

The effective income tax rates for the quarters ended June 30, 2014 and 2013, were 34.7% and 27.7%, respectively. For the six-month periods ended June 30, 2014 and 2013, the effective income tax rates were 35.7% and 30.0%, respectively. The effective tax rates in both 2014 and 2013 were impacted by changes in estimates associated with the finalization of prior year foreign and domestic tax items, including the reversal of valuation allowances related to tax loss carryovers and from the restructuring activities.

9. Accumulated Other Comprehensive Income

The following tables summarize the changes in Accumulated Other Comprehensive Income (OCI) during the three- and six-month periods ended June 30, 2014:

Three Months Ended June 30, 2014
 
(In thousands)
 
Cash Flow
Hedges (a)
   
Pension
Items (a)
   
Foreign
Currency
Items
   
Total
 
Balance as of March 31, 2014
 
$
97
   
$
(6,830
)
 
$
12,890
   
$
6,157
 
Other comprehensive loss before reclassifications
   
489
     
-
     
4,885
     
5,374
 
Amounts reclassified from OCI
   
(245
)
   
(60
)
   
-
     
(305
)
Balance as of June 30, 2014
 
$
341
   
$
(6,890
)
 
$
17,775
   
$
11,226
 
 
Six Months Ended June 30, 2014
 
(In thousands)
 
Cash Flow
Hedges (a)
   
Pension
Items (a)
   
Foreign
Currency
Items
   
Total
 
Balance as of December 31, 2013
 
$
(99
)
 
$
(6,768
)
 
$
12,869
   
$
6,002
 
Other comprehensive loss before reclassifications
   
750
     
-
     
4,906
     
5,656
 
Amounts reclassified from OCI
   
(310
)
   
(122
)
   
-
     
(432
)
Balance as of June 30, 2014
 
$
341
   
$
(6,890
)
 
$
17,775
   
$
11,226
 

(a) Cash Flow Hedges and Pension Items are net of tax.

The following tables summarize the pension items reclassified out of OCI and into the Statement of Earnings during the three- and six-month periods ended June 30, 2014 and 2013:
 
(In thousands)
 
Three Months Ended
June 30, 2014
   
Three Months Ended
June 30, 2013
 
Amortization of pension expense included in selling and administrative expense:
 
   
 
Prior service cost
 
$
43
   
$
43
 
Actuarial (gain) loss
   
(157
)
   
799
 
Total before income taxes
   
(114
)
   
842
 
Tax expense (benefit)
   
54
     
(315
)
Total net of tax
 
$
(60
)
 
$
527
 
8

(In thousands)
 
Six Months Ended
June 30, 2014
   
Six Months Ended
June 30, 2013
 
Amortization of pension expense included in selling and administrative expense:
 
   
 
Prior service cost
 
$
86
   
$
86
 
Actuarial (gain) loss
   
(317
)
   
1,599
 
Total before income taxes
   
(231
)
   
1,685
 
Tax expense (benefit)
   
109
     
(630
)
Total net of tax
 
$
(122
)
 
$
1,055
 

10. Restructuring

In March of this year, the Company announced a restructuring plan (2014 Restructuring Plan) related to eliminating underperforming operations, consolidating manufacturing facilities and improving efficiencies within the Company. The Company anticipates that the 2014 Restructuring Plan will impact several facilities and will generate cost savings estimated to be approximately $30 million per year, with incremental savings expected to be achieved over the next few years and the full benefit expected to be achieved after 2015. The Company also anticipates that the 2014 Restructuring Plan will include a reduction in headcount by approximately 300 employees, primarily direct and indirect manufacturing labor, and pre-tax charges of approximately $120 million to $130 million. In connection with the 2014 Restructuring Plan, less than 10 employees were terminated as of June 30, 2014 and limited savings were recognized by June 30, 2014.

The Company determined that certain long-lived assets, including land, buildings and certain pieces of equipment associated with the identified underperforming operations were impaired. As a result, the Company has reduced the carrying amounts of these assets to approximately $28.1 million, their aggregate respective fair values, which were determined based on independent market valuations for these assets.

For the three and six months ended June 30, 2014, the Company recorded restructuring and other costs of $13.0 million ($10.7 million after-tax) and $65.7 million ($48.2 million after-tax). The Company determined that was the appropriate amount of restructuring and other costs to record in each period in accordance with GAAP and based on an internal review of the affected facilities and consultation with legal and other advisors. Included within the restructuring and other costs, the Company incurred $2.2 million and $3.1 million, respectively, related to the 2014 proxy contest during the three and six months ended June 30, 2014. These costs are included in Other costs in the table below and mainly relate to proxy solicitation, public relations, technical consulting and legal services.

Detail of the restructuring and other costs recorded in selling and administrative expenses in the Corporate & Other segment during the three- and six-month periods ended June 30, 2014 are as follows:
 
 
 
Three Months
Ended,
   
Six Months
Ended,
 
(In thousands)
 
June 30, 2014
   
June 30, 2014
 
Employee separation
 
$
1,256
   
$
13,578
 
Long-lived asset impairment
   
9,212
     
47,872
 
Intangibles impairment
   
-
     
1,049
 
Gain on asset sales
   
-
     
(602
)
Other costs (1)
   
2,511
     
3,804
 
 
               
Total
 
$
12,979
   
$
65,701
 

(1) Other costs include decommissioning costs, professional services, personnel moving costs, other related costs and 2014 proxy contest costs.

9

The Company expects to incur approximately $30 million to $35 million of additional restructuring costs by the end of December 2014 and $25 million to $30 million of additional restructuring costs by the end of 2016, consisting primarily of employee separations, asset impairments, and other restructuring related costs.

For the three and six months ended June 30, 2013, the Company recorded restructuring costs of $6.6 million ($4.7 million after-tax) and $19.4 million ($14.1 million after-tax), respectively, related to the 2013 restructuring program to relocate the Flavors & Fragrances Group headquarters to Chicago, as well as a profit improvement plan across all segments of the Company. Detail of the restructuring expenses recorded in Corporate & Other segment is as follows:
 
Three months ended June 30, 2013            
 
 
Selling &
   
Cost of
   
 
(In thousands)
 
Administrative
   
Products Sold
   
Total
 
Employee separation
 
$
2,428
   
$
-
   
$
2,428
 
Long-lived asset impairment
   
880
     
-
     
880
 
Write-down of inventory
   
-
     
277
     
277
 
Other costs(1)
   
3,057
     
-
     
3,057
 
 
                       
Total
 
$
6,365
   
$
277
   
$
6,642
 
 
Six months ended June 30, 2013            
 
 
Selling &
   
Cost of
   
 
(In thousands)
 
Administrative
   
Products Sold
   
Total
 
Employee separation
 
$
11,340
   
$
-
   
$
11,340
 
Long-lived asset impairment
   
3,406
     
-
     
3,406
 
Write-down of inventory
   
-
     
872
     
872
 
Other costs(1)
   
3,797
     
-
     
3,797
 
 
                       
Total
 
$
18,543
   
$
872
   
$
19,415
 
 
(1) Other costs include decommissioning, professional services, personnel (other than employee separations) and moving related costs.
 
The Company evaluates performance based on operating income of each segment before restructuring costs. The restructuring and other costs are recorded in the Corporate & Other segment. The following table summarizes the restructuring and other costs by segment that the costs relate to for the three and six months ended June 30, 2014 and 2013:

 
 
Three Months Ended,
 
(In thousands)
 
June 30, 2014
   
June 30, 2013
 
Flavors & Fragrances
 
$
9,068
   
$
5,951
 
Color
   
1,411
     
600
 
Corporate & Other
   
2,500
     
91
 
 
               
Total
 
$
12,979
   
$
6,642
 

 
 
Six Months Ended,
 
(In thousands)
 
June 30, 2014
   
June 30, 2013
 
Flavors & Fragrances
 
$
54,051
   
$
14,490
 
Color
   
7,950
     
4,310
 
Corporate & Other
   
3,700
     
615
 
 
               
Total
 
$
65,701
   
$
19,415
 

10

The following table summarizes the accrual for the restructuring and other charges for the six-month period ended June 30, 2014:

 
 
Employee
   
Asset Related
   
 
(In thousands)
 
Separations
   
and Other
   
Total
 
Balance as of December 31, 2013
 
$
4,562
   
$
1,588
   
$
6,150
 
Restructuring and other costs
   
13,578
     
52,123
     
65,701
 
Gain on sale of assets
   
-
     
602
     
602
 
Cash spent
   
(2,831
)
   
(1,808
)
   
(4,639
)
Reduction of assets
   
-
     
(48,921
)
   
(48,921
)
Translation adjustment
   
(87
)
   
-
     
(87
)
 
Balance as of June 30, 2014
 
$
15,222
   
$
3,584
   
$
18,806
 

11. Commitments and Contingencies

The Company is involved in various claims and litigation arising in the normal course of business. In the judgment of management, which relies in part on information from Company counsel, the ultimate resolution of these actions will not materially affect the consolidated financial statements of the Company.

11

ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
OVERVIEW

Revenue was $374.7 million and $378.8 million in the three months ended June 30, 2014 and 2013, respectively. Revenue for the six months ended June 30, 2014 and 2013, was $742.8 million and $744.4 million, respectively. Revenue for the Flavors & Fragrances segment decreased 4.6% and 2.9% for the quarter and six months ended June 30, 2014, respectively, from the comparable periods last year.  Color segment revenue increased 3.9% and 3.6% for the quarter and six months ended June 30, 2014, respectively, from the comparable periods last year. Corporate & Other revenue increased 3.6% and 2.5% for the quarter and six months ended June 30, 2014, respectively, from the comparable periods last year. The impact of foreign exchange rates increased consolidated revenue by approximately 40 basis points in the quarter ending June 30, 2014, and decreased revenue by 10 basis points in the six months ended June 30, 2014. Additional information on group results can be found in the Segment Information section.

In March of this year, the Company announced that it was initiating a restructuring plan (2014 Restructuring Plan) to eliminate underperforming operations, consolidate manufacturing facilities and improve efficiencies within the Company. Based on this plan, the Company has determined that certain long-lived assets associated with the underperforming operations were impaired. As a result, the Company has reduced the carrying amounts of these assets to approximately $28.1 million, their aggregate respective fair values, which were determined based on independent market values for these assets. In addition, certain intangible assets were also determined to be impaired and were written down. Employee separation and other restructuring costs were also incurred during the three and six months ended June 30, 2014. The Company will reduce headcount by approximately 300 positions at impacted facilities in all segments, primarily direct and indirect labor at manufacturing sites (less than 10 employees have been terminated as of June 30, 2014). For the three and six months ended June 30, 2014, the Company recorded total restructuring and other costs of $13.0 million and $65.7 million, respectively. The Company determined that this was the appropriate amount of restructuring and other costs to record in each period in accordance with GAAP and based on an internal review of the affected facilities and consultation with legal and other advisors. The Company expects to incur approximately $30 million to $35 million of additional restructuring costs by the end of December 2014 and approximately $25 million to $30 million of additional restructuring costs by the end of 2016. The 2014 Restructuring Plan is anticipated to reduce annual operating costs by approximately $30 million per year with incremental savings expected to be achieved over the next few years and the full benefit expected to be achieved after 2015. In 2013, the Company had restructuring costs to relocate the Flavors & Fragrances Group headquarters and consolidate manufacturing facilities resulting in the recording of $6.6 million and $19.4 million of restructuring costs in the three and six months ended June 30, 2013.

The gross profit margin increased 230 basis points to 34.6% for the quarter ended June 30, 2014, from 32.3% for the same period in 2013. The gross profit margin increased 200 basis points to 34.2% for the first six months of 2014, from 32.2% for the same period in 2013. Included in the cost of sales are $0.3 million and $0.9 million of restructuring costs in the quarter and six months ended June 30, 2013, respectively, which reduced gross profit. Before these restructuring costs, gross margin increased 220 basis points in the second quarter of 2014 primarily due to an increase in selling prices which more than offset higher manufacturing costs. For the six months ended June 30, 2014, gross margin before the restructuring costs increased 190 basis points primarily due to higher selling prices which more than offset higher manufacturing costs.

Selling and administrative expenses as a percent of revenue were 21.7% and 19.5% in the quarters ended June 30, 2014 and 2013, respectively. Restructuring costs of $13.0 million and $6.4 million were included in selling and administrative expenses for the three months ended June 30, 2014 and 2013, respectively. Excluding restructuring costs, selling and administrative expenses as a percent of revenue increased 50 basis points to 18.3% for the quarter ended June 30, 2014, primarily due to normal inflationary increases. For the six months ended June 30, 2014 and 2013, selling and administrative expenses as a percent of revenue were 27.5% and 20.8%, respectively. Restructuring costs of $65.7 million and $18.5 million were included in selling and administrative expenses in the six months ended June 30, 2014 and 2013, respectively. Before the restructuring costs, selling and administrative expenses as a percent of revenue increased 40 basis points primarily due to normal inflationary increases partially offset by savings from the 2013 restructuring program.

Operating income was $48.2 million and $48.7 million for the second quarters of 2014 and 2013, respectively. Before the restructuring costs in both years, operating income for the second quarter of 2014 increased 10.6% to $61.2 million. Operating income for the six months ended June 30, 2014 and 2013, respectively, was $49.8 million and $85.0 million. Before the restructuring costs in both years, operating income for the first six months of 2014 increased 10.6% to $115.5 million. The impact of foreign exchange rates increased operating profit by approximately 20 basis points and decreased operating profit by approximately 50 basis points in the three and six months ended June 30, 2014, respectively. Operating margins were 12.9% in both the second quarter of 2014 and 2013, and 6.7% and 11.4% for the six months ended June 30, 2014 and 2013, respectively. Before the impact of the restructuring costs, operating margin increased 170 basis points to 16.3% in the second quarter of 2014 and increased 150 basis points to 15.5% for the first six months of 2014.

12

Interest expense for the second quarters of 2014 and 2013 was $3.7 million and $4.0 million, respectively. For the first six months of 2014 and 2013, interest expense was $7.8 million and $8.3 million, respectively. The decrease is primarily due to lower average interest rates in the quarter and six months ended June 30, 2014.

The effective income tax rates were 34.7% and 27.7% for the quarters ended June 30, 2014 and 2013, respectively. The effective income tax rates were 35.7% and 30.0% in the six months ended June 30, 2014 and 2013, respectively. Before the restructuring costs, the effective tax rate was 30.8% and 27.9% for the three months ended June 30, 2014 and 2013, respectively, and 30.2% and 29.5% for the six months ended June 30, 2014 and 2013, respectively. The effective tax rates in both 2014 and 2013 were reduced by changes in estimates associated with the finalization of prior year tax items and valuation allowances. The Company expects the effective tax rate for the remainder of 2014 to be between 31.0% and 32.0%, before the income tax expense or benefit related to discrete items and the restructuring costs, which will be reported in the quarter in which they occur.

The Company has included non-GAAP financial measures, to remove the costs related to the restructuring activities and provide investors with a view of operating performance excluding the restructuring and other costs. These non-GAAP financial measures are utilized by management in comparing the Company’s operating performance on a consistent basis. The Company believes that these financial measures are appropriate to enhance an overall understanding of the Company’s underlying operating performance trends compared to historical and prospective periods. The Company also believes that these measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP.

The table below reconciles certain reported results for the three and six months ended June 30, 2014 and 2013, to those results before the impact of the restructuring and other costs, which are non-GAAP financial measures.
 
 
 
Three Months Ended June 30,
   
Six Months Ended June 30,
 
 
 
2014
   
2013
   
% Change
   
2014
   
2013
   
% Change
 
Operating income (GAAP)
 
$
48,209
   
$
48,678
     
-1.0
%
 
$
49,788
   
$
85,016
     
-41.4
%
Restructuring - Cost of products sold
   
-
     
277
             
-
     
872
         
Restructuring & other - Selling and administrative
   
12,979
     
6,365
             
65,701
     
18,543
         
Adjusted operating income
 
$
61,188
   
$
55,320
     
10.6
%
 
$
115,489
   
$
104,431
     
10.6
%
 
                                               
Net earnings (GAAP)
 
$
29,061
   
$
32,282
     
-10.0
%
 
$
26,986
   
$
53,721
     
-49.8
%
Restructuring & other, before tax
   
12,979
     
6,642
             
65,701
     
19,415
         
Tax impact of restructuring & other
   
(2,260
)
   
(1,940
)
           
(17,534
)
   
(5,306
)
       
Adjusted net earnings
 
$
39,780
   
$
36,984
     
7.6
%
 
$
75,153
   
$
67,830
     
10.8
%
 
                                               
Diluted EPS (GAAP)
 
$
0.59
   
$
0.65
     
-9.2
%
 
$
0.55
   
$
1.08
     
-49.1
%
Restructuring & other, net of tax
   
0.22
     
0.09
             
0.97
     
0.28
         
Adjusted diluted EPS
 
$
0.81
   
$
0.74
     
9.5
%
 
$
1.52
   
$
1.36
     
11.8
%
13

SEGMENT INFORMATION

Beginning in the first quarter of 2014, the results of operations for the Company’s fragrances business in Asia Pacific and China, previously reported in the Corporate & Other segment, are reported in the Flavors & Fragrances segment, and the results of operations for the Company’s pharmaceutical flavors business, previously reported in the Flavors & Fragrances segment, are reported in the Color segment with the pharmaceutical colors business. Results for 2013 have been restated to reflect these changes. Restructuring and other charges are reported in the Corporate & Other segment.

Flavors & Fragrances –
Revenue for the Flavors & Fragrances segment was $216.2 million and $226.6 million in the second quarters of 2014 and 2013, respectively. Lower revenue in North America ($10.2 million) and Europe ($2.3 million) was partially offset by the favorable impact of foreign exchange rates ($1.8 million). The lower revenue in North America was primarily related to lower natural ingredient volumes as the Flavors & Fragrances segment focuses on higher margin, value added products. The lower revenue in Europe was primarily due to lower volumes.

Flavors & Fragrances segment operating income increased 4.9% from the prior year's comparable quarter to $33.6 million for the quarter ended June 30, 2014. The higher profit was primarily due to higher profit in North America ($1.5 million) and Mexico ($0.3 million). The higher profit in North America was primarily due to higher selling prices for both natural ingredients and traditional flavors. The higher profit in Mexico was due to higher selling prices. Operating income as a percent of revenue was 15.5% an increase of 140 basis points from the prior year’s quarter.

Revenue for the Flavors & Fragrances segment was $429.6 million and $442.5 million for the six months ended June 30, 2014 and 2013, respectively. The decrease in revenue was primarily due to lower revenue in North America ($13.3 million) and Europe ($1.9 million) partially offset by higher revenue in Mexico ($0.2 million) combined with the favorable impact of foreign exchange rates ($2.1 million). The lower revenue in North America was primarily related to lower natural ingredient volumes as the Flavors & Fragrances segment focuses on higher margin, value added products. The lower revenue in Europe was primarily due to lower volumes.

Operating income was $63.5 million and $60.4 million for the six months ended June 30, 2014 and 2013, respectively. Higher profit in North America ($2.8 million), Mexico ($0.4 million) and Europe ($0.3 million) was partially offset by the unfavorable impact of exchange rates ($0.4 million). The higher profit in North America was primarily due to higher selling prices for both natural ingredients and traditional flavors. The higher profit in both Mexico and Europe was primarily due to higher selling prices.

Color –
Revenue for the Color segment was $133.2 million and $128.2 million for the quarters ended June 30, 2014 and 2013, respectively. The higher revenue was primarily related to higher sales of non-food colors ($2.7 million), higher sales of food and beverage colors ($1.1 million) and the favorable impact of foreign exchange rates ($1.2 million). The higher sales of both non-food colors and food and beverage colors were primarily due to higher volumes.

Operating income for the quarter ended June 30, 2014, was $30.9 million, an increase of 8.5% from the $28.4 million reported in the comparable period last year. The increase was primarily due to higher profit on sales of food and beverage colors ($1.3 million) and non-food colors ($0.7 million). The higher profit on sales of food and beverage colors was primarily due to higher selling prices. The higher profit on sales of non-food colors was primarily driven by higher volumes. Operating income as a percent of revenue increased 100 basis points to 23.2% in the second quarter of 2014 from 22.2% in the prior year’s quarter.

Color segment revenue was $266.9 million and $257.7 million for the six months ended June 30, 2014 and 2013, respectively. The higher revenue was primarily due to higher sales of non-food colors ($5.4 million) and food and beverage colors ($3.2 million), both due to higher volumes and selling prices.

Operating income was $60.3 million for the first six months of 2014, an increase of 9.3% from $55.1 million reported for the first six months of 2013. The increase was primarily due to the higher profit on sales of food and beverage colors ($2.7 million) and non-food colors ($2.1 million). The higher profit was primarily due to higher selling prices and volumes of both food and beverage colors and non-food colors. Operating income as a percent of revenue was 22.6%, up from 21.4% in the prior year’s first six months.

14

Corporate & Other –
Revenue for the Corporate & Other segment increased 3.6% to $39.0 million for the quarter ended June 30, 2014, from $37.7 million for the quarter ended June 30, 2013. The increase was primarily related to higher volumes in Asia Pacific and the flavors businesses in Central & South America.

The Corporate & Other segment reported operating losses of $16.2 million and $11.7 million for the quarters ended June 30, 2014 and 2013, respectively. The lower results were primarily due to $13.0 million and $6.6 million of restructuring charges recorded in the second quarters of 2014 and 2013, respectively, partially offset by the profit on higher volumes in Asia Pacific and the flavors businesses in Central & South America. All restructuring charges for the Company are included in the Corporate & Other segment.

Revenue for the Corporate & Other segment was $74.3 million for the first six months of 2014, an increase of 2.5% from the $72.5 million reported in the first six months of 2013. The increase was primarily due to higher volumes in both Asia Pacific and the flavors businesses in Central & South America.

An operating loss of $74.0 million was reported in the first six months of 2014 compared to an operating loss of $30.5 million in the prior year period. The lower results were primarily due to $65.7 million and $19.4 million of restructuring charges recorded in 2014 and 2013, respectively partially offset by the profit on higher volumes in Asia Pacific and the flavors businesses in Central & South America.

LIQUIDITY AND FINANCIAL CONDITION

The Company’s ratio of debt to total capital was 30.1% and 22.2% as of June 30, 2014, and December 31, 2013, respectively. The increase was due to higher debt at June 30, 2014. The Company is in compliance with its most restrictive loan covenants calculated in accordance with the applicable agreements as of June 30, 2014. Debt increases are discussed below.

Net cash provided by operating activities was $69.4 million and $70.0 million for the six months ended June 30, 2014 and 2013, respectively. Cash provided by operating activities is consistent with prior years primarily due to higher net earnings, adjusted for the impact of the restructuring costs, offset by a higher use of cash to fund working capital expenditures, which primarily relates to increased inventory at certain locations.

Net cash used in investing activities was $29.4 million and $55.3 million for the six months ended June 30, 2014 and 2013, respectively. Capital expenditures were $29.8 million and $55.2 million for the six months ended June 30, 2014 and 2013, respectively.

Net cash used in financing activities was $30.9 million in the first six months of 2014 and $1.6 million in the comparable period of 2013. The cash required to fund the repurchase of the Company stock (in 2014 only), capital expenditures and dividends payments in the first six months of 2014 and 2013 caused the Company to increase debt by a net amount of $101.3 million and $20.5 million, respectively. For purposes of the cash flow statement, net changes in debt exclude the impact of foreign exchange rates. Dividends of $23.8 million and $22.5 million were paid during the six months ended June 30, 2014 and 2013, respectively. Dividends paid were 48 cents per share for the first six months of 2014 and 45 cents per share in the comparable period of 2013, reflecting the Company’s increase in the quarterly dividend to 25 cents per share beginning in the second quarter of 2014.

The Company’s financial position remains strong. The Company expects that its cash flows from operations and existing lines of credit can be used to meet future cash requirements for operations, capital expenditures, dividend payments, acquisitions and stock repurchases.
 
CONTRACTUAL OBLIGATIONS

There has been no material changes in the Company’s contractual obligations during the quarter ended June 30, 2014.  For additional information about contractual obligations, refer to page 21 of the Company’s 2013 Annual Report, portions of which were filed as Exhibit 13.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

15

OFF-BALANCE SHEET ARRANGEMENTS

The Company had no off-balance sheet arrangements as of June 30, 2014.

CRITICAL ACCOUNTING POLICIES

There has been no material changes in the Company’s critical accounting policies during the quarter ended June 30, 2014.  For additional information about critical accounting policies, refer to pages 19 and 20 of the Company’s 2013 Annual Report, portions of which were filed as Exhibit 13.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
 
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
There has been no material changes in the Company’s exposure to market risk during the quarter ended June 30, 2014.  For additional information about market risk, refer to pages 20 and 21 of the Company’s 2013 Annual Report, portions of which were filed as Exhibit 13.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
 
ITEM 4.
CONTROLS AND PROCEDURES 
 
Evaluation of Disclosure Controls and Procedures:  The Company carried out an evaluation, under the supervision and with the participation of management, including the Company’s President and Chief Executive Officer and its Senior Vice President and Chief Financial Officer, of the effectiveness, as of the end of the period covered by this report, of the design and operation of the disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act.  Based upon that evaluation, the Company’s President and Chief Executive Officer and its Senior Vice President and Chief Financial Officer have concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report.

Change in Internal Control Over Financial Reporting:  There has been no change in the Company’s internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the Company’s most recent quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements that reflect management’s current assumptions and estimates of future economic circumstances, industry conditions, Company performance and financial results.  Forward-looking statements include statements in the future tense, statements referring to any period after June 30, 2014, and statements including the terms “expect,” “believe,” “anticipate” and other similar terms that express expectations as to future events or conditions.  The Private Securities Litigation Reform Act of 1995 provides a safe harbor for such forward-looking statements.  Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that could cause actual events to differ materially from those expressed in those statements.  A variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results.  These factors and assumptions include the pace and nature of new product introductions by the Company’s customers; the Company’s ability to successfully implement its growth strategies and restructuring plan; the outcome of the Company’s various productivity-improvement and cost-reduction efforts; changes in costs of raw materials and energy; industry and economic factors related to the Company’s domestic and international business; competition from other suppliers of colors, flavors and fragrances; growth or contraction in markets for products in which the Company competes; terminations and other changes in customer relationships; industry and customer acceptance of price increases; currency exchange rate fluctuations; cost and availability of credit; results of litigation, environmental investigations or other proceedings; complications as a result of existing or future information technology system applications and hardware; the matters discussed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013; and the matters discussed above under Item 2 including the critical accounting policies referenced therein.  The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

16

PART II.
OTHER INFORMATION

ITEM 1.
LEGAL PROCEEDINGS
 
The Company is involved in various claims and litigation arising in the normal course of business. In the judgment of management, which relies in part on information from Company counsel, the ultimate resolution of these actions will not materially affect the consolidated financial statements of the Company.

ITEM 1A.
RISK FACTORS

See “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
The following table provides the specified information about the repurchases of its common shares by the Company during the second quarter of 2014:
 
 
 
   
   
Total number of
   
Maximum number of
 
 
 
Total number
   
Average
   
shares purchased as
   
shares that may be
 
 
 
of shares
   
price paid
   
part of a publicly
   
purchased under
 
Period
 
purchased
   
per share
   
announced plan
   
publicly announced plans
 
 
 
   
   
   
 
April 1 to 30, 2014
   
560,000
   
$
54.48
     
560,000
     
1,600,759
 
May 1 to 31, 2014
   
1,173,263
   
$
54.26
     
1,173,263
     
427,496
 
June 1 to 30, 2014
   
66,737
   
$
53.96
     
66,737
     
360,759
 
 
                               
Total
   
1,800,000
   
$
54.32
     
1,800,000
         
 
ITEM 6.
EXHIBITS

See Exhibit Index following this report.
17

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
 
SENSIENT TECHNOLOGIES CORPORATION
 
 
 
 
 
Date:
August 6, 2014
By:  
/s/  John L. Hammond
 
 
 
 
John L. Hammond, Senior Vice President, General Counsel & Secretary
 
 
 
 
 
 
Date:
August 6, 2014
By:
/s/  Richard F. Hobbs
 
 
 
 
Richard F. Hobbs, Senior Vice President & Chief Financial Officer
 
18

SENSIENT TECHNOLOGIES CORPORATION
EXHIBIT INDEX
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2014

Exhibit
Description
Incorporated by Reference From
Filed Herewith
3.2
Sensient Technologies Corporation Amended and Restated By-Laws
Exhibit 3.2 to Current Report on Form 8-K dated July 24, 2014 (Commission File No. 1-7626)
 
 
 
 
 
Certifications of the Company’s President & Chief Executive Officer and Senior Vice President & Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act
 
X
 
 
 
 
Certifications of the Company’s President & Chief Executive Officer and Senior Vice President & Chief Financial Officer pursuant to 18 United States Code § 1350
 
X
 
101
Interactive data files pursuant to Rule 405 of Regulation S-T
 
X
 
 
19