10-Q 1 brhc10039977_10q.htm 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended:
June 30, 2022
 

OR

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: 001-07626

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.10 per share
SXT
New York Stock Exchange LLC

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  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes  No

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

Large Accelerated Filer  
Accelerated Filer
Non-Accelerated Filer
     
Smaller Reporting Company
Emerging Growth Company
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No

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 27, 2022
Common Stock, par value $0.10 per share
 
42,037,929



SENSIENT TECHNOLOGIES CORPORATION
INDEX

     
Page No.
     
PART I. FINANCIAL INFORMATION:
 
     
Item 1.
 

 
 

1
     

2
 
 

3
 
 
 
4
 
 
 
5
     
 
6
     
Item 2.
16
     
Item 3.
23
     
Item 4.
23
     
PART II. OTHER INFORMATION:
 
     
Item 1.
23
     
Item 1A.
23
     
Item 2.
23
     
Item 6.
23
     

24
     

Signatures.
25

PART I.
FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS

SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands except per share amounts)
(Unaudited)

 
Three Months
Ended June 30,
   
Six Months
Ended June 30,
 
   
2022
   
2021
   
2022
   
2021
 
                         
Revenue
 
$
371,706
   
$
335,827
   
$
727,227
   
$
695,529
 
Cost of products sold
   
240,703
     
224,233
     
471,378
     
468,322
 
Selling and administrative expenses
   
75,759
     
75,841
     
147,816
     
144,557
 
Operating income
   
55,244
     
35,753
     
108,033
     
82,650
 
Interest expense
   
3,083
     
3,322
     
6,076
     
6,755
 
Earnings before income taxes
   
52,161
     
32,431
     
101,957
     
75,895
 
Income taxes
   
13,514
     
6,495
     
26,239
     
18,291
 
Net earnings
 
$
38,647
   
$
25,936
   
$
75,718
   
$
57,604
 
                                 
Weighted average number of common shares outstanding:
                               
Basic
   
41,893
     
42,135
     
41,879
     
42,199
 
Diluted
   
42,208
     
42,267
     
42,178
     
42,328
 
                                 
Earnings per common share:
                               
Basic
 
$
0.92
   
$
0.62
   
$
1.81
   
$
1.37
 
Diluted
 
$
0.92
   
$
0.61
   
$
1.80
   
$
1.36
 
                                 
Dividends declared per common share
 
$
0.41
   
$
0.39
   
$
0.82
   
$
0.78
 

See accompanying notes to consolidated condensed financial statements.

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

 
Three Months
Ended June 30,
   
Six Months
Ended June 30,
 
   
2022
   
2021
   
2022
   
2021
 
                         
Comprehensive income
 
$
10,340
   
$
44,245
   
$
47,174
   
$
60,774
 

See accompanying notes to consolidated condensed financial statements.

SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)

Assets
 
June 30,
2022
(Unaudited)
   
December 31,
2021
 
             
Current Assets:
           
Cash and cash equivalents
 
$
25,271
   
$
25,740
 
Trade accounts receivable
   
295,948
     
261,121
 
Inventories
   
452,161
     
411,635
 
Prepaid expenses and other current assets
   
48,146
     
42,657
 
                 
Total current assets
   
821,526
     
741,153
 
                 
Other assets
   
100,863
     
92,952
 
Deferred tax assets
   
19,620
     
29,901
 
Intangible assets, net
   
13,962
     
14,975
 
Goodwill
   
403,576
     
420,034
 
Property, Plant, and Equipment:
               
Land
   
29,725
     
31,028
 
Buildings
   
309,609
     
315,207
 
Machinery and equipment
   
710,294
     
715,344
 
Construction in progress
   
49,389
     
32,801
 
     
1,099,017
     
1,094,380
 
Less accumulated depreciation
   
(655,342
)
   
(647,902
)
     
443,675
     
446,478
 
                 
Total assets
 
$
1,803,222
   
$
1,745,493
 
                 
Liabilities and ShareholdersEquity
               
                 
Current Liabilities:
               
Trade accounts payable
 
$
140,776
   
$
125,519
 
Accrued salaries, wages, and withholdings from employees
   
35,755
     
40,939
 
Other accrued expenses
   
47,772
     
46,292
 
Income taxes
   
12,989
     
11,016
 
Short-term borrowings
   
26,624
     
8,539
 
                 
Total current liabilities
   
263,916
     
232,305
 
                 
Deferred tax liabilities
   
15,538
     
14,349
 
Other liabilities
   
37,893
     
28,829
 
Accrued employee and retiree benefits
   
28,193
     
28,579
 
Long-term debt
   
498,715
     
503,006
 
Shareholders’ Equity:
               
Common stock
   
5,396
     
5,396
 
Additional paid-in capital
   
116,596
     
111,352
 
Earnings reinvested in the business
   
1,672,000
     
1,630,713
 
Treasury stock, at cost
   
(631,853
)
   
(634,408
)
Accumulated other comprehensive loss
   
(203,172
)
   
(174,628
)
                 
Total shareholders’ equity
   
958,967
     
938,425
 
                 
Total liabilities and shareholders’ equity
 
$
1,803,222
   
$
1,745,493
 

See accompanying notes to consolidated condensed financial statements.

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

 
Six Months
Ended June 30,
 
   
2022
   
2021
 
             
Cash flows from operating activities:
           
Net earnings
 
$
75,718
   
$
57,604
 
Adjustments to arrive at net cash provided by operating activities:
               
Depreciation and amortization
   
26,180
     
25,817
 
Share-based compensation expense
   
8,691
     
4,188
 
Net (gain) loss on assets
   
(38
)
   
206
 
Loss on divestitures and other charges
   
-
     
13,511
 
Deferred income taxes
   
12,244
     
1,702
 
Changes in operating assets and liabilities:
               
Trade accounts receivable
   
(41,592
)
   
(26,902
)
Inventories
   
(51,768
)
   
19,357
 
Prepaid expenses and other assets
   
(25,919
)
   
(15,573
)
Accounts payable and other accrued expenses
   
20,501
     
9,632
 
Accrued salaries, wages, and withholdings from employees
   
(4,188
)
   
(3,944
)
Income taxes
   
2,765
     
1,953
 
Other liabilities
   
199
     
1,710
 
                 
Net cash provided by operating activities
   
22,793
     
89,261
 
                 
Cash flows from investing activities:
               
Acquisition of property, plant, and equipment
   
(32,468
)
   
(25,550
)
Proceeds from sale of assets
   
92
     
169
 
Proceeds from divestiture of businesses
   
-
     
36,255
 
Other investing activities
   
1,571
     
(254
)
                 
Net cash (used in) provided by investing activities
   
(30,805
)
   
10,620
 
                 
Cash flows from financing activities:
               
Proceeds from additional borrowings
   
69,424
     
25,997
 
Debt payments
   
(31,547
)
   
(62,578
)
Purchase of treasury stock
   
-
     
(22,507
)
Dividends paid
   
(34,446
)
   
(33,027
)
Other financing activities
   
(2,056
)
   
(582
)
                 
Net cash provided by (used in) financing activities
   
1,375
     
(92,697
)
                 
Effect of exchange rate changes on cash and cash equivalents
   
6,168
     
1,352
 
                 
Net (decrease) increase in cash and cash equivalents
   
(469
)
   
8,536
 
Cash and cash equivalents at beginning of period
   
25,740
     
24,770
 
                 
Cash and cash equivalents at end of period
 
$
25,271
   
$
33,306
 

See accompanying notes to consolidated condensed financial statements.

SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands, except share and per share amounts)
(Unaudited)

 
Common
   
Additional
Paid-In
   
Earnings Reinvested in the
   
Treasury Stock
   
Accumulated
Other
Comprehensive
   
Total
 
Three Months Ended June 30, 2022
 
Stock
   
Capital
   
 Business
   
Shares
   
Amount
   
Income (Loss)
   
Equity
 
Balances at March 31, 2022
 
$
5,396
   
$
112,973
   
$
1,650,588
     
12,068,868
   
$
(632,382
)
 
$
(174,865
)
 
$
961,710
 
Net earnings
   
-
     
-
     
38,647
     
-
     
-
     
-
     
38,647
 
Other comprehensive loss
   
-
     
-
     
-
     
-
     
-
     
(28,307
)
   
(28,307
)
Cash dividends paid – $0.41 per share
   
-
     
-
     
(17,235
)
   
-
     
-
     
-
     
(17,235
)
Share-based compensation
   
-
     
4,528
     
-
     
-
     
-
     
-
     
4,528
 
Non-vested stock issued upon vesting
    -       (761 )     -       (14,523 )     761       -       -  
Other
    -       (144 )     -       4,428       (232 )     -       (376 )
Balances at June 30, 2022
 
$
5,396
   
$
116,596
   
$
1,672,000
     
12,058,773
   
$
(631,853
)
 
$
(203,172
)
 
$
958,967
 

Three Months Ended June 30, 2021
Balances at March 31, 2021
 
$
5,396
   
$
104,725
   
$
1,593,795
     
11,776,654
   
$
(604,040
)
 
$
(174,230
)
 
$
925,646
 
Net earnings
   
-
     
-
     
25,936
     
-
     
-
     
-
     
25,936
 
Other comprehensive income
   
-
     
-
     
-
     
-
     
-
     
18,309
   
18,309
Cash dividends paid – $0.39 per share
   
-
     
-
     
(16,492
)
   
-
     
-
     
-
     
(16,492
)
Share-based compensation
   
-
     
2,075
     
-
     
-
     
-
     
-
     
2,075
 
Non-vested stock issued upon vesting
    -       (701 )     -       (13,666 )     701       -       -  
Purchase of treasury stock
    -
      -
      -
      125,150
      (10,842 )     -
      (10,842 )
Other
   
-
     
(132
)
   
-
     
4,359
     
(223
)
   
-
     
(355
)
Balances at June 30, 2021
 
$
5,396
   
$
105,967
   
$
1,603,239
     
11,892,497
   
$
(614,404
)
 
$
(155,921
)
 
$
944,277
 

Six Months Ended June 30, 2022
Balances at December 31, 2021
 
$
5,396
   
$
111,352
   
$
1,630,713
     
12,107,549
   
$
(634,408
)
 
$
(174,628
)
 
$
938,425
 
Net earnings
   
-
     
-
     
75,718
     
-
     
-
     
-
     
75,718
 
Other comprehensive loss
   
-
     
-
     
-
     
-
     
-
     
(28,544
)
   
(28,544
)
Cash dividends paid – $0.82 per share
   
-
     
-
     
(34,446
)
   
-
     
-
     
-
     
(34,446
)
Share-based compensation
   
-
     
8,691
     
-
     
-
     
-
     
-
     
8,691
 
Non-vested stock issued upon vesting
   
-
     
(3,239
)
   
-
     
(61,821
)
   
3,239
     
-
     
-
 
Benefit plans
   
-
     
560
     
-
     
(11,786
)
   
618
     
-
     
1,178
 
Other
   
-
     
(768
)
   
15
     
24,831
     
(1,302
)
   
-
     
(2,055
)
Balances at June 30, 2022
 
$
5,396
   
$
116,596
   
$
1,672,000
     
12,058,773
   
$
(631,853
)
 
$
(203,172
)
 
$
958,967
 

Six Months Ended June 30, 2021
Balances at December 31, 2020
 
$
5,396
   
$
102,909
   
$
1,578,662
     
11,647,627
   
$
(593,540
)
 
$
(159,091
)
 
$
934,336
 
Net earnings
   
-
     
-
     
57,604
     
-
     
-
     
-
     
57,604
 
Other comprehensive income
   
-
     
-
     
-
     
-
     
-
     
3,170
     
3,170
 
Cash dividends paid – $0.78 per share
   
-
     
-
     
(33,027
)
   
-
     
-
     
-
     
(33,027
)
Share-based compensation
   
-
     
4,188
     
-
     
-
     
-
     
-
     
4,188
 
Non-vested stock issued upon vesting
   
-
     
(1,264
)
   
-
     
(24,711
)
   
1,264
     
-
     
-
 
Benefit plans
   
-
     
338
     
-
     
(14,791
)
   
756
     
-
     
1,094
 
Purchase of treasury stock
   
-
     
-
     
-
     
276,993
     
(22,507
)
   
-
     
(22,507
)
Other
   
-
     
(204
)
   
-
     
7,379
     
(377
)
   
-
     
(581
)
Balances at June 30, 2021
 
$
5,396
   
$
105,967
   
$
1,603,239
     
11,892,497
   
$
(614,404
)
 
$
(155,921
)
 
$
944,277
 

See accompanying notes to consolidated condensed financial statements.

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) that are necessary to present fairly the financial position of the Company as of June 30, 2022, and the results of operations, comprehensive income, and shareholders’ equity for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. 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 period incurred.

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other inter-bank offered rates to alternative rates. The guidance is effective upon issuance and generally can be applied through December 31, 2022. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements and its related disclosures.

Please refer to the notes in the Company’s annual consolidated financial statements for the year ended December 31, 2021, 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.
Divestitures

On June 30, 2020, the Company completed the sale of its inks product line. On September 18, 2020, the Company completed the sale of its yogurt fruit preparations product line. This sale also included an earnout based on future performance, which could result in additional cash consideration for the Company. On April 1, 2021, the Company completed the sale of its fragrances product line (excluding its essential oils product line) for $36.3 million of net cash.

The Company reports all costs associated with the divestitures in Corporate & Other. There were no costs associated with the divestitures for the three and six months ended June 30, 2022.

The following table summarizes the divestiture & other related costs for the three months ended June 30, 2021:

(In thousands)
 
Yogurt Fruit Preparations
   
Fragrances
   
Inks
   
Corporate &
Other
   
Total
 
Non-cash impairment charges – Selling and administrative expenses
  $ -     $ 1,062     $ -     $ -     $ 1,062  
Non-cash charges – Cost of products sold
    -       3       -       -       3  
Reclassification of foreign currency translation and related items – Selling and administrative expenses
    -       10,193       -       -       10,193  
Other costs - Selling and administrative expenses(1)
   
264
     
202
     
(98
)
   
62
     
430
 
Total
 
$
264
   
$
11,460
   
$
(98
)
 
$
62
   
$
11,688
 


(1)
Other costs – Selling and administrative expenses include employee separation costs, professional services, accelerated depreciation, and other related costs.
 
The following table summarizes the divestiture & other related costs for the six months ended June 30, 2021:

(In thousands)
 
Yogurt Fruit Preparations
   
Fragrances
   
Inks
   
Corporate &
Other
   
Total
 
Non-cash impairment charges – Selling and administrative expenses
 
$
-
   
$
1,062
   
$
-
   
$
-
   
$
1,062
 
Non-cash charges – Cost of products sold
   
-
     
37
     
(9
)
   
-
     
28
 
Reclassification of foreign currency translation and related items – Selling and administrative expenses
   
-
     
10,193
     
-
     
-
     
10,193
 
Other costs - Selling and administrative expenses(1)
   
529
     
1,216
     
(205
)
   
437
     
1,977
 
Total
 
$
529
   
$
12,508
   
$
(214
)
 
$
437
   
$
13,260
 


(1)
Other costs – Selling and administrative expenses include environmental remediation, employee separation costs, professional services, accelerated depreciation, and other related costs.

In March 2020, the Company was notified by the buyer of the Company’s fragrances product line that environmental sampling conducted at the Company’s Granada, Spain location had identified the presence of contaminants in soil and groundwater in certain areas of the property. The Company records liabilities related to environmental remediation obligations when estimated future expenditures are probable and the amount of the liability is reasonably estimable. Based upon an environmental investigation and a quantitative risk assessment performed by a consultant hired by the Company, the Company recorded $0.3 million related to these obligations in Selling and Administrative Expenses during the six months ended June 30, 2021.

3.
Operational Improvement Plan

During the third quarter of 2020, the Company approved an operational improvement plan (Operational Improvement Plan) to consolidate manufacturing facilities and improve efficiencies within the Company. As part of the Operational Improvement Plan, the Company combined its New Jersey cosmetics manufacturing facility in the Personal Care product line of the Color segment into its existing Color segment facility in Missouri. In addition, the Company centralized certain Flavors & Extracts segment support functions in Europe into one location. In the Asia Pacific segment, the Company incurred costs in connection with the elimination of certain selling and administrative positions.

The Company reports all costs and income associated with the Operational Improvement Plan in Corporate & Other. There were no costs associated with the Operational Improvement Plan for the three and six months ended June 30, 2022.

The following table summarizes the Operational Improvement Plan expenses recorded in Selling and Administrative Expenses by segment for the three months ended June 30, 2021:

(In thousands)
 
Flavors & Extracts
   
Color
   
Asia Pacific
   
Consolidated
 
Employee separation costs
 
$
3
   
$
26
   
$
(24
)
 
$
5
 
Other income(1)     -
      (3,624
)
    -
      (3,624
)
Other costs(2)
   
-
     
125
     
-
     
125
 
Total expense (income)
 
$
3
   
$
(3,473
)
 
$
(24
)
 
$
(3,494
)


(1) Other income includes cash received for the early termination of a lease less associated expenses.

(2) Other costs include professional services, accelerated depreciation, and other related costs.


The following table summarizes the Operational Improvement Plan expenses recorded in Selling and Administrative Expenses by segment for the six months ended June 30, 2021:


(In thousands)
 
Flavors & Extracts
   
Color
   
Asia Pacific
   
Consolidated
 
Employee separation costs
 
$
(16
)
 
$
80
 
$
(68
)
 
$
(4
)
Other income(1)
   
-
     
(3,624
)
   
-
     
(3,624
)
Other costs(2)
   
-
     
1,134
     
1
     
1,135
 
Total expense (income)
 
$
(16
)
 
$
(2,410
)
 
$
(67
)
 
$
(2,493
)


(1)
Other income includes cash received for the early termination of a lease less associated expenses.

(2)
Other costs include professional services, accelerated depreciation, and other related costs.

As of June 30, 2022 and December 31 2021, accrued liabilities in Other Accrued Expenses totaled $0.4 million and $0.8 million, respectively, related to the Operational Improvement Plan.

4.
Acquisition

On July 15, 2021, the Company acquired substantially all of the assets of Flavor Solutions, Inc., a flavors business located in New Jersey. The purchase price for this acquisition was $14.9 million in cash with approximately $1.0 million of such amount being held back by the Company for 12 months in order to satisfy post-closing indemnification claims that may arise. The assets acquired and liabilities assumed were recorded at their estimated fair value as of the acquisition date. The Company acquired net assets of $0.4 million and identified intangible assets, principally customer relationships, of $5.0 million. The remaining $9.5 million was allocated to goodwill. This business is now part of the Flavors & Extracts segment.

5.
Trade Accounts Receivable

Trade accounts receivables are recorded at their face amount, less an allowance for expected losses on doubtful accounts. The allowance for doubtful accounts is calculated based on customer-specific analysis and an aging methodology using historical loss information. The Company believes historical loss information is a reasonable basis for expected credit losses as the Company’s historical credit loss experience correlates with its customer delinquency status. This information is also adjusted for any known current economic conditions, including the current and expected impact of COVID-19. Currently, the COVID-19 pandemic has not had and is not anticipated to have a material impact on trade accounts receivable. Forecasted economic conditions have not had a significant impact on the current credit loss estimate due to the short-term nature of the Company’s customer receivables; however, the Company will continue to monitor and evaluate the rapidly changing economic conditions. Additionally, as the Company only has one portfolio segment, there are not different risks between portfolios. Specific accounts are written off against the allowance for doubtful accounts when the receivable is deemed no longer collectible.

The following table summarizes the changes in the allowance for doubtful accounts during the three and six month periods ended June 30, 2022 and 2021:

(In thousands)
Three Months Ended June 30, 2022
 
Allowance for
Doubtful Accounts
 
Balance at March 31, 2022
 
$
4,912
 
Provision for expected credit losses
   
547
 
Accounts written off
   
(729
)
Translation and other activity
   
(236
)
Balance at June 30, 2022
 
$
4,494
 

(In thousands)
Three Months Ended June 30, 2021
 
Allowance for
Doubtful Accounts
 
Balance at March 31, 2021
 
$
3,614
 
Provision for expected credit losses
   
138
 
Accounts written off
   
(20
)
Translation and other activity
   
17
 
Balance at June 30, 2021
 
$
3,749
 

(In thousands)
Six Months Ended June 30, 2022
 
Allowance for
Doubtful Accounts
 
Balance at December 31, 2021
 
$
4,877
 
Provision for expected credit losses
   
832
 
Accounts written off
   
(1,096
)
Translation and other activity
   
(119
)
Balance at June 30, 2022
 
$
4,494
 

(In thousands)
Six Months Ended June 30, 2021
 
Allowance for
Doubtful Accounts
 
Balance at December 31, 2020
 
$
3,891
 
Provision for expected credit losses
   
294
 
Accounts written off
    (373 )
Translation and other activity