Annual report pursuant to Section 13 and 15(d)

BUSINESS SEGMENTS

v3.24.0.1
BUSINESS SEGMENTS
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENTS
NOTE 17: BUSINESS SEGMENTS
The Company has two reportable segments: Branded CPG and Flavors & Ingredients. In addition, the Company’s corporate office functions are reported and included under Corporate. Corporate is not a reportable or operating segment but is included for reconciliation purposes and includes the costs for the corporate office administrative activities as well as transaction-related and other costs. Certain prior year amounts have been reclassified to conform to the current presentation. The Company does not present assets by reportable segments as they are not reviewed by the Chief Operating Decision Maker for purposes of assessing segment performance and allocating resources.
The following table presents selected financial information relating to the Company’s business segments (in thousands):
Year Ended
December 31, 2023 December 31, 2022 December 31, 2021
Product revenues, net
Branded CPG $ 426,287  $ 422,638  $ 389,174 
Flavors & Ingredients 124,626  115,634  104,799 
Total product revenues, net $ 550,913  $ 538,272  $ 493,973 
Operating income (loss)
Branded CPG $ 8,167  $ (30,182) $ 34,918 
Flavors & Ingredients 35,681  32,505  21,860 
43,848  2,323  56,778 
Corporate (28,453) (26,969) (33,962)
Total operating income (loss)
 $ 15,395  $ (24,646) $ 22,816 
The following table presents geographic information based upon revenues of the Company’s major geographic markets (in thousands):
Year Ended
December 31, 2023 December 31, 2022 December 31, 2021
North America $ 366,207  $ 357,175  $ 318,958 
Europe 95,095  92,272  96,013 
India, Middle East and Africa 16,201  19,940  14,801 
Asia-Pacific 57,731  53,300  51,598 
Latin America 15,679  15,585  12,603 
Total product revenues, net $ 550,913  $ 538,272  $ 493,973 
The Company has a large and diverse customer base, which includes numerous customers located in foreign countries. Branded CPG’s combined sales to a single customer accounted for 13.8%, 14.1% and 10.6% of total sales in 2023, 2022 and 2021, respectively. With the exception of the United States, no one country represented more than 10% of the Company’s net sales.
The Company has an exclusive supply contract to purchase the output of licorice extract and certain licorice derivatives from a manufacturer with facilities in Central Asia. For the year ended December 31, 2023, the Company’s purchases from this supplier totaled approximately $13.0 million, representing 32.1% of the Company’s licorice raw material purchases for the year.
Long-lived assets are as follows (in thousands):
December 31, 2023 December 31, 2022
Long-Lived Assets*
United States $ 20,990  $ 24,516 
China 14,421  14,805 
Czech Republic 6,355  6,451 
France 12,079  10,960 
Other Foreign Countries 1,092  1,360 
Total $ 54,937  $ 58,092 
*Long-lived assets consist of property, plant and equipment, net