Post-effective amendment to a registration statement that is not immediately effective upon filing

BUSINESS SEGMENTS

v3.21.1
BUSINESS SEGMENTS
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Segment Reporting [Abstract]    
BUSINESS SEGMENTS
NOTE 17: BUSINESS SEGMENTS
The Company has two reportable segments: Branded CPG and Flavors & Ingredients. In addition, beginning with the first quarter of 2021, the Company’s corporate office functions are now 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):
(Successor) (Predecessor)
Three Months Ended
March 31, 2021		 Three Months Ended
March 31, 2020
Product revenues, net
Branded CPG $ 81,797  $ 40,219 
Flavors & Ingredients 24,028  25,753 
Total product revenues, net $ 105,825  $ 65,972 
Operating income (loss)
Branded CPG $ 10,159  $ (6,755)
Flavors & Ingredients 972  (24,010)
11,131  (30,765)
Corporate (14,195) (2,557)
Total operating income (loss) $ (3,064) $ (33,322)
The following table presents geographic information based upon revenues of the Company’s major geographic markets (in thousands):
(Successor) (Predecessor)
Three Months Ended
March 31, 2021		 Three Months Ended
March 31, 2020
Branded CPG:
North America $ 51,970  $ 15,248 
Europe 19,414  15,970 
India, Middle East and Africa 2,643  2,056 
Asia-Pacific 5,226  4,172 
Latin America 2,544  2,773 
Flavors & Ingredients 24,028  25,753 
Total product revenues, net $ 105,825  $ 65,972 
NOTE 17: BUSINESS SEGMENTS
The Company has two reportable segments: Branded CPG and Flavors & Ingredients. 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):
(Successor) (Predecessor)
From June 26, 2020 to December 31, 2020 From January 1, 2020 to
June 25, 2020		 Year Ended December 31, 2019 Year Ended December 31, 2018
Product revenues, net
Branded CPG $ 96,857  $ 80,749  $ 165,863  $ 173,759 
Flavors & Ingredients 50,311  47,579  106,260  117,206 
Total product revenues, net $ 147,168  $ 128,328  $ 272,123  $ 290,965 
Operating income (loss)
Branded CPG $ (3,461) $ (14,463) $ 10,280  $ 8,283 
Flavors & Ingredients (2,645) (23,718) 19,396  19,469 
Total operating (loss) income $ (6,106) $ (38,181) $ 29,676  $ 27,752 
The following table presents geographic information based upon revenues of the Company’s major geographic markets (in thousands):
(Successor) (Predecessor)
From June 26, 2020 to December 31, 2020 From January 1, 2020 to
June 25, 2020		 Year Ended December 31, 2019 Year Ended December 31, 2018
North America $ 63,386  $ 54,253  $ 104,788  $ 103,803 
Europe, Middle East and Africa 52,348  46,479  105,546  119,456 
Asia-Pacific 24,606  21,090  47,695  48,889 
Latin America 6,828  6,506  14,094  18,817 
Total product revenues, net $ 147,168  $ 128,328  $ 272,123  $ 290,965 
The Company has a large and diverse customer base, which includes numerous customers located in foreign countries. No single unaffiliated customer accounted for more than 10% of total sales in any year during the past two years. With the exception of the United States and France, 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 Uzbekistan. For the year ended December 31, 2020, the Company’s purchases from this supplier totaled approximately $11.5 million, representing 31% of the Company’s licorice raw materials purchases for the year.
Long-lived assets are as follows (in thousands):
(Successor) (Predecessor)
Year Ended December 31, 2020 Year Ended December 31, 2019
Long-Lived Assets*
United States $ 14,798  $ 7,787 
China 14,207  5,296 
Czech Republic 6,070  3,278 
France 11,076  3,144 
Other Foreign Countries 1,134  835 
Total $ 47,285  $ 20,340 
*Long-lived assets consist of property, plant and equipment, net