Sensient Technologies Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sensient Technologies Corp. has filed its 2023 annual report (10-K) detailing its financial performance and corporate information.</b>

AI Summary

SENSIENT TECHNOLOGIES CORP (SXT) filed a Annual Report (10-K) with the SEC on February 22, 2024. Sensient Technologies Corporation filed its annual report for the fiscal year ended December 31, 2023. The company's principal executive offices are located at 777 East Wisconsin Avenue, Milwaukee, WI 53202-5304. Sensient Technologies Corp. was formerly known as Universal Foods Corp., with a name change effective July 3, 1992. The company is classified under the Standard Industrial Classification code 2860 for Industrial Organic Chemicals. The filing was made on February 22, 2024.

Why It Matters

For investors and stakeholders tracking SENSIENT TECHNOLOGIES CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sensient's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's value and future prospects. Understanding the company's historical data, including its former name and industry classification, offers context for its long-term business evolution and market positioning within the industrial organic chemicals sector.

Risk Assessment

Risk Level: low — SENSIENT TECHNOLOGIES CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, specific negative financial indicators or significant new risks beyond those typically associated with a public company in the chemical industry.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Sensient Technologies Corp.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240222 — Filing Date (Filed as of date)
• 19920703 — Name Change Date (Date of former company name change)
• 2860 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SENSIENT TECHNOLOGIES CORP (company) — Filer name
• 0000310142 (company) — Central Index Key
• 2860 (regulator) — Standard Industrial Classification code
• WI (company) — State of incorporation
• 777 EAST WISCONSIN AVENUE (company) — Business address street
• MILWAUKEE (company) — Business address city
• 53202-5304 (company) — Business address zip
• UNIVERSAL FOODS CORP (company) — Former company name

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Sensient Technologies Corp.)

SIC Code

Standard Industrial Classification code, a system used to classify industries and businesses. (Identifies Sensient Technologies Corp.'s primary business sector as Industrial Organic Chemicals.)

Key Financial Figures

• $0.10 — T: TITLE OF EACH CLASS Common Stock, $0.10 par value TRADING SYMBOL(S) SXT N
• $14.9 million — purchase price for this acquisition was $14.9 million in cash. This business is part of the F
• $23.3 million — ess located in Turkey. The Company paid $23.3 million in cash for this acquisition, which is
• $1.3 million — h for this acquisition, which is net of $1.3 million in debt assumed. This business is part
• $1.5 million — stitures In 2021, the Company received $1.5 million of net cash related to the previously c
• $2.5 million — ct lines. In 2022, the Company received $2.5 million of net cash related to its previously c
• $36.3 million — ng its essential oils product line) for $36.3 million of net cash. Flavors & Extracts Group

Filing Documents

• ef20015292_10k.htm (10-K) — 2773KB
• ef20015292_ex21.htm (EX-21) — 50KB
• ef20015292_ex23-1.htm (EX-23.1) — 2KB
• ef20015292_ex31.htm (EX-31) — 25KB
• ef20015292_ex32.htm (EX-32) — 9KB
• ef20015292_ex97.htm (EX-97) — 42KB
• image00001.jpg (GRAPHIC) — 18KB
• 0001140361-24-008963.txt (&nbsp;) — 13601KB
• sxt-20231231.xsd (EX-101.SCH) — 63KB
• sxt-20231231_cal.xml (EX-101.CAL) — 95KB
• sxt-20231231_def.xml (EX-101.DEF) — 330KB
• sxt-20231231_lab.xml (EX-101.LAB) — 1000KB
• sxt-20231231_pre.xml (EX-101.PRE) — 588KB
• ef20015292_10k_htm.xml (XML) — 2970KB

Business

Item 1. Business 5 General 5 Description of Business 5 Acquisitions 5 Divestitures 6 Flavors & Extracts Group 6 Color Group 6 Asia Pacific Group 7 Corporate 7 Research and Development/Quality Assurance 7 Products and Application Activities 7 Raw Materials 8 Competition 8 Foreign Operations 8 Patents, Formulae, and Trademarks 9 Human Capital 9 Regulation 10

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 18

Cybersecurity

Item 1C. Cybersecurity 19

Properties

Item 2. Properties 20

Legal Proceedings

Item 3. Legal Proceedings 20

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 20 Information About Our Executive Officers 21 PART II 22 Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 22

[Reserved]

Item 6. [Reserved] 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 29

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 30

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 57

Controls and Procedures

Item 9A. Controls and Procedures 57

Other Information

Item 9B. Other Information 59

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 PART III 60

Directors, Executive Officers of the Registrant, and Corporate Governance

Item 10. Directors, Executive Officers of the Registrant, and Corporate Governance 60

Executive Compensation

Item 11. Executive Compensation 60

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 60

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 60 PART IV 61

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 61 List of Financial Statements and Financial Statement Schedule 61 Financial Statement Schedule 67 Schedule II — Valuation and Qualifying Accounts 67

Form 10-K Summary

Item 16. Form 10-K Summary 67 EXHIBIT INDEX 61

SIGNATURES

SIGNATURES 68 3 Index

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report 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 December 31, 2023, 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 the forward-looking 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, among others, the Company's ability to manage general business, economic, and capital market conditions, including actions taken by customers in response to such market conditions, and the impact of recessions and economic downturns; the impact of macroeconomic and geopolitical volatility, including inflation and shortages impacting the availability and cost of raw materials, energy, and other supplies, disruptions and delays in the Company's supply chain, and the conflicts between Russia and Ukraine and Israel and Hamas and other parties in the Middle East; the availability and cost of labor, logistics, and transportation; the pace and nature of new product introductions by the Company and the Company's customers; the Company's ability to anticipate and respond to changing consumer preferences and changing technologies; the Company's ability to successfully implement its growth strategies; the outcome of the Company's various productivit

View Full Filing

View this 10-K filing on SEC EDGAR