Sensient Technologies Corp 10-K for FY2022

Sensient Technologies Corp (SXT)

10-K 2023-02-17 For: 2022-12-31

Added on April 10, 2026

About this 10-K

Sensient Technologies Corp filed this 10-K on February 17, 2023, covering the fiscal year ended December 31, 2022 (FY2022).

Headline figures

Fiscal year ended December 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.44B; up 4.1% from $1.38B a year earlier
Net income: $140.89M; up 18.6% from net income of $118.75M a year earlier
Diluted EPS: $3.34; up 18.9% from $2.81 a year earlier

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WISCONSIN		39-0561070
(State of Incorporation)		(IRS Employer Identification Number)

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

PART I			4
	Item 1. Business		4
		General	4
		Description of Business	4
		Acquisitions	5
		Divestitures	5
		Flavors & Extracts Group	5
		Color Group	5
		Asia Pacific Group	6
		Corporate	6
		Research and Development/Quality Assurance	6
		Products and Application Activities	6
		Raw Materials	7
		Competition	7
		Foreign Operations	7
		Patents, Formulae, and Trademarks	8
		Human Capital	8
		Regulation	9
	Item 1A. Risk Factors		9
	Item 1B. Unresolved Staff Comments		17
	Item 2. Properties		17
	Item 3. Legal Proceedings		18
	Item 4. Mine Safety Disclosure		18
	Information About Our Executive Officers		18
PART II			19
	Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities		19
	Item 6. [Reserved]		19
	Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations		20
	Item 7A. Quantitative and Qualitative Disclosures about Market Risk		26
	Item 8. Financial Statements and Supplementary Data		28
	Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		55
	Item 9A. Controls and Procedures		55
	Item 9B. Other Information		56
	Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections		56
PART III			57
	Item 10. Directors, Executive Officers of the Registrant, and Corporate Governance		57
	Item 11. Executive Compensation		57
	Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		57
	Item 13. Certain Relationships and Related Transactions and Director Independence		57
	Item 14. Principal Accountant Fees and Services		57
PART IV			58
	Item 15. Exhibits and Financial Statement Schedules		58
		List of Financial Statements and Financial Statement Schedule	58
		Financial Statement Schedule	64
		Schedule II — Valuation and Qualifying Accounts	64
	Item 16. Form 10-K Summary		64
EXHIBIT INDEX			58
SIGNATURES			65

Name	Age	Position
Paul Manning	48	Chairman, President, and Chief Executive Officer
Amy M. Agallar	45	Vice President and Treasurer
Michael C. Geraghty	61	President, Color Group
Thierry Hoang	42	Vice President, Asia Pacific Group
Amy Schmidt Jones	53	Vice President, Human Resources and Senior Counsel
John J. Manning	54	Senior Vice President, General Counsel, and Secretary
E. Craig Mitchell	58	President, Flavors & Extracts Group
Stephen J. Rolfs	58	Senior Vice President and Chief Financial Officer
Tobin Tornehl	49	Vice President, Controller and Chief Accounting Officer

	December 31, 2017		December 31, 2018		December 31, 2019		December 31, 2020		December 31, 2021		December 31, 2022
Sensient Technologies Corporation	$	100	$	78	$	94	$	108	$	150	$	111
S&P Midcap Specialty Chemicals Index		100		95		113		121		144		128
S&P Midcap Food Products Index		100		93		109		120		140		137
S&P 500 Index		100		96		126		149		191		157

	2022			2021
Rate before divestiture and discrete items		25.8	%		24.3	%
Divestiture & other related costs and income impact		-			4.2	%
Discrete items		(3.1	%)		(3.9	%)
Reported effective tax rate		22.7	%		24.6	%

	Twelve Months Ended December 31,
(In thousands except per share amounts)	2022			2021			% Change
Revenue (GAAP)	$	1,437,039		$	1,380,264			4.1	%
Revenue of the divested product lines		-			(30,062	)
Adjusted revenue	$	1,437,039			1,350,202			6.4	%

Operating Income (GAAP)	$	196,751		$	170,028			15.7	%
Divestiture & other related costs – Cost of products sold		-			86
Divestiture & other related (income) costs – Selling and administrative expenses		(2,532	)		14,052
Operating income of the divested product lines		-			(1,880	)
Operational improvement plan income – Selling and administrative expenses		-			(1,895	)
Adjusted operating income	$	194,219		$	180,391			7.7	%

Net Earnings (GAAP)	$	140,887		$	118,745			18.6	%
Divestiture & other related (income) costs, before tax		(2,532	)		14,138
Tax impact of divestiture & other related costs and income⁽¹⁾		636			2,092
Net earnings of the divested product lines, before tax		-			(1,880	)
Tax impact of the divested product lines⁽¹⁾		-			460
Operational improvement plan income, before tax		-			(1,895	)
Tax impact of operational improvement plan⁽¹⁾		-			471
Adjusted net earnings	$	138,991		$	132,131			5.2	%

Diluted Earnings Per Share (GAAP)	$	3.34		$	2.81			18.9	%
Divestiture & other related (income) costs, net of tax		(0.04	)		0.38
Results of operations of the divested product lines, net of tax		-			(0.03	)
Operational improvement plan, net of tax		-			(0.03	)
Adjusted diluted earnings per share	$	3.29		$	3.13			5.1	%

	Twelve Months Ended December 31, 2022
	Total			Foreign Exchange Rates			Adjustments⁽¹⁾			Adjusted Local Currency
Revenue
Flavors & Extracts		(0.2	%)		(2.2	%)		(3.8	%)		5.8	%
Color		10.8	%		(3.8	%)		(0.4	%)		15.0	%
Asia Pacific		6.1	%		(8.0	%)		(0.3	%)		14.4	%
Total Revenue		4.1	%		(3.4	%)		(2.2	%)		9.7	%

Operating Income
Flavors & Extracts		6.9	%		(0.9	%)		(2.5	%)		10.3	%
Color		10.7	%		(5.1	%)		0.7	%		15.1	%
Asia Pacific		12.0	%		(10.1	%)		(0.4	%)		22.5	%
Corporate & Other		(9.8	%)		0.0	%		(29.4	%)		19.6	%
Total Operating Income		15.7	%		(5.2	%)		8.4	%		12.5	%
Diluted Earnings per Share		18.9	%		(5.3	%)		14.3	%		9.9	%

	Years Ended December 31,
(In thousands except per share amounts)	2022		2021		2020
Revenue	$	1,437,039	$	1,380,264	$	1,332,001
Cost of products sold		947,928		925,603		908,254
Selling and administrative expenses		292,360		284,633		271,091
Operating income		196,751		170,028		152,656
Interest expense		14,547		12,544		14,811
Earnings before income taxes		182,204		157,484		137,845
Income taxes		41,317		38,739		28,373
Net earnings	$	140,887	$	118,745	$	109,472

Earnings per common share:
Basic	$	3.36	$	2.82	$	2.59
Diluted	$	3.34	$	2.81	$	2.59

Weighted average number of common shares outstanding:
Basic		41,888		42,077		42,301
Diluted		42,213		42,258		42,346

	Years Ended December 31,
(In thousands)	2022			2021			2020
Net earnings	$	140,887		$	118,745		$	109,472
Cash flow hedges adjustment, net of tax (benefit) expense of $(471), $(430), and $524, respectively		(805	)		(543	)		948
Pension adjustment, net of tax (benefit) expense of $(462), $577, and $(475), respectively		(1,439	)		1,612			(1,293	)
Foreign currency translation on net investment hedges		19,340			17,937			(24,044	)
Tax effect of current year activity on net investment hedges		(4,804	)		(4,455	)		5,973
Foreign currency translation on long-term intercompany loans		(2,468	)		13,798			(7,731	)
Tax effect of current year activity on intercompany long-term loans		(2,408	)		(3,990	)		3,757
Reclassification of cumulative translation to net earnings		-			10,203			(8,625	)
Other foreign currency translation		(33,476	)		(50,099	)		34,932
Total comprehensive income	$	114,827		$	103,208		$	113,389

	December 31,
(In thousands except share and per share amounts)	2022			2021
Assets
Current Assets:
Cash and cash equivalents	$	20,921		$	25,740
Trade accounts receivable		302,109			261,121
Inventories		564,110			411,635
Prepaid expenses and other current assets		47,640			42,657
Total current assets		934,780			741,153
Other assets		96,609			92,952
Deferred tax assets		32,717			29,901
Intangible assets, net		18,600			14,975
Goodwill		415,715			420,034
Property, Plant, and Equipment:
Land		31,444			31,028
Buildings		322,268			315,207
Machinery and equipment		722,294			715,344
Construction in progress		65,809			32,801
		1,141,815			1,094,380
Less accumulated depreciation		(658,622	)		(647,902	)
		483,193			446,478
Total assets	$	1,981,614		$	1,745,493

Liabilities and Shareholders’ Equity
Current Liabilities:
Trade accounts payable	$	142,365		$	125,519
Accrued salaries, wages, and withholdings from employees		43,738			40,939
Other accrued expenses		51,231			46,292
Income taxes		14,446			11,016
Short-term borrowings		20,373			8,539
Total current liabilities		272,153			232,305
Deferred tax liabilities		15,977			14,349
Other liabilities		37,191			28,829
Accrued employee and retiree benefits		26,364			28,579
Long-term debt		630,331			503,006
Shareholders’ Equity:
Common stock, par value $0.10 a share, authorized 100,000,000 shares; issued 53,954,874 shares		5,396			5,396
Additional paid-in capital		124,043			111,352
Earnings reinvested in the business		1,702,700			1,630,713
Treasury stock, 12,058,773 and 12,107,549 shares, respectively, at cost		(631,853	)		(634,408	)
Accumulated other comprehensive loss		(200,688	)		(174,628	)
		999,598			938,425
Total liabilities and shareholders’ equity	$	1,981,614		$	1,745,493

(In thousands except share and per share	Common		Additional Paid-in			Earnings Reinvested in the			Treasury Stock						Accumulated Other Comprehensive
amounts)	Stock		Capital			Business			Shares			Amount			(Loss) Income
Balances at December 31, 2019	$	5,396	$	98,425		$	1,536,100			11,682,636		$	(595,324	)	$	(163,008	)
Net earnings							109,472
Other comprehensive income																3,917
Cash dividends paid – $1.56 per share							(66,057	)
Share-based compensation				5,608
Non-vested stock issued upon vesting				(1,352	)					(26,515	)		1,352
Benefit plans				241						(16,344	)		833
Other				(13	)		(853	)		7,850			(401	)
Balances at December 31, 2020		5,396		102,909			1,578,662			11,647,627			(593,540	)		(159,091	)
Net earnings							118,745
Other comprehensive loss																(15,537	)
Cash dividends paid – $1.58 per share							(66,694	)
Share-based compensation				9,573
Non-vested stock issued upon vesting				(1,264	)					(24,711	)		1,264
Benefit plans				338						(14,791	)		756
Purchase of treasury stock										492,045			(42,511	)
Other				(204	)					7,379			(377	)
Balances at December 31, 2021		5,396		111,352			1,630,713			12,107,549			(634,408	)		(174,628	)
Net earnings							140,887
Other comprehensive loss																(26,060	)
Cash dividends paid – $1.64 per share							(68,915	)
Share-based compensation				16,138
Non-vested stock issued upon vesting				(3,239	)					(61,821	)		3,239
Benefit plans				560						(11,786	)		618
Other				(768	)		15			24,831			(1,302	)
Balances at December 31, 2022	$	5,396	$	124,043		$	1,702,700			12,058,773		$	(631,853	)	$	(200,688	)

(In thousands)	Allowance for Doubtful Accounts
Balance at December 31, 2020	$	3,891
Provision for expected credit losses		1,631
Accounts written off		(434	)
Translation and other activity		(211	)
Balance at December 31, 2021	$	4,877
Provision for expected credit losses		944
Accounts written off		(1,305	)
Translation and other activity		(80	)
Balance at December 31, 2022	$	4,436

			2022					2021
(In thousands except weighted average amortization years)	Weighted Average Amortization Years		Cost		Accumulated Amortization			Cost		Accumulated Amortization

Technological know-how		14.4	$	12,005	$	(3,383	)	$	8,870	$	(2,314	)
Customer relationships		19.0		9,697		(2,691	)		7,084		(2,269	)
Patents, trademarks, non-compete agreements, and other		15.6		11,596		(8,624	)		11,606		(8,002	)
Total finite-lived intangibles		16.2	$	33,298	$	(14,698	)	$	27,560	$	(12,585	)

(In thousands)	Flavors & Extracts			Color			Asia Pacific			Consolidated
Balance as of December 31, 2020	$	112,370		$	305,263		$	5,657		$	423,290
Currency translation impact		(17,298	)		6,001			(603	)		(11,900	)
Goodwill related to divestitures⁽¹⁾		(812	)		—			—			(812	)
Acquisitions⁽²⁾		9,456			—			—			9,456
Balance as of December 31, 2021	$	103,716		$	311,264		$	5,054		$	420,034
Currency translation impact		(2,796	)		(10,625	)		(338	)		(13,759	)
Acquisitions⁽²⁾		—			9,440			—			9,440
Balance as of December 31, 2022	$	100,920		$	310,079		$	4,716		$	415,715

(In thousands)
Year ending December 31,
2023	$	9,297
2024		8,218
2025		4,827
2026		3,559
2027		2,969
Thereafter		12,035
Total lease payments		40,905
Less imputed interest		(4,638	)
Present value of lease liabilities	$	36,267

(In thousands except fair value)	Shares			Grant Date Weighted Average Fair Value		Aggregate Intrinsic Value
Outstanding at December 31, 2019		404		$	64.89		26,710
Granted		142			65.61
Vested		(27	)		74.21
Cancelled		(68	)		73.39
Outstanding at December 31, 2020		451		$	63.28		33,283
Granted		129			90.10
Vested		(25	)		61.91
Cancelled		(73	)		72.37
Outstanding at December 31, 2021		482		$	69.15	$	48,271
Granted		168			73.52
Vested		(62	)		58.81
Cancelled		(69	)		58.62
Outstanding at December 31, 2022		519		$	73.19	$	37,883

	2022			2021
Discount rate		5.12	%		2.35	%
Expected return on plan assets		4.89	%		2.54	%
Rate of compensation increase		0.90	%		1.02	%

	Fair Value as of December 31,		Fair Value Measurements at December 31, 2022 Using Fair Value Hierarchy						Fair Value as of December 31,		Fair Value Measurements at December 31, 2021 Using Fair Value Hierarchy
(In thousands)	2022		Level 1		Level 2		Level 3		2021		Level 1		Level 2		Level 3
Equity Funds
Domestic	$	5,208	$	5,208	$	—	$	—	$	7,033	$	7,033	$	—	$	—
International		55		—		55		—		79		—		79		—
International Fixed Income Funds		14,551		1,060		13,491		—		25,732		889		24,843		—
Other investments		115		84		31		—		138		115		23		—
Total assets at fair value	$	19,929	$	6,352	$	13,577	$	—	$	32,982	$	8,037	$	24,945	$	—

(In thousands)	Cash Flow Hedges ⁽¹⁾			Pension Items ⁽¹⁾			Foreign Currency Items			Total
Balance as of December 31, 2019	$	(199	)	$	(672	)	$	(162,137	)	$	(163,008	)
Other comprehensive income (loss) before reclassifications		(374	)		(1,325	)		12,887			11,188
Amounts reclassified from OCI		1,322			32			(8,625	)		(7,271	)
Balance as of December 31, 2020	$	749		$	(1,965	)	$	(157,875	)	$	(159,091	)
Other comprehensive income (loss) before reclassifications		775			1,528			(26,809	)		(24,506	)
Amounts reclassified from OCI		(1,318	)		84			10,203			8,969
Balance as of December 31, 2021	$	206		$	(353	)	$	(174,481	)	$	(174,628	)
Other comprehensive income (loss) before reclassifications		215			(1,466	)		(23,816	)		(25,067	)
Amounts reclassified from OCI		(1,020	)		27			-			(993	)
Balance as of December 31, 2022	$	(599	)	$	(1,792	)	$	(198,297	)	$	(200,688	)

(In thousands)	Yogurt Fruit Preparations			Fragrances		Inks			Corporate/ Other		Consolidated
Non-cash impairment charges – Selling and administrative expenses	$	(1,000	)	$	1,062	$	-		$	-	$	62
Non-cash charges – Cost of products sold		-			95		(9	)		-		86
Reclassification of foreign currency translation and related items – Selling and administrative expenses		-			10,201		2			-		10,203
Other costs - Selling and administrative expenses⁽¹⁾		917			2,553		(281	)		598		3,787
Total	$	(83	)	$	13,911	$	(288	)	$	598	$	14,138

(In thousands)	Selling and Administrative Expenses		Cost of Products Sold		Consolidated
Employee separation	$	2,690	$	-	$	2,690
Other costs⁽¹⁾		614		35		649
Total	$	3,304	$	35	$	3,339

	Consolidated Balance Sheets – December 31, 2022 and 2021	30

	Consolidated Statements of Earnings – Years ended December 31, 2022, 2021, and 2020	28

	Consolidated Statements of Comprehensive Income – Years ended December 31, 2022, 2021, and 2020	29

	Consolidated Statements of Shareholders’ Equity – Years ended December 31, 2022, 2021, and 2020	32

	Consolidated Statements of Cash Flows – Years ended December 31, 2022, 2021, and 2020	31

	Notes to Consolidated Financial Statements	33-53

	Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)	54-55

Exhibit Number	Description	Incorporated by Reference from	Filed Herewith
3.1	Sensient Technologies Corporation Amended and Restated Articles of Incorporation	Exhibit 3.1 to Current Report on Form 8-K dated July 24, 2017 (Commission File No. 1-7626)

3.2	Sensient Technologies Corporation Amended and Restated By-Laws	Exhibit 3.1 to Current Report on Form 8-K filed February 14, 2023 (Commission File No. 1-7626)

4.1(a)	Note Purchase Agreement dated as of April 5, 2013	Exhibit 10.1 to Current Report on Form 8-K dated April 5, 2013 (Commission File No. 1-7626)

4.1(b)	First Amendment dated as of November 6, 2015 to Note Purchase Agreement dated as of April 5, 2013	Exhibit 10.3 to Current Report on Form 8-K dated November 6, 2015 (Commission File No. 1-7626)

4.1(c)	Second Amendment dated as of May 3, 2017 to Note Purchase Agreement dated as of April 5, 2013	Exhibit 10.4 to Current Report on Form 8-K dated May 5, 2017 (Commission File No. 1-7626)

4.1(d)	Third Amendment dated as of June 22, 2018 to Note Purchase Agreement dated as of April 5, 2013	Exhibit 4.2(d) to Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (Commission File No. 1-7626)

4.1(e)	Fourth Amendment dated as of May 6, 2021 to Note Purchase Agreement dated as of April 5, 2013	Exhibit 4.1 to Current Report on Form 8-K filed May 11, 2021 (Commission File No. 1-7626)

4.2(a)	Note Purchase Agreement dated as of May 3, 2017	Exhibit 10.2 to Current Report on Form 8-K dated May 5, 2017 (Commission File No. 1-7626)

4.2(b)	First Amendment dated as of June 22, 2018 to Note Purchase Agreement dated as of May 3, 2017	Exhibit 4.4(b) to Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (Commission File No. 1-7626)

4.2(c)	Second Amendment dated as of May 6, 2021 to Note Purchase Agreement dated as of May 3, 2017	Exhibit 4.3 to Current Report on Form 8-K filed May 11, 2021 (Commission File No. 1-7626)

4.3(a)	Note Purchase Agreement dated as of November 1, 2018	Exhibit 10.1 to Current Report on Form 8-K dated November 1, 2018 (Commission File No. 1-7626)

4.3(b)	First Amendment dated as of May 6, 2021 to Note Purchase Agreement dated as of November 1, 2018	Exhibit 4.4 to Current Report on Form 8-K filed May 11, 2021 (Commission File No. 1-7626)

4.4	Description of Sensient Technologies Corporation’s securities registered pursuant to Section 12 of the Securities Exchange Act	Exhibit 4.5 to Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (Commission File No. 1-7626)

10	Material Contracts

10.1	Management Contracts or Compensatory Plans

10.1(a)	Executive Employment Contract dated as of February 13, 2020, between Sensient Technologies Corporation and Paul Manning	Exhibit 10.1 to Current Report on Form 8-K dated February 13, 2020 (Commission File No. 1-7626)

10.1(b)	Form of Change of Control Employment and Severance Agreement	Exhibit 10.1(b)(3) to Annual Report on Form 10-K for the fiscal year ended December 31, 2011 (Commission File No. 1-7626)

10.1(c)	Sensient Technologies Corporation 2012 Non-Employee Directors Stock Plan	Exhibit 10.1(c)(2) to Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (Commission File No. 1-7626)

10.1(d)	Sensient Technologies Corporation Directors’ Deferred Compensation Plan	Exhibit 10.1 to Current Report on Form 8-K dated May 28, 2014 (Commission File No. 1-7626)

10.1(e)	Sensient Technologies Corporation Non-Employee Directors’ Retirement Plan	Exhibit 10.2 to Current Report on Form 8-K dated July 25, 2013 (Commission File No. 1-7626)

10.1(f)(1)	Sensient Technologies Corporation Frozen Management Income Deferral Plan	Exhibit 10.5(a) to Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (Commission File No. 1-7626)

10.1(f)(2)	Sensient Technologies Corporation Management Income Deferral Plan	Exhibit 10.5(b) to Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (Commission File No. 1-7626)

10.1(g)(1)	Sensient Technologies Corporation Frozen Executive Income Deferral Plan	Exhibit 10.4(a) to Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (Commission File No. 1-7626)

10.1(g)(2)	Sensient Technologies Corporation Executive Income Deferral Plan	Exhibit 10.4(b) to Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (Commission File No. 1-7626)

10.1(h)	Amended and Restated Sensient Technologies Corporation Rabbi Trust “A” Agreement dated November 30, 2009, between Sensient Technologies Corporation and Wells Fargo Bank, N.A.	Exhibit 10.1(l) to Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (Commission File No. 1-7626)

10.1(i)(1)	Amended and Restated Sensient Technologies Corporation Rabbi Trust “B” Agreement dated November 30, 2009, between Sensient Technologies Corporation and Wells Fargo Bank, N.A.	Exhibit 10.1(m) to Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (Commission File No. 1-7626)

10.1(i)(2)	Amendment No. 1 to the Amended and Restated Sensient Technologies Corporation Rabbi Trust “B” Agreement	Exhibit 10.1(m)(2) to Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 (Commission File No. 1-7626)

10.1(j)	Amended and Restated Sensient Technologies Corporation Rabbi Trust “C” Agreement dated November 30, 2009, between Sensient Technologies Corporation and Wells Fargo Bank, N.A.	Exhibit 10.1(n) to Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (Commission File No. 1-7626)

10.1(k)(1)	Sensient Technologies Corporation Form of Supplemental Executive Retirement Plan A Agreement	Exhibit 10.1(s) to Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (Commission File No. 1-7626)

10.1(k)(2)	Form of Amendment No. 1 to the Sensient Technologies Corporation Amended and Restated Supplemental Executive Retirement Plan A	Exhibit 10.1(s)(2) to Annual Report on Form 10-K for the fiscal year ended December 31, 2010 (Commission file No. 1-7626)

10.1(k)(3)	Form of Amendment No. 2 to the Sensient Technologies Corporation Amended and Restated Supplemental Executive Retirement Plan A	Exhibit 10.1 to Current Report on Form 8-K dated April 22, 2010 (Commission File No. 1-7626)

10.1(l)(1)	Sensient Technologies Corporation Form of Supplemental Executive Retirement Plan B Agreement	Exhibit 10.1(t) to Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (Commission File No. 1-7626)

10.1(l)(2)	Form of Amendment No. 1 to the Sensient Technologies Corporation Amended and Restated Supplemental Executive Retirement Plan B	Exhibit 10.1(t)(2) to Annual Report on Form 10-K for the fiscal year ended December 31, 2010 (Commission File No. 1-7626)

10.1(l)(3)	Form of Amendment No. 2 to the Sensient Technologies Corporation Amended and Restated Supplemental Executive Retirement Plan B	Exhibit 10.2 to Current Report on Form 8-K dated April 22, 2010 (Commission File No. 1-7626)

10.1(m)(1)	Sensient Technologies Frozen Supplemental Benefit Plan	Exhibit 10.6(a) to Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (Commission File No. 1-7626)

10.1(m)(2)	Sensient Technologies Supplemental Benefit Plan	Exhibit 10.6(b) to Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (Commission File No. 1-7626)

10.1(n)	Sensient Technologies Corporation Policy on Recovery of Incentive Compensation from Executives	Exhibit 10.1 to Current Report on Form 8-K dated December 8, 2011 (Commission File No. 1-7626)

10.1(o)(1)	Form of Performance Stock Unit Agreement	Exhibit 10.3 to Current Report on Form 8-K dated May 28, 2014 (Commission File No. 1-7626)

10.1(o)(2)	Form of Restricted Stock Agreement	Exhibit 10.1 to Current Report on Form 8-K dated December 10, 2020 (Commission File No. 1-7626)

10.1(o)(3)	Form of Restricted Stock Unit Agreement	Exhibit 10.2 to Current Report on Form 8-K dated December 10, 2020 (Commission File No. 1-7626)

10.1(p)	Sensient Technologies Corporation 2017 Stock Plan, as amended and restated	Appendix B to Definitive Proxy Statement filed on Schedule 14A on March 16, 2022 (Commission File No. 1-7626)

10.1(q)	Sensient Technologies Management Incentive Compensation Plan, as amended on February 10, 2022	Exhibit 10.1(q) to Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (Commission File No. 1-7626)

10.2(a)	Third Amended and Restated Credit Agreement dated as of May 5, 2021	Exhibit 10.1 to Current Report on Form 8-K filed May 11, 2021 (Commission File No. 1-7626)

10.2(b)	First Amendment to the Third Amended and Restated Credit Agreement, dated as of December 14, 2022	Exhibit 10.1 to Current Report on Form 8-K filed December 20, 2022 (Commission File No. 1-7626)

10.3(a)	Receivables Sale Agreement dated as of October 3, 2016	Exhibit 10.1 to Current Report on Form 8-K dated October 3, 2016 (Commission File No. 1-7626)

10.3(b)	Amendment No. 1 to the Receivables Sale Agreement, dated as of October 2, 2017	Exhibit 10.1 to Current Report on Form 8-K dated October 2, 2017 (Commission File No. 1-7626)

10.4(a)	Receivables Purchase Agreement dated as of October 3, 2016	Exhibit 10.2 to Current Report on Form 8-K dated October 3, 2016 (Commission File No. 1-7626)

10.4(b)	Amendment No. 1 to the Receivables Purchase Agreement and Performance Undertaking, dated as of October 2, 2017	Exhibit 10.2 to Current Report on Form 8-K dated October 2, 2017 (Commission File No. 1-7626)

10.4(c)	Amendment No. 2 to Receivables Purchase Agreement, dated as of June 26, 2018	Exhibit 10.5(c) to Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (Commission File No. 1-7626)

10.4(d)	Amendment No. 3 to Receivables Purchase Agreement, dated as of October 1, 2018	Exhibit 10.1 to Current Report on Form 8-K dated October 1, 2018 (Commission File No. 1-7626)

10.4(e)	Amendment No. 4 to Receivables Purchase Agreement, dated as of October 1, 2019	Exhibit 10.1 to Current Report on Form 8-K dated October 7, 2019 (Commission File No. 1-7626)

10.4(f)	Amendment No. 5 to Receivables Purchase Agreement, dated as of October 1, 2020	Exhibit 10.1 to Current Report on Form 8-K dated October 1, 2020 (Commission File No. 1-7626)

10.4(g)	Amendment No. 6 to Receivables Purchase Agreement, dated as of November 12, 2020	Exhibit 10.4(g) to Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (Commission File No. 1-7626)

10.4(h)	Amendment No. 7 to Receivables Purchase Agreement, dated as of October 1, 2021	Exhibit 10.1 to Current Report on Form 8-K filed October 5, 2021 (Commission File No. 1-7626)

10.4(i)	Amendment No. 8 to Receivables Purchase Agreement, dated as of February 28, 2022	Exhibit 10.1 to Current Report on Form 8-K filed March 4, 2022 (Commission File No. 1-7626)

10.4(j)	Amendment No. 9 to Receivables Purchase Agreement, dated as of August 31, 2022	Exhibit 10.1 to Current Report on Form 8-K filed September 6, 2022 (Commission File No. 1-7626)

10.5	Performance Undertaking made as of October 3, 2016	Exhibit 10.3 to Current Report on Form 8-K dated October 3, 2016 (Commission File No. 1-7626)

10.6	Loan Agreement dated as of November 7, 2022	Exhibit 10.1 to Current Report on Form 8-K filed November 8, 2022 (Commission File No. 1-7626)

21	Subsidiaries of the Registrant		X

23.1	Consent of Ernst & Young LLP		X

31	Certifications of Sensient’s President and Chief Executive Officer and Senior Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a) of the Exchange Act		X

32	Certifications of Sensient’s President and Chief Executive Officer and Senior Vice President and Chief Financial Officer, pursuant to 18 United States Code § 1350		X

101.INS*	Inline Instance Document		X

101.SCH*	Inline XBRL Taxonomy Extension Schema Document	X

101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document	X

101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document	X

101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document	X

101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document	X

104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

Valuation Accounts Deducted in the Balance Sheet From the Assets to Which They Apply	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Additions Recorded During Acquisitions		Deductions (A)		Balance at End of Period

2020 Allowance for losses: Trade accounts receivable	$	4,563	$	565	$	0	$	1,693	$	3,435

2021 Allowance for losses: Trade accounts receivable	$	3,435	$	1,631	$	0	$	189	$	4,877

2022 Allowance for losses: Trade accounts receivable	$	4,877	$	944	$	0	$	1,385	$	4,436
(A) Accounts written off, net of recoveries. In 2021, $456 thousand was moved from Assets Held for Sale to Trade Accounts Receivable on the Consolidated Balance Sheet related to the fragrances divestiture.

	SENSIENT TECHNOLOGIES CORPORATION

	/s/ John J. Manning
	John J. Manning
	Senior Vice President, General Counsel and Secretary
Dated: February 17, 2023

/s/ Paul Manning	/s/ Sharad P. Jain
Paul Manning	Sharad P. Jain
Chairman of the Board, President and	Director
Chief Executive Officer

/s/ Stephen J. Rolfs	/s/ Donald W. Landry
Stephen J. Rolfs	Donald W. Landry
Senior Vice President and	Director
Chief Financial Officer

/s/ Tobin Tornehl	/s/ Deborah McKeithan-Gebhardt
Tobin Tornehl	Deborah McKeithan-Gebhardt
Vice President, Controller and	Director
Chief Accounting Officer

/s/ Joseph Carleone	/s/ Scott Morrison
Joseph Carleone	Scott Morrison
Director	Director

/s/ Mario Ferruzzi	/s/ Elaine R. Wedral
Mario Ferruzzi	Elaine R. Wedral
Director	Director

/s/ Carol R. Jackson	/s/ Essie Whitelaw
Carol R. Jackson	Essie Whitelaw
Director	Director

	NAME	INCORPORATION
	DOMESTIC
	POINTING COLOR INC.	DELAWARE
	SENSIENT COLORS LLC	DELAWARE
	SENSIENT FLAVORS INTERNATIONAL, INC.	INDIANA
	SENSIENT FLAVORS LLC	DELAWARE
	SENSIENT HOLDING COMPANY LLC	DELAWARE
	SENSIENT NATURAL INGREDIENTS LLC	DELAWARE
	SENSIENT RECEIVABLES LLC	DELAWARE
	SENSIENT TECHNOLOGIES HOLDING COMPANY LLC	DELAWARE
	SENSIENT WISCONSIN LLC	WISCONSIN

	NAME	INCORPORATION
	FOREIGN
	ENDEMIX DOĞAL MADDELER A.Ş.	TURKEY
	POINTING HOLDINGS LIMITED	UNITED KINGDOM
	POINTING INTERNATIONAL LIMITED	UNITED KINGDOM
	POINTING LIMITED	UNITED KINGDOM
	PT SENSIENT TECHNOLOGIES INDONESIA	INDONESIA
	SENSIENT COLORS CANADA LTD.	CANADA
	SENSIENT TECHNOLOGIES EUROPE GMBH	GERMANY
	SENSIENT COLORS S.A.	ARGENTINA
	SENSIENT COLORS S.A. DE C.V.	MEXICO
	SENSIENT COLORS UK LTD	UNITED KINGDOM
	SENSIENT COSMETIC TECHNOLOGIES	FRANCE
	SENSIENT COSMETIC TECHNOLOGIES E CORANTES, IMPORTAÇÃO E EXPORTAÇÃO DO BRASIL LTDA ENGLISH: SENSIENT COSMETIC TECHNOLOGIES BRAZIL	BRAZIL
	SENSIENT COSTA RICA S.R.L.	COSTA RICA
	SENSIENT FINANCE IRELAND DAC	IRELAND
	SENSIENT FLAVORS BELGIUM NV	BELGIUM
	SENSIENT FLAVORS CANADA INC.	CANADA
	SENSIENT FLAVORS CENTRAL AMERICA S.R.L.	COSTA RICA
	SENSIENT FLAVORS & FRAGRANCES SAS	FRANCE
	SENSIENT FLAVORS ITALY S.R.L.	ITALY
	SENSIENT FLAVORS LIMITED	UNITED KINGDOM
	SENSIENT FLAVORS MEXICO, S.A. DE C.V.	MEXICO
	SENSIENT FLAVORS POLAND SP. Z.O.O.	POLAND
	SENSIENT FLAVORS & FRAGRANCES INDUSTRY & TRADE LIMITED COMPANY (TURKEY)	TURKEY
	SENSIENT FOOD COLORS CZECH REPUBLIC CZ S.R.O.	CZECH REPUBLIC
	SENSIENT FOOD COLORS HUNGARY KFT	HUNGARY
	SENSIENT FOOD COLORS ITALY S.R.L.	ITALY
	SENSIENT TECHNOLOGIES POLAND SP. Z.O.O.	POLAND
	SENSIENT FRAGRANCES MEXICO, S.A. DE C.V.	MEXICO
	SENSIENT HOLDING I B.V.	NETHERLANDS
	SENSIENT HOLDINGS MALTA LIMITED	MALTA
	SENSIENT HOLDINGS UK	UNITED KINGDOM