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 June 30, 2021, 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 impact and uncertainty created by the
ongoing COVID-19 pandemic, including, but not limited to, its effects on our
employees, facilities, customers, and suppliers, the availability and cost of
raw materials and other supplies, the availability of logistics and
transportation, governmental regulations and restrictions, and general economic
conditions; 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 productivity-improvement and cost-reduction efforts, acquisition and
divestiture activities, and operational improvement plan; the effectiveness of
the Company's past restructuring activities; changes in costs of raw materials,
including energy; industry, regulatory, legal, and economic factors related to
the Company's domestic and international business; the effects of tariffs, trade
barriers, and disputes; growth in markets for products in which the Company
competes; industry and customer acceptance of price increases; actions by
competitors; currency exchange rate fluctuations; and the matters discussed
under Item 1A of the Company's Annual Report on Form 10-K for the year ended
December 31, 2020. Except to the extent required by applicable law, the Company
does not undertake to publicly update or revise its forward-looking statements
even if experience or future changes make it clear that any projected results
expressed or implied therein will not be realized.

OVERVIEW

Revenue


Revenue was $335.8 million and $323.1 million for the three months ended June
30, 2021 and 2020, respectively. Revenue was $695.5 million and $673.8 million
for the six months ended June 30, 2021 and 2020, respectively. For the three and
six months ended June 30, 2021, the impact of foreign exchange rates increased
consolidated revenue by approximately 4%.

Gross Margin
The Company's gross margin was 33.2% and 31.6% for the three months ended June
30, 2021 and 2020, respectively. The increase in gross margin was primarily due
to the impact of the divestiture and other related costs in the prior year
period.

The Company's gross margin was 32.7% and 31.8% for the six months ended June 30,
2021 and 2020, respectively. The increase in gross margin was primarily due to
the impact of the divestiture and other related costs in the prior year period.

Selling and Administrative Expenses
Selling and administrative expense as a percent of revenue was 22.6% and 18.6%
for the three months ended June 30, 2021 and 2020, respectively. Selling and
administrative expense as a percent of revenue was 20.8% and 20.4% for the six
months ended June 30, 2021 and 2020, respectively.

Selling and administrative expenses included divestiture & other related
expenses and operational improvement plan costs and income totaling $8.2 million
and $10.7 million for the three and six months ended June 30, 2021,
respectively. Selling and administrative expenses included divestiture & other
related expenses totaling $3.3 million of income and $8.4 million of expense for
the three and six months ended June 30, 2020, respectively. There were no
operational improvement plan costs for the three or six months ended June 30,
2020.

Operating Income
Operating income was $35.8 million and $42.1 million for the three months ended
June 30, 2021 and 2020, respectively. Operating margins were 10.6% and 13.0% for
the three months ended June 30, 2021 and 2020, respectively. The decrease in
operating margin is primarily due to the net impact of higher divestiture &
other related costs offset by operational improvement plan income, which
decreased operating margins by 240 basis points for the three months ended June
30, 2021. For the three months ended June 30, 2020, divestiture & other related
costs increased operating margins by 50 basis points.

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Operating income was $82.7 million and $76.7 million for the six months ended
June 30, 2021 and 2020, respectively. Operating margins were 11.9% and 11.4% for
the six months ended June 30, 2021 and 2020, respectively. The net impact of
divestiture & other related costs offset by operational improvement plan income
decreased operating margins by 160 basis points for the six months ended June
30, 2021. For the six months ended June 30, 2020, divestiture & other related
costs decreased operating margins by 150 basis points.

Interest Expense
Interest expense was $3.3 million and $3.6 million for the three months ended
June 30, 2021 and 2020, respectively, and $6.8 million and $7.9 million for the
six months ended June 30, 2021 and 2020, respectively. For the three months
ended June 30, 2021, the decrease in expense compared to the prior year period
was due to the decrease in the average debt outstanding. For the six months
ended June 30, 2021, the decrease in expense compared to the prior year
comparable period was due to the decrease in the average debt outstanding and
lower average interest rates.

Income Taxes
The effective income tax rates for the three months ended June 30, 2021 and
2020, were 20.0% and 20.5%, respectively. For the six months ended June 30, 2021
and 2020, the effective income tax rates were 24.1% and 25.3%, respectively. The
effective tax rates for the three and six months ended June 30, 2021 and 2020
were both impacted by changes in valuation allowances, estimates associated with
the finalization of prior year foreign tax items and the mix of foreign
earnings. The three and six months ended June 30, 2021, were also impacted by an
audit settlement.

Divestitures

In October 2019, the Company announced its intent to divest its inks, fragrances (excluding its essential oils product line), and yogurt fruit preparations product lines.

On June 30, 2020, the Company completed the sale of its inks product line. In 2020, the Company received $11.6 million of net cash and expects to receive additional cash when it completes certain post-closing asset sales.



On September 18, 2020, the Company completed the sale of its yogurt fruit
preparations product line for $1.0 million. The sale included an earn-out 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). The Company received $36.3 million
of net cash, subject to post-closing working capital and net debt adjustments.
In addition, the Company expects to receive additional consideration for the
collection of certain retained accounts receivable. As a result of the
completion of the sale, the Company recorded a non-cash net loss of $11.3
million for the three months ended June 30, 2021, primarily related to the
reclassification of accumulated foreign currency translation and related items
from Accumulated Other Comprehensive Loss to Selling and Administrative Expenses
in the Consolidated Statements of Earnings.

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 is combining 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
is centralizing 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 associated with the Operational Improvement Plan
in Corporate & Other.

During the second quarter of 2021, the Company received cash proceeds, net of
associated expenses, in connection with the termination of a New Jersey office
and laboratory space lease. The terminated lease was originally executed in
November 2020 as part of the Operational Improvement Plan; however, the landlord
for the property requested to terminate the lease prior to the end of its term
and compensated the Company as part of a negotiated resolution for that
termination.

In the three and six months ended June 30, 2021, the Company recorded income of
$3.5 million and $2.5 million, respectively, related to the Operational
Improvement Plan, primarily related to a $3.6 million gain associated with the
terminated New Jersey lease.

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Index

COVID-19

COVID-19 has adversely affected, and is expected to continue to adversely affect, most of the world, including through widespread illness, quarantines, factory shutdowns, and travel and transportation disruptions. While the Company's financial position remains strong, the Company has seen several financial and operational impacts from the pandemic as of this filing.



For the three and six months ended June 30, 2021, demand for many of the
Company's products remained strong, especially in product lines that serve the
food and beverage markets. There has been continued softer demand in other
product lines the Company serves, particularly in the cosmetics product line and
some product lines that supply the quick service restaurant segment due to
continued widespread restaurant capacity and other operating restrictions. While
COVID-19 appears to have initially contributed to demand for food-related
products and dampened demand for personal care related products, it is difficult
to quantify the continuing and future impact of COVID-19 on demand for the
Company's products.

During the first quarter of 2020, the Company had a production facility in China
and a production facility in India that were required to temporarily suspend
operations. In addition, during the fourth quarter of 2020, the Company had a
production facility in China that was required to temporarily suspend
operations. All of the Company's production facilities are open and operating as
of this filing, but the Company continues to monitor developments and
regulations in regions where its production facilities are located. The Company
also continues to monitor supply chains and has increased inventory in certain
key raw materials. The Company did not experience any significant supply
disruptions related to COVID-19 during the three and six months ended June 30,
2021.

As of June 30, 2021, the Company continues to be in compliance with its
financial loan covenants and does not anticipate any non-compliance in the
future. COVID-19 has not adversely impacted the Company's capital or financial
resources. Furthermore, the Company expects its forecasted cash flows from
operations and its available debt capacity will be able to meet future cash
requirements for operations, capital expenditures, contractual maturities on
long-term debt, stock repurchases, and dividend payments.

The Company continues to monitor its trade accounts receivables for potential
collection issues and has not identified any significant concerns as of this
filing. The Company will continue to monitor cash collections and review trade
receivable aging to identify any deterioration in quality.

The Company continues to believe its internal controls over financial reporting
and its disclosure controls and procedures are effective to ensure their design
and operation continue to be effective as some employees outside the United
States perform tasks from alternative work locations. Internal audit continues
to perform their audit procedures, remotely for locations outside the United
States, as planned.

Overall, governmental and social responses to the COVID-19 pandemic continue to
evolve. In particular, there continues to be uncertainty related to the timing
and extent of vaccination programs, especially outside of the U.S., as well as
the impacts of new COVID-19 variants, and we expect that the situation will
remain dynamic and difficult to predict for the foreseeable future. There can be
no assurance that our experience to date with respect to facility operations,
customer demand, the availability of supplies and transportation, and other
factors impacting our results and financial condition will be predictive of the
ongoing impacts in the short or long term. Even as stay-home orders and
quarantines are eventually lifted, it is difficult to predict how economic
conditions and changes in customer and consumer behavior may impact our results
over the longer term. As a result of any of the foregoing, our results or
financial condition could be adversely impacted and the impacts could be
material.

NON-GAAP FINANCIAL MEASURES



Within the following tables, the Company reports certain non-GAAP financial
measures, including: (1) adjusted revenue, adjusted operating income, adjusted
net earnings, and adjusted diluted earnings per share, which exclude the results
of the divested product lines, the divestiture & other related costs, and the
operational improvement plan costs and income, and (2) percentage changes in
revenue, operating income, and diluted earnings per share on an adjusted local
currency basis, which eliminate the effects that result from translating its
international operations into U.S. dollars, the results of divested product
lines, the divestiture & other related costs or income, and the operational
improvement plan costs or income.

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The Company has included each of these non-GAAP measures in order to provide
additional information regarding our underlying operating results and comparable
year-over-year performance. Such information is supplemental to information
presented in accordance with GAAP and is not intended to represent a
presentation in accordance with GAAP. These non-GAAP measures should not be
considered in isolation. Rather, they should be considered together with GAAP
measures and the rest of the information included in this report. Management
internally reviews each of these non-GAAP measures to evaluate performance on a
comparative period-to-period basis and to gain additional insight into
underlying operating and performance trends, and the Company believes the
information can be beneficial to investors for the same purposes. These non-GAAP
measures may not be comparable to similarly titled measures used by other
companies.

                              Three Months Ended June 30,                  Six Months Ended June 30,
(In thousands, except
per share amounts)         2021          2020         % Change         2021          2020         % Change
Revenue (GAAP)          $  335,827     $ 323,090            3.9 %    $ 695,529     $ 673,767            3.2 %
Revenue of the
divested product
lines                       (2,207 )     (28,217 )                     (27,777 )     (64,802 )
Adjusted revenue        $  333,620     $ 294,873           13.1 %    $ 667,752     $ 608,965            9.7 %

Operating Income
(GAAP)                  $   35,753     $  42,125          (15.1 %)   $  82,650     $  76,686            7.8 %
Divestiture & other
related costs - Cost
of products sold                 3         1,749                            28         1,939
Divestiture & other
related costs
(income)  - Selling
and administrative
expenses                    11,685        (3,276 )                      13,232         8,377
Operating loss
(income) of the
divested product
lines                          459          (331 )                      (2,468 )      (1,716 )
Operational
improvement plan -
Selling and
administrative
expenses (income)           (3,494 )           -                        (2,493 )           -
Adjusted operating
income                  $   44,406     $  40,267           10.3 %    $  90,949     $  85,286            6.6 %

Net Earnings (GAAP)     $   25,936     $  30,620          (15.3 %)   $  57,604     $  51,393           12.1 %
Divestiture & other
related costs
(income), before tax        11,688        (1,527 )                      13,260        10,316
Tax impact of
divestiture & other
related costs               (1,689 )         509                          (896 )        (425 )
Net loss (earnings)
of the divested
product lines, before
tax                            459          (331 )                      (2,468 )      (1,716 )
Tax impact of the
divested product
lines                         (115 )         203                           608           500
Operational
improvement plan
income, before tax          (3,494 )           -                        (2,493 )           -
Tax impact of
operational
improvement plan               455             -                           159             -
Adjusted net earnings   $   33,240     $  29,474           12.8 %    $  65,774     $  60,068            9.5 %

Diluted earnings per
share (GAAP)            $     0.61     $    0.72          (15.3 %)   $    1.36     $    1.21           12.4 %
Divestiture & other
related costs
(income), net of tax          0.24         (0.02 )                        0.29          0.23
Results of operations
of the divested
product lines, net of
tax                           0.01             -                         (0.04 )       (0.03 )
Operational
improvement plan
income, net of tax           (0.07 )           -                         (0.06 )           -
Adjusted diluted
earnings per share      $     0.79     $    0.70           12.9 %    $    1.55     $    1.42            9.2 %



Divestiture & other related costs are discussed under "Divestitures" above and
Note 2, Divestitures, in the Notes to the Consolidated Condensed Financial
Statements included in this report. Operational improvement plan is discussed
under "Operational Improvement Plan" above and Note 3, Operational Improvement
Plan, in the Notes to the Consolidated Condensed Financial Statements included
in this report.

Note: Earnings per share calculations may not foot due to rounding differences.


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The following table summarizes the percentage change for the results of the three and six months ended June 30, 2021, compared to the results for the three and six months ended June 30, 2020, in the respective financial measures.



                                            Three Months Ended June 30, 2021                                     Six Months Ended June 30, 2021
                                            Foreign                               Adjusted                        Foreign                               Adjusted
                                            Exchange                               Local                          Exchange                               Local
Revenue                       Total          Rates          Adjustments(1)        Currency        Total            Rates          Adjustments(1)        Currency
Flavors & Extracts               (2.3 %)          3.7 %               (15.1 %)          9.1 %         2.8 %              3.1 %               (9.3 %)          9.0 %
Color                             9.8 %           5.3 %                (2.6 %)          7.1 %         1.6 %              3.8 %               (4.5 %)          2.3 %
Asia Pacific                     15.9 %           5.5 %                (0.9 %)         11.3 %        13.4 %              5.7 %               (0.1 %)          7.8 %
Total Revenue                     3.9 %           4.4 %                (9.6 %)          9.1 %         3.2 %              3.5 %               (6.7 %)          6.4 %

Operating Income
Flavors & Extracts                7.8 %           3.1 %                (8.5 %)         13.2 %        18.2 %              2.6 %               (1.5 %)         17.1 %
Color                            15.1 %           5.4 %                 4.5 %           5.2 %         0.5 %              4.1 %                1.4 %          (5.0 %)
Asia Pacific                     19.5 %          (0.6 %)               (1.5 %)         21.6 %        26.6 %              0.3 %               (0.3 %)         26.6 %
Corporate & Other               160.9 %           0.1 %               131.4 %          29.4 %        17.0 %              0.1 %               (7.1 %)         24.0 %
Total Operating Income          (15.1 %)          4.5 %               (25.4 %)          5.8 %         7.8 %              4.3 %                0.6 %           2.9 %
Diluted Earnings per Share      (15.3 %)          5.5 %               (29.4 %)          8.6 %        12.4 %              5.0 %                1.8 %           5.6 %

(1) For Revenue, adjustments consist of revenues of the divested product lines.

For Operating Income and Diluted Earnings per Share, adjustments consist of

the results of the divested product lines, divestiture & other related costs,

and 2021 operational improvement plan costs and income.

Note: Refer to table above for a reconciliation of these non-GAAP measures.

SEGMENT INFORMATION



The Company determines its operating segments based on information utilized by
its chief operating decision maker to allocate resources and assess performance.
Segment performance is evaluated on operating income before any applicable
divestiture & other related costs, share-based compensation, acquisition,
restructuring including the operational improvement plan, and other costs (which
are reported in Corporate & Other), interest expense, and income taxes.

The Company's reportable segments consist of the Flavors & Extracts, Color, and Asia Pacific segments.



Flavors & Extracts
Flavors & Extracts segment revenue was $179.4 million and $183.6 million for the
three months ended June 30, 2021 and 2020, respectively, a decrease of
approximately 2%. Foreign exchange rates increased segment revenue by
approximately 4%. The decrease was a result of higher revenue in Flavors,
Extracts & Flavor Ingredients, and Natural Ingredients, which was more than
offset by lower revenue due to the divestitures of Yogurt Fruit Preparations in
September of 2020 and Fragrances on April 1, 2021. The higher revenue in
Flavors, Extracts & Flavor Ingredients was primarily due to higher volumes and
the favorable impact of exchange rates. The higher revenue in Natural
Ingredients was primarily due to higher volumes and selling prices.

Flavors & Extracts segment revenue was $380.3 million and $370.1 million for the
six months ended June 30, 2021 and 2020, respectively, an increase of
approximately 3%. Foreign exchange rates increased segment revenue by
approximately 3%. The increase was a result of higher revenue in Flavors,
Extracts & Flavor Ingredients, and Natural Ingredients, which was partially
offset by lower revenue due to the divestitures of Yogurt Fruit Preparations in
September of 2020 and Fragrances on April 1, 2021. The higher revenue in
Flavors, Extracts & Flavor Ingredients was primarily due to higher volumes and
the favorable impact of exchange rates. The higher revenue in Natural
Ingredients was primarily due to higher volumes and selling prices.

Flavors & Extracts segment operating income was $24.5 million and $22.8 million
for the three months ended June 30, 2021 and 2020, respectively, an increase of
approximately 8%. Foreign exchange rates increased segment operating income by
approximately 3%. The increase was a result of higher segment operating income
in Flavors, Extracts & Flavor Ingredients and Natural Ingredients, partially
offset by lower segment operating income due to the divestiture of Fragrances on
April 1, 2021. The higher segment operating income in Flavors, Extracts & Flavor
Ingredients was primarily a result of higher volumes, which was partially offset
by higher raw material costs.  The higher segment operating income in Natural
Ingredients was primarily a result of higher volumes and selling prices. Segment
operating income as a percent of revenue was 13.7% in the current quarter
compared to 12.4% in the prior year's comparable quarter.

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Flavors & Extracts segment operating income was $51.6 million and $43.6 million
for the six months ended June 30, 2021 and 2020, respectively, an increase of
approximately 18%. Foreign exchange rates increased segment operating income by
approximately 3%. The increase was a result of higher segment operating income
in Flavors, Extracts & Flavor Ingredients and Natural Ingredients. The higher
segment operating income in Flavors, Extracts & Flavor Ingredients was primarily
a result of higher volumes, lower manufacturing and other costs, and the
favorable impact of foreign exchange rates. The higher segment operating income
in Natural Ingredients was primarily a result of higher volumes and selling
prices. Segment operating income as a percent of revenue was 13.6% in the
current six month period compared to 11.8% in the prior year's comparable six
month period.

Color


Segment revenue for the Color segment was $133.2 million and $121.3 million for
the three months ended June 30, 2021 and 2020, respectively, an increase of
approximately 10%. Foreign exchange rates increased segment revenue by
approximately 5%. The increase was a result of higher segment revenue in Food &
Pharmaceutical Colors and Personal Care, due to higher volumes and the favorable
impact of foreign exchange rates, partially offset by lower revenue due to the
divestiture of Inks on June 30, 2020.

Segment revenue for the Color segment was $268.9 million and $264.8 million for
the six months ended June 30, 2021 and 2020, respectively, an increase of
approximately 2%. Foreign exchange rates increased segment revenue by
approximately 4%. The increase was a result of higher segment revenue in Food &
Pharmaceutical Colors and Personal Care due to higher volumes and the favorable
impact of foreign exchange rates, partially offset by lower revenue due to the
divestiture of Inks on June 30, 2020.

Segment operating income for the Color segment was $25.6 million and $22.3
million for the three months ended June 30, 2021 and 2020, respectively, an
increase of approximately 15%. Foreign exchange rates increased segment
operating income by approximately 5%. The increase in segment operating income
was a result of higher segment operating income in Food & Pharmaceutical Colors
due to higher volumes and the favorable impact of foreign exchange rates.
Segment operating income also increased due to the favorable impact of the Inks
divestiture on June 30, 2020. Segment operating income as a percent of revenue
was 19.2% in the current quarter and 18.4% in the prior year's comparable
quarter.

Segment operating income for the Color segment was $52.2 million and $51.9
million for the six months ended June 30, 2021 and 2020, respectively, an
increase of approximately 1%. Foreign exchange rates increased segment operating
income by approximately 4%. Segment operating income was comparable to the prior
year period as the lower operating income in Personal Care was mostly offset by
the favorable impact of the Inks divestiture. Segment operating income as a
percent of revenue was 19.4% in the current six month period and 19.6% in the
prior year's comparable period.

Asia Pacific
Segment revenue for the Asia Pacific segment was $32.3 million and $27.9 million
for the three months ended June 30, 2021 and 2020, respectively, an increase of
approximately 16%. The increase was a result of higher volumes and the favorable
impact of foreign exchange rates, which increased segment revenue by
approximately 6%.

Segment revenue for the Asia Pacific segment was $66.2 million and $58.3 million
for the six months ended June 30, 2021 and 2020, respectively, an increase of
approximately 13%. The increase was a result of higher volumes and the favorable
impact of foreign exchange rates, which increased segment revenue by
approximately 6%.

Segment operating income for the Asia Pacific segment was $5.8 million and $4.8
million for the three months ended June 30, 2021 and 2020, respectively, an
increase of approximately 20%. The increase was primarily a result of higher
volumes. Foreign exchange rates decreased segment operating income by
approximately 1%. Segment operating income as a percent of revenue was 17.9% in
the current quarter and 17.4% in the prior year's comparable quarter.

Segment operating income for the Asia Pacific segment was $12.5 million and $9.9
million for the six months ended June 30, 2021 and 2020, respectively, an
increase of approximately 27%. The increase was primarily a result of higher
volumes. Foreign exchange rates did not have a significant effect on segment
operating income. Segment operating income as a percent of revenue was 19.0% in
the current six month period and 17.0% in the prior year's comparable period.

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Corporate & Other
The Corporate & Other operating expense was $20.2 million and $7.7 million for
the three months ended June 30, 2021 and 2020, respectively. The higher
operating expense for the three months ended June 30, 2021 was primarily due to
higher divestiture & other related expenses and performance-based executive
compensation, partially offset by the operational improvement plan income in the
current period. There were no operational improvement plan income or costs in
the prior year's comparable period.

The Corporate & Other operating expense was $33.7 million and $28.8 million for
the six months ended June 30, 2021 and 2020, respectively. The higher operating
expense for the six months ended June 30, 2021 was primarily due to higher
divestiture & other related expenses and performance-based executive
compensation, partially offset by the operational improvement plan income in the
current six month period. There were no operational improvement plan income or
costs in the prior year's comparable period.

LIQUIDITY AND FINANCIAL CONDITION



Financial Condition
The Company's financial position remains strong. The Company is in compliance
with its loan covenants calculated in accordance with applicable agreements as
of June 30, 2021. The Company expects its cash flow from operations and its
existing debt capacity can be used to meet anticipated future cash requirements
for operations, capital expenditures, dividend payments, acquisitions, and stock
repurchases. The impact of inflation on both the Company's financial position
and its results of operations has been minimal and is not expected to
significantly affect 2021 results.

Cash Flows from Operating Activities
Net cash provided by operating activities was $89.3 million and $107.6 million
for the six months ended June 30, 2021 and 2020, respectively. The decrease in
net cash provided by operating activities was primarily due to the change in
cash used in working capital during the six months ended June 30, 2021, compared
to the six months ended June 30, 2020.

Cash Flows from Investing Activities
Net cash provided by investing activities was $10.6 million during the six
months ended June 30, 2021. Net cash used in investing activities was $5.8
million during the six months ended June 30, 2020. During the six months ended
June 30, 2021 and 2020, the Company received cash proceeds of $36.3 million and
$11.3 million, respectively, related to the Company's divestiture activities. In
the six months ended June 30, 2020, the Company received $4.6 million related to
the redemption of miscellaneous investments. Capital expenditures were $25.6
million and $21.4 million during the six months ended June 30, 2021 and 2020,
respectively.

Cash Flows from Financing Activities
Net cash used in financing activities was $92.7 million and $93.6 million for
the six months ended June 30, 2021 and 2020, respectively. Net debt decreased by
$36.6 million and $60.2 million for the six months ended June 30, 2021 and 2020,
respectively. For purposes of the cash flow statement, net changes in debt
exclude the impact of foreign exchange rates. The Company repurchased shares of
its common stock for $22.5 million during the six months ended June 30, 2021.
There were no repurchases of shares of the Company's common stock in the
comparable prior year's period. Dividends of $33.0 million were paid during both
the six months ended June 30, 2021 and 2020. Dividends paid were $0.78 per share
for both the six months ended June 30, 2021 and 2020.

CRITICAL ACCOUNTING POLICIES

There have been no material changes in the Company's critical accounting policies during the quarter ended June 30, 2021. For additional information about critical accounting policies, refer to "Critical Accounting Policies" under Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

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