0000051253-21-000038 | 10-Q | XBRL Viewer | International Flavors Fragrances INC

Print Document View Excel Document

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2021	Jul. 29, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-4858
Entity Registrant Name	INTERNATIONAL FLAVORS & FRAGRANCES INC
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-1432060
Entity Address, Address Line One	521 West 57th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	765-5500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		249,064,711
Entity Central Index Key	0000051253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, par value 12 1/2¢ per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value 12 1/2¢ per share
Trading Symbol	IFF
Security Exchange Name	NYSE
6.00% Tangible Equity Units
Entity Information [Line Items]
Title of 12(b) Security	6.00% Tangible Equity Units
Trading Symbol	IFFT
Security Exchange Name	NYSE
0.500% Senior Notes due 2021
Entity Information [Line Items]
Title of 12(b) Security	0.500% Senior Notes due 2021
Trading Symbol	IFF 21
Security Exchange Name	NYSE
1.750% Senior Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	1.750% Senior Notes due 2024
Trading Symbol	IFF 24
Security Exchange Name	NYSE
1.800% Senior Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	1.800% Senior Notes due 2026
Trading Symbol	IFF 26
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 935	$ 650
Restricted cash	7	7
Trade receivables (net of allowances of $42 and $21, respectively)	2,059	929
Inventories:
Raw materials	836	566
Work in process	304	38
Finished goods	1,324	528
Total Inventories	2,464	1,132
Prepaid expenses and other current assets	832	342
Total Current Assets	6,297	3,060
Property, plant and equipment, at cost	6,148	2,928
Accumulated depreciation	(1,582)	(1,470)
Total Property Plant and Equipment	4,566	1,458
Goodwill	17,250	5,593
Other intangible assets, net	11,448	2,727
Operating lease right-of-use assets	785	299
Other assets	518	418
Total Assets	40,864	13,555
Current Liabilities:
Bank borrowings, overdrafts, and current portion of long-term debt	616	634
Accounts payable	1,389	556
Accrued payroll and bonus	241	133
Dividends payable	191	82
Other current liabilities	790	499
Total Current Liabilities	3,227	1,904
Long-term debt	11,354	3,779
Retirement liabilities	550	326
Deferred income taxes	2,674	593
Operating lease liability	682	265
Other liabilities	477	268
Total Other Liabilities	15,737	5,231
Commitments and Contingencies
Redeemable noncontrolling interests	100	98
Shareholders' Equity:
Common stock 12 1/2¢ par value; 500,000,000 shares authorized; 270,266,598 shares issued as of June 30, 2021 and 128,526,137 shares issued as of December 31, 2020; and 249,050,541 and 106,937,990 shares outstanding as of June 30, 2021 and December 31, 2020, respectively	34	16
Capital in excess of par value	19,800	3,853
Retained earnings	3,759	4,156
Accumulated other comprehensive loss	(834)	(698)
Treasury stock, at cost (21,216,057 and 21,588,147 shares as of June 30, 2021 and December 31, 2020, respectively)	(998)	(1,017)
Total Shareholders’ Equity	21,761	6,310
Noncontrolling interest	39	12
Total Shareholders’ Equity including Noncontrolling interest	21,800	6,322
Total Liabilities and Shareholders’ Equity	$ 40,864	$ 13,555

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Trade receivables allowances	$ 42	$ 21
Common stock, par value, in dollars per share	$ 0.125	$ 0.125
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	270,266,598	128,526,137
Common stock, shares outstanding	249,050,541	106,937,990
Treasury stock, shares at cost	21,216,057	21,588,147

CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 3,089	$ 1,199	$ 5,554	$ 2,546
Cost of goods sold	2,179	717	3,890	1,498
Gross profit	910	482	1,664	1,048
Research and development expenses	164	81	307	167
Selling and administrative expenses	412	230	863	460
Amortization of acquisition-related intangibles	200	49	352	97
Restructuring and other charges	24	2	28	7
Losses on sales of fixed assets	0	0	0	1
Operating profit	110	120	114	316
Interest expense	77	32	142	64
Other income, net	(11)	(16)	(18)	(5)
Income (loss) before taxes	44	104	(10)	257
Provision for income taxes	14	16	0	42
Net income (loss)	30	88	(10)	215
Net income attributable to noncontrolling interests	2	1	4	4
Net income (loss) attributable to IFF stockholders	28	87	(14)	211
Other comprehensive income (loss), net, after tax:
Foreign currency translation adjustments	263	147	(154)	(305)
Gains (losses) on derivatives qualifying as hedges	2	(3)	6	(2)
Pension and postretirement net liability	3	3	12	7
Net current period other comprehensive income (loss)	268	147	(136)	(300)
Comprehensive income (loss) attributable to IFF stockholders	$ 296	$ 234	$ (150)	$ (89)
Net income per share - basic (in dollars per share)	$ 0.11	$ 0.75	$ (0.06)	$ 1.91
Net income per share - diluted (in dollars per share)	$ 0.11	$ 0.74	$ (0.06)	$ 1.89
Average number of shares outstanding - basic (in shares)	254	112	230	112
Average number of shares outstanding - diluted (in shares)	255	114	230	114

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net (loss) income	$ (10)	$ 215
Adjustments to reconcile to net cash provided by operating activities
Depreciation and amortization	564	161
Deferred income taxes	(137)	(8)
Losses on sale of assets	0	1
Stock-based compensation	27	19
Pension contributions	(12)	(14)
Amortization of inventory step-up	377	0
Changes in assets and liabilities, net of acquisitions:
Trade receivables	(205)	(132)
Inventories	(130)	(67)
Accounts payable	250	62
Accruals for incentive compensation	7	7
Other current payables and accrued expenses	32	(30)
Other assets/liabilities, net	(65)	(6)
Net cash provided by operating activities	698	208
Cash flows from investing activities:
Additions to property, plant and equipment	(165)	(80)
Proceeds from life insurance contracts	0	2
Proceeds from disposal of assets	2	1
Cash acquired	193	0
Net cash provided by (used in) investing activities	30	(77)
Cash flows from financing activities:
Cash dividends paid to shareholders	(274)	(160)
Decrease in revolving credit facility and short-term borrowings	(104)	(1)
Repayments on debt	(24)	(23)
Proceeds from issuance of long-term debt	3	0
Contingent consideration paid	(14)	(1)
Purchases of redeemable noncontrolling interest	0	(22)
Proceeds from issuance of stock in connection with stock options	5	0
Employee withholding taxes paid	(19)	(8)
Net cash used in financing activities	(427)	(215)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(18)	(28)
Net change in cash, cash equivalents and restricted cash	283	(112)
Cash, cash equivalents and restricted cash at beginning of year	660	624
Cash, cash equivalents and restricted cash at end of period	943	512
Supplemental Disclosures:
Interest paid, net of amounts capitalized	160	57
Income taxes paid	134	58
Accrued capital expenditures	$ 36	$ 29

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY - USD ($) $ in Millions	Total	Common stock	Capital in excess of par value	Retained earnings	Accumulated other comprehensive (loss) income	Treasury stock	Non-controlling interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued	128,526,137
Treasury Stock, Shares	(21,738,838)
Beginning Balance at Dec. 31, 2019	$ 6,229	$ 16	$ 3,823	$ 4,118	$ (717)	$ (1,023)	$ 12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	212			211			1
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(305)				(305)
Gains (losses) on derivatives qualifying as hedges; net of tax	(2)				(2)
Pension liability and postretirement adjustment; net of tax	7
Pension and postretirement net liability	7				7
Cash dividends declared	(160)			(160)
Stock Issued During Period, Value, Stock Options Exercised	2		(1)			$ 3
Stock options/SSARs, shares						57,228
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(4)		(7)			$ 3
Vested restricted stock units and awards, shares						87,513
Stock Issued During Period, Value, Issued for Services	19		19
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	4		4
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(1)			(1)
Ending Balance at Jun. 30, 2020	$ 6,001	16	3,838	4,168	(1,017)	$ (1,017)	13
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued	128,526,137
Treasury Stock, Shares	(21,713,880)
Beginning Balance at Mar. 31, 2020	$ 5,841	16	3,835	4,162	(1,164)	(1,021)	13
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	87			87
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	147				147
Gains (losses) on derivatives qualifying as hedges; net of tax	(3)				(3)
Pension liability and postretirement adjustment; net of tax	3
Pension and postretirement net liability	3				3
Cash dividends declared	(80)			(80)
Stock Issued During Period, Value, Stock Options Exercised	2		0			$ 2
Stock options/SSARs, shares						43,465
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(3)		(5)			$ 2
Vested restricted stock units and awards, shares						76,318
Stock Issued During Period, Value, Issued for Services	10		10
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(2)		(2)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(1)			(1)
Ending Balance at Jun. 30, 2020	$ 6,001	16	3,838	4,168	(1,017)	$ (1,017)	13
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued	128,526,137
Treasury Stock, Shares	(21,594,097)
Common stock, shares issued	128,526,137
Treasury Stock, Shares	(21,588,147)
Beginning Balance at Dec. 31, 2020	$ 6,322	16	3,853	4,156	(698)	(1,017)	12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	(13)			(14)			1
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(154)				(154)
Gains (losses) on derivatives qualifying as hedges; net of tax	6				6
Pension liability and postretirement adjustment; net of tax	12
Pension and postretirement net liability	12				12
Cash dividends declared	(383)			(383)
Stock Issued During Period, Value, Stock Options Exercised	8		2			$ 6
Stock options/SSARs, shares						114,635
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(5)		(18)			$ 13
Vested restricted stock units and awards, shares						257,455
Stock Issued During Period, Value, Acquisitions	$ 15,980	18	15,936				26
Impact of N&B Merger (in shares)	141,740,461
Stock Issued During Period, Value, Issued for Services	$ 27		27
Ending Balance at Jun. 30, 2021	$ 21,800	34	19,800	3,759	(834)	$ (998)	39
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued	270,266,598
Treasury Stock, Shares	(21,406,957)
Beginning Balance at Mar. 31, 2021	$ 21,681	34	19,796	3,922	(1,102)	(1,008)	39
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	28			28
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	263				263
Gains (losses) on derivatives qualifying as hedges; net of tax	2				2
Pension liability and postretirement adjustment; net of tax	3
Pension and postretirement net liability	3				3
Cash dividends declared	(191)			(191)
Stock Issued During Period, Value, Stock Options Exercised	2		1			$ 1
Stock options/SSARs, shares						15,906
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(5)		(14)			$ 9
Vested restricted stock units and awards, shares						174,994
Stock Issued During Period, Value, Issued for Services	16		16
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	1		1
Ending Balance at Jun. 30, 2021	$ 21,800	$ 34	$ 19,800	$ 3,759	$ (834)	$ (998)	$ 39
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued	270,266,598
Treasury Stock, Shares	(21,216,057)

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Tax effect of gain (losses) on derivatives qualifying as hedges	$ 0	$ 0	$ 1	$ 0
Tax effect of pension liability and postretirement adjustment	$ (2)	$ (1)	$ (1)	$ (2)
Cash dividends declared, per share	$ 0.77	$ 0.75	$ 1.54	$ 1.50

Nature of Operations and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Nature of Operations and Summary of Significant Accounting Policies

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

International Flavors & Fragrances Inc. and its subsidiaries (the “Registrant,” “IFF,” “the Company,” “we,” “us” and “our”) is a leading creator and manufacturer of food, beverage, health & biosciences, scent and pharma solutions and complementary adjacent products, including cosmetic active and natural health ingredients, which are used in a wide variety of consumer products. Our products are sold principally to manufacturers of perfumes and cosmetics, hair and other personal care products, soaps and detergents, cleaning products, dairy, meat and other processed foods, beverages, snacks and savory foods, sweet and baked goods, sweeteners, dietary supplements, food protection, infant and elderly nutrition, functional food, and pharmaceutical excipients and oral care products.

Basis of Presentation

These interim Consolidated Financial Statements and related management’s discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the related notes and management’s discussion and analysis of results of operations, liquidity and capital resources included in our 2020 Annual Report on Form 10-K (“2020 Form 10-K”).

These interim Consolidated Financial Statements are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted, if not materially different from the 2020 Form 10-K. The year-end balance sheet data included in this Form 10-Q was derived from audited financial statement. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim Consolidated Financial Statements, have been made.

On February 1, 2021 (the “Closing Date”), the Company completed the combination (the "Merger") of IFF and DuPont de Nemours, Inc (“DuPont”) nutrition and biosciences business (the “N&B Business”), which had been transferred to Nutrition and Biosciences, Inc., a Delaware corporation and wholly owned subsidiary of DuPont ("N&B") in a Reverse Morris Trust transaction. See Note 3 for additional information. As a result, the Company’s Consolidated Financial Statements for the three and six months ended June 30, 2021 reflect the results of N&B from the Closing Date, whereas the Company’s Consolidated Financial Statements for the three and six months ended June 30, 2020 do not.

In the current year, the Company has changed its presentation from thousands to millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts.

Reporting Periods

Effective 2021, the Company changed its fiscal year end from a 52/53-week fiscal year ending on the Friday closest to the last day of the quarter, to a calendar year of the twelve-month period from January 1 to December 31. The Company elected to change its fiscal year end in connection with the Merger with N&B to align the Company’s fiscal year with N&B’s. For the 2020 comparative quarter presented, the actual closing date was July 3. For ease of presentation, June 30 and December 31 are used consistently throughout this Form 10-Q and these interim financial statements and related notes to represent the period-end dates in the comparative periods. The three and six months ended June 30, 2021 both contained three fewer business days than the corresponding periods in 2020, however the impact of this on revenue and net income for the three months ended June 30, 2021, and revenue and net loss for the six months ended June 30, 2021, was not material.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. The inputs into our judgments and estimates take into account the current economic implications of the novel coronavirus ("COVID-19") on our critical and significant accounting estimates, including estimates associated with future cash flows that are used in assessing the risk of impairment of certain long-lived assets. Actual results could differ from those estimates.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Company's statement of cash flows periods ended June 30, 2021 and June 30, 2020 to the amounts reported in the Company's balance sheet as at June 30, 2021, December 31, 2020, June 30, 2020 and December 31, 2019.


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020		June 30, 2020		December 31, 2019
Current assets
Cash and cash equivalents	$	935	$	650	$	498	$	607
Restricted cash	7		7		10		17
Noncurrent assets
Restricted cash included in Other assets	1		3		4		—
Cash, cash equivalents and restricted cash	$	943	$	660	$	512	$	624

Accounts Receivable

The Company has various factoring agreements in the U.S. and The Netherlands under which it can factor up to approximately $100 million in receivables. In addition, the Company has factoring agreements sponsored by certain customers. Under all of the arrangements, the Company sells the receivables on a non-recourse basis to unrelated financial institutions and accounts for the transactions as a sale of receivables. The applicable receivables are removed from the Company's Consolidated Balance Sheets when the cash proceeds are received by the Company.

Through these factoring programs, the Company removed $384 million and $249 million of receivables from its Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively, which are primarily related to the factoring agreements sponsored by certain customers.

The impact on cash provided by operations from participating in these programs was an increase of $72 million for the six months ended June 30, 2021 and an increase of $8 million for the six months ended June 30, 2020.

The cost of participating in these programs was approximately $2 million and $1 million for the three months ended June 30, 2021 and 2020, respectively, and was $3 million and $2 million for the six months ended June 30, 2021 and 2020, respectively.

Revenue Recognition

The Company recognizes revenue when control of the promised goods is transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods. Sales, value added, and other taxes the Company collects are excluded from revenues. The Company receives payment in accordance with standard customer terms. See Note 11 for further details on revenues disaggregated by segment.

Contract Assets and Liabilities

With respect to a small number of contracts for the sale of compounds, the Company has an “enforceable right to payment for performance to date” and as the products do not have an alternative use, the Company recognizes revenue for these contracts over time and records a contract asset using the output method. The output method recognizes revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract.

As of June 30, 2021 and December 31, 2020, the Company's gross accounts receivable was $2.101 billion and $950 million, respectively. The Company's contract assets and contract liabilities as of June 30, 2021 and December 31, 2020 were not material.

Expected Credit Losses

The Company is exposed to credit losses primarily through its sales of products. To determine the appropriate allowance for expected credit losses, the Company considers certain credit quality indicators, such as aging, collection history, and creditworthiness of debtors. Regional and Global Credit committees review and approve specific customer allowance reserves. The allowance for expected credit losses is primarily based on two primary factors: i) the aging of the different categories of trade receivables, and ii) a specific reserve for accounts identified as uncollectible.

The Company also considers current and future economic conditions in the determination of the allowance. At June 30, 2021, the Company reported $2.059 billion of trade receivables, net of allowances of $42 million. Based on the aging analysis as of June 30, 2021, approximately 90% of our accounts receivable were current based on the payment terms of the invoice. Receivables that are past due by over 365 days account for approximately 1% of our accounts receivable.

The following is a rollforward of the Company's allowances for bad debts for the six months ended June 30, 2021, with the write-offs being under $1 million, which was not material:


(DOLLARS IN MILLIONS)	Allowances for Bad Debts
Balance at December 31, 2020	$	21
Bad debt expense	2

Other adjustments(1)	20
Foreign exchange	(1)
Balance at June 30, 2021	$	42

_______________________

(1)The adjustment to allowances for bad debts was a result of purchase price allocation related to the Merger with N&B.

Long-lived assets

Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is calculated on a straight-line basis, principally over the following estimated useful lives: buildings and improvements, 1 to 50 years; machinery and equipment, 1 to 40 years; information technology hardware and software, 1 to 23 years; and leasehold improvements which are included in buildings and improvements, the estimated life of the improvements or the remaining term of the lease, whichever is shorter.

Finite-Lived Intangible Assets Finite-lived intangible assets include customer relationships, patents, trade names, technological know-how and other intellectual property valued at acquisition and amortized on a straight-line basis over the following estimated useful lives: customer relationships, 11 – 25 years; patents, 11 - 15 years; trade names, 4 - 28 years; and technological know-how, 5 - 28 years.

The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their carrying value may not be recovered. An estimate of undiscounted future cash flows produced by an asset or group of assets is compared to the carrying value to determine whether impairment exists. If assets are determined to be impaired, the loss is measured based on an estimate of fair value using various valuation techniques, including a discounted estimate of future cash flows.

Recent Accounting Pronouncements

In January 2021, the FASB issued Accounting Standards Update ("ASU") 2021-01, "Reference Rate Reform (Topic 848): Scope." The ASU is intended to provide updates and responses to concerns over Topic 848 related to the cessation of reference rates in certain financial markets. Alternative reference rates that are more observable or transaction based have been identified and are being transitioned to in numerous jurisdictions globally, such as a receive-variable-rate, pay-variable-rate cross currency interest rate swap. This guidance is effective immediately for all entities, but does not apply to any contract modifications or new hedging relationships entered into after December 31, 2022. The Company is currently evaluating the impact of this guidance, but does not expect this guidance to have a material impact on its Consolidated Financial Statements.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU is intended to simplify various aspects related to the cessation of reference rates in certain financial markets that would otherwise create modification accounting or changes in estimate. This guidance is effective for the period from March 12, 2020 to December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through June 30, 2021 but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, and intended to simplify various aspects related to accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years, with early adoption permitted. This guidance was adopted on January 2, 2021 and does not have a material impact on the Company's Consolidated Financial Statements.

Fruit Preparation Divestiture

The Company classifies assets as "held for sale" when, among other factors, management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value or the fair market value, less costs to sell.

During the second quarter of 2021, the Company entered into an agreement to divest its fruit preparation business, which is a part of the Nourish segment. As a result, for the period ended June 30, 2021, such assets were classified as held for sale and are reported as current assets and liabilities on the Consolidated Balance Sheets in the aggregate amount of approximately $113 million. The Company expects that the transaction will close at the end of the third quarter.

Net Income Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Income Per Share

NET INCOME (LOSS) PER SHARE

A reconciliation of the shares used in the computation of basic and diluted net income (loss) per share is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	2021		2020		2021		2020
Net Income (Loss)
Net income (loss) attributable to IFF stockholders	$	28	$	87	$	(14)	$	211
Adjustment related to (increase) decrease in redemption value of redeemable noncontrolling interests in excess of earnings allocated	1		(2)		—		4
Net income (loss) available to IFF stockholders	$	29	$	85	$	(14)	$	215
Shares
Weighted average common shares outstanding (basic)(1)	254		112		230		112
Adjustment for assumed dilution(2):
Stock options and restricted stock awards	—		1		—		1
SPC portion of TEUs	1		1		—		1
Weighted average shares assuming dilution (diluted)	255		114		230		114

Net Income (Loss) per Share(3)
Net income (loss) per share - basic(4)	$	0.11	$	0.75	$	(0.06)	$	1.91
Net income (loss) per share - diluted(5)	0.11		0.74		(0.06)		1.89

_______________________

(1)For the three and six months ended June 30, 2021 and 2020, the tangible equity units (“TEUs”) were assumed to be outstanding at the minimum settlement amount for basic earnings per share. See below for details.

(2)Effect of dilutive securities includes dilution under stock plans and incremental impact of TEUs. See below for details.

(3)Diluted net income (loss) per share attributable to IFF for the six months ended June 30, 2021 excluded approximately one million potentially dilutive securities because there was a net loss attributable to IFF for the period and, as such, the inclusion of these securities would have been anti-dilutive.

(4)For the three and six months ended June 30, 2020, the basic net income per share cannot be recalculated based on the information presented in the table above due to the effects of rounding and change in presentation from thousands to millions between 2020 and 2021, respectively.

(5)For the three months ended June 30, 2020, the diluted net income per share cannot be recalculated based on the information presented in the table above due to the effects of rounding and change in presentation from thousands to millions between 2020 and 2021, respectively.

As of the effective time of the Merger, each issued and outstanding share of common stock of N&B (except for shares of common stock of N&B held by N&B as treasury stock or by DuPont, which were canceled and ceased to exist and no consideration was delivered in exchange therefor) was converted into the right to receive one share of common stock of IFF. The Merger was completed in exchange for 141,740,461 shares of IFF common stock, par value $0.125 per share (or cash payment in lieu of fractional shares), which had been approved in the special shareholder meeting that occurred on August 27, 2020 where IFF shareholders voted to approve the issuance of shares of IFF common stock in connection with the N&B Transaction, pursuant to an Agreement and Plan of Merger (the "Merger Agreement"). The shares issued in the Merger represented approximately 55.4% of the common stock of IFF on a fully diluted basis, after giving effect to the Merger, as of February 1, 2021.

The Company declared a quarterly dividend to its shareholders of $0.77 and $0.75 per share for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, the Company declared quarterly dividends to its shareholders totaling $1.54 and $1.50, respectively.

There were no stock options or stock-settled appreciation rights (“SSARs”) excluded from the computation of diluted net income (loss) per share for the three months ended June 30, 2021 and three and six months ended June 30, 2020.

The Company issued 16,500,000 TEUs, consisting of a prepaid stock purchase contract ("SPC") and a senior amortizing note, for net proceeds of $800 million on September 17, 2018. For purposes of calculating basic net income (loss) per share, the SPCs were assumed to be settled at the minimum settlement amount of 0.3134 shares per SPC on June 30, 2021 and 2020. For purposes of calculating diluted earnings per share, the SPCs were assumed to be settled at a conversion factor not to exceed 0.3411 and 0.3839 on June 30, 2021 and 2020, respectively. The SPC conversion factor is based on the 20 day volume-weighted average price (“VWAP”) per share of the Company’s common stock. Per the TEU agreement, the maximum settlement amount is 0.3839 shares per SPC.

The Company has issued shares of purchased restricted common stock units (“PRSUs”) which contain rights to nonforfeitable dividends while these shares are outstanding and thus are considered participating securities. Such securities are required to be included in the computation of basic and diluted earnings per share pursuant to the two-class method.

The Company did not present the two-class method since the difference between basic and diluted net income (loss) per share for both unrestricted common shareholders and PRSU shareholders for the three months ended June 30, 2021 was less than $0.01 per share and there was no difference between basic and diluted net income (loss) per share for both unrestricted common shareholders and PRSU shareholders for the six months ended June 30, 2021. Additionally, the difference for the three and six months ended June 30, 2020 was less than $0.01 per share. The number of PRSUs outstanding as of June 30, 2021 and 2020 was not material. Net income allocated to such PRSUs was not material for the three months ended June 30, 2021 and 2020. Net loss allocated to such PRSUs was not material for the six months ended June 30, 2021 and net income allocated to such PRSUs was also not material for the six months ended June 30, 2020.

Acquisitions

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

Transaction with Nutrition & Biosciences, Inc.

On February 1, 2021, IFF completed the Merger with N&B. Pursuant to the transaction related agreements, DuPont transferred its N&B Business to N&B, a wholly-owned subsidiary of DuPont, and N&B merged with and into a wholly owned subsidiary of IFF in exchange for 141,740,461 shares of IFF common stock, par value $0.125 per share (“IFF Common Stock”).

On the Closing Date, the Company completed its Merger with N&B in a Reverse Morris Trust transaction (the “Transactions”), pursuant to which the Company acquired the N&B Business of DuPont. In the Transactions, among other steps (i) DuPont transferred the N&B Business to N&B (the “Separation”); (ii) N&B made a cash distribution to DuPont of approximately $7.359 billion, subject to certain adjustments (the “Special Cash Payments”); (iii) DuPont distributed to its stockholders all of the issued and outstanding shares of N&B common stock by way of an exchange offer (the “Distribution”), and; (iv) N&B merged with and into a wholly owned subsidiary of IFF. As a result of the Merger, the existing shares of N&B common stock were automatically converted into the right to receive a number of shares of IFF Common Stock. Immediately after the Merger, holders of DuPont’s common stock that received shares of N&B common stock in the Distribution owned approximately 55.4% of the outstanding shares of IFF Common Stock on a fully diluted basis and existing holders of IFF Common Stock owned approximately 44.6% of the outstanding shares of IFF on a fully diluted basis.

The Merger was accounted for using the purchase method of accounting in accordance with ASC Topic 805, Business Combinations, with IFF identified as the acquirer. As a result of the Merger, N&B’s assets, liabilities and the operating results of N&B were included in the Company’s financial statements from the Closing Date. N&B contributed net sales of approximately $1.693 billion and net loss of approximately $85 million for the three months ended June 30, 2021 and net sales of approximately $2.769 billion and net loss of approximately $144 million for the six months ended June 30, 2021, which includes the effects of purchase accounting adjustments, primarily related to changes in amortization of intangible assets, depreciation of property, plant and equipment and amortization of stepped up inventory.

Prior to the Distribution, N&B incurred new indebtedness in the form of term loans and senior notes in an aggregate principal amount of $7.500 billion to pay the Special Cash Payments made to DuPont stockholders. See Note 7 for additional information regarding the new term loans and senior notes incurred by N&B and subsequently assumed by IFF.

Purchase Price

The following table summarizes the aggregate purchase price consideration paid to acquire N&B (in millions, except share and per share data):


(DOLLARS IN MILLIONS)
Fair value of common stock issued to DuPont stockholders(1)	$	15,929
Fair value attributable to pre-merger service for replacement equity awards(2)	25

Total purchase consideration	$	15,954

_______________________

(1)The fair value of common stock issued to DuPont stockholders represents 141,740,461 shares of the Company's common stock determined based on the number of fully diluted shares of IFF common stock, immediately prior to the Closing Date, multiplied by the quotient of 55.4%/44.6% and IFF common stock closing share price of $112.38 on the New York Stock Exchange on the Closing Date.

(2)At the time of the Transactions, each outstanding stock option, cash-settled stock appreciation right (“SAR”), restricted stock unit (“RSU”) award, and restricted stock award (“RSA”) with respect to DuPont common stock held by employees of N&B were canceled and converted into similar classes of equity awards of IFF’s Class A Common Stock. Further, each outstanding Performance Share Unit (“PSU”) award with respect to DuPont common stock held by employees of N&B were canceled and converted into IFF’s RSU awards. The conversion was based on the ratio of the volume-weighted average per share closing price of DuPont stock on the twenty trading days prior to the Closing Date and IFF’s stock on the twenty trading days following the Closing Date. The fair value of replacement equity-based awards attributable to pre-Merger service was recorded as part of the consideration transferred in the Merger (see Note 10 for additional information).

Purchase Price Allocation

The Merger with N&B was accounted for under the acquisition method under which the Company allocated the purchase consideration to the tangible net assets and identifiable assets acquired based on estimated fair values at the Closing Date, and recorded the excess of consideration over the fair values of net assets acquired as goodwill. The purchase price allocation is preliminary and is subject to change. The Company is still evaluating the valuation and estimated useful lives of property, plant and equipment, goodwill, intangible assets (trade names, customer relationships and technological know-hows), inventory and leases, in addition to ensuring all other assets and liabilities and contingencies have been identified and recorded. Due to the timing of the business combination and the magnitude of and multi-jurisdictional nature of the net assets acquired, at June 30, 2021, the valuation process to determine the fair values is not complete and further adjustments are expected in fiscal year 2021. The Company has estimated the preliminary fair value of net assets acquired based on information currently available and will continue to adjust those estimates as additional information becomes available during the measurement period. As of June 30, 2021, the Company has not finalized its assessment of the In-Process Research and Development (IPR&D) assets acquired as part of the Transactions. Further, the assessment of certain contingencies including loss contracts and environmental liabilities, pension and postretirement benefit obligations and taxes remain open for completion of the related analysis. Additionally, the Company is finalizing the projected combined future tax rate to be applied to the valuation of assets, which could impact the valuation of goodwill and intangible assets. The Company will finalize its accounting for the N&B Merger, including the allocation of goodwill to reporting units, within one year of the Closing Date.

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed:


(DOLLARS IN MILLIONS)	As Reported in the First Quarter of 2021		Measurement Period Adjustments(1)		As Reported in the Second Quarter of 2021
Cash and cash equivalents	$	207	$	(14)	$	193
Receivables	962		(8)		954
Inventory	1,615		(15)		1,600
Prepaid expenses and other current assets	342		—		342
Property, plant and equipment	3,242		1		3,243
Deferred income taxes	75		2		77
Intangible assets	9,176		(5)		9,171
Other assets	702		—		702
Accounts payable and accrued liabilities	(1,028)		16		(1,012)
Accrued payroll and employee benefits	(163)		—		(163)
Deferred tax liabilities	(2,369)		(1)		(2,370)
Long-term debt	(7,636)		—		(7,636)
Other long-term liabilities	(907)		(2)		(909)
Total identifiable net assets assumed	4,218		(26)		4,192
Non-controlling interest	(26)		—		(26)
Goodwill	11,762		26		11,788
Preliminary purchase price	$	15,954	$	—	$	15,954

_______________________

(1)The preliminary fair value purchase price allocation of the assets and liabilities acquired in the N&B Merger as reported in the first quarter of 2021 were updated during the three months ended June 30, 2021, primarily due to refining fair value measurements of intangible assets, property, plant and equipment, and inventory, as well as refining carrying amounts of certain assets and liabilities due to obtaining new facts and circumstances about acquired assets and liabilities that existed at the acquisition date. The cumulative impact of the adjustments during the three months ended June 30, 2021 resulted in a $26 million increase to goodwill.

Acquired inventory is comprised of finished goods, work in process and raw materials. The preliminary fair value of finished goods was calculated as the estimated selling price, adjusted for costs of the selling effort and a reasonable profit allowance relating to the selling effort. The preliminary fair value of work in process inventory was primarily calculated as the estimated selling price, adjusted for estimated costs to complete the manufacturing, estimated costs of the selling effort, as well as a reasonable profit margin on the remaining manufacturing and selling effort. The preliminary fair value of raw materials and supplies was determined based on replacement cost which approximates historical carrying value. The preliminary fair value step-up is amortized to “Cost of goods sold” in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) as the inventory is sold, which is expected to be a period of approximately four months from the Closing Date.

The preliminary fair value of property, plant and equipment was primarily calculated using the cost approach, which determines the replacement costs for the assets and adjusts it for their age and condition. The fair value of the land assets was determined via the sales comparison approach.

The long-term debt assumed is comprised of a Term Loan Facility and Notes. The fair value of the Notes was determined on the basis of unadjusted quoted prices on an over-the-counter market. The fair value of the long-term debt assumed as part of the Term Loan Facility is based on the total indebtedness at the time of closing the Merger.

The Company has recognized $11.788 billion of goodwill to date in connection with the N&B Merger, which is in part attributable to expected synergies generated by the integration of N&B including cross-selling benefits as well as cost synergies, substantially all of which is not deductible for income tax purposes. Any further changes in the estimated fair values of the assets acquired and liabilities assumed in the Merger may change the amount of the purchase consideration allocated to goodwill. Goodwill of $2.393 billion, $7.694 billion and $1.701 billion is allocated to the Nourish, Health & Biosciences and Pharma Solutions segments, respectively. The allocation of goodwill to segments was based on a preliminary analysis and is subject to change during the measurement period as the Company continues to finalize the valuations of assets acquired and liabilities assumed.

The estimated preliminary fair value and useful lives of the identifiable intangible assets are as follows:


(DOLLARS IN MILLIONS)	Estimated Amounts		Estimated Useful Lives



Finite lived intangible assets
Trade names	$	281	4 to 22 years
Customer relationships	6,785		13 to 25 years
Technological know-how	2,105		5 to 14 years
Total	$	9,171

The fair value of intangible assets is generally determined using an income method, which is based on forecasts of the expected future cash flows attributable to the respective assets. Significant estimates and assumptions inherent in the valuations reflect a consideration of other market participants, and include the amount and timing of future cash flows (including expected growth rates and profitability), royalty rates used in the relief from royalty method, customer attrition rates, product obsolescence factors, a brand’s relative market position and the discount rate applied to the cash flows. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. Determining the useful life of an intangible asset also requires significant judgment. Trade names, customer relationships and technological know-hows are expected to have finite lives. The costs of finite-lived intangible assets are amortized through expense over their estimated lives.

Lease liabilities, included in “Other current liabilities” and “Operating lease liabilities” in the Consolidated Balance Sheets, at the Closing Date, are remeasured at the present value of the future minimum lease payments over the remaining lease term and the incremental borrowing rate of the Company as if the acquired leases were new leases as of the Closing Date. Right-of-use assets included in "Operating lease right-of-use assets" and “Other assets” in the Consolidated Balance Sheets as of the Closing Date, are equal to the amount of the lease liability at the Closing Date. As of June 30, 2021, the Company has not finalized its assessment of any off-market terms of the leases. The remaining lease term is based on the remaining term at the Closing Date plus any renewal or extension options that the Company is reasonably certain will be exercised.

The deferred income tax assets and liabilities include the expected future federal, state and foreign tax consequences associated with temporary differences between the preliminary fair values of the assets acquired and liabilities assumed and the respective tax bases. Tax rates utilized in calculating deferred income taxes generally represent the enacted statutory tax rates at the effective date of the Merger in the jurisdictions in which legal title of the underlying asset or liability resides. See Note 9 for additional information related to income taxes.

Pro Forma Financial Information

The following unaudited pro forma financial information presents the combined results of operations of IFF and N&B as if the Merger had been completed as of the prior fiscal year, or January 1, 2020. The unaudited pro forma financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the Merger and related borrowings had taken place on January 1, 2020, nor are they indicative of future results. The unaudited pro forma financial information for the six months ended June 30, 2021 includes IFF results, including the post-Merger results of N&B, since February 1, 2021, and pre-Merger results of N&B for the period January 1, 2021 through January 31, 2021.

The unaudited pro forma results for the six months ended June 30, 2021 and 2020 were as follows:


	Six Months Ended June 30,
(DOLLARS IN MILLIONS)		2021		2020
Unaudited pro forma net sales		$	6,061	$	5,636
Unaudited pro forma net income (loss) attributable to the Company		406		(91)

The unaudited pro forma results for all periods include adjustments made to account for certain costs and transactions that would have been incurred had the Merger been completed as of January 1, 2020, including amortization charges for acquired intangibles assets, adjustments for transaction costs, adjustments for depreciation expense for property, plant and equipment, inventory step-up and adjustments to interest expense. These adjustments are net of any applicable tax impact and were included to arrive at the pro forma results above.

For the three months ended June 30, 2021, the Company incurred transaction-related costs of approximately $2 million. This amount primarily consists of professional services fees, legal fees and others. For the six months ended June 30, 2021, the Company incurred transaction-related costs of approximately $91 million. This amount primarily consists of the following: approximately $79 million of M&A advisory fees and $12 million of professional services fees, legal fees and others.

Restructuring and Other Charges, Net

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges, Net

RESTRUCTURING AND OTHER CHARGES

Restructuring and other charges primarily consist of separation costs for employees including severance, outplacement and other employee benefit costs ("Severance"), charges related to the write-down of fixed assets of plants to be closed ("Fixed asset write-down") and all other related restructuring ("Other") costs. All restructuring and other charges are separately stated on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

Frutarom Integration Initiative

In connection with the acquisition of Frutarom, the Company has been executing an integration plan that, among other initiatives, seeks to optimize its manufacturing network (the "Frutarom Integration Initiative"). As part of the Frutarom Integration Initiative, the Company now expects to close approximately 30 manufacturing sites with most of the closures targeted to occur by the end of 2022. Between 2019 and 2020, the Company completed the closure of 21 sites. During the six months ended June 30, 2021, the Company completed the closure of one site. Since the inception of the initiative through June 30, 2021, the Company has closed 22 sites and expensed total costs of approximately $29 million. Total costs for the program are expected to be approximately $60 million including cash and non-cash items through 2022.

2019 Severance Program

During the year ended December 31, 2019, the Company incurred severance charges related to approximately 190 headcount reductions, excluding those previously mentioned under the Frutarom Integration Initiative. The headcount reductions primarily related to the Scent business unit with additional amounts related to headcount reductions in all business units associated with the establishment of a new shared service center in Europe. Since the inception of the program, the Company has expensed approximately $21 million to date. As of June 30, 2021, the program is largely completed.

N&B Merger Restructuring Liability

For the six months ended June 30, 2021, the Company incurred approximately $25 million of charges related to severance for approximately 200 headcount reductions that will occur in 2021.

Changes in Restructuring Liabilities

Changes in restructuring liabilities by program during the six months ended June 30, 2021 were as follows:


(DOLLARS IN MILLIONS)	Balance at December 31, 2020		Additional Charges (Reversals), Net		Cash Payments		Impact of N&B Merger(2)		Balance at June 30, 2021




Frutarom Integration Initiative
Severance	$	3	$	2	$	(2)	$	—	$	3

Other(1)	3		—		—		—		3
2019 Severance Plan
Severance	6		—		—		—		6


Other Restructuring Charges
Severance	2		—		(1)		—		1

Other(3)	—		1		—		—		1
N&B Merger Restructuring Liability
Severance	—		25		(1)		4		28


Total restructuring	$	14	$	28	$	(4)	$	4	$	42

_______________________

(1)Other includes supplier contract termination costs, consulting and advisory fees.

(2)Restructuring liabilities related to severance assumed as a result of the Merger with N&B.

(3)Includes charges related to legal settlement costs.

Charges by Segment

The following table summarizes the total amount of costs incurred in connection with these restructuring programs by segment:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Nourish	$	17	$	2	$	20	$	7
Health & Biosciences	4		—		4		—
Scent	2		—		3		—
Pharma Solutions	1		—		1		—

Total Restructuring and other charges	$	24	$	2	$	28	$	7

Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net (Notes)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

In the first quarter of 2021, in connection to the Merger, the Company reorganized its reporting structure. In connection with this reorganization, goodwill was reassigned among reporting units using a relative fair value approach based on the fair value of the elements transferred and the fair value of the elements remaining within the original reporting units. The Company tested goodwill for impairment on a pre-reorganization basis and determined there was no impairment for the affected reporting units. In connection with the reorganization, $985 million of goodwill previously included in the Taste segment, now the Nourish segment, was moved to the Scent and Health & Biosciences segments amounting to $257 million and $728 million, respectively.

Movements in goodwill attributable to each reportable segment for the six months ended June 30, 2021 were as follows:


(DOLLARS IN MILLIONS)	Nourish		Health & Biosciences		Scent		Pharma Solutions		Total
Balance at December 31, 2020	$	4,859	$	—	$	734	$	—	$	5,593
Acquisitions(1)	2,393		7,694		—		1,701		11,788

Transferred to assets held for sale	(27)		—		—		—		(27)
Foreign exchange	(32)		(53)		(8)		(11)		(104)
Reallocation	(985)		728		257		—		—

Balance at June 30, 2021	$	6,208	$	8,369	$	983	$	1,690	$	17,250

_______________________

(1)Acquisitions relate to the Merger with N&B. The amount of goodwill, and allocation of goodwill among reporting units, from the Merger with the N&B Business is preliminary and may materially change in future periods as a result of purchase accounting being finalized. See Note 3 for additional information.

Other Intangible Assets

Other intangible assets, net consisted of the following amounts:


	June 30,		December 31,
(DOLLARS IN MILLIONS)	2021		2020






Asset Type
Customer relationships	$	9,421	$	2,728
Trade names & patents	446		187
Technological know-how	2,574		479

Other	30		38
Total carrying value	12,471		3,432
Accumulated Amortization
Customer relationships	(660)		(470)
Trade names & patents	(84)		(38)
Technological know-how	(251)		(168)

Other	(28)		(29)
Total accumulated amortization	(1,023)		(705)

Other intangible assets, net	$	11,448	$	2,727

Amortization

Amortization expense was $200 million and $49 million for the three months ended June 30, 2021 and 2020, respectively, and $352 million and $97 million for the six months ended June 30, 2021 and 2020, respectively.

Amortization expense for the next five years is expected to be as follows:



(DOLLARS IN MILLIONS)	2021		2022		2023		2024		2025
Estimated future intangible amortization expense	$	391	$	779	$	779	$	779	$	777

Other Assets and Liabilities, Current and Noncurrent

6 Months Ended

Jun. 30, 2021

Other Assets [Abstract]

Other Assets and Liabilities, Current and Noncurrent

OTHER ASSETS AND LIABILITIES, CURRENT AND NONCURRENT

Other current assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020
Value-added tax receivable	$	182	$	93
Income tax receivable	70		100
Prepaid expenses	298		100
Assets held for sale(1)	124		—
Other	158		49
Total	$	832	$	342

___________________

(1)Includes assets held for sale related to the Company's fruit preparation business.

Other assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020

Finance lease right-of-use assets	$	21	$	8
Deferred income taxes	113		197
Overfunded pension plans	106		101
Cash surrender value of life insurance contracts	51		49


Other(1)	227		63
Total	$	518	$	418

_______________________

(1)Includes restricted cash, land usage rights in China and long term deposits.

Other current liabilities consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020
Rebates and incentives payable	$	92	$	64
Value-added tax payable	64		20
Interest payable	55		29
Current pension and other postretirement benefit obligation	12		13
Accrued insurance (including workers’ compensation)	9		11
Earn outs payable	2		14
Restructuring and other charges	42		14
Short term operating lease obligation	112		41
Short term financing lease obligation	4		3

Accrued income taxes	41		42
Liabilities held for sale(1)	11		—
Other	346		248
Total	$	790	$	499

_______________________

(1)Includes liabilities held for sale related to the Company's fruit preparation business.

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:


(DOLLARS IN MILLIONS)	Effective Interest Rate		June 30, 2021		December 31, 2020

2021 Euro Notes(1)	0.82	%	$	358	$	368
2022 Notes(3)	0.69	%	300		—
2023 Notes(1)	3.30	%	299		299
2024 Euro Notes(1)	1.88	%	595		614
2025 Notes(3)	1.22	%	1,001		—
2026 Euro Notes(1)	1.93	%	949		978
2027 Notes(3)	1.56	%	1,220		—
2028 Notes(1)	4.57	%	397		397
2030 Notes(3)	2.21	%	1,511		—
2040 Notes(3)	3.04	%	775		—
2047 Notes(1)	4.44	%	494		494
2048 Notes(1)	5.12	%	786		786
2050 Notes(3)	3.21	%	1,574		—
2018 Term Loan Facility(1)	3.65	%	240		240
2022 Term Loan Facility (1)	1.73	%	200		199
2024 Term Loan Facility(3)	1.45	%	625		—
2026 Term Loan Facility(3)	1.84	%	625		—
Amortizing Notes(1)	6.09	%	12		36


Bank overdrafts and other			9		2

Total debt			11,970		4,413
Less: Short-term borrowings(2)			(616)		(634)
Total Long-term debt			$	11,354	$	3,779

_______________________

(1)Amount is net of unamortized discount and debt issuance costs.

(2)Includes bank borrowings, overdrafts and current portion of long-term debt.

(3)Assumed by the Company as part of the N&B Merger.

Term Loan Facility and Senior Notes assumed as part of the N&B Merger

Following the Merger, the Company assumed the indebtedness incurred by N&B in the debt financings completed prior to the Distribution. This indebtedness includes (i) a Term Loan Facility of $1.250 billion pursuant to the term loan credit agreement (the "N&B Term Loan Facility") and (ii) a series of Senior Notes in the aggregate amount of $6.250 billion with maturities ranging from 2 – 30 years as further described below. N&B’s indebtedness raised prior to the Merger was used to finance the Special Cash Payment to DuPont, which has been paid, and for the satisfaction of the related transaction fees and expenses. See Note 3 for additional information.

N&B Term Loan Facility

The N&B Term Loan Facility was funded on February 1, 2021, and provides for a senior unsecured term loan credit facility in an aggregate principal amount of $1.250 billion, comprised of a $625 million three-year tranche (“2024 Term Loan Facility”) and a $625 million five-year tranche (“2026 Term Loan Facility”). Interest for each tranche equals, at the Company’s option, a per annum rate equal to either (x) an adjusted LIBOR rate plus an applicable margin varying from 0.750% to 2.000% for the three-year tranche and from 1.125% to 2.375% for the five-year tranche or (y) a base rate plus an applicable margin varying from 0.000% to 1.000% for the three-year tranche and from 0.125% to 1.375% for the five-year tranche, in each case depending on the class of IFF’s non-credit-enhanced, senior unsecured long-term debt credit rating.

The 2024 Term Loan Facility and 2026 Term Loan Facility are subject to customary affirmative and negative covenants and events of default after the Closing Date of the Merger. The 2024 Term Loan Facility and 2026 Term Loan Facility are also subject to a financial covenant requiring maintenance of a maximum consolidated leverage ratio of 4.75x until and including the end of the third full fiscal quarter after the Closing Date of the Merger, stepping down to 4.50x until and including the end of the sixth full fiscal quarter after the Closing Date of the Merger, stepping down further to 3.75x until and including the end of the ninth full fiscal quarter after the Closing Date of the Merger and stepping down further to 3.50x thereafter, with a step-up in connection with certain qualifying acquisitions. The Company was in compliance with all covenants as of June 30, 2021.

N&B Senior Notes

On September 16, 2020, N&B issued $6.250 billion in aggregate principal amount of senior unsecured notes consisting of: (i) $300 million senior unsecured notes maturing on September 15, 2022 (the “2022 Notes”), bearing interest at a rate of 0.697% per year, payable semi-annually on March 15 and September 15 of each year, beginning March 15, 2021; (ii) $1.000 billion senior unsecured notes maturing on October 1, 2025 (the “2025 Notes”), bearing interest at a rate of 1.230% per year, payable semi-annually on April 1 and October 1 of each year, beginning April 1, 2021; (iii) $1.200 billion senior unsecured notes maturing on October 15, 2027 (the “2027 Notes”), bearing interest at a rate of 1.832% per year, payable semi-annually on April 15 and October 15 of each year, beginning April 15, 2021; (iv) $1.500 billion senior unsecured notes maturing on November 1, 2030 (the “2030 Notes”), bearing interest at a rate of 2.300% per year, payable semi-annually on May 1 and November 1 of each year, beginning May 1, 2021; (v) $750 million senior unsecured notes maturing on November 15, 2040 (the “2040 Notes”), bearing interest at a rate of 3.268% per year, payable semi-annually on May 15 and November 15 of each year, beginning May 15, 2021, and; (vi) $1.500 billion senior unsecured notes maturing on December 1, 2050 (the “2050 Notes”), bearing interest at a rate of 3.468% per year, payable semi-annually on June 1 and December 1 of each year, beginning June 1, 2021.

Interest on each series of notes began accruing from September 16, 2020 payable semi-annually in arrears as described above. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months.

Redemption Provisions

The N&B Senior Notes assumed as a result of the Merger may be redeemed by the issuer at any time at the greater of 100% or the discounted present value of the remaining scheduled payments of principal and interest from the redemption date to the maturity date at Treasury Rate (as defined in the applicable indenture) plus (i) 10 basis points in the case of the 2022 Notes, (ii) 15 basis points in the case of the 2025 Notes, (iii) 25 basis points in the case of the 2027 Notes, (iv) 25 basis points in the case of the 2030 Notes, (v) 30 basis points in the case of the 2040 Notes and (vi) 30 basis points in the case of the 2050 Notes. The redemption dates of each of the N&B Senior Notes are provided in the table below:


Notes			Redemption Date
2022 Notes			September 15, 2022
2025 Notes			September 1, 2025
2027 Notes			August 15, 2027
2030 Notes			August 1, 2030
2040 Notes			May 15, 2040
2050 Notes			June 1, 2050

On or after the applicable redemption dates, each series of the N&B Senior Notes may be redeemed by the issuer at a redemption price equal to 100% of the principal amount of the N&B Senior Notes to be redeemed, plus accrued and unpaid interest on the notes to be redeemed to, but excluding, the redemption date.

2022 Term Loan Facility

On May 15, 2020, the Company entered into a Term Loan Agreement (as amended on August 25, 2020, the "2022 Term Loan Agreement") with China Construction Bank Corporation, New York Branch, as administrative agent, and the lenders party thereto for a senior unsecured two year term loan facility in an aggregate principal amount of up to $200 million (the "2022 Term Loan Facility").

The loans under the 2022 Term Loan Agreement bear interest, at the Company's option, at a per annum rate equal to either (x) an adjusted LIBOR rate plus an applicable margin varying from 1.225% to 2.475% or (y) a base rate plus an applicable margin varying from 0.225% to 1.475%, in each case depending on the public debt ratings for non-credit enhanced long-term senior unsecured debt issued by the Company. The Company may voluntarily prepay the term loans without premium or penalty, with the balance payable on the second anniversary of the funding date. There is no required amortization under the 2022 Term Loan Agreement.

As of June 30, 2021, the Company had $200 million outstanding in borrowings under the 2022 Term Loan Agreement. The 2022 Term Loan Agreement contains various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum ratio of net debt to EBITDA of 4.75x, with step-downs over time, following the close of the N&B Merger.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

LEASES

The Company has leases for corporate offices, manufacturing facilities, research and development facilities, and certain transportation and office equipment. The Company's leases have remaining lease terms of up to 40 years, some of which include options to extend the leases for up to 5 years.

The components of lease expense were as follows:


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
(DOLLARS IN MILLIONS)	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Operating lease cost	$	46	$	12	$	78	$	24
Finance lease cost	1		1		2		2

Supplemental cash flow information related to leases was as follows:


	Six Months Ended		Six Months Ended
(DOLLARS IN MILLIONS)	June 30, 2021		June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	60	$	24

Financing cash flows for finance leases	2		1
Right-of-use assets obtained in exchange for lease obligations
Operating leases	31		22
Finance leases	15		2

Operating lease right-of-use assets are presented in "Operating lease right-of-use assets" and financing lease right-of-use assets are presented in "Other Assets" in the Consolidated Balance Sheets. Operating lease liabilities are presented in "Operating lease liabilities" and financing lease liabilities are presented in "Other Liabilities" in the Consolidated Balance Sheets. Any other current liabilities related to operating and financing lease liabilities are presented in "Other Current Liabilities" in the Consolidated Balance Sheets.

Right-of-use assets and lease liabilities acquired from N&B were remeasured at the present value of the future minimum lease payments over the remaining lease term utilizing an updated incremental borrowing rate of the Company as if the acquired leases were new leases as of the Closing Date. Right-of-use assets were further adjusted for any off-market terms of the lease. The remaining lease term is based on the remaining term at the Closing Date plus any renewal or extension options that the Company is reasonably certain will be exercised. Additionally, the Company has elected short-term lease treatment for those acquired lease contracts which, at the Closing Date, have a remaining lease term of 12 months or less. For the leases acquired through the Transactions, the Company will retain the previous lease classification. This resulted in an increase in both right-of-use assets and operating lease liabilities of approximately $530 million as of the Closing Date.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Uncertain Tax Positions As of June 30, 2021, the Company had $133 million of unrecognized tax benefits recorded in Other liabilities and an amount less than $1 million recorded to Other current liabilities. The balance includes $38 million associated with N&B uncertain tax positions recorded in the purchase accounting measurement period. If these unrecognized tax benefits were recognized, the effective tax rate would be affected. As of June 30, 2021, the Company had accrued interest and penalties of $35 million classified in Other liabilities and an amount less than $1 million classified in Other current liabilities. The balance includes $19 million associated with N&B uncertain tax positions recorded in the purchase accounting measurement period. As of June 30, 2021, the Company’s aggregate provisions for uncertain tax positions, including interest and penalties, was $169 million associated with tax positions asserted in various jurisdictions. The balance includes $57 million associated with N&B uncertain tax positions recorded in the purchase accounting measurement period. The Company regularly repatriates earnings from non-U.S. subsidiaries. As the Company repatriates these funds to the U.S., they will be required to pay income taxes in certain U.S. states and applicable foreign withholding taxes during the period when such repatriation occurs. Accordingly, as of June 30, 2021, the Company had a deferred tax liability of $65 million for the effect of repatriating the funds to the U.S., attributable to various non-U.S. subsidiaries. There is no deferred tax liability associated with non-U.S. subsidiaries where we intend to indefinitely reinvest the earnings to fund local operations and/or capital projects. The Company has ongoing income tax audits and legal proceedings which are at various stages of administrative or judicial review. In addition, the Company has open tax years with various taxing jurisdictions that range primarily from 2011 to 2020. Based on currently available information, the Company does not believe the outcome of any of these tax audits and other tax positions related to open tax years, when finalized, will have a material impact on its results of operations. The Company also has other ongoing tax audits and legal proceedings that relate to indirect taxes, such as value-added taxes, sales and use taxes and property taxes, which are discussed in Note 15. Effective Tax Rate The effective tax rate for the three months ended June 30, 2021 was 31.8% compared to 15.4% for the three months ended June 30, 2020. The quarter-over-quarter increase was primarily due to an unfavorable mix of earnings, higher repatriation costs and a one-time non-cash impact due to the UK rate change enacted during the second quarter of 2021. The effective tax rate for the six months ended June 30, 2021 was 0% compared to 16.3% for the six months ended June 30, 2020. The quarter-over-quarter decrease was primarily due to a favorable mix of earnings, partially offset by higher repatriation costs and a one-time non-cash impact due to the UK rate change enacted during the second quarter of 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock Compensation Plans

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock Compensation Plans

STOCK COMPENSATION PLANS

The Company has various plans under which its officers, senior management, other key employees and directors may be granted equity-based awards. Equity awards outstanding under the plans include PRSUs, RSUs, SSARs and Long-Term Incentive Plan awards. Liability-based awards outstanding under the plans are cash-settled RSUs.

Stock-based compensation expense and related tax benefits were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Equity-based awards	$	16	$	10	$	27	$	19
Liability-based awards	3		3		6		2
Total stock-based compensation expense	19		13		33		21
Less: Tax benefit	(4)		(2)		(7)		(3)
Total stock-based compensation expense, after tax	$	15	$	11	$	26	$	18

Transaction with Nutrition and Biosciences, Inc.

In connection with the Merger, N&B employees’ outstanding (unvested and/or vested and unexercised) equity awards were converted into equity awards denominated in shares of the Company’s common stock based on a defined exchange ratio. N&B employees’ equity awards were converted into 335,347 IFF stock options, 258,572 IFF RSU awards and 5,816 IFF SAR awards.

For converted RSU awards, the fair value of the equity award is based on the Closing Date market price of IFF stock. For converted stock options and SAR awards, the exercise price per share of the converted award is equal to the exercise price per share of the N&B award immediately prior to the Merger divided by the exchange ratio. The fair value of the IFF stock options and SAR awards that the Company issued in connection with the Merger was estimated using the Black Scholes model.

The awards were generally issued with the same terms and conditions as were applicable prior to the Transaction. At the Closing Date, approximately $25 million of the fair value of the replacement awards granted to N&B employees was attributable to pre-combination service and was included in the purchase price. As of June 30, 2021, post-combination expense of approximately $6 million is expected to be recognized related to the replacement awards over the remaining post-combination service period, approximately up to three years.

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

During the first quarter of 2021, the Company completed its Merger with N&B. Following the Merger, the Company reorganized its reportable segments and is now organized into four reportable operating segments: Nourish, Health & Biosciences (“H&B”), Scent and Pharma Solutions. These segments align with the internal structure to manage these businesses. The Company’s Chief Operating Decision Maker regularly reviews financial information to allocate resources and assess performance utilizing these reorganized segments. Therefore, beginning in the first quarter of 2021, the Company reported its financial performance based on its new segments. The Company recast certain prior period amounts to conform to the way the Company is internally managed and how the Company monitors segment performance during the current fiscal year. Prior to the realignment, the Company operated and managed its business as two operating and reportable segments: Taste and Scent.

Nourish combines the majority of IFF’s Taste segment and N&B’s Food & Beverage segment. It is comprised of three platforms, Ingredients, Flavors and Food Designs, with a diversified portfolio across natural and plant-based specialty food ingredients, flavor compounds, and savory solutions and inclusions, respectively. Ingredients provide texturizing solutions to the food industry, food protection solutions used in food and beverage products, specialty soy and pea protein with value-added formulations, emulsifiers and sweeteners. Flavors provide a range of flavor compounds and natural taste solutions that are ultimately used by IFF's customers in savory products, beverages, sweets, and dairy products. Flavors also provide value-added spices and seasoning ingredients for meat, food service, convenience, alternative protein and culinary products. Food Designs provide savory solution products such as spices, sauces, marinades and mixtures. Additionally, Food Designs provide inclusion products that help with taste and texture by, among other things, combining flavorings with fruit, vegetables, and other natural ingredients for a wide range of food products, such as health snacks, baked goods, cereals, pastries, ice cream and other dairy products.

Health & Biosciences is comprised of six platforms, Health, Cultures & Food Enzymes, Home & Personal Care, Animal Nutrition, Grain Processing and Microbial Control, with a biotechnology-driven portfolio of products that serve the health and wellness, food, consumer and industrial markets. Products within this portfolio range from enzymes, food cultures, probiotics and specialty ingredients for non-food applications. Health provides ingredients for dietary supplements, food and beverage, specialized nutrition and pharma. Cultures & Food Enzymes provide products that aim to serve the global demand for healthy, natural, clean label and fermented food for fresh dairy, cheese, bakery and brewing products. This is accomplished by providing IFF's customers with products that allow for extended shelf life and stability, which help to improve customers' products and performance. The platform's enzyme solution also allows IFF's customers to provide low sugar, high fiber and lactose-free dairy products. Home & Personal Care produces enzymes for detergents, cleaning and textile processing products in the laundry, dishwashing, textiles and industrials and personal care markets that help to enhance product and process performances. Animal Nutrition produces enzymes that help to improve the product and process performance of animal feed products, which aim to lessen environmental impact by reducing farm waste. Grain Processing produces enzymes for biofuel production and carbohydrate processing. Microbial Control produces biocides for controlling microbial populations for oil and gas production, home and personal care and industrial preservation markets.

Scent is comprised of (1) Fragrance Compounds, which are ultimately used by our customers in two broad categories: Fine Fragrances, including perfumes and colognes, and Consumer Fragrances, including fragrance compounds for personal care (e.g., soaps), household products (e.g., detergents and cleaning agents) and beauty care, including toiletries; (2) Fragrance Ingredients, consisting of synthetic and natural ingredients that can be combined with other materials to create unique fine fragrance and consumer compounds; and (3) Cosmetic Active Ingredients, consisting of active and functional ingredients, botanicals and delivery systems to support our customers’ cosmetic and personal care product lines. Major fragrance customers include the cosmetics industry, including perfume and toiletries manufacturers, and the household products industry, including manufacturers of soaps, detergents, fabric care, household cleaners and air fresheners.

Pharma Solutions is comprised of N&B’s historical Pharma Solutions business. Pharma Solutions is a producer of cellulosics and alginates-based pharma excipients, used to improve the functionality and delivery of active pharmaceutical ingredients, including controlled or modified drug release formulations, and enabling the development of more effective pharma solutions. The primary market for Pharma Solutions is the oral dosage pharmaceuticals excipients market.

Effective in the first quarter of 2021, management elected to change the profit or loss measure of the Company’s reportable segments from Segment Operating Profit to Segment Adjusted Operating EBITDA for internal reporting and performance measurement purposes. This change was made to enhance the transparency and visibility of the underlying operating performance of each segment. The Company's Chief Operating Decision Maker evaluates the performance of these reportable operating segments based on Segment Adjusted Operating EBITDA, which is defined as Income (Loss) Before Taxes before depreciation and amortization expense, interest expense, restructuring and other charges and certain non-recurring items. Prior period amounts have been recast to reflect these changes in segment profitability measures.

Reportable segment information was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Net sales:
Nourish	$	1,668	$	690	$	2,976	$	1,462
Health & Biosciences	639		34		1,065		68
Scent	550		475		1,119		1,016
Pharma Solutions	232		—		394		—
Consolidated	$	3,089	$	1,199	$	5,554	$	2,546
Segment Adjusted Operating EBITDA
Nourish	$	324	$	142	$	594	$	318
Health & Biosciences	190		10		318		19
Scent	117		87		245		205
Pharma Solutions	48		—		91		—
Total	679		239		1,248		542
Depreciation & Amortization	(322)		(80)		(564)		(161)
Interest Expense	(77)		(32)		(142)		(64)
Other income, net	11		16		18		5
Frutarom Integration Related Costs (a)	(1)		(3)		(2)		(7)
Restructuring and Other Charges	(24)		(2)		(28)		(7)
Losses on sale of assets	—		—		—		(1)
Shareholder Activism Related Costs (b)	—		—		(7)		—
Business Divestiture Costs (c)	(5)		—		(5)		—
Employee Separation Costs (d)	(3)		—		(6)		—
Compliance Review & Legal Defense Costs (e)	—		—		—		(1)
N&B Inventory Step-Up Costs	(195)		—		(377)		—
N&B Transaction Related Costs (f)	(2)		(11)		(91)		(16)
N&B Integration Related Costs (g)	(17)		(23)		(54)		(33)



Income (Loss) Before Taxes	$	44	$	104	$	(10)	$	257

_______________________


(a)			Represents costs related to the integration of the Frutarom acquisition. For 2021, costs primarily related to performance stock awards. For 2020, costs primarily related to advisory services, retention bonuses and performance stock awards.
(b)			Represents shareholder activist related costs, primarily professional fees.
(c)			Represents costs related to the Company's planned sales of businesses, primarily includes legal and professional fees.
(d)			Represents costs related to severance liabilities, including accelerated stock compensation expense, for employees who have been separated from the Company.
(e)			Costs related to reviewing the nature of inappropriate payments and review of compliance in certain other countries. In addition, includes legal costs for related shareholder lawsuits.
(f)			Represents transaction costs and expenses related to the transaction with N&B, primarily includes legal and professional fees.
(g)			Represents costs primarily related to advisory services for the integration of the transaction with N&B, primarily consulting fees.

Net sales, which are attributed to individual regions based upon the destination of product delivery, were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Europe, Africa and Middle East	$	1,084	$	463	$	1,957	$	1,006
Greater Asia	707		275		1,294		585
North America	961		301		1,683		604
Latin America	337		160		620		351
Consolidated	$	3,089	$	1,199	$	5,554	$	2,546


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Net sales related to the U.S.	$	876	$	268	$	1,530	$	539
Net sales attributed to all foreign countries	2,213		931		4,024		2,007

No non-U.S. country had net sales greater than 7% and 6% of total consolidated net sales for the three months ended June 30, 2021 and six months ended June 30, 2021, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Employee Benefits

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Employee Benefits

EMPLOYEE BENEFITS

Pension and other defined contribution retirement plan expenses included the following components:


(DOLLARS IN MILLIONS)	U.S. Plans
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Service cost for benefits earned(1)	$	1	$	1	$	1	$	1
Interest cost on projected benefit obligation(2)	3		4		6		8
Expected return on plan assets(2)	(5)		(7)		(10)		(14)
Net amortization and deferrals(2)	2		2		4		4
Net periodic benefit (income) cost	$	1	$	—	$	1	$	(1)


(DOLLARS IN MILLIONS)	Non-U.S. Plans
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Service cost for benefits earned(1)	$	12	$	6	$	22	$	12
Interest cost on projected benefit obligation(2)	3		3		5		6
Expected return on plan assets(2)	(13)		(11)		(25)		(23)
Net amortization and deferrals(2)	5		4		10		8

Net periodic benefit (income) cost	$	7	$	2	$	12	$	3

_______________________

(1)Included as a component of Operating profit.

(2)Included as a component of Other income, net.

The Company expects to contribute a total of $4 million to its U.S. pension plans and a total of $25 million to its Non-U.S. Plans during 2021. During the six months ended June 30, 2021, no contributions were made to the qualified U.S. pension plans, $10 million of contributions were made to the non-U.S. pension plans, and $2 million of benefit payments were made with respect to the Company's non-qualified U.S. pension plan.

Income (expense) recognized for postretirement benefits other than pensions included the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020

Interest cost on projected benefit obligation	$	1	$	1	$	1	$	1
Net amortization and deferrals	(1)		(1)		(2)		(2)
Total postretirement benefit income	$	—	$	—	$	(1)	$	(1)

The Company expects to contribute $4 million to its postretirement benefits other than pension plans during 2021. In the six months ended June 30, 2021, $2 million of contributions were made.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Financial Instruments

6 Months Ended

Jun. 30, 2021

Investments, All Other Investments [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

Fair Value

Accounting guidance on fair value measurements specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs create the following fair value hierarchy:

•Level 1 — Quoted prices for identical instruments in active markets.

•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

•Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company determines the fair value of structured liabilities (where performance is linked to structured interest rates, inflation or currency risks) using the London Interbank Offer Rate ("LIBOR") swap curve and forward interest and exchange rates at period end. Such instruments are classified as Level 2 based on the observability of significant inputs to the model. The Company does not have any instruments classified as Level 3, other than those included in pension asset trusts as discussed in Note 16 of the Company's 2020 Form 10-K.

These valuations take into consideration the Company's credit risk and its counterparties’ credit risk. The estimated change in the fair value of these instruments due to such changes in its own credit risk (or instrument-specific credit risk) was not material as of June 30, 2021.

The carrying values and the estimated fair values of financial instruments at June 30, 2021 and December 31, 2020 consisted of the following:


	June 30, 2021				December 31, 2020
(DOLLARS IN MILLIONS)	Carrying Value		Fair Value		Carrying Value		Fair Value
LEVEL 1
Cash and cash equivalents(1)	$	935	$	935	$	650	$	650
2025 Notes(6)	1,001		995		—		—
2027 Notes(6)	1,220		1,200		—		—
2030 Notes(6)	1,511		1,490		—		—
2040 Notes(6)	775		767		—		—
2050 Notes(6)	1,574		1,560		—		—
LEVEL 2
Credit facilities and bank overdrafts(2)	9		9		2		2
Derivatives
Derivative assets(3)	2		2		1		1
Derivative liabilities(3)	18		18		29		29

Long-term debt:(4)

2021 Euro Notes	358		358		368		370
2022 Notes	300		300		—		—
2023 Notes	299		312		299		316
2024 Euro Notes	595		622		614		648
2026 Euro Notes	949		1,025		978		1,061
2028 Notes	397		463		397		472
2047 Notes	494		585		494		608
2048 Notes	786		1,032		786		1,059
2018 Term Loan Facility(2)	240		240		240		240
2022 Term Loan Facility(2)	200		200		199		200
2024 Term Loan Facility(7)	625		625		—		—
2026 Term Loan Facility(7)	625		625		—		—
Amortizing Notes(5)	12		12		36		37

_______________________

(1)The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.

(2)The carrying amount approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments.

(3)The carrying amount approximates fair value as the instruments are marked-to-market and held at fair value on the Consolidated Balance Sheets.

(4)The fair value of the Company's long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on its own credit risk.

(5)The fair value of the Amortizing Notes of the TEUs is based on the most recently quoted price for the outstanding securities, adjusted for any known significant deviation in value. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange.

(6)The fair value of the Notes is based on market quoted price as there is an active market for the Notes and observable market data and inputs.

(7)The carrying amount approximates fair value as the Term Loans were assumed at fair value and the interest rate is reset frequently based on current market rates.

Derivatives

Foreign Currency Forward Contracts

The Company periodically enters into foreign currency forward contracts with the objective of reducing exposure to cash flow volatility associated with its intercompany loans, foreign currency receivables and payables and anticipated purchases of certain raw materials used in operations. These contracts generally involve the exchange of one currency for a second currency at a future date, have maturities not exceeding twelve months and are with counterparties which are major international financial institutions.

Commodity Contracts

The Company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as soybeans, soybean oil and soybean meal.

Cash Flow Hedges

The Company maintains several forward currency contracts which qualified as cash flow hedges. The objective of these hedges is to protect against the currency risk associated with forecasted U.S. dollar ("USD") denominated raw material purchases made by Euro ("EUR") functional currency entities which result from changes in the EUR/USD exchange rate. The effective portions of cash flow hedges are recorded in OCI as a component of Gains (losses) on derivatives qualifying as hedges in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Realized gains/(losses) in AOCI related to cash flow hedges of raw material purchases are recognized as a component of Cost of goods sold in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) in the same period as the related costs are recognized.

Hedges Related to Issuances of Debt

Subsequent to the issuance of the 2021 Euro Notes and 2026 Euro Notes during the third quarter of 2018, the Company designated the debt as a hedge of a portion of its net European investments. Accordingly, the change in the value of the debt that is attributable to foreign exchange movements is recorded in OCI as a component of foreign currency translation adjustments in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

Subsequent to the issuance of the 2024 Euro Notes during the first quarter of 2016, the Company designated the debt as a hedge of a portion of its net European investments. Accordingly, the change in the value of the debt that is attributable to foreign exchange movements is recorded in OCI as a component of foreign currency translation adjustments in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

Cross Currency Swaps

During the third quarter of 2019, the Company entered into four EUR/USD cross currency swaps that mature through May 2023. The swaps all qualified as net investment hedges in order to mitigate a portion of the Company's net European investments from foreign currency risk. During the third quarter of 2020, the Company entered into a transaction to unwind two of the swaps issued in the third quarter of 2019 and paid proceeds of $15 million, net of accrued interest receivable of $2 million. The loss arising from the termination of the swaps has been included as a component of accumulated other comprehensive loss. As of June 30, 2021, the two remaining swaps were in a net liability position with an aggregate fair value of $15 million which was classified as other current liabilities. Changes in fair value related to cross currency swaps are recorded in OCI.

The following table shows the notional amount of the Company’s derivative instruments outstanding as of June 30, 2021 and December 31, 2020:


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020
Foreign currency contracts	$	133	$	221
Commodity contracts	7		—
Cross currency swaps	300		300

The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy), as reflected in the Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020:


	June 30, 2021
(DOLLARS IN MILLIONS)	Fair Value of Derivatives Designated as Hedging Instruments		Fair Value of Derivatives Not Designated as Hedging Instruments		Total Fair Value
Derivative assets(1)
Foreign currency contracts	$	1	$	1	$	2



Derivative liabilities(2)
Foreign currency contract	$	—	$	3	$	3
Cross currency swaps	15		—		15
Total derivative liabilities	$	15	$	3	$	18


	December 31, 2020
(DOLLARS IN MILLIONS)	Fair Value of Derivatives Designated as Hedging Instruments		Fair Value of Derivatives Not Designated as Hedging Instruments		Total Fair Value
Derivative assets(1)
Foreign currency contracts	$	—	$	1	$	1



Derivative liabilities(2)
Foreign currency contracts	$	6	$	—	$	6
Cross currency swaps	23		—		23
Total derivative liabilities	$	29	$	—	$	29

_______________________

(1)Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheets.

(2)Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheets.

The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three and six months ended June 30, 2021 and 2020 (in millions):


	Amount of Gain (Loss)				Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)	Three Months Ended June 30,
	2021		2020
Foreign currency contracts(1)	$	8	$	4	Other income, net




	Amount of Gain (Loss)				Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)	Six Months Ended June 30,
	2021		2020
Foreign currency contracts(1)	$	5	$	(4)	Other income, net

_______________________

(1)The foreign currency contract net gains (losses) offset any recognized gains (losses) arising from the revaluation of the related intercompany loans during the same respective periods.

The following table shows the effect of the Company’s derivative and non-derivative instruments designated as cash flow and net investment hedging instruments, net of tax, in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three and six months ended June 30, 2021 and 2020 (in millions):


	Amount of Gain (Loss) Recognized in OCI on Derivative				Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Three Months Ended June 30,					Three Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020			2021		2020
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	$	2	$	(3)	Cost of goods sold	$	(2)	$	1

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	(3)		(20)		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	(6)		(11)		N/A	—		—
2021 Euro Notes & 2026 Euro Notes	(13)		(24)		N/A	—		—
Total	$	(20)	$	(58)		$	(2)	$	1

	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
	Six Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	$	6	$	(2)	Cost of goods sold	$	(4)	$	3

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	6		6		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	14		(1)		N/A	—		—
2021 Euro Notes & 2026 Euro Notes	32		(3)		N/A	—		—
Total	$	58	$	—		$	(4)	$	3

The ineffective portion of the above noted cash flow hedges were not material during the three and six months ended June 30, 2021 and 2020.

The Company expects that $2 million (net of tax) of derivative loss included in AOCI at June 30, 2021, based on current market rates, will be reclassified into earnings within the next 12 months. The majority of this amount will vary due to fluctuations in foreign currency exchange rates.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables present changes in the accumulated balances for each component of other comprehensive (loss) income, including current period other comprehensive (loss) income and reclassifications out of accumulated other comprehensive loss:


(DOLLARS IN MILLIONS)	Foreign Currency Translation Adjustments		Gains (Losses) on Derivatives Qualifying as Hedges		Pension and Postretirement Liability Adjustment		Total
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2020	$	(285)	$	(7)	$	(406)	$	(698)
OCI before reclassifications	(154)		2		1		(151)
Amounts reclassified from AOCI	—		4		11		15
Net current period other comprehensive income (loss)	(154)		6		12		(136)
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2021	$	(439)	$	(1)	$	(394)	$	(834)


(DOLLARS IN MILLIONS)	Foreign Currency Translation Adjustments		Gains (Losses) on Derivatives Qualifying as Hedges		Pension and Postretirement Liability Adjustment		Total
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2019	$	(373)	$	2	$	(346)	$	(717)
OCI before reclassifications	(305)		1		—		(304)
Amounts reclassified from AOCI	—		(3)		7		4
Net current period other comprehensive income (loss)	(305)		(2)		7		(300)
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2020	$	(678)	$	—	$	(339)	$	(1,017)

The following table provides details about reclassifications out of Accumulated other comprehensive loss to the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss):


	Six Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(DOLLARS IN MILLIONS)	2021		2020
Gains (losses) on derivatives qualifying as hedges

Foreign currency contracts	$	(5)	$	4	Cost of goods sold

Tax	1		(1)		Provision for income taxes
Total	$	(4)	$	3	Total, net of income taxes
Losses on pension and postretirement liability adjustments

Prior service cost	$	3	$	(9)	(1)
Actuarial losses	(15)		—		(1)
Tax	1		2		Provision for income taxes
Total	$	(11)	$	(7)	Total, net of income taxes

_______________________

(1)The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 16 of the Company's 2020 Form 10-K for additional information regarding net periodic benefit cost.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees and Letters of Credit The Company has various bank guarantees, letters of credit and surety bonds which are used to support its ongoing business operations, satisfy governmental requirements associated with pending litigation in various jurisdictions and the payment of customs duties. At June 30, 2021, the Company had total bank guarantees, commercial guarantees, standby letters of credit and surety bonds of $382 million with various financial institutions. Included in the above aggregate amount was a total of $15 million for other assessments in Brazil for various income tax and indirect tax disputes related to fiscal years 1998-2011. There was a total of $29 million outstanding under the bank guarantees and standby letters of credit and $95 million outstanding under the commercial guarantees as of June 30, 2021. In order to challenge the assessments in these cases in Brazil, the Company has been required to, and has separately pledged assets, principally property, plant and equipment, to cover assessments in the amount of $8 million as of June 30, 2021. Lines of Credit The Company has various lines of credit which are available to support its ongoing business operations. As of June 30, 2021, the Company had available lines of credit of $1.530 billion with various financial institutions, in addition to the $1.345 billion of capacity under the Credit Facility. There were total draw downs of $33 million pursuant to these lines of credit as of June 30, 2021. Litigation The Company assesses contingencies related to litigation and/or other matters to determine the degree of probability and range of possible loss. A loss contingency is accrued in the Company’s Consolidated Financial Statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly sensitive and requires judgments about future events. On at least a quarterly basis, the Company reviews contingencies related to litigation to determine the adequacy of accruals. The amount of ultimate loss may differ from these estimates and further events may require the Company to increase or decrease the amounts it has accrued on any matter. Periodically, the Company assesses its insurance coverage for all known claims, where applicable, taking into account aggregate coverage by occurrence, limits of coverage, self-insured retentions and deductibles, historical claims experience and claims experience with its insurance carriers. The liabilities are recorded at management’s best estimate of the probable outcome of the lawsuits and claims, taking into consideration the facts and circumstances of the individual matters as well as past experience on similar matters. At each balance sheet date, the key issues that management assesses are whether it is probable that a loss as to asserted or unasserted claims has been incurred and if so, whether the amount of loss can be reasonably estimated. The Company records the expected liability with respect to claims in Other liabilities and expected recoveries from its insurance carriers in Other assets. The Company recognizes a receivable when it believes that realization of the insurance receivable is probable under the terms of the insurance policies and its payment experience to date. Litigation Matters On August 12, 2019, Marc Jansen filed a putative securities class action against IFF, its Chairman and CEO, and its then-CFO, in the United States District Court for the Southern District of New York. The lawsuit was filed after IFF disclosed that preliminary results of investigations indicated that Frutarom businesses operating principally in Russia and Ukraine had made improper payments to representatives of customers. On March 16, 2020, an amended complaint was filed, which added Frutarom and certain former officers of Frutarom as defendants. The amended complaint alleges, among other things, that defendants made materially false and misleading statements or omissions concerning IFF’s acquisition of Frutarom, the integration of the two companies, and the companies’ financial reporting and results. The amended complaint asserts claims under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5, and under the Israeli Securities Act-1968, against all defendants, and under Section 20(a) of the Securities Exchange Act of 1934 against the individual defendants, on behalf of a putative class of persons and entities who purchased or otherwise acquired IFF securities on the New York Stock Exchange between May 7, 2018 and August 12, 2019 and persons and entities who purchased or otherwise acquired IFF securities on the Tel Aviv Stock Exchange between October 9, 2018 and August 12, 2019. The amended complaint seeks an award of unspecified compensatory damages, costs, and expenses. IFF, its officers, and Frutarom filed a motion to dismiss the case on June 26, 2020, which was granted on March 30, 2021. On April 28, 2021, lead plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. Lead plaintiffs are pursuing the appeal only against Frutarom and certain former officers of Frutarom. Two motions to approve securities class actions were filed in the Tel Aviv District Court, Israel, in August 2019, similarly alleging, among other things, false and misleading statements largely in connection with IFF’s acquisition of Frutarom and the above-mentioned improper payments. One motion ("Borg") asserts claims under the U.S. federal securities laws against IFF, its Chairman and CEO, and its former CFO. On November 8, 2020, IFF and its officers filed their response to the Borg motion. On April 20, 2021, Mr. Borg filed a motion to stay the proceeding pending an appellate decision in the U.S. proceeding. The other motion ("Oman") (following an initial amendment) asserted claims under the Israeli Securities Act-1968 against IFF, its Chairman and CEO, and its former CFO, and against Frutarom and certain former Frutarom officers and directors, as well as claims under the Israeli Companies Act-1999 against certain former Frutarom officers and directors. On February 17, 2021, the court granted a motion by the Oman plaintiff to remove IFF and its officers from the motion and to add factual allegations from the US amended complaint. The amended Oman motion was filed on July 4, 2021. On October 29, 2019, IFF and Frutarom filed a claim in the Tel Aviv District Court, Israel, against Ori Yehudai, the former President and CEO of Frutarom, and against certain former directors of Frutarom, challenging the bonus of US $20 million granted to Yehudai in 2018. IFF and Frutarom allege, among other things, that Yehudai was not entitled to receive the bonus because he breached his fiduciary duty by, among other things, knowing of the above-mentioned improper payments and failing to prevent them from being made. The parties agreed, pursuant to the court’s recommendation, to attempt to resolve the dispute through mediation, which is still ongoing, during which the proceedings relating to this claim are stayed. On March 11, 2020, an IFF shareholder filed a motion to approve a class action in Israel against, among others, Frutarom, Yehudai, and Frutarom’s former board of directors, alleging that former minority shareholders of Frutarom were harmed as a result of the US $20 million bonus paid to Yehudai. The parties to this motion agreed to attempt to resolve the dispute through mediation to take place regarding the aforesaid claim against Yehudai. On July 27, 2021, counsel to the movant in the class action filed a notice with the court that the mediation process ended without an agreement. Investigation On June 3, 2020, the Israel Police’s National Fraud Investigation Unit and the Israeli Securities Authority commenced an investigation into Frutarom and certain of its former executives, based on suspected bribery of foreign officials, money laundering, and violations of the Israeli Securities Act-1968. As part of the investigation, the National Fraud Investigation Unit and the Israeli Securities Authority have provided IFF and Frutarom with various orders, mainly requesting that IFF and Frutarom provide certain documents and materials. In addition, a seizure of assets was imposed on Frutarom and certain of its affiliates. The seizure of assets orders were subsequently extended and are currently valid until September 2, 2021. IFF has been working to ensure compliance with such orders, all in accordance with, and subject to, Israeli law. China Facilities Guangzhou Taste plant During the fourth quarter of 2016, the Company was notified that certain governmental authorities have begun to evaluate a change in the zoning of the Guangzhou Taste plant. The zoning, if changed, would prevent the Company from continuing to manufacture product at the existing plant. The ultimate outcome of any change that the governmental authorities may propose, the timing of such a change, and the nature of any compensation arrangements that might be provided to the Company are uncertain. To address the governmental authorities' requirements, the Company has begun to transfer certain production capabilities from the Guangzhou Taste plant to a newly built facility in Zhangjiagang. The net book value of the plant in Guangzhou was approximately $61 million as of June 30, 2021. Guangzhou Scent plant During the second quarter of 2019, the Company was notified that certain governmental authorities had changed the zoning where the Guangzhou Scent plant is located. The zoning change did not affect the current operations but prevents expansions or other increases in the operating capacity of the plant. The Company believes that it is possible that the zoning may be enforced in the future such that it would not be able to continue manufacturing at the existing site. The ultimate outcome of any change that the governmental authorities may propose, the timing of such a change, and the nature of any compensation arrangements that might be provided to the Company are uncertain. The net book value of the existing plant was approximately $9 million as of June 30, 2021. Zhejiang Ingredients plant In the fourth quarter of 2017, the Company concluded discussions with the government regarding the relocation of its Fragrance Ingredients plant in Zhejiang and, based on the agreements reached, expects to receive total compensation payments up to approximately $50 million. The relocation compensation will be paid to the Company over the period of the relocation which is expected to be through the end of 2022. The Company received payments totaling $30 million through the end of 2019. In the third quarter of 2020, the Company received a payment of approximately $13 million. A final payment is expected to be received upon completion of the final environmental inspection. Production at the facility ceased during 2019. In the second quarter of 2020, the Company transferred ownership of the site to the government. The land remediation activities are in progress and are expected to be completed in the second half of 2022. During the second quarter of 2020, the remaining net book value of the plant was written off. Total China Operations The total net book value of all ten plants in China was approximately $288 million as of June 30, 2021. If the Company is required to close a plant, or operate one at significantly reduced production levels on a permanent basis, the Company may be required to record charges that could have a material impact on its consolidated financial results of operations, financial position and cash flows in future periods. Other Contingencies The Company has contingencies involving third parties (such as labor, contract, technology or product-related claims or litigation) as well as government-related items in various jurisdictions in which it operates pertaining to such items as value-added taxes, other indirect taxes, customs and duties and sales and use taxes. It is possible that cash flows or results of operations, in any period, could be materially affected by the unfavorable resolution of one or more of these contingencies. The most significant government-related contingencies exist in Brazil. With regard to the Brazilian matters, the Company believes it has valid defenses for the underlying positions under dispute; however, in order to pursue these defenses, the Company is required to, and has provided, bank guarantees and pledged assets in the aggregate amount of $23 million. The Brazilian matters take an extended period of time to proceed through the judicial process and there are a limited number of rulings to date. Brazil Tax Credits In January 2020, the Company was informed of a favorable ruling from the Brazilian tax authorities confirming that the Company was entitled to recover the overpayments of certain indirect taxes (known as PIS/COFINS) for the period from November 2011 to December 2018, plus interest on the amount of the overpayments. The overpayments arose from the inclusion of a value added tax known as ICMS in the calculation of the PIS/COFINS tax. The ruling did not, however, settle the question of whether the Company is eligible to recover overpayments based on the gross or the net amount of ICMS amounts paid on PIS/COFINS. The Company calculated the amount of overpayments using the gross method which yields a higher amount than the application of the net method. A final ruling on the gross versus net amount issue was made by the Brazilian Supreme Court who affirmed the use of the gross calculation with respect to claims submitted prior to March 2017. Although the Company had not submitted a claim until after March 2017, the Company believes that the Supreme Court, whilst confirming the use of the gross method of calculation, does not override the January 2020 ruling by the Brazilian tax authorities with respect to the timeframe for the calculation. In addition to the $8 million recognized in the fourth quarter of 2019, during the first quarter of 2020 the Company recognized $4 million as an additional recovery on the existing claim. During 2020, the Company also recognized $3 million related to a claim from another of its subsidiaries in Brazil. The income was recognized as a reduction in Selling and Administrative expenses. Avicel® PH NF (Pharma Solutions) IFF has determined that certain grades of microcrystalline cellulose (Avicel® PH NF 101, 102, and 200) produced between April and November 2020 had elevated conductivity levels and thus were out-of-specification (collectively, “OOS Avicel® PH NF”). IFF does not expect this issue to affect the functionality of Avicel® PH NF or to pose a human health hazard. Corrective actions have been implemented to improve operational and laboratory conditions. On August 5, 2021, IFF issued a voluntary recall in the U.S. for the unused OOS Avicel® PH NF. This issue is not expected to have a material effect on our results of operation or financial condition. Other The Company determines estimates of reasonably possible losses or ranges of reasonably possible losses in excess of related accrued liabilities, if any, when it has determined that either a loss is reasonably possible or a loss in excess of accrued amounts is reasonably possible and the amount of losses or range of losses is determinable. For all third party contingencies (including labor, contract, technology, tax, product-related claims and business litigation), the Company currently estimates that the aggregate range of reasonably possible losses in excess of any accrued liabilities is $0 to approximately $23 million. The estimates included in this amount are based on the Company’s analysis of currently available information and, as new information is obtained, these estimates may change. Due to the inherent subjectivity of the assessments and the unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the matters in question. Thus, the Company’s exposure and ultimate losses may be higher or lower, and possibly significantly so, than the amounts accrued or the range disclosed above.

Redeemable Noncontrolling Interests

6 Months Ended

Jun. 30, 2021

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests

REDEEMABLE NONCONTROLLING INTERESTS

Through certain subsidiaries of our Frutarom acquisition, there are certain noncontrolling interests that carry redemption features. The noncontrolling interest holders have the right, over a stipulated period of time, to sell their respective interests to Frutarom, and Frutarom has the option to purchase these interests (subject to the same timing). These options carry identical price and conditions of exercise, and will be settled based on the multiple of the average EBITDA of consecutive quarters to be achieved during the period ending prior to the exercise date.

The following table sets forth the details of the Company's redeemable noncontrolling interests:


(DOLLARS IN MILLIONS)	Redeemable Noncontrolling Interests
Balance at December 31, 2019	$	99

Impact of foreign exchange translation	12
Share of profit or loss attributable to redeemable noncontrolling interests	3
Redemption value adjustment for the current period	(4)
Measurement period adjustments	(1)

Exercises of redeemable noncontrolling interests	(11)
Balance at June 30, 2020	$	98

Balance at December 31, 2020	$	98

Impact of foreign exchange translation	(1)
Share of profit or loss attributable to redeemable noncontrolling interests	3




Balance at June 30, 2021	$	100

For 2020, the increase in redeemable noncontrolling interests was primarily due to the impact of foreign exchange translation offset by the exercise of options.

During 2020, the Company paid approximately $14 million related to the purchase of certain noncontrolling interests where the option related to the purchase had been exercised in the fourth quarter of 2019.

For 2021, the increase in redeemable noncontrolling interests was primarily due to profits attributable to redeemable noncontrolling interests.

Subsequent Event (Notes)	6 Months Ended
Subsequent Event (Notes)	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT Revolving Credit Facility On July 28, 2021, the Company and certain of its subsidiaries entered into the Third Amended and Restated Credit Agreement which amended and restated the Company’s Revolving Credit Facility (previously and more recently amended and restated as of August 25, 2020) among the Company, certain of its subsidiaries, the banks, financial institutions and other institutional lenders party thereto, and Citibank, N.A. as administrative agent. The amended and restated Revolving Credit Facility provides for, among other things, a $2.000 billion senior unsecured revolving loan credit facility maturing July 28, 2026. At the option of the Company, the facility may be increased to $2.500 billion subject to certain conditions. The Company’s maximum permitted ratio of Net Debt to Consolidated EBITDA under the Amended and Restated Revolving Credit Agreement will be 4.75 to 1.0, stepping down to 3.50 to 1.0 over time (with a step-up if the Company consummates certain qualifying acquisitions).

Nature of Operations and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These interim Consolidated Financial Statements and related management’s discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the related notes and management’s discussion and analysis of results of operations, liquidity and capital resources included in our 2020 Annual Report on Form 10-K (“2020 Form 10-K”). These interim Consolidated Financial Statements are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted, if not materially different from the 2020 Form 10-K. The year-end balance sheet data included in this Form 10-Q was derived from audited financial statement. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim Consolidated Financial Statements, have been made. On February 1, 2021 (the “Closing Date”), the Company completed the combination (the "Merger") of IFF and DuPont de Nemours, Inc (“DuPont”) nutrition and biosciences business (the “N&B Business”), which had been transferred to Nutrition and Biosciences, Inc., a Delaware corporation and wholly owned subsidiary of DuPont ("N&B") in a Reverse Morris Trust transaction. See Note 3 for additional information. As a result, the Company’s Consolidated Financial Statements for the three and six months ended June 30, 2021 reflect the results of N&B from the Closing Date, whereas the Company’s Consolidated Financial Statements for the three and six months ended June 30, 2020 do not. In the current year, the Company has changed its presentation from thousands to millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. The inputs into our judgments and estimates take into account the current economic implications of the novel coronavirus ("COVID-19") on our critical and significant accounting estimates, including estimates associated with future cash flows that are used in assessing the risk of impairment of certain long-lived assets. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2021, the FASB issued Accounting Standards Update ("ASU") 2021-01, "Reference Rate Reform (Topic 848): Scope." The ASU is intended to provide updates and responses to concerns over Topic 848 related to the cessation of reference rates in certain financial markets. Alternative reference rates that are more observable or transaction based have been identified and are being transitioned to in numerous jurisdictions globally, such as a receive-variable-rate, pay-variable-rate cross currency interest rate swap. This guidance is effective immediately for all entities, but does not apply to any contract modifications or new hedging relationships entered into after December 31, 2022. The Company is currently evaluating the impact of this guidance, but does not expect this guidance to have a material impact on its Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU is intended to simplify various aspects related to the cessation of reference rates in certain financial markets that would otherwise create modification accounting or changes in estimate. This guidance is effective for the period from March 12, 2020 to December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through June 30, 2021 but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, and intended to simplify various aspects related to accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years, with early adoption permitted. This guidance was adopted on January 2, 2021 and does not have a material impact on the Company's Consolidated Financial Statements.
Receivable	Accounts Receivable The Company has various factoring agreements in the U.S. and The Netherlands under which it can factor up to approximately $100 million in receivables. In addition, the Company has factoring agreements sponsored by certain customers. Under all of the arrangements, the Company sells the receivables on a non-recourse basis to unrelated financial institutions and accounts for the transactions as a sale of receivables. The applicable receivables are removed from the Company's Consolidated Balance Sheets when the cash proceeds are received by the Company. Through these factoring programs, the Company removed $384 million and $249 million of receivables from its Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively, which are primarily related to the factoring agreements sponsored by certain customers. The impact on cash provided by operations from participating in these programs was an increase of $72 million for the six months ended June 30, 2021 and an increase of $8 million for the six months ended June 30, 2020. The cost of participating in these programs was approximately $2 million and $1 million for the three months ended June 30, 2021 and 2020, respectively, and was $3 million and $2 million for the six months ended June 30, 2021 and 2020, respectively.
Revenue	Revenue Recognition The Company recognizes revenue when control of the promised goods is transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods. Sales, value added, and other taxes the Company collects are excluded from revenues. The Company receives payment in accordance with standard customer terms. See Note 11 for further details on revenues disaggregated by segment.
Property, Plant and Equipment, Policy	Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is calculated on a straight-line basis, principally over the following estimated useful lives: buildings and improvements, 1 to 50 years; machinery and equipment, 1 to 40 years; information technology hardware and software, 1 to 23 years; and leasehold improvements which are included in buildings and improvements, the estimated life of the improvements or the remaining term of the lease, whichever is shorter.
Goodwill and Intangible Assets, Intangible Assets, Policy	Finite-Lived Intangible Assets Finite-lived intangible assets include customer relationships, patents, trade names, technological know-how and other intellectual property valued at acquisition and amortized on a straight-line basis over the following estimated useful lives: customer relationships, 11 – 25 years; patents, 11 - 15 years; trade names, 4 - 28 years; and technological know-how, 5 - 28 years. The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their carrying value may not be recovered. An estimate of undiscounted future cash flows produced by an asset or group of assets is compared to the carrying value to determine whether impairment exists. If assets are determined to be impaired, the loss is measured based on an estimate of fair value using various valuation techniques, including a discounted estimate of future cash flows.
Nature of Operations	Nature of Operations International Flavors & Fragrances Inc. and its subsidiaries (the “Registrant,” “IFF,” “the Company,” “we,” “us” and “our”) is a leading creator and manufacturer of food, beverage, health & biosciences, scent and pharma solutions and complementary adjacent products, including cosmetic active and natural health ingredients, which are used in a wide variety of consumer products. Our products are sold principally to manufacturers of perfumes and cosmetics, hair and other personal care products, soaps and detergents, cleaning products, dairy, meat and other processed foods, beverages, snacks and savory foods, sweet and baked goods, sweeteners, dietary supplements, food protection, infant and elderly nutrition, functional food, and pharmaceutical excipients and oral care products.
Reporting Periods	Reporting Periods Effective 2021, the Company changed its fiscal year end from a 52/53-week fiscal year ending on the Friday closest to the last day of the quarter, to a calendar year of the twelve-month period from January 1 to December 31. The Company elected to change its fiscal year end in connection with the Merger with N&B to align the Company’s fiscal year with N&B’s. For the 2020 comparative quarter presented, the actual closing date was July 3. For ease of presentation, June 30 and December 31 are used consistently throughout this Form 10-Q and these interim financial statements and related notes to represent the period-end dates in the comparative periods. The three and six months ended June 30, 2021 both contained three fewer business days than the corresponding periods in 2020, however the impact of this on revenue and net income for the three months ended June 30, 2021, and revenue and net loss for the six months ended June 30, 2021, was not material.
Business Divestiture	Fruit Preparation Divestiture The Company classifies assets as "held for sale" when, among other factors, management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value or the fair market value, less costs to sell. During the second quarter of 2021, the Company entered into an agreement to divest its fruit preparation business, which is a part of the Nourish segment. As a result, for the period ended June 30, 2021, such assets were classified as held for sale and are reported as current assets and liabilities on the Consolidated Balance Sheets in the aggregate amount of approximately $113 million. The Company expects that the transaction will close at the end of the third quarter.

Nature of Operations and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Reconciliation of Cash


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020		June 30, 2020		December 31, 2019
Current assets
Cash and cash equivalents	$	935	$	650	$	498	$	607
Restricted cash	7		7		10		17
Noncurrent assets
Restricted cash included in Other assets	1		3		4		—
Cash, cash equivalents and restricted cash	$	943	$	660	$	512	$	624

Contract Asset and Accounts Receivable

Contract Assets and Liabilities

Schedule of Bad Debt Reserve

Expected Credit Losses

The following is a rollforward of the Company's allowances for bad debts for the six months ended June 30, 2021, with the write-offs being under $1 million, which was not material:


(DOLLARS IN MILLIONS)	Allowances for Bad Debts
Balance at December 31, 2020	$	21
Bad debt expense	2

Other adjustments(1)	20
Foreign exchange	(1)
Balance at June 30, 2021	$	42

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of Shares Used in Computation of Basic and Diluted Net Income Per Share

A reconciliation of the shares used in the computation of basic and diluted net income (loss) per share is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	2021		2020		2021		2020
Net Income (Loss)
Net income (loss) attributable to IFF stockholders	$	28	$	87	$	(14)	$	211
Adjustment related to (increase) decrease in redemption value of redeemable noncontrolling interests in excess of earnings allocated	1		(2)		—		4
Net income (loss) available to IFF stockholders	$	29	$	85	$	(14)	$	215
Shares
Weighted average common shares outstanding (basic)(1)	254		112		230		112
Adjustment for assumed dilution(2):
Stock options and restricted stock awards	—		1		—		1
SPC portion of TEUs	1		1		—		1
Weighted average shares assuming dilution (diluted)	255		114		230		114

Net Income (Loss) per Share(3)
Net income (loss) per share - basic(4)	$	0.11	$	0.75	$	(0.06)	$	1.91
Net income (loss) per share - diluted(5)	0.11		0.74		(0.06)		1.89

_______________________

(2)Effect of dilutive securities includes dilution under stock plans and incremental impact of TEUs. See below for details.

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Schedule of Purchase Price Consideration and Assets and Liabilities Assumed

Purchase Price

The following table summarizes the aggregate purchase price consideration paid to acquire N&B (in millions, except share and per share data):


(DOLLARS IN MILLIONS)
Fair value of common stock issued to DuPont stockholders(1)	$	15,929
Fair value attributable to pre-merger service for replacement equity awards(2)	25

Total purchase consideration	$	15,954

_______________________

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed:


(DOLLARS IN MILLIONS)	As Reported in the First Quarter of 2021		Measurement Period Adjustments(1)		As Reported in the Second Quarter of 2021
Cash and cash equivalents	$	207	$	(14)	$	193
Receivables	962		(8)		954
Inventory	1,615		(15)		1,600
Prepaid expenses and other current assets	342		—		342
Property, plant and equipment	3,242		1		3,243
Deferred income taxes	75		2		77
Intangible assets	9,176		(5)		9,171
Other assets	702		—		702
Accounts payable and accrued liabilities	(1,028)		16		(1,012)
Accrued payroll and employee benefits	(163)		—		(163)
Deferred tax liabilities	(2,369)		(1)		(2,370)
Long-term debt	(7,636)		—		(7,636)
Other long-term liabilities	(907)		(2)		(909)
Total identifiable net assets assumed	4,218		(26)		4,192
Non-controlling interest	(26)		—		(26)
Goodwill	11,762		26		11,788
Preliminary purchase price	$	15,954	$	—	$	15,954

_______________________

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The estimated preliminary fair value and useful lives of the identifiable intangible assets are as follows:


(DOLLARS IN MILLIONS)	Estimated Amounts		Estimated Useful Lives



Finite lived intangible assets
Trade names	$	281	4 to 22 years
Customer relationships	6,785		13 to 25 years
Technological know-how	2,105		5 to 14 years
Total	$	9,171

Business Acquisition, Pro Forma Information

The unaudited pro forma results for the six months ended June 30, 2021 and 2020 were as follows:


	Six Months Ended June 30,
(DOLLARS IN MILLIONS)		2021		2020
Unaudited pro forma net sales		$	6,061	$	5,636
Unaudited pro forma net income (loss) attributable to the Company		406		(91)

Restructuring and Other Charges, Net (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Changes in Employee-Related Restructuring Liabilities

Changes in Restructuring Liabilities

Changes in restructuring liabilities by program during the six months ended June 30, 2021 were as follows:


(DOLLARS IN MILLIONS)	Balance at December 31, 2020		Additional Charges (Reversals), Net		Cash Payments		Impact of N&B Merger(2)		Balance at June 30, 2021




Frutarom Integration Initiative
Severance	$	3	$	2	$	(2)	$	—	$	3

Other(1)	3		—		—		—		3
2019 Severance Plan
Severance	6		—		—		—		6


Other Restructuring Charges
Severance	2		—		(1)		—		1

Other(3)	—		1		—		—		1
N&B Merger Restructuring Liability
Severance	—		25		(1)		4		28


Total restructuring	$	14	$	28	$	(4)	$	4	$	42

_______________________

(1)Other includes supplier contract termination costs, consulting and advisory fees.

(2)Restructuring liabilities related to severance assumed as a result of the Merger with N&B.

(3)Includes charges related to legal settlement costs.

Charges by Segment

The following table summarizes the total amount of costs incurred in connection with these restructuring programs by segment:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Nourish	$	17	$	2	$	20	$	7
Health & Biosciences	4		—		4		—
Scent	2		—		3		—
Pharma Solutions	1		—		1		—

Total Restructuring and other charges	$	24	$	2	$	28	$	7

Goodwill and Other Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Movements in Goodwill

Movements in goodwill attributable to each reportable segment for the six months ended June 30, 2021 were as follows:


(DOLLARS IN MILLIONS)	Nourish		Health & Biosciences		Scent		Pharma Solutions		Total
Balance at December 31, 2020	$	4,859	$	—	$	734	$	—	$	5,593
Acquisitions(1)	2,393		7,694		—		1,701		11,788

Transferred to assets held for sale	(27)		—		—		—		(27)
Foreign exchange	(32)		(53)		(8)		(11)		(104)
Reallocation	(985)		728		257		—		—

Balance at June 30, 2021	$	6,208	$	8,369	$	983	$	1,690	$	17,250

_______________________

Schedule of Other Intangible Assets, Net

Other intangible assets, net consisted of the following amounts:


	June 30,		December 31,
(DOLLARS IN MILLIONS)	2021		2020






Asset Type
Customer relationships	$	9,421	$	2,728
Trade names & patents	446		187
Technological know-how	2,574		479

Other	30		38
Total carrying value	12,471		3,432
Accumulated Amortization
Customer relationships	(660)		(470)
Trade names & patents	(84)		(38)
Technological know-how	(251)		(168)

Other	(28)		(29)
Total accumulated amortization	(1,023)		(705)

Other intangible assets, net	$	11,448	$	2,727

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization expense for the next five years is expected to be as follows:



(DOLLARS IN MILLIONS)	2021		2022		2023		2024		2025
Estimated future intangible amortization expense	$	391	$	779	$	779	$	779	$	777

Other Assets and Liabilities, Current and Noncurrent (Tables)

6 Months Ended

Jun. 30, 2021

Other Assets [Abstract]

Schedule of Other Assets

Other assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020

Finance lease right-of-use assets	$	21	$	8
Deferred income taxes	113		197
Overfunded pension plans	106		101
Cash surrender value of life insurance contracts	51		49


Other(1)	227		63
Total	$	518	$	418

_______________________

(1)Includes restricted cash, land usage rights in China and long term deposits.

Schedule of Other Current Assets

Other current assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020
Value-added tax receivable	$	182	$	93
Income tax receivable	70		100
Prepaid expenses	298		100
Assets held for sale(1)	124		—
Other	158		49
Total	$	832	$	342

___________________

(1)Includes assets held for sale related to the Company's fruit preparation business.

Other Current Liabilities

Other current liabilities consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020
Rebates and incentives payable	$	92	$	64
Value-added tax payable	64		20
Interest payable	55		29
Current pension and other postretirement benefit obligation	12		13
Accrued insurance (including workers’ compensation)	9		11
Earn outs payable	2		14
Restructuring and other charges	42		14
Short term operating lease obligation	112		41
Short term financing lease obligation	4		3

Accrued income taxes	41		42
Liabilities held for sale(1)	11		—
Other	346		248
Total	$	790	$	499

_______________________

(1)Includes liabilities held for sale related to the Company's fruit preparation business.

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Components of Debt

Debt consisted of the following:


(DOLLARS IN MILLIONS)	Effective Interest Rate		June 30, 2021		December 31, 2020

2021 Euro Notes(1)	0.82	%	$	358	$	368
2022 Notes(3)	0.69	%	300		—
2023 Notes(1)	3.30	%	299		299
2024 Euro Notes(1)	1.88	%	595		614
2025 Notes(3)	1.22	%	1,001		—
2026 Euro Notes(1)	1.93	%	949		978
2027 Notes(3)	1.56	%	1,220		—
2028 Notes(1)	4.57	%	397		397
2030 Notes(3)	2.21	%	1,511		—
2040 Notes(3)	3.04	%	775		—
2047 Notes(1)	4.44	%	494		494
2048 Notes(1)	5.12	%	786		786
2050 Notes(3)	3.21	%	1,574		—
2018 Term Loan Facility(1)	3.65	%	240		240
2022 Term Loan Facility (1)	1.73	%	200		199
2024 Term Loan Facility(3)	1.45	%	625		—
2026 Term Loan Facility(3)	1.84	%	625		—
Amortizing Notes(1)	6.09	%	12		36


Bank overdrafts and other			9		2

Total debt			11,970		4,413
Less: Short-term borrowings(2)			(616)		(634)
Total Long-term debt			$	11,354	$	3,779

_______________________

(1)Amount is net of unamortized discount and debt issuance costs.

(2)Includes bank borrowings, overdrafts and current portion of long-term debt.

(3)Assumed by the Company as part of the N&B Merger.

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Lease cost and other information

The components of lease expense were as follows:


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
(DOLLARS IN MILLIONS)	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Operating lease cost	$	46	$	12	$	78	$	24
Finance lease cost	1		1		2		2

Supplemental cash flow information related to leases was as follows:


	Six Months Ended		Six Months Ended
(DOLLARS IN MILLIONS)	June 30, 2021		June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	60	$	24

Financing cash flows for finance leases	2		1
Right-of-use assets obtained in exchange for lease obligations
Operating leases	31		22
Finance leases	15		2

Stock Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense and Related Tax Benefits

Stock-based compensation expense and related tax benefits were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Equity-based awards	$	16	$	10	$	27	$	19
Liability-based awards	3		3		6		2
Total stock-based compensation expense	19		13		33		21
Less: Tax benefit	(4)		(2)		(7)		(3)
Total stock-based compensation expense, after tax	$	15	$	11	$	26	$	18

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Reportable Segment Information


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Net sales:
Nourish	$	1,668	$	690	$	2,976	$	1,462
Health & Biosciences	639		34		1,065		68
Scent	550		475		1,119		1,016
Pharma Solutions	232		—		394		—
Consolidated	$	3,089	$	1,199	$	5,554	$	2,546
Segment Adjusted Operating EBITDA
Nourish	$	324	$	142	$	594	$	318
Health & Biosciences	190		10		318		19
Scent	117		87		245		205
Pharma Solutions	48		—		91		—
Total	679		239		1,248		542
Depreciation & Amortization	(322)		(80)		(564)		(161)
Interest Expense	(77)		(32)		(142)		(64)
Other income, net	11		16		18		5
Frutarom Integration Related Costs (a)	(1)		(3)		(2)		(7)
Restructuring and Other Charges	(24)		(2)		(28)		(7)
Losses on sale of assets	—		—		—		(1)
Shareholder Activism Related Costs (b)	—		—		(7)		—
Business Divestiture Costs (c)	(5)		—		(5)		—
Employee Separation Costs (d)	(3)		—		(6)		—
Compliance Review & Legal Defense Costs (e)	—		—		—		(1)
N&B Inventory Step-Up Costs	(195)		—		(377)		—
N&B Transaction Related Costs (f)	(2)		(11)		(91)		(16)
N&B Integration Related Costs (g)	(17)		(23)		(54)		(33)



Income (Loss) Before Taxes	$	44	$	104	$	(10)	$	257

_______________________


(a)			Represents costs related to the integration of the Frutarom acquisition. For 2021, costs primarily related to performance stock awards. For 2020, costs primarily related to advisory services, retention bonuses and performance stock awards.
(b)			Represents shareholder activist related costs, primarily professional fees.
(c)			Represents costs related to the Company's planned sales of businesses, primarily includes legal and professional fees.
(d)			Represents costs related to severance liabilities, including accelerated stock compensation expense, for employees who have been separated from the Company.
(e)			Costs related to reviewing the nature of inappropriate payments and review of compliance in certain other countries. In addition, includes legal costs for related shareholder lawsuits.
(f)			Represents transaction costs and expenses related to the transaction with N&B, primarily includes legal and professional fees.
(g)			Represents costs primarily related to advisory services for the integration of the transaction with N&B, primarily consulting fees.

Net Sales by Destination of Product Delivery

Net sales, which are attributed to individual regions based upon the destination of product delivery, were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Europe, Africa and Middle East	$	1,084	$	463	$	1,957	$	1,006
Greater Asia	707		275		1,294		585
North America	961		301		1,683		604
Latin America	337		160		620		351
Consolidated	$	3,089	$	1,199	$	5,554	$	2,546


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020
Net sales related to the U.S.	$	876	$	268	$	1,530	$	539
Net sales attributed to all foreign countries	2,213		931		4,024		2,007

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Pension and Other Defined Contribution Retirement Plan Expenses

Pension and other defined contribution retirement plan expenses included the following components:


(DOLLARS IN MILLIONS)	U.S. Plans
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Service cost for benefits earned(1)	$	1	$	1	$	1	$	1
Interest cost on projected benefit obligation(2)	3		4		6		8
Expected return on plan assets(2)	(5)		(7)		(10)		(14)
Net amortization and deferrals(2)	2		2		4		4
Net periodic benefit (income) cost	$	1	$	—	$	1	$	(1)


(DOLLARS IN MILLIONS)	Non-U.S. Plans
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Service cost for benefits earned(1)	$	12	$	6	$	22	$	12
Interest cost on projected benefit obligation(2)	3		3		5		6
Expected return on plan assets(2)	(13)		(11)		(25)		(23)
Net amortization and deferrals(2)	5		4		10		8

Net periodic benefit (income) cost	$	7	$	2	$	12	$	3

_______________________

(1)Included as a component of Operating profit.

(2)Included as a component of Other income, net.

Postretirement Benefits Other Than Pension Expenses

Income (expense) recognized for postretirement benefits other than pensions included the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020		2021		2020

Interest cost on projected benefit obligation	$	1	$	1	$	1	$	1
Net amortization and deferrals	(1)		(1)		(2)		(2)
Total postretirement benefit income	$	—	$	—	$	(1)	$	(1)

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, All Other Investments [Abstract]

Carrying Amount and Estimated Fair Values of Financial Instruments

The carrying values and the estimated fair values of financial instruments at June 30, 2021 and December 31, 2020 consisted of the following:


	June 30, 2021				December 31, 2020
(DOLLARS IN MILLIONS)	Carrying Value		Fair Value		Carrying Value		Fair Value
LEVEL 1
Cash and cash equivalents(1)	$	935	$	935	$	650	$	650
2025 Notes(6)	1,001		995		—		—
2027 Notes(6)	1,220		1,200		—		—
2030 Notes(6)	1,511		1,490		—		—
2040 Notes(6)	775		767		—		—
2050 Notes(6)	1,574		1,560		—		—
LEVEL 2
Credit facilities and bank overdrafts(2)	9		9		2		2
Derivatives
Derivative assets(3)	2		2		1		1
Derivative liabilities(3)	18		18		29		29

Long-term debt:(4)

2021 Euro Notes	358		358		368		370
2022 Notes	300		300		—		—
2023 Notes	299		312		299		316
2024 Euro Notes	595		622		614		648
2026 Euro Notes	949		1,025		978		1,061
2028 Notes	397		463		397		472
2047 Notes	494		585		494		608
2048 Notes	786		1,032		786		1,059
2018 Term Loan Facility(2)	240		240		240		240
2022 Term Loan Facility(2)	200		200		199		200
2024 Term Loan Facility(7)	625		625		—		—
2026 Term Loan Facility(7)	625		625		—		—
Amortizing Notes(5)	12		12		36		37

_______________________

(1)The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.

(2)The carrying amount approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments.

(3)The carrying amount approximates fair value as the instruments are marked-to-market and held at fair value on the Consolidated Balance Sheets.

(4)The fair value of the Company's long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on its own credit risk.

(6)The fair value of the Notes is based on market quoted price as there is an active market for the Notes and observable market data and inputs.

(7)The carrying amount approximates fair value as the Term Loans were assumed at fair value and the interest rate is reset frequently based on current market rates.

Derivative Instruments Notional Amount Outstanding

The following table shows the notional amount of the Company’s derivative instruments outstanding as of June 30, 2021 and December 31, 2020:


(DOLLARS IN MILLIONS)	June 30, 2021		December 31, 2020
Foreign currency contracts	$	133	$	221
Commodity contracts	7		—
Cross currency swaps	300		300

Derivative Instruments Measured at Fair Value


	June 30, 2021
(DOLLARS IN MILLIONS)	Fair Value of Derivatives Designated as Hedging Instruments		Fair Value of Derivatives Not Designated as Hedging Instruments		Total Fair Value
Derivative assets(1)
Foreign currency contracts	$	1	$	1	$	2



Derivative liabilities(2)
Foreign currency contract	$	—	$	3	$	3
Cross currency swaps	15		—		15
Total derivative liabilities	$	15	$	3	$	18


	December 31, 2020
(DOLLARS IN MILLIONS)	Fair Value of Derivatives Designated as Hedging Instruments		Fair Value of Derivatives Not Designated as Hedging Instruments		Total Fair Value
Derivative assets(1)
Foreign currency contracts	$	—	$	1	$	1



Derivative liabilities(2)
Foreign currency contracts	$	6	$	—	$	6
Cross currency swaps	23		—		23
Total derivative liabilities	$	29	$	—	$	29

_______________________

(1)Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheets.

(2)Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheet

Derivative Instruments Which Were Not Designated as Hedging Instruments


	Amount of Gain (Loss)				Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)	Three Months Ended June 30,
	2021		2020
Foreign currency contracts(1)	$	8	$	4	Other income, net




	Amount of Gain (Loss)				Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)	Six Months Ended June 30,
	2021		2020
Foreign currency contracts(1)	$	5	$	(4)	Other income, net

_______________________

(1)The foreign currency contract net gains (losses) offset any recognized gains (losses) arising from the revaluation of the related intercompany loans during the same respective periods.

Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments


	Amount of Gain (Loss) Recognized in OCI on Derivative				Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Three Months Ended June 30,					Three Months Ended June 30,
(DOLLARS IN MILLIONS)	2021		2020			2021		2020
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	$	2	$	(3)	Cost of goods sold	$	(2)	$	1

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	(3)		(20)		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	(6)		(11)		N/A	—		—
2021 Euro Notes & 2026 Euro Notes	(13)		(24)		N/A	—		—
Total	$	(20)	$	(58)		$	(2)	$	1

	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
	Six Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	$	6	$	(2)	Cost of goods sold	$	(4)	$	3

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	6		6		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	14		(1)		N/A	—		—
2021 Euro Notes & 2026 Euro Notes	32		(3)		N/A	—		—
Total	$	58	$	—		$	(4)	$	3

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)


(DOLLARS IN MILLIONS)	Foreign Currency Translation Adjustments		Gains (Losses) on Derivatives Qualifying as Hedges		Pension and Postretirement Liability Adjustment		Total
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2020	$	(285)	$	(7)	$	(406)	$	(698)
OCI before reclassifications	(154)		2		1		(151)
Amounts reclassified from AOCI	—		4		11		15
Net current period other comprehensive income (loss)	(154)		6		12		(136)
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2021	$	(439)	$	(1)	$	(394)	$	(834)


(DOLLARS IN MILLIONS)	Foreign Currency Translation Adjustments		Gains (Losses) on Derivatives Qualifying as Hedges		Pension and Postretirement Liability Adjustment		Total
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2019	$	(373)	$	2	$	(346)	$	(717)
OCI before reclassifications	(305)		1		—		(304)
Amounts reclassified from AOCI	—		(3)		7		4
Net current period other comprehensive income (loss)	(305)		(2)		7		(300)
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2020	$	(678)	$	—	$	(339)	$	(1,017)

Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income

The following table provides details about reclassifications out of Accumulated other comprehensive loss to the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss):


	Six Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(DOLLARS IN MILLIONS)	2021		2020
Gains (losses) on derivatives qualifying as hedges

Foreign currency contracts	$	(5)	$	4	Cost of goods sold

Tax	1		(1)		Provision for income taxes
Total	$	(4)	$	3	Total, net of income taxes
Losses on pension and postretirement liability adjustments

Prior service cost	$	3	$	(9)	(1)
Actuarial losses	(15)		—		(1)
Tax	1		2		Provision for income taxes
Total	$	(11)	$	(7)	Total, net of income taxes

_______________________

Redeemable Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2021

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

The following table sets forth the details of the Company's redeemable noncontrolling interests:


(DOLLARS IN MILLIONS)	Redeemable Noncontrolling Interests
Balance at December 31, 2019	$	99

Impact of foreign exchange translation	12
Share of profit or loss attributable to redeemable noncontrolling interests	3
Redemption value adjustment for the current period	(4)
Measurement period adjustments	(1)

Exercises of redeemable noncontrolling interests	(11)
Balance at June 30, 2020	$	98

Balance at December 31, 2020	$	98

Impact of foreign exchange translation	(1)
Share of profit or loss attributable to redeemable noncontrolling interests	3




Balance at June 30, 2021	$	100

Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable Factored			$ 100
Trade receivables before allowance for credit loss	$ 2,101		2,101		$ 950
Trade receivables	2,059		2,059		929
Trade receivables allowances	42		$ 42		21
Percentage of outstanding receivables less than 90 days			90.00%
Percentage of outstanding receivables by over 365 days			1.00%
Allowance for bad debt expense			$ 2
Write-offs			(1)
Discontinued Operations, Held-for-sale or Disposed of by Sale \| Nourish
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets held for sale in business divestiture	113		$ 113
Minimum \| Customer relationships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life			11 years
Minimum \| Patents [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life			11 years
Minimum \| Trade names
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life			4 years
Minimum \| Intellectual Property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life			5 years
Minimum \| Buildings And Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life			1 year
Minimum \| Machinery and Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life			1 year
Minimum \| Information Technology Hardware And Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life			1 year
Maximum \| Customer relationships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life			25 years
Maximum \| Patents [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life			15 years
Maximum \| Trade names
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life			28 years
Maximum \| Intellectual Property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-Lived Intangible Asset, Useful Life			28 years
Maximum \| Buildings And Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life			50 years
Maximum \| Machinery and Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life			40 years
Maximum \| Information Technology Hardware And Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life			23 years
Trade Accounts Receivable With Factoring Agreements [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables (included in Trade receivables)	384		$ 384		$ 249
Proceeds From Sale Of Accounts Receivable			72	$ 8
Payments To Participate In Factoring Receivable Program	$ 2	$ 1	$ 3	$ 2

Nature of Operations and Summary of Significant Accounting Policies - Contract Assets, Receivables, and Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 3,089	$ 1,199	$ 5,554	$ 2,546
Trade receivables before allowance for credit loss	2,101		$ 2,101		$ 950
Percentage of outstanding receivables less than 90 days			90.00%
Trade receivables (net of allowances of $42 and $21, respectively)	$ 2,059		$ 2,059		$ 929

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Nature of Operations and Summary of Significant Accounting Policies - Reconciliation of Cash (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 935	$ 650	$ 498	$ 607
Restricted cash	7	7	10	17
Restricted cash included in Other assets	1	3	4	0
Cash, cash equivalents and restricted cash	$ 943	$ 660	$ 512	$ 624

Nature of Operations and Summary of Significant Accounting Policies - Schedule of Bad Debt Reserve (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2020	$ 21
Bad debt expense	2
Write-offs	(1)
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	20
Foreign exchange	(1)
Balance at June 30, 2021	42
Measurement period adjustments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2020	$ 21

Net Income Per Share - Reconciliation of Shares Used in Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Sep. 17, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to IFF stockholders		$ 28	$ 87	$ (14)	$ 211
Adjustment related to (increase) decrease in redemption value of redeemable noncontrolling interests in excess of earnings allocated		1	(2)	0	4
Net income (loss) available to IFF stockholders		$ 29	$ 85	$ (14)	$ 215
Weighted average common shares outstanding (basic) (in shares)		254	112	230	112
Weighted average shares assuming dilution (diluted) (in shares)		255	114	230	114
Net income per share - basic (in dollars per share)		$ 0.11	$ 0.75	$ (0.06)	$ 1.91
Net income per share - diluted (in dollars per share)		$ 0.11	$ 0.74	(0.06)	1.89
Tangible Equity Units, Price for Shares Diluted	$ 0.3839			$ 0.3411	0.3839
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				1,000,000
Tangible Equity Units, Price for Shares Diluted	$ 0.3839			$ 0.3411	$ 0.3839
Stock options and restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustment for assumed dilution (in shares)		0	1	0	1
SPC portion of TEUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustment for assumed dilution (in shares)		1	1	0	1

Net Income Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Sep. 17, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Earnings Per Share [Abstract]
Dividends declared per share, in dollars per share		$ 0.77	$ 0.75	$ 1.54	$ 1.50
Tangible equity units issued	16,500,000
Tangible equity units proceeds	$ 800
Price for basic share (usd per share)				0.3134	0.3134
Tangible Equity Units, Price for Shares Diluted	$ 0.3839			0.3411	0.3839
Difference between basic and diluted net income per share, in dollars per share		0.01	$ 0.01		$ 0.01
Common stock, par value, in dollars per share		$ 0.125		$ 0.125		$ 0.125

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Feb. 01, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Dec. 15, 2019
Business Acquisition [Line Items]
Common stock, par value, in dollars per share		$ 0.125	$ 0.125			$ 0.125
Cash acquired			$ 193	$ 0
Payments to acquire businesses	$ 7,500
Goodwill		$ 17,250	17,250			$ 5,593
Nutrition & Biosciences, Inc
Business Acquisition [Line Items]
Common stock, par value, in dollars per share	$ 0.125						$ 0.125
Cash acquired	$ 7,359
Net sales		1,693	2,769
Net income (loss)		(85)	(144)
Payments to acquire businesses	15,929
Goodwill	11,788	11,788	11,788		$ 11,762
Transaction related costs		2	91
Deferred tax liabilities		2,370	2,370		$ 2,369
Nutrition & Biosciences, Inc \| M&A Advisory Fees
Business Acquisition [Line Items]
Transaction related costs			79
Nutrition & Biosciences, Inc \| Professional Services Fees, Legal Fees, And Others
Business Acquisition [Line Items]
Transaction related costs			12
Taste
Business Acquisition [Line Items]
Goodwill		6,208	6,208			4,859
Taste \| Nutrition & Biosciences, Inc
Business Acquisition [Line Items]
Goodwill	2,393
Health & Biosciences
Business Acquisition [Line Items]
Goodwill		8,369	8,369			0
Health & Biosciences \| Nutrition & Biosciences, Inc
Business Acquisition [Line Items]
Goodwill	7,694
Pharma Solutions
Business Acquisition [Line Items]
Goodwill		$ 1,690	$ 1,690			$ 0
Pharma Solutions \| Nutrition & Biosciences, Inc
Business Acquisition [Line Items]
Goodwill	$ 1,701
International Flavors & Fragrances Inc
Business Acquisition [Line Items]
Sale of stock, percentage of ownership after transaction	44.60%
International Flavors & Fragrances Inc \| DuPont de Nemours, Inc \| Nutrition & Biosciences, Inc
Business Acquisition [Line Items]
Percentage of interests acquired	55.40%

Acquisitions - Schedule of purchase price (Details) $ / shares in Units, $ in Millions	Feb. 01, 2021 USD ($) $ / shares shares
Business Acquisition [Line Items]
Fair value of common stock issued to DuPont stockholders	$ 7,500
Nutrition & Biosciences, Inc
Business Acquisition [Line Items]
Fair value of common stock issued to DuPont stockholders	15,929
Fair value attributable to pre-merger service for replacement equity awards	25
Total purchase consideration	$ 15,954
Shares issued as part of merger consideration (shares) \| shares	141,740,461
Business acquisition, share price (in dollars per share) \| $ / shares	$ 112.38
Nutrition & Biosciences, Inc \| Maximum
Business Acquisition [Line Items]
Dilutive shares quotient multiplier	55.40%
Nutrition & Biosciences, Inc \| Minimum
Business Acquisition [Line Items]
Dilutive shares quotient multiplier	44.60%

Acquisitions - Schedule of assets acquired and liabilities assumed (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Feb. 01, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 17,250			$ 5,593
Nutrition & Biosciences, Inc
Business Acquisition [Line Items]
Cash and cash equivalents	193	$ 207
Receivables	954	962
Inventory	1,600	1,615
Prepaid expenses and other current assets	342	342
Property, plant and equipment	3,243	3,242
Deferred income taxes	77	75
Intangible assets	9,171	9,176
Other non-current assets	702	702
Accounts payable and accrued liabilities	(1,012)	(1,028)
Accrued payroll and employee benefits	(163)	(163)
Deferred tax liabilities	(2,370)	(2,369)
Debt assumed	(7,636)	(7,636)
Other liabilities	(909)	(907)
Total identifiable net assets assumed	4,192	4,218
Noncontrolling interest	(26)	(26)
Goodwill	11,788	11,762	$ 11,788
Total Purchase Consideration	15,954	$ 15,954
Nutrition & Biosciences, Inc \| Measurement period adjustments
Business Acquisition [Line Items]
Cash and cash equivalents	(14)
Receivables	(8)
Inventory	(15)
Prepaid expenses and other current assets	0
Property, plant and equipment	1
Deferred income taxes	2
Intangible assets	(5)
Other non-current assets	0
Accounts payable and accrued liabilities	16
Accrued payroll and employee benefits	0
Deferred tax liabilities	(1)
Debt assumed	0
Other liabilities	(2)
Total identifiable net assets assumed	(26)
Noncontrolling interest	0
Goodwill	26
Total Purchase Consideration	$ 0

Acquisitions - Schedule of intangible assets acquired (Details) - Nutrition & Biosciences, Inc $ in Millions	Feb. 01, 2021 USD ($)
Business Acquisition [Line Items]
Estimated Amounts	$ 9,171.0
Trade names
Business Acquisition [Line Items]
Estimated Amounts	281.0
Customer relationships
Business Acquisition [Line Items]
Estimated Amounts	6,785.0
Technological Know-Hows
Business Acquisition [Line Items]
Estimated Amounts	$ 2,105.0
Minimum \| Trade names
Business Acquisition [Line Items]
Estimated Useful Life	4 years
Minimum \| Customer relationships
Business Acquisition [Line Items]
Estimated Useful Life	13 years
Minimum \| Technological Know-Hows
Business Acquisition [Line Items]
Estimated Useful Life	5 years
Maximum \| Trade names
Business Acquisition [Line Items]
Estimated Useful Life	22 years
Maximum \| Customer relationships
Business Acquisition [Line Items]
Estimated Useful Life	25 years
Maximum \| Technological Know-Hows
Business Acquisition [Line Items]
Estimated Useful Life	14 years

Acquisitions - Unaudited pro forma information (Details) - Nutrition & Biosciences, Inc - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Unaudited pro forma net sales	$ 6,061	$ 5,636
Unaudited pro forma net income attributable to the Company	$ 406	$ (91)

Restructuring and Other Charges, Net - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Facility Position	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) Facility	Dec. 31, 2019 Position
Restructuring Cost and Reserve [Line Items]
Number of facilities closed \| Facility					21
Restructuring Charges	$ 24.0	$ 2.0	$ 28.0	$ 7.0
Severance Costs	3.0	$ 0.0	6.0	$ 0.0
Restructuring Reserve	42.0		42.0		$ 14.0
Additional Charges (Reversals), Net			$ 28.0
Frutarom Integration Initiative
Restructuring Cost and Reserve [Line Items]
Expected number of sites closed \| Facility			30
Number of facilities closed \| Facility			1
Employee Severance
Restructuring Cost and Reserve [Line Items]
Number of positions expected to be eliminated \| Position			200
Restructuring Reserve	1.0		$ 1.0		2.0
Additional Charges (Reversals), Net			0.0
Employee Severance \| Nutrition & Biosciences, Inc
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	28.0		28.0		0.0
Additional Charges (Reversals), Net			$ 25.0
Employee Severance \| Frutarom Integration Initiative
Restructuring Cost and Reserve [Line Items]
Number of facilities closed \| Facility			22
Restructuring Charges			$ 29.0
Payments for restructuring			60.0
Restructuring Reserve	3.0		3.0		3.0
Additional Charges (Reversals), Net			2.0
Employee Severance \| 2019 Severance Initiatives
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			21.0
Number of positions expected to be eliminated \| Position						190
Restructuring Reserve	6.0		6.0		6.0
Additional Charges (Reversals), Net			0.0
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1.0		1.0		0.0
Additional Charges (Reversals), Net			1.0
Other \| Frutarom Integration Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 3.0		3.0		$ 3.0
Additional Charges (Reversals), Net			$ 0.0

Restructuring and Other Charges, Net - Changes in Employee-Related Restructuring Liabilities (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning Balance			$ 14.0
Additional Charges (Reversals), Net			28.0
Additional charges, net	$ 24.0	$ 2.0	28.0	$ 7.0
Payments			(4.0)
Ending Balance	42.0		42.0
Business Combination, Restructuring Liabilities			4.0
Nutrition & Biosciences, Inc
Restructuring Reserve [Roll Forward]
Business Combination, Restructuring Liabilities			4.0
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning Balance			2.0
Additional Charges (Reversals), Net			0.0
Payments			(1.0)
Ending Balance	1.0		1.0
Employee Severance \| Nutrition & Biosciences, Inc
Restructuring Reserve [Roll Forward]
Beginning Balance			0.0
Additional Charges (Reversals), Net			25.0
Payments			(1.0)
Ending Balance	28.0		28.0
Other
Restructuring Reserve [Roll Forward]
Beginning Balance			0.0
Additional Charges (Reversals), Net			1.0
Payments			0.0
Ending Balance	1.0		1.0
Frutarom Integration Initiative \| Employee Severance
Restructuring Reserve [Roll Forward]
Beginning Balance			3.0
Additional Charges (Reversals), Net			2.0
Additional charges, net			29.0
Payments			(2.0)
Ending Balance	3.0		3.0
Frutarom Integration Initiative \| Other
Restructuring Reserve [Roll Forward]
Beginning Balance			3.0
Additional Charges (Reversals), Net			0.0
Payments			0.0
Ending Balance	3.0		3.0
2019 Severance Initiatives \| Employee Severance
Restructuring Reserve [Roll Forward]
Beginning Balance			6.0
Additional Charges (Reversals), Net			0.0
Additional charges, net			21.0
Payments			0.0
Ending Balance	6.0		6.0
Taste
Restructuring Reserve [Roll Forward]
Additional charges, net	17.0	2.0	20.0	7.0
Scent [Member]
Restructuring Reserve [Roll Forward]
Additional charges, net	2.0	0.0	3.0	0.0
Health & Biosciences
Restructuring Reserve [Roll Forward]
Additional charges, net	4.0	0.0	4.0	0.0
Pharma Solutions
Restructuring Reserve [Roll Forward]
Additional charges, net	$ 1.0	$ 0.0	$ 1.0	$ 0.0

Goodwill and Other Intangible Assets, Net - Movements in Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2020	$ 5,593.0
Measurement period adjustments	0.0
Goodwill, Transfers	(27.0)
Foreign exchange	(104.0)
Balance at June 30, 2021	17,250.0
Acquisitions	11,788.0
Goodwill [Line Items]
Goodwill	17,250.0
Measurement period adjustments	0.0
Acquisitions	11,788.0
Foreign exchange	(104.0)
Goodwill, Transfers	(27.0)
Scent [Member]
Goodwill [Roll Forward]
Measurement period adjustments	257.0
Goodwill [Line Items]
Measurement period adjustments	257.0
Taste
Goodwill [Roll Forward]
Measurement period adjustments	(985.0)
Goodwill [Line Items]
Measurement period adjustments	(985.0)
Taste
Goodwill [Roll Forward]
Balance at December 31, 2020	4,859.0
Goodwill, Transfers	(27.0)
Foreign exchange	(32.0)
Balance at June 30, 2021	6,208.0
Acquisitions	2,393.0
Goodwill [Line Items]
Goodwill	6,208.0
Acquisitions	2,393.0
Foreign exchange	(32.0)
Goodwill, Transfers	(27.0)
Scent [Member]
Goodwill [Roll Forward]
Balance at December 31, 2020	734.0
Goodwill, Transfers	0.0
Foreign exchange	(8.0)
Balance at June 30, 2021	983.0
Acquisitions	0.0
Goodwill [Line Items]
Goodwill	983.0
Acquisitions	0.0
Foreign exchange	(8.0)
Goodwill, Transfers	0.0
Health & Biosciences
Goodwill [Roll Forward]
Balance at December 31, 2020	0.0
Goodwill, Transfers	0.0
Foreign exchange	(53.0)
Balance at June 30, 2021	8,369.0
Acquisitions	7,694.0
Goodwill [Line Items]
Goodwill	8,369.0
Acquisitions	7,694.0
Foreign exchange	(53.0)
Goodwill, Transfers	0.0
Pharma Solutions
Goodwill [Roll Forward]
Balance at December 31, 2020	0.0
Goodwill, Transfers	0.0
Foreign exchange	(11.0)
Balance at June 30, 2021	1,690.0
Acquisitions	1,701.0
Goodwill [Line Items]
Goodwill	1,690.0
Acquisitions	1,701.0
Foreign exchange	(11.0)
Goodwill, Transfers	$ 0.0

Goodwill and Other Intangible Assets, Net - Reallocation of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Line Items]
Reallocation of goodwill	$ 0.0
Taste
Goodwill [Line Items]
Reallocation of goodwill	(985.0)
Scent [Member]
Goodwill [Line Items]
Reallocation of goodwill	257.0
Health & Biosciences
Goodwill [Line Items]
Reallocation of goodwill	728.0
Pharma Solutions
Goodwill [Line Items]
Reallocation of goodwill	$ 0.0

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total carrying value	$ 12,471	$ 3,432
Total accumulated amortization	(1,023)	(705)
Other intangible assets, net	11,448	2,727
Other Intangible Assets, Net	11,448	2,727
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total carrying value	9,421	2,728
Total accumulated amortization	(660)	(470)
Trade names & patents
Finite-Lived Intangible Assets [Line Items]
Total carrying value	446	187
Total accumulated amortization	(84)	(38)
Technological know-how
Finite-Lived Intangible Assets [Line Items]
Total carrying value	2,574	479
Total accumulated amortization	(251)	(168)
Other
Finite-Lived Intangible Assets [Line Items]
Total carrying value	30	38
Total accumulated amortization	$ (28)	$ (29)

Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of acquisition-related intangibles	$ 200	$ 49	$ 352	$ 97

Goodwill and Other Intangible Assets, Net - Future Estimated Amortization Expense (Details) $ in Millions	Jun. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 391
2022	779
2023	779
2024	779
2025	$ 777

Other Assets and Liabilities, Current and Noncurrent - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other Assets [Abstract]
Finance Lease, Right-of-Use Asset	$ 21	$ 8
Deferred income taxes	113	197
Overfunded pension plans	106	101
Cash surrender value of life insurance contracts	51	49
Other	227	63
Total	518	418
Value Added Tax Receivable, Current	182	93
Income Taxes Receivable, Current	70	100
Prepaid Expense, Current	298	100
Disposal Group, Including Discontinued Operation, Assets, Current	124	0
Accounts and Other Receivables, Net, Current	158	49
Prepaid expenses and other current assets	832	342
Sales and Excise Tax Payable, Current	64	20
Interest Payable, Current	55	29
Liability, Pension and Other Postretirement and Postemployment Benefits, Current	12	13
Accrued Insurance, Current	9	11
Earn Outs Payable, Current	2	14
Restructuring Reserve	42	14
Other current liabilities	112	41
Finance Lease, Liability, Current	4	3
Accrued Income Taxes, Current	41	42
Disposal Group, Including Discontinued Operation, Liabilities, Current	11	0
Other Sundry Liabilities, Current	346	248
Other current liabilities	790	499
Rebates and Incentives Payable, Current	$ 92	$ 64

Debt - Components of Debt (Detail) $ in Millions		6 Months Ended
Debt - Components of Debt (Detail) $ in Millions	Feb. 01, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 16, 2020 USD ($)	May 15, 2020 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 11,970	$ 4,413
Less: Short term borrowings		(616)	(634)
Long-term debt		11,354	3,779
2021 Euro Notes \| Loans payable
Debt Instrument [Line Items]
Senior Notes, Current		$ 358	368
2021 Euro Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		0.82%
2023 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		3.30%
Credit facilities		$ 299	299
2024 Euro Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		1.88%
Credit facilities		$ 595	614
2026 Euro Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		1.93%
Credit facilities		$ 949	978
2028 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		4.57%
Credit facilities		$ 397	397
2047 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		4.44%
Credit facilities		$ 494	494
2048 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		5.12%
Credit facilities		$ 786	786
Term loan credit agreement \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		3.65%
Credit facilities		$ 240	240
2024 Term Loan Facility(7)
Debt Instrument [Line Items]
Maximum ratio of net debt to EBITDA with step-downs over time		4.75
Debt Instrument, Covenant Compliance, Ratio Of Net Debt To EBITDA With Step-Downs Over Time, Third Full Fiscal Quarter		4.50
Debt Instrument, Covenant Compliance, Ratio Of Net Debt To EBITDA With Step-Downs Over Time, Sixth Full Fiscal Quarter		3.75
Debt Instrument, Covenant Compliance, Ratio Of Net Debt To EBITDA With Step-Downs Over Time, Ninth Full Fiscal Quarter		3.50
2024 Term Loan Facility(7) \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		1.45%
Credit facilities		$ 625	0
2024 Term Loan Facility(7) \| Loans payable \| Minimum \| LIBOR
Debt Instrument [Line Items]
Effective Interest Rate	0.75%
2024 Term Loan Facility(7) \| Loans payable \| Minimum \| Base rate
Debt Instrument [Line Items]
Effective Interest Rate	0.00%
2024 Term Loan Facility(7) \| Loans payable \| Maximum \| LIBOR
Debt Instrument [Line Items]
Effective Interest Rate	2.00%
2024 Term Loan Facility(7) \| Loans payable \| Maximum \| Base rate
Debt Instrument [Line Items]
Effective Interest Rate	1.00%
2024 Term Loan Facility(7) \| Unsecured Debt \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Term loan credit agreement, reduction to bridge loan commitments	$ 625
Amortizing Note \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		6.09%
Credit facilities		$ 12	36
Bank overdrafts and other
Debt Instrument [Line Items]
Bank overdrafts and other		9	2
Senior Unsecured Term Loan Facilities \| Unsecured Debt \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Term loan credit agreement, reduction to bridge loan commitments	1,250
Senior Unsecured Notes \| Unsecured Debt \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Term loan credit agreement, reduction to bridge loan commitments	$ 6,250			$ 6,250
Senior Unsecured Notes \| Unsecured Debt \| Minimum \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Term of debt	2 years
Senior Unsecured Notes \| Unsecured Debt \| Maximum \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Term of debt	30 years
2022 Term Loan
Debt Instrument [Line Items]
Credit facilities		$ 200
Maximum ratio of net debt to EBITDA with step-downs over time		4.75
2022 Term Loan \| Loans payable
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 200
Effective Interest Rate		1.73%
Credit facilities		$ 200	199
2022 Term Loan \| Loans payable \| Minimum \| LIBOR
Debt Instrument [Line Items]
Effective Interest Rate					1.225%
2022 Term Loan \| Loans payable \| Minimum \| Base rate
Debt Instrument [Line Items]
Effective Interest Rate					0.225%
2022 Term Loan \| Loans payable \| Maximum \| LIBOR
Debt Instrument [Line Items]
Effective Interest Rate					2.475%
2022 Term Loan \| Loans payable \| Maximum \| Base rate
Debt Instrument [Line Items]
Effective Interest Rate					1.475%
Senior Notes, Due Two Thousand Twenty Two \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		0.69%
Credit facilities		$ 300	0
Senior Notes, Due Two Thousand Twenty Two \| Loans payable \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Effective Interest Rate				0.697%
Credit facilities				$ 300
Applicable margin (percent)		0.10%
Senior Notes, Due Two Thousand Twenty Five \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		1.22%
Credit facilities		$ 1,001	0
Senior Notes, Due Two Thousand Twenty Five \| Loans payable \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Effective Interest Rate				1.23%
Credit facilities				$ 1,000
Applicable margin (percent)		0.15%
Senior Notes, Due Two Thousand Twenty Seven \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		1.56%
Credit facilities		$ 1,220	0
Senior Notes, Due Two Thousand Twenty Seven \| Loans payable \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Effective Interest Rate				1.832%
Credit facilities				$ 1,200
Applicable margin (percent)		0.25%
Senior Notes, Due Two Thousand Thirty \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		2.21%
Credit facilities		$ 1,511	0
Senior Notes, Due Two Thousand Thirty \| Loans payable \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Effective Interest Rate				2.30%
Credit facilities				$ 1,500
Applicable margin (percent)		0.25%
Senior Notes, Due Two Thousand Forty \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		3.04%
Credit facilities		$ 775	0
Senior Notes, Due Two Thousand Forty \| Loans payable \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Effective Interest Rate				3.268%
Credit facilities				$ 750
Applicable margin (percent)		0.30%
Senior Notes, Due Two Thousand Fifty \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		3.21%
Credit facilities		$ 1,574	0
Senior Notes, Due Two Thousand Fifty \| Loans payable \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Effective Interest Rate				3.468%
Credit facilities				$ 1,500
Applicable margin (percent)		0.30%
2026 Term Loan
Debt Instrument [Line Items]
Maximum ratio of net debt to EBITDA with step-downs over time		4.75
Debt Instrument, Covenant Compliance, Ratio Of Net Debt To EBITDA With Step-Downs Over Time, Third Full Fiscal Quarter		4.50
Debt Instrument, Covenant Compliance, Ratio Of Net Debt To EBITDA With Step-Downs Over Time, Sixth Full Fiscal Quarter		3.75
Debt Instrument, Covenant Compliance, Ratio Of Net Debt To EBITDA With Step-Downs Over Time, Ninth Full Fiscal Quarter		3.50
2026 Term Loan \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		1.84%
Credit facilities		$ 625	$ 0
2026 Term Loan \| Loans payable \| Minimum \| LIBOR
Debt Instrument [Line Items]
Effective Interest Rate	1.125%
2026 Term Loan \| Loans payable \| Minimum \| Base rate
Debt Instrument [Line Items]
Effective Interest Rate	0.125%
2026 Term Loan \| Loans payable \| Maximum \| LIBOR
Debt Instrument [Line Items]
Effective Interest Rate	2.375%
2026 Term Loan \| Loans payable \| Maximum \| Base rate
Debt Instrument [Line Items]
Effective Interest Rate	1.375%
2026 Term Loan \| Unsecured Debt \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Term loan credit agreement, reduction to bridge loan commitments	$ 625
Nutrition & Biosciences, Inc Senior Notes \| Loans payable \| Nutrition & Biosciences, Inc
Debt Instrument [Line Items]
Redemption price percentage		100.00%

Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 01, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Remaining lease term	40 years
Option to extend lease term	5 years
Operating lease liability	$ 682		$ 265
Operating lease right-of-use assets	$ 785		$ 299
Nutrition & Biosciences, Inc
Lessee, Lease, Description [Line Items]
Operating lease liability		$ 530
Operating lease right-of-use assets		$ 530

Leases - Lease expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Lease expenses (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 46	$ 12	$ 78	$ 24
Finance Lease, Cost	$ 1	$ 1	$ 2	$ 2

Leases - Supplemental cash flow information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating cash flows for operating leases	$ 60	$ 24
Financing cash flows for finance leases	2	1
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	31	22
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 15	$ 2

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes [Line Items]
Domestic earnings repatriated	$ 65,000,000		$ 65,000,000
Undistributed foreign earnings	$ 0		$ 0
Effective tax rate	31.80%	15.40%	0.00%	16.30%
Foreign Tax Authority
Income Taxes [Line Items]
Provision for uncertain tax positions	$ 169,000,000		$ 169,000,000
Foreign Tax Authority \| Nutrition & Biosciences, Inc
Income Taxes [Line Items]
Provision for uncertain tax positions	57,000,000		57,000,000
Other Liabilities
Income Taxes [Line Items]
Unrecognized tax benefits that would impact effective tax rate	133,000,000		133,000,000
Accrued interest and penalties	35,000,000		35,000,000
Other Liabilities \| Nutrition & Biosciences, Inc
Income Taxes [Line Items]
Unrecognized tax benefits that would impact effective tax rate	38,000,000		38,000,000
Accrued interest and penalties	19,000,000		19,000,000
Other Current Liabilities
Income Taxes [Line Items]
Unrecognized tax benefits that would impact effective tax rate	1,000,000		1,000,000
Other Current Liabilities \| Maximum
Income Taxes [Line Items]
Accrued interest and penalties	$ 1,000,000		$ 1,000,000

Stock Compensation Plans - Stock-Based Compensation Expense and Related Tax Benefits (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Feb. 01, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 19	$ 13	$ 33	$ 21
Less: Tax benefit		(4)	(2)	(7)	(3)
Total stock-based compensation expense, after tax		15	11	26	18
Nutrition & Biosciences, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense				$ 6
Shares issued as part of merger consideration (shares)	141,740,461
Equity issued in business combination, fair value	$ 25
Post-combination service period				3 years
Nutrition & Biosciences, Inc \| Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued as part of merger consideration (shares)	335,347
Nutrition & Biosciences, Inc \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued as part of merger consideration (shares)	258,572
Nutrition & Biosciences, Inc \| Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued as part of merger consideration (shares)	5,816
Equity-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		16	10	$ 27	19
Liability-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 3	$ 3	$ 6	$ 2

Segment Information - Additional Information (Detail)	3 Months Ended	6 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2021	Jun. 30, 2021 segment category
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of segments \| segment		4
Number of categories \| category		2
Net sales attributed to all foreign countries \| Sales \| Customer Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Maximum percentage of total consolidated net sales attributed to any non-U.S. country	7.00%	6.00%

Segment Information - Reportable Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net sales:
Net sales	$ 3,089	$ 1,199	$ 5,554	$ 2,546
Segment Adjusted Operating EBITDA
Other Depreciation and Amortization	322	80	564	161
Restructuring and other charges, net	(24)	(2)	(28)	(7)
Losses on sale of assets	0	0	0	(1)
Severance Costs	(3)	0	(6)	0
Interest expense	(77)	(32)	(142)	(64)
Other income, net	11	16	18	5
Income before taxes	44	104	(10)	257
Segment Adjusted Operating EBITDA	679	239	1,248	542
Shareholder Activism Related Costs	0	0	(7)	0
Business Divestiture Costs	(5)	0	(5)	0
Corporate and Other
Segment Adjusted Operating EBITDA
Restructuring and other charges, net	(24)	(2)	(28)	(7)
Losses on sale of assets	0	0	0	(1)
Compliance Review and Legal Defense Costs	0	0	0	(1)
Health & Biosciences
Segment Adjusted Operating EBITDA
Restructuring and other charges, net	(4)	0	(4)	0
Pharma Solutions
Segment Adjusted Operating EBITDA
Restructuring and other charges, net	(1)	0	(1)	0
Taste
Segment Adjusted Operating EBITDA
Restructuring and other charges, net	(17)	(2)	(20)	(7)
Scent [Member]
Segment Adjusted Operating EBITDA
Restructuring and other charges, net	(2)	0	(3)	0
Operating Segments \| Health & Biosciences
Net sales:
Net sales	639	34	1,065	68
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA	190	10	318	19
Operating Segments \| Pharma Solutions
Net sales:
Net sales	232	0	394	0
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA	48	0	91	0
Operating Segments \| Taste
Net sales:
Net sales	1,668	690	2,976	1,462
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA	324	142	594	318
Operating Segments \| Scent [Member]
Net sales:
Net sales	550	475	1,119	1,016
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA	117	87	245	205
Nutrition & Biosciences, Inc
Segment Adjusted Operating EBITDA
Transaction related costs	(2)		(91)
Nutrition & Biosciences, Inc \| Corporate and Other
Segment Adjusted Operating EBITDA
Integration-related costs	(17)	(23)	(54)	(33)
N&B Inventory Step-Up Costs	(195)	0	(377)	0
Transaction related costs	(2)	(11)	(91)	(16)
Frutarom \| Corporate and Other
Segment Adjusted Operating EBITDA
Integration-related costs	$ (1)	$ (3)	$ (2)	$ (7)

Segment Information Segment Information - Net Sales by Destination of Product Delivery (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 3,089	$ 1,199	$ 5,554	$ 2,546
Europe, Africa and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	1,084	463	1,957	1,006
Greater Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	707	275	1,294	585
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	961	301	1,683	604
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	337	160	620	351
Geographic Concentration Risk \| Net sales related to the U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	876	268	1,530	539
Geographic Concentration Risk \| Net sales attributed to all foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 2,213	$ 931	$ 4,024	$ 2,007

- Definition

+ References

+ Details

Employee Benefits - Pension and Other Defined Contribution Retirement Plan Expenses (Detail) - Pension Plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	$ 1	$ 1	$ 1	$ 1
Interest cost on projected benefit obligation	3	4	6	8
Expected return on plan assets	(5)	(7)	(10)	(14)
Net amortization and deferrals	2	2	4	4
Net periodic benefit (income) cost	1	0	1	(1)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	12	6	22	12
Interest cost on projected benefit obligation	3	3	5	6
Expected return on plan assets	(13)	(11)	(25)	(23)
Net amortization and deferrals	5	4	10	8
Net periodic benefit (income) cost	$ 7	$ 2	$ 12	$ 3

Employee Benefits - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Assets for Plan Benefits, Defined Benefit Plan	$ 106,000,000	$ 101,000,000
Defined Contribution and Other Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Contribution to the plans	2,000,000
Expected contribution to the plan	4,000,000
U.S. Plans \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit payments	0
U.S. Plans \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan	4,000,000
U.S. Plans \| Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit payments	2,000,000
Non-U.S. Plans \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan	25,000,000
Contribution to the plans	$ 10,000,000

Employee Benefits - Postretirement Benefits Other Than Pension Expenses (Detail) - Defined Contribution and Other Retirement Plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	$ 1	$ 1	$ 1	$ 1
Net amortization and deferrals	(1)	(1)	(2)	(2)
Net periodic benefit (income) cost	$ 0	$ 0	$ (1)	$ (1)

Financial Instruments - Carrying Amount and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 935	$ 650
Credit facilities and bank overdrafts	9	2
Derivative Asset	2	1
Derivative Liability	18	29
Reported Value Measurement \| 2023 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	299	299
Reported Value Measurement \| 2021 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Current	358	368
Reported Value Measurement \| 2024 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	595	614
Reported Value Measurement \| 2026 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	949	978
Reported Value Measurement \| 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	397	397
Reported Value Measurement \| 2048 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	786	786
Reported Value Measurement \| 2047 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	494	494
Reported Value Measurement \| Term loan credit agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	240	240
Reported Value Measurement \| 2024 Term Loan Facility(7)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	625	0
Reported Value Measurement \| Amortizing Note
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	12	36
Reported Value Measurement \| Senior Notes, Due Two Thousand Twenty Two
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	300	0
Reported Value Measurement \| Senior Notes, Due Two Thousand Twenty Five
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	1,001	0
Reported Value Measurement \| Senior Notes, Due Two Thousand Twenty Seven
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	1,220	0
Reported Value Measurement \| Senior Notes, Due Two Thousand Thirty
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	1,511	0
Reported Value Measurement \| Senior Notes, Due Two Thousand Forty
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	775	0
Reported Value Measurement \| Senior Notes, Due Two Thousand Fifty
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	1,574	0
Reported Value Measurement \| 2022 Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	200	199
Reported Value Measurement \| 2026 Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	625	0
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	935	650
Credit facilities and bank overdrafts	9	2
Derivative Asset	2	1
Derivative Liability	18	29
Estimate of Fair Value Measurement [Member] \| 2023 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	312	316
Estimate of Fair Value Measurement [Member] \| 2021 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Current	358	370
Estimate of Fair Value Measurement [Member] \| 2024 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	622	648
Estimate of Fair Value Measurement [Member] \| 2026 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	1,025	1,061
Estimate of Fair Value Measurement [Member] \| 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	463	472
Estimate of Fair Value Measurement [Member] \| 2048 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	1,032	1,059
Estimate of Fair Value Measurement [Member] \| 2047 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	585	608
Estimate of Fair Value Measurement [Member] \| Term loan credit agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	240	240
Estimate of Fair Value Measurement [Member] \| 2024 Term Loan Facility(7)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	625	0
Estimate of Fair Value Measurement [Member] \| Amortizing Note
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	12	37
Estimate of Fair Value Measurement [Member] \| Senior Notes, Due Two Thousand Twenty Two
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	300	0
Estimate of Fair Value Measurement [Member] \| Senior Notes, Due Two Thousand Twenty Five
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	995	0
Estimate of Fair Value Measurement [Member] \| Senior Notes, Due Two Thousand Twenty Seven
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	1,200	0
Estimate of Fair Value Measurement [Member] \| Senior Notes, Due Two Thousand Thirty
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	1,490	0
Estimate of Fair Value Measurement [Member] \| Senior Notes, Due Two Thousand Forty
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	767	0
Estimate of Fair Value Measurement [Member] \| Senior Notes, Due Two Thousand Fifty
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	1,560	0
Estimate of Fair Value Measurement [Member] \| 2022 Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	200	200
Estimate of Fair Value Measurement [Member] \| 2026 Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	$ 625	$ 0

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative losses included in AOCI		$ 2
Currency Swap
Derivative [Line Items]
Derivative instruments outstanding		$ 300	$ 300
Proceeds from current swap	$ (15)
Interest receivable	$ 2

Financial Instruments - Derivative Instruments Notional Amount Outstanding (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Forward Contracts
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding	$ 133	$ 221
Currency Swap
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding	300	300
Commodity Contract
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding	$ 7	$ 0

Financial Instruments - Derivative Instruments Measured at Fair Value (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Liabilities	$ 18	$ 29
Foreign currency contracts
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	2	1
Total Fair Value, Derivative Liabilities	3	6
Currency Swap
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Liabilities	15	23
Fair Value of Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Liabilities	15	29
Fair Value of Derivatives Designated as Hedging Instruments [Member] \| Foreign currency contracts
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	1	0
Total Fair Value, Derivative Liabilities	0	6
Fair Value of Derivatives Designated as Hedging Instruments [Member] \| Currency Swap
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Liabilities	15	23
Fair Value of Derivatives Designated as Hedging Instruments [Member] \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Liabilities	15
Fair Value of Derivatives Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Liabilities	3	0
Fair Value of Derivatives Not Designated as Hedging Instruments [Member] \| Foreign currency contracts
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	1	1
Total Fair Value, Derivative Liabilities	3	0
Fair Value of Derivatives Not Designated as Hedging Instruments [Member] \| Currency Swap
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Liabilities	$ 0	$ 0

Financial Instruments - Derivative Instruments Which Were Not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Foreign currency contracts \| Other Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 8	$ 4	$ 5	$ (4)

Financial Instruments - Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)	$ (20)	$ (58)	$ 58	$ 0
Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)	(2)	1	(4)	3
Foreign currency contracts \| Derivatives in Cash Flow Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)	2	(3)	6	(2)
Cross Currency Swaps \| Derivatives in Net Investment Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)	(3)	(20)	6	6
Forward Contracts \| Cost of goods sold \| Derivatives in Cash Flow Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)	(2)	1	(4)	3
2024 Euro Notes \| Derivatives in Net Investment Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)	(6)	(11)	14	(1)
Senior Notes Maturing 2021 through 2026 \| Derivatives in Net Investment Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)	$ (13)	$ (24)	$ 32	$ (3)

Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' Equity Attributable to Parent			$ 6,310
Net current period other comprehensive income (loss)	$ 268	$ 147	(136)	$ (300)
Stockholders' Equity Attributable to Parent	21,761		21,761
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' Equity Attributable to Parent			(285)	(373)
OCI, before Reclassifications, Net of Tax, Attributable to Parent			(154)	(305)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent			0	0
Net current period other comprehensive income (loss)			(154)	(305)
Stockholders' Equity Attributable to Parent	(439)	(678)	(439)	(678)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' Equity Attributable to Parent			(7)	2
OCI, before Reclassifications, Net of Tax, Attributable to Parent			2	1
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent			(4)	3
Net current period other comprehensive income (loss)			6	(2)
Stockholders' Equity Attributable to Parent	(1)	0	(1)	0
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' Equity Attributable to Parent			(406)	(346)
OCI, before Reclassifications, Net of Tax, Attributable to Parent			1	0
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent			(11)	(7)
Net current period other comprehensive income (loss)			12	7
Stockholders' Equity Attributable to Parent	(394)	(339)	(394)	(339)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Stockholders' Equity Attributable to Parent			(698)	(717)
OCI, before Reclassifications, Net of Tax, Attributable to Parent			(151)	(304)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent			(15)	(4)
Net current period other comprehensive income (loss)			(136)	(300)
Stockholders' Equity Attributable to Parent	$ (834)	$ (1,017)	$ (834)	$ (1,017)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Foreign currency contracts	$ 2,179	$ 717	$ 3,890	$ 1,498
Interest Expense	(77)	(32)	(142)	(64)
Tax	$ 14	$ 16	0	42
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Tax			(1)	1
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges \| Foreign currency contracts
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Foreign currency contracts			(5)	4
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			3	(9)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			(15)	0
Accumulated Defined Benefit Plans Adjustment
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Tax			1	2
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Total			(4)	3
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Total			$ (11)	$ (7)

Commitments and Contingencies - Additional Information (Detail)			3 Months Ended				6 Months Ended	12 Months Ended
	Mar. 11, 2020 USD ($)	Oct. 29, 2019 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2021 USD ($) Facility	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Feb. 01, 2021 USD ($)	Sep. 16, 2020 USD ($)
Commitments And Contingencies [Line Items]
Bank guarantees related to appeals on income tax and indirect tax cases							$ 15,000,000
Available lines of credit							1,530,000,000
Property, Plant and Equipment, Net							4,566,000,000	$ 1,458,000,000
Bank guarantees and pledged assets to pursue defenses related to other contingencies							23,000,000
Line of Credit Facility, Current Borrowing Amount/Total Amount Drawn Down							33,000,000
Commercial Guarantees, Amount Outstanding							95,000,000
Bank Guarantees and Standby Letters of Credit, Amount Outstanding							29,000,000
Pledged assets
Commitments And Contingencies [Line Items]
The amount of pledged assets, principally PP&E to cover income tax and indirect tax assessments							8,000,000
Bank Guarantees, Commercial Guarantees, Standby Letters Of Credit and Surety Bonds
Commitments And Contingencies [Line Items]
Bank Guarantees, Commercial Guarantees, Letters Of Credit and Surety Bonds Outstanding							382,000,000
Zhejiang Ingredients Plant
Commitments And Contingencies [Line Items]
Gain Contingency, Expected Relocation Payments			$ 13,000,000			$ 50,000,000
Gain Contingency, Relocation Payments Received									$ 30,000,000
Minimum
Commitments And Contingencies [Line Items]
Estimation of possible loss							0
Maximum
Commitments And Contingencies [Line Items]
Estimation of possible loss							23,000,000
Amended credit facility \| Citibank, N.A.
Commitments And Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity							1,345,000,000
CHINA
Commitments And Contingencies [Line Items]
Property, Plant and Equipment, Net							$ 288,000,000
Number of facilities \| Facility							10
CHINA \| Guangzhou Flavors Plant
Commitments And Contingencies [Line Items]
Property, Plant and Equipment, Net							$ 61,000,000
CHINA \| Guangzhou Fragrance Plant
Commitments And Contingencies [Line Items]
Property, Plant and Equipment, Net							$ 9,000,000
Nutrition & Biosciences, Inc \| Senior Unsecured Term Loan Facilities \| Unsecured Debt
Commitments And Contingencies [Line Items]
Debt face amount										$ 1,250,000,000
Nutrition & Biosciences, Inc \| Senior Unsecured Notes \| Unsecured Debt
Commitments And Contingencies [Line Items]
Debt face amount										$ 6,250,000,000	$ 6,250,000,000
BRAZIL \| Foreign Tax Authority
Commitments And Contingencies [Line Items]
Proceeds from Income Tax Refunds				$ 4,000,000	$ 8,000,000
BRAZIL \| Foreign Tax Authority \| BRAZIL
Commitments And Contingencies [Line Items]
Proceeds from Income Tax Refunds								$ 3,000,000
Chief Executive Officer
Commitments And Contingencies [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 20,000,000	$ 20,000,000

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance at beginning			$ 12
Share of profit or loss attributable to redeemable noncontrolling interests	$ 2	$ 1	4	$ 4
Dividends paid		1		1
Balance at end	39		39		$ 12
Payments to Acquire Additional Interest in Subsidiaries					14
Redeemable Noncontrolling Interest
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance at beginning			98	99	99
Impact of foreign exchange translation			(1)	12
Share of profit or loss attributable to redeemable noncontrolling interests			3	3
Redemption value adjustment for the current period				(4)
Measurement period adjustments				(1)
Exercises of redeemable noncontrolling interests				11
Balance at end	$ 100	$ 98	$ 100	$ 98	$ 98

Subsequent Event (Details) $ in Millions		6 Months Ended
Subsequent Event (Details) $ in Millions	Jul. 28, 2021 USD ($)	Jun. 30, 2021 USD ($)
2024 Term Loan Facility(7)
Subsequent Event [Line Items]
Maximum ratio of net debt to EBITDA with step-downs over time		4.75
Amended credit facility \| Forecast
Subsequent Event [Line Items]
Maximum ratio of net debt to EBITDA with step-downs over time	3.50
Amended credit facility \| Citibank, N.A.
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,345
Amended credit facility \| Subsequent Event
Subsequent Event [Line Items]
Maximum ratio of net debt to EBITDA with step-downs over time	4.75
Amended credit facility \| Subsequent Event \| Citibank, N.A.
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,000
Line of Credit Facility, Increase (Decrease), Net	$ 2,500