0000051253-24-000032 | 10-Q | XBRL Viewer | International Flavors Fragrances INC

Net Income Per Share

6 Months Ended

Jun. 30, 2024

NET INCOME PER SHARE

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


	Three Months Ended June 30,				Six Months Ended June 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	2024		2023		2024		2023
Net Income
Net income attributable to IFF shareholders	$	170	$	27	$	230	$	18
Adjustment related to (increase) in redemption value of redeemable non-controlling interests in excess of earnings allocated	—		(1)		—		(1)
Net income available to IFF shareholders	$	170	$	26	$	230	$	17
Shares
Weighted average common shares outstanding (basic)	255		255		255		255
Adjustment for assumed dilution:
Stock options and restricted stock awards	1		—		1		—

Weighted average shares assuming dilution (diluted)	256		255		256		255

Net Income per Share
Net income per share - basic(1)	$	0.67	$	0.11	$	0.90	$	0.07
Net income per share - diluted(1)	0.66		0.11		0.90		0.07

_______________________

(1)For the three months ended June 30, 2023, the basic and diluted net income per share cannot be recalculated based on the information presented in the table above due to rounding.

The Company declared a quarterly dividend to its shareholders of $0.40 and $0.81 per share for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company declared quarterly dividends to its shareholders totaling $0.80 and $1.62, respectively.

For the three and six months ended June 30, 2024, there were approximately 0.3 million share equivalents that had an anti-dilutive effect and therefore were excluded from the computation of diluted net income per share in the period. For the three and six months ended June 30, 2023, there were approximately 0.4 million share equivalents that had an anti-dilutive effect and therefore were excluded from the computation of diluted net loss per share.

The Company has issued shares of Purchased Restricted Stock Units (“PRSUs”) which contain rights to non-forfeitable 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 net income per share for both unrestricted common shareholders and PRSU shareholders for the three and six months ended June 30, 2024 was less than $0.01 per share. The difference between basic net income per share for both unrestricted common shareholders and PRSU shareholders for the three months ended June 30, 2023 was less than $0.01 per share. There was no difference between basic net income per share for both unrestricted common shareholders and PRSU shareholders for the six months ended June 30, 2023. The difference between diluted net income per share for both unrestricted common shareholders and PRSU shareholders for the three and six months ended June 30, 2024 and 2023 was less than $0.01 per share. In addition, the number of PRSUs outstanding as of June 30, 2024 and 2023 was not material. Net income allocated to such PRSUs was not material for the three and six months ended June 30, 2024 and 2023.

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

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

Movements in goodwill attributable to each reportable segment for the six months ended June 30, 2024 were as follows:


(DOLLARS IN MILLIONS)	Nourish		Health & Biosciences		Scent		Pharma Solutions		Total
Balance at January 1, 2024	$	3,489	$	4,391	$	1,490	$	1,265	$	10,635



Transferred to assets held for sale(1)	(55)		—		—		(1,172)		(1,227)


Foreign exchange	(45)		(49)		(12)		(20)		(126)


Balance at June 30, 2024	$	3,389	$	4,342	$	1,478	$	73	$	9,282

_______________________

(1)Recognized $64 million of impairment related to the Pharma Solutions disposal group classified as held for sale as of June 30, 2024. See Note 3 for additional information.

The goodwill balances at January 1, 2024 and June 30, 2024 included $2.623 billion and $2.250 billion of accumulated impairment related to the Nourish and Health & Biosciences reportable segments, respectively. The accumulated impairment relates to impairment charges recorded in 2023 and 2022.

Other Intangible Assets

Other intangible assets, net consisted of the following amounts:


	June 30,		December 31,
(DOLLARS IN MILLIONS)	2024		2023






Asset Type
Customer relationships	$	7,176	$	8,211
Technological know-how	1,987		2,355
Trade names & patents	280		337

Other	25		44
Total carrying value	9,468		10,947
Accumulated Amortization
Customer relationships	(1,642)		(1,619)
Technological know-how	(804)		(813)
Trade names & patents	(119)		(117)

Other	(22)		(41)
Total accumulated amortization	(2,587)		(2,590)

Other intangible assets, net	$	6,881	$	8,357

Amortization

Amortization expense was $153 million and $172 million for the three months ended June 30, 2024 and 2023, respectively, and $321 million and $343 million for the six months ended June 30, 2024 and 2023, respectively.

Amortization expense for the next five years, based on valuations and determinations of useful lives, is expected to be as follows:



(DOLLARS IN MILLIONS)	Remainder of 2024		2025		2026		2027		2028
Estimated future intangible amortization expense	$	291	$	580	$	578	$	492	$	479

Segment Information Segment Information - Net Sales by Destination of Product Delivery (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 2,889	$ 2,929	$ 5,788	$ 5,956
Europe, Africa and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	972	970	1,949	2,040
Greater Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	681	673	1,363	1,361
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	876	910	1,742	1,815
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	360	376	734	740
Geographic Concentration Risk \| Net sales related to the U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	822	777	1,633	1,648
Geographic Concentration Risk \| Net sales attributed to all foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 2,067	$ 2,152	$ 4,155	$ 4,308
Customer Concentration Risk \| Net sales attributed to all foreign countries \| Sales
Revenues from External Customers and Long-Lived Assets [Line Items]
Maximum percentage of total consolidated net sales attributed to any non-U.S. country	10.00%	10.00%

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and December 31, 2023 consisted of the following:


	June 30, 2024				December 31, 2023
(DOLLARS IN MILLIONS)	Carrying Value		Fair Value		Carrying Value		Fair Value
LEVEL 1
Cash and cash equivalents(1)	$	671	$	671	$	703	$	703
LEVEL 2
Credit facilities and bank overdrafts(2)	2		2		3		3
Derivatives
Derivative assets(3)	4		4		41		41
Derivative liabilities(3)	147		147		165		165
Commercial paper(2)	189		189		—		—
Long-term debt:


2024 Euro Notes(4)	—		—		552		549
2025 Notes(4)	1,000		946		1,000		924
2026 Euro Notes(4)	855		821		879		835
2027 Notes(4)	1,211		1,070		1,212		1,049
2028 Notes(4)	398		386		398		389
2030 Notes(4)	1,508		1,249		1,508		1,240
2040 Notes(4)	772		532		773		536
2047 Notes(4)	495		384		495		382
2048 Notes(4)	787		687		787		678
2050 Notes(4)	1,568		986		1,569		1,029
2024 Term Loan Facility(5)	—		—		270		270
2026 Term Loan Facility(5)	594		594		625		625

_______________________

(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 Note is obtained from pricing services engaged by the Company, and the Company receives one price for each security. The fair value provided by the pricing services are estimated using pricing models, where the inputs to those models are based on observable market inputs or recent trades of similar securities. The inputs to the valuation techniques applied by the pricing services

are typically benchmark yields, benchmark security prices, credit spreads, reported trades and broker-dealer quotes, all with reasonable levels of transparency.

(5)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, 2024 and December 31, 2023:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Foreign currency contracts(1)	$	(3,318)	$	(1,400)
Commodity contracts(1)	5		7
Cross currency swaps	1,400		1,400

_______________________

(1)Foreign currency contracts and commodity contracts are presented net of contracts bought and sold.

Derivative Instruments Measured at Fair Value

The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy), as reflected on the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023:


	June 30, 2024
(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	$	—	$	4	$	4


Total derivative assets	$	—	$	4	$	4
Derivative liabilities(2)
Foreign currency contracts	$	—	$	32	$	32
Cross currency swaps	115		—		115

Total derivative liabilities	$	115	$	32	$	147


	December 31, 2023
(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	$	—	$	41	$	41


Total derivative assets	$	—	$	41	$	41
Derivative liabilities(2)
Foreign currency contracts	$	—	$	4	$	4
Cross currency swaps	161		—		161
Total derivative liabilities	$	161	$	4	$	165

_______________________

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

(2)Derivative liabilities are recorded to Other current liabilities and Other liabilities on the Consolidated Balance Sheets.

Derivative Instruments Which Were Not Designated as Hedging Instruments

The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023:


	Amount of Gain (Loss) Recognized in Income on Derivative Settlements				Amount of Gain (Loss) Recognized in Income on Changes in Fair Value				Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)	Three Months Ended June 30,				Three Months Ended June 30,
	2024		2023		2024		2023
Foreign currency contracts(1)	$	(43)	$	(7)	$	4	$	7	Other expense (income), net
Commodity contracts	—		2		—		—		Cost of goods sold



Total	$	(43)	$	(5)	$	4	$	7

	Amount of Gain (Loss) Recognized in Income on Derivative Settlements				Amount of Gain (Loss) Recognized in Income on Changes in Fair Value				Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)	Six Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Foreign currency contracts(1)	$	(41)	$	(7)	$	(64)	$	11	Other expense (income), net
Commodity contracts	(1)		2		—		—		Cost of goods sold



Total	$	(42)	$	(5)	$	(64)	$	11

_______________________

(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

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, on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023:


	Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)				Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (“AOCI”) into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
	Three Months Ended June 30,					Three Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023			2024		2023
Derivatives in Cash Flow Hedging Relationships:

Commodity contracts	$	1	$	—	Cost of goods sold	$	—	$	—

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	13		(30)		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	—		(2)		N/A	—		—
2026 Euro Notes	5		(4)		N/A	—		—
Total	$	19	$	(36)		$	—	$	—

	Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)				Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
	Six Months Ended June 30,					Six Months Ended June 30,
	2024		2023			2024		2023
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	$	(7)	$	—	Cost of goods sold	$	—	$	—
Commodity contracts	1		—		Cost of goods sold	—		—

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	36		(33)		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	3		(11)		N/A	—		—
2026 Euro Notes	20		(18)		N/A	—		—
Total	$	53	$	(62)		$	—	$	—

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash, cash equivalents and restricted cash	$ 671	$ 709
Trade receivables, net	1,775	1,726
Inventories	2,160	2,477
Assets held for sale	2,815	506
Prepaid expenses and other current assets	728	875
Total Current Assets	8,149	6,293
Property, plant and equipment, net	3,763	4,240
Goodwill	9,282	10,635
Other intangible assets, net	6,881	8,357
Operating lease right-of-use assets	663	689
Other assets	805	764
Total Assets	29,543	30,978
Current Liabilities:
Short-term debt and current portion of long-term debt	783	885
Accounts payable	1,272	1,378
Accrued payroll and bonus	275	265
Dividends payable	102	207
Liabilities held for sale	231	46
Other current liabilities	762	977
Total Current Liabilities	3,425	3,758
Long-term debt	8,596	9,186
Retirement liabilities	206	253
Deferred income taxes	1,833	1,937
Operating lease liability	620	642
Other liabilities	572	560
Total Other Liabilities	11,827	12,578
Commitments and Contingencies
Shareholders' Equity:
Common Stock, Value, Issued	35	35
Capital in excess of par value	19,894	19,874
Accumulated deficit	(2,414)	(2,439)
Accumulated other comprehensive loss	(2,315)	(1,896)
Treasury stock, at cost (20,069,641 and 20,438,094 shares as of June 30, 2024 and December 31, 2023, respectively)	(946)	(963)
Total Shareholders’ Equity	14,254	14,611
Non-controlling interests	37	31
Total Shareholders’ Equity including Non-controlling interests	14,291	14,642
Total Liabilities and Shareholders’ Equity	$ 29,543	$ 30,978

Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remaining lease term	50 years
Option to extend lease term	15 years
Operating lease liability	$ 620	$ 642
Operating lease right-of-use assets	663	689
Finance lease right-of-use assets	$ 26	$ 26

Employee Benefits - Postretirement Benefits Other Than Pension Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit (income) cost	$ (1)	$ (5)	$ (3)	$ (10)
Defined Contribution and Other Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	0	1	1	2
Net amortization and deferrals	0	(2)	(1)	(3)
Net periodic benefit (income) cost	$ 0	$ (1)	$ 0	$ (1)

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:


(DOLLARS IN MILLIONS)	Effective Interest Rate		June 30, 2024		December 31, 2023




2024 Euro Notes(1)	1.88	%	$	—	$	552
2025 Notes(1)	1.22	%	1,000		1,000
2026 Euro Notes(1)	1.93	%	855		879
2027 Notes(1)	1.56	%	1,211		1,212
2028 Notes(1)	4.57	%	398		398
2030 Notes(1)	2.21	%	1,508		1,508
2040 Notes(1)	3.04	%	772		773
2047 Notes(1)	4.44	%	495		495
2048 Notes(1)	5.12	%	787		787
2050 Notes(1)	3.21	%	1,568		1,569


2024 Term Loan Facility(1)	3.75	%	—		270
2026 Term Loan Facility(1)	5.82	%	594		625

Revolving Credit Facility(2)			—		—
Commercial paper(3)			189		—
Bank overdrafts and other			2		3

Total debt			9,379		10,071
Less: Short-term borrowings(4)			(783)		(885)
Total Long-term debt			$	8,596	$	9,186

_______________________

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

(2)The interest rate on the Revolving Credit Facility is, at the applicable borrower’s option, a per annum rate equal to either (x) an eurocurrency rate plus an applicable margin varying from 1.125% to 1.750% or (y) a base rate plus an applicable margin varying from 0.125% to 0.750%, in each case depending on the public debt ratings for non-credit enhanced long-term senior unsecured debt issued by the Company.

(3)The effective interest rate of commercial paper issuances fluctuates as short-term interest rates and demand fluctuate, and deferred debt issuance costs are immaterial. Additionally, the effective interest rate of commercial paper is not meaningful as issuances do not materially differ from short-term interest rates.

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

Commercial Paper

For the six months ended June 30, 2024, the Company had gross issuances of $3.298 billion and repayments of $3.109 billion under the commercial paper program. The commercial paper issued had original maturities of less than 42 days. For the six months ended June 30, 2023, the Company had gross issuances of $3.535 billion and repayments of $3.563 billion under the commercial paper program. The commercial paper issued had original maturities of less than 86 days.

The commercial paper program is backed by the borrowing capacity available under the Revolving Credit Facility. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates, which fluctuate due to market conditions and as a result may impact our interest expense.

Revolving Credit Facility

For the six months ended June 30, 2024, the Company had drawdowns of $250 million under the Revolving Credit Facility and repayments of $250 million under the Revolving Credit Facility. For the six months ended June 30, 2023, the Company had drawdowns of $800 million and repayments of $900 million under the Revolving Credit Facility.

Term Loan Facility

Pursuant to the terms agreed under the 2026 Term Loan Facility, a portion of the net cash proceeds received from the sale of the Pharma Solutions disposal group, when and if completed, must be used to repay our borrowings under the 2026 Term Loan Facility. Therefore, the Company reclassified the 2026 Term Loan Facility balance from "Long-term debt" to "Short-term debt and current portion of long-term debt" (see Note 3).

Repayments of Debt

On February 1, 2024 and March 14, 2024, the Company made a $270 million and €500 million debt repayment at maturity related to the 2024 Term Loan Facility and 2024 Euro Notes, respectively, which were primarily funded from commercial paper issuances, which were subsequently repaid using proceeds received from the divestiture of the Cosmetic Ingredients business.

For the six months ended June 30, 2024, the Company made quarterly debt repayments totaling approximately $31 million related to the 2026 Term Loan Facility in accordance with the terms of the debt agreement.

For the six months ended June 30, 2023, the Company made a $300 million debt repayment related to the 2023 Notes at maturity, which was funded from the issuance of $400 million under the Revolving Credit Facility. The issuance under the Revolving Credit Facility was repaid in June 2023.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Financial Instruments - Derivative Instruments Which Were Not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative Settlements	$ (43)	$ (5)	$ (42)	$ (5)
Amount of Gain (Loss) Recognized in Income on Changes in Fair Value	4	7	(64)	11
Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative Settlements	(43)	(7)	(41)	(7)
Amount of Gain (Loss) Recognized in Income on Changes in Fair Value	4	7	(64)	11
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative Settlements	0	2	(1)	2
Amount of Gain (Loss) Recognized in Income on Changes in Fair Value	$ 0	$ 0	$ 0	$ 0

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total carrying value	$ 9,468	$ 10,947
Total accumulated amortization	(2,587)	(2,590)
Other intangible assets, net	6,881	8,357
Other Intangible Assets, Net	6,881	8,357
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total carrying value	7,176	8,211
Total accumulated amortization	(1,642)	(1,619)
Technological know-how
Finite-Lived Intangible Assets [Line Items]
Total carrying value	1,987	2,355
Total accumulated amortization	(804)	(813)
Trade names & patents
Finite-Lived Intangible Assets [Line Items]
Total carrying value	280	337
Total accumulated amortization	(119)	(117)
Other
Finite-Lived Intangible Assets [Line Items]
Total carrying value	25	44
Total accumulated amortization	$ (22)	$ (41)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Business Divestitures

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Business Divestitures and Assets and Liabilities Held for Sale

BUSINESS DIVESTITURES AND ASSETS AND LIABILITIES HELD FOR SALE

Divestiture of the Cosmetic Ingredients Business

During the third quarter of 2023, the Company announced it had entered into an agreement to sell its Cosmetic Ingredients business, which was a part of the Scent segment. The Company completed the divestiture on April 2, 2024, and received cash proceeds of approximately $841 million. The sale consideration is subject to certain post-closing adjustments, which is primarily related to cash, indebtedness and working capital balances.

The following table summarizes the fair value of sale consideration received in connection with the business divestiture:


(DOLLARS IN MILLIONS)
Cash proceeds from the buyer	$	841
Direct costs to sell	(10)
Fair value of sale consideration	$	831

The net proceeds received from the business divestiture presented under Cash flows from investing activities represent the cash portion of the sale consideration, which was determined as the fair value of sale consideration adjusted by the cash transferred to the buyer as part of the transaction. Amounts paid for direct costs to sell are presented under Cash flows from operating activities. The following table summarizes the different components of net proceeds received from business divestiture presented under Cash flows from investing activities:


(DOLLARS IN MILLIONS)
Cash proceeds from the buyer	$	841
Cash transferred to the buyer	(32)
Net Cash flows from investing activities	$	809

The carrying amount of net assets associated with the business unit, adjusted for currency translation adjustment, was approximately $466 million. The major classes of assets and liabilities sold consisted of the following:


(DOLLARS IN MILLIONS)	April 2, 2024
Assets
Cash and cash equivalents	$	32
Trade receivables, net	18
Inventories	17
Property, plant and equipment, net	7
Goodwill	271
Other intangible assets, net	144
Operating lease right-of-use assets	10
Other assets	11
Total assets	510
Liabilities
Accounts payable	$	(5)
Deferred tax liability	(25)
Other liabilities	(18)
Total liabilities	(48)
Equity
Accumulated other comprehensive income - currency translation adjustment	4
Total equity	4
Carrying value of net asset (adjusted for currency translation adjustment)	$	466

As a result of the business divestiture, the Company recognized a pre-tax gain of approximately $365 million, subject to certain post-closing adjustments, presented in (Gains) losses on business disposals on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and six months ended June 30, 2024. The total income tax expense/(benefit) recognized was approximately $34 million, with approximately $(7) million that was recognized during the year ended December 31, 2023.

Divestiture of a Portion of the Savory Solutions Business

The Company completed the divestiture of a Portion of the Savory Solutions business on May 31, 2023, and received net cash proceeds of approximately $821 million. In addition, a receivable of approximately $37 million was recorded which reflected the remaining sale consideration that was received in January 2024.

As a result of the divestiture, the Company recognized a pre-tax loss of approximately $10 million presented in (Gains) losses on business disposals on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and six months ended June 30, 2023. There was a true-up settlement of $7 million for the three months ended December 31, 2023, resulting in a cumulative pre-tax loss of approximately $3 million. The Company also recognized the income tax effects associated with the transaction of approximately $7 million based on estimates as of June 30, 2023.

Liquidation of a Business in Russia

As part of the liquidation of a business in Russia for the sale of the portion of the Savory Solutions business, the Company recognized a pre-tax loss of approximately $10 million presented in the (Gains) losses on business disposals, and tax benefits of approximately $2 million presented in Provision for income taxes on the Consolidated Statements of Income and Comprehensive Income (Loss) for the six months ended June 30, 2023.

Assets and Liabilities Held for Sale

Pharma Solutions

During the first quarter of 2024, the Company announced it had entered into an agreement to sell its Pharma Solutions business, that is primarily made up of most businesses within the Company's existing Pharma Solutions reportable operating segment as well as certain adjacent businesses (the "Pharma Solutions disposal group"). The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2025.

The sale does not constitute a strategic shift of the Company’s operations and does not, and will not, have major effects on the Company’s operations and financial results. Therefore, the transaction does not meet the discontinued operations criteria.

The Company determined that the assets and liabilities of the Pharma Solutions disposal group met the criteria to be presented as “held for sale” during the second quarter of 2024. As a result, as of June 30, 2024, such assets and liabilities were classified as held for sale on the Consolidated Balance Sheets. The carrying value is subject to change based on developments leading up to the closing date.

The classification of the Pharma Solutions disposal group as held for sale was considered an event or change in circumstance which required an assessment of the existing Pharma Solutions reporting unit. The Company performed a pre-classification goodwill impairment test and determined that the fair value of the Pharma Solutions reporting unit exceeded the carrying value.

The Company engaged an independent third party to determine the fair value of the assets held for sale as of May 1, 2024, based upon the sale price including earn outs expected to be received from the buyer. The fair value of the earn out was based on a Monte Carlo simulation. Goodwill was allocated to the Pharma Solutions disposal group based upon the relative fair value of the businesses included in the disposal group compared to the reporting units to which the businesses relate. The Company then performed a post-classification goodwill impairment test and determined that the fair value was less than the carrying value of the Pharma Solutions disposal group. As such, the Company recorded a non-cash goodwill impairment charge of $64 million.

The Company also performed a goodwill impairment test of the remaining businesses in the Pharma Solutions reporting unit that were not classified as held for sale and determined that the fair value exceeded the carrying value.

The Company engaged an independent third-party to determine an updated fair value of the Pharma Solutions disposal group as of June 30, 2024. The Company determined that the fair value of $2,686 million (fair value of $2,717 million less estimated costs to sell of $31 million) of the Pharma Solutions disposal group was less than the carrying value. As such, the Company recorded a loss of $282 million in the second quarter of 2024 to adjust the carrying value of the disposal group to its fair value less cost to sell. The Company recorded the loss on classification of held for sale as a valuation allowance on the group of assets held for sale, without allocation to the individual assets or major classes of assets within the group. Due to the nature of estimates, the carrying value is subject to change based on developments leading up to the closing date, and the actual amounts realized upon sale may differ from amounts recognized as of June 30, 2024. Any difference will be recognized as a gain or loss in future financial statements.

The Company recognized income tax benefits of $56 million related to loss on assets classified as held for sale for the Pharma Solutions disposal group.

In addition, pursuant to the terms agreed under the 2026 Term Loan Facility, a portion of the net cash proceeds received from the sale of the Pharma Solutions disposal group, when and if completed, must be used to repay our borrowings under the 2026 Term Loan Facility. Therefore, the Company reclassified the 2026 Term Loan Facility balance from "Long-term debt" to "Short-term debt and current portion of long-term debt" (see Note 13).

As of December 31, 2023, the assets and liabilities of the Cosmetic Ingredients business met the criteria to be presented as "held for sale". The Company completed the divestiture on April 2, 2024 and therefore the assets and liabilities of the Cosmetic Ingredients business are not included in the Company's Consolidated Balance Sheets as of June 30, 2024.

Included in the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 are the following carrying amounts of the assets and liabilities held for sale:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	3	$	26
Trade receivables, net	170		15
Inventories	260		18
Property, plant and equipment, net	358		7
Goodwill(1)	1,163		276
Other intangible assets, net	1,056		146
Operating lease right-of-use assets	13		9
Other assets	74		9
Less: Loss recognized on assets held-for-sale(2)	(282)		—
Total assets held-for-sale	$	2,815	$	506
Liabilities
Accounts payable	$	74	$	4
Deferred tax liability	61		24
Other liabilities	96		18
Total liabilities held-for-sale	$	231	$	46

_______________________

(1)The goodwill balance in assets held for sale for the Pharma Solutions disposal group as of June 30, 2024, is presented net of $64 million of goodwill impairment.

(2)Includes the impact of $102 million, primarily related to loss on foreign currency translation, expected to be reclassified out of accumulated other comprehensive loss upon close of the sale.

Financial Instruments

6 Months Ended

Jun. 30, 2024

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 also considers counterparty credit risk in its assessment of 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 Secured Overnight Financing Rate (“Term SOFR”) 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 15 of the Company’s 2023 Form 10-K.

The carrying values and the estimated fair values of financial instruments at June 30, 2024 and December 31, 2023 consisted of the following:


	June 30, 2024				December 31, 2023
(DOLLARS IN MILLIONS)	Carrying Value		Fair Value		Carrying Value		Fair Value
LEVEL 1
Cash and cash equivalents(1)	$	671	$	671	$	703	$	703
LEVEL 2
Credit facilities and bank overdrafts(2)	2		2		3		3
Derivatives
Derivative assets(3)	4		4		41		41
Derivative liabilities(3)	147		147		165		165
Commercial paper(2)	189		189		—		—
Long-term debt:


2024 Euro Notes(4)	—		—		552		549
2025 Notes(4)	1,000		946		1,000		924
2026 Euro Notes(4)	855		821		879		835
2027 Notes(4)	1,211		1,070		1,212		1,049
2028 Notes(4)	398		386		398		389
2030 Notes(4)	1,508		1,249		1,508		1,240
2040 Notes(4)	772		532		773		536
2047 Notes(4)	495		384		495		382
2048 Notes(4)	787		687		787		678
2050 Notes(4)	1,568		986		1,569		1,029
2024 Term Loan Facility(5)	—		—		270		270
2026 Term Loan Facility(5)	594		594		625		625

_______________________

(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.

are typically benchmark yields, benchmark security prices, credit spreads, reported trades and broker-dealer quotes, all with reasonable levels of transparency.

(5)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 managing our exchange rate risk related to foreign currency denominated monetary assets and liabilities of our 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.

The Company also utilizes options, futures and swaps that are designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of natural gas used in our manufacturing process.

Hedges Related to Issuances of Debt

As of June 30, 2024, the Company designated approximately $855 million of Euro Notes 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 Other comprehensive income (“OCI”) as a component of foreign currency translation adjustments in the accompanying Consolidated Statements of Income and Comprehensive Income (Loss).

Cross Currency Swaps

The Company has twelve EUR/USD cross currency swaps with a notional value of $1.400 billion that mature through November 2030. 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. As of June 30, 2024, the twelve swaps were in a liability position with an aggregate fair value of $115 million, which were classified as Other liabilities on the Consolidated Balance Sheets. 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, 2024 and December 31, 2023:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Foreign currency contracts(1)	$	(3,318)	$	(1,400)
Commodity contracts(1)	5		7
Cross currency swaps	1,400		1,400

_______________________

(1)Foreign currency contracts and commodity contracts are presented net of contracts bought and sold.


	June 30, 2024
(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	$	—	$	4	$	4


Total derivative assets	$	—	$	4	$	4
Derivative liabilities(2)
Foreign currency contracts	$	—	$	32	$	32
Cross currency swaps	115		—		115

Total derivative liabilities	$	115	$	32	$	147


	December 31, 2023
(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	$	—	$	41	$	41


Total derivative assets	$	—	$	41	$	41
Derivative liabilities(2)
Foreign currency contracts	$	—	$	4	$	4
Cross currency swaps	161		—		161
Total derivative liabilities	$	161	$	4	$	165

_______________________

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

(2)Derivative liabilities are recorded to Other current liabilities and Other liabilities on the Consolidated Balance Sheets.


	Amount of Gain (Loss) Recognized in Income on Derivative Settlements				Amount of Gain (Loss) Recognized in Income on Changes in Fair Value				Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)	Three Months Ended June 30,				Three Months Ended June 30,
	2024		2023		2024		2023
Foreign currency contracts(1)	$	(43)	$	(7)	$	4	$	7	Other expense (income), net
Commodity contracts	—		2		—		—		Cost of goods sold



Total	$	(43)	$	(5)	$	4	$	7

	Amount of Gain (Loss) Recognized in Income on Derivative Settlements				Amount of Gain (Loss) Recognized in Income on Changes in Fair Value				Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)	Six Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Foreign currency contracts(1)	$	(41)	$	(7)	$	(64)	$	11	Other expense (income), net
Commodity contracts	(1)		2		—		—		Cost of goods sold



Total	$	(42)	$	(5)	$	(64)	$	11

_______________________

(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.


	Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)				Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (“AOCI”) into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
	Three Months Ended June 30,					Three Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023			2024		2023
Derivatives in Cash Flow Hedging Relationships:

Commodity contracts	$	1	$	—	Cost of goods sold	$	—	$	—

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	13		(30)		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	—		(2)		N/A	—		—
2026 Euro Notes	5		(4)		N/A	—		—
Total	$	19	$	(36)		$	—	$	—

	Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)				Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
	Six Months Ended June 30,					Six Months Ended June 30,
	2024		2023			2024		2023
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	$	(7)	$	—	Cost of goods sold	$	—	$	—
Commodity contracts	1		—		Cost of goods sold	—		—

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	36		(33)		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	3		(11)		N/A	—		—
2026 Euro Notes	20		(18)		N/A	—		—
Total	$	53	$	(62)		$	—	$	—

The ineffective portion of the above noted net investment hedges was approximately $3 million and $7 million for each of the three and six months ended June 30, 2024 and 2023 respectively, and was recorded as a reduction to Interest expense on the Consolidated Statements of Income and Comprehensive Income (Loss).

At June 30, 2024, based on current market rates, the Company does not expect any material derivative losses (net of tax), included in AOCI, to be reclassified into earnings within the next 12 months.

Goodwill and Other Intangible Assets, Net - Movements in Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, Beginning Balance			$ 10,635
Goodwill, Transfers			(1,227)
Foreign exchange			(126)
Balance at June 30, 2024	$ 9,282		9,282
Goodwill, impairment loss	(64)	$ 0	(64)	$ 0
Nourish
Goodwill [Roll Forward]
Goodwill, Beginning Balance			3,489
Goodwill, Transfers			(55)
Foreign exchange			(45)
Balance at June 30, 2024	3,389		3,389
Goodwill, Impaired, Accumulated Impairment Loss	2,623		2,623		$ 2,623
Health & Biosciences
Goodwill [Roll Forward]
Goodwill, Beginning Balance			4,391
Goodwill, Transfers			0
Foreign exchange			(49)
Balance at June 30, 2024	4,342		4,342
Goodwill, Impaired, Accumulated Impairment Loss	2,250		2,250		$ 2,250
Scent
Goodwill [Roll Forward]
Goodwill, Beginning Balance			1,490
Goodwill, Transfers			0
Foreign exchange			(12)
Balance at June 30, 2024	1,478		1,478
Pharma Solutions
Goodwill [Roll Forward]
Goodwill, Beginning Balance			1,265
Goodwill, Transfers			(1,172)
Foreign exchange			(20)
Balance at June 30, 2024	$ 73		$ 73

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share, in dollars per share	$ 0.40	$ 0.81	$ 0.80	$ 1.62

Restructuring and Other Charges - Changes in Employee-Related Restructuring Liabilities (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning Balance			$ 14
Additional Charges (Reversals), Net			5
Non-Cash Charges			(2)
Additional charges, net	$ 2	$ 7	5	$ 59
Payments			(14)
Ending Balance	3		3
Nutrition & Biosciences, Inc
Restructuring Reserve [Roll Forward]
Additional Charges (Reversals), Net			2
Other \| Nutrition & Biosciences, Inc
Restructuring Reserve [Roll Forward]
Beginning Balance			0
Additional Charges (Reversals), Net			2
Non-Cash Charges			(2)
Payments			0
Ending Balance	0		0
2023 Restructuring Program \| Employee Severance
Restructuring Reserve [Roll Forward]
Beginning Balance			14
Additional Charges (Reversals), Net			3
Non-Cash Charges			0
Payments			(14)
Ending Balance	3		3
Nourish
Restructuring Reserve [Roll Forward]
Additional charges, net	1	2	3	32
Scent
Restructuring Reserve [Roll Forward]
Additional charges, net	1	4	1	14
Health & Biosciences
Restructuring Reserve [Roll Forward]
Additional charges, net	0	1	1	11
Pharma Solutions
Restructuring Reserve [Roll Forward]
Additional charges, net	$ 0	$ 0	$ 0	$ 2

Stock Compensation Plans

6 Months Ended

Jun. 30, 2024

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, Restricted Stock Units (“RSUs”), Stock-Settled Appreciation Rights (“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)	2024		2023		2024		2023
Equity-based awards	$	25	$	20	$	43	$	32
Liability-based awards	1		—		2		—
Total stock-based compensation expense	26		20		45		32
Less: Tax benefit	(5)		(4)		(9)		(6)
Total stock-based compensation expense, after tax	$	21	$	16	$	36	$	26

As of June 30, 2024, there was approximately $112 million of total unrecognized compensation cost related to non-vested awards granted under the equity incentive plans.

Financial Instruments - Carrying Amount and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Commercial paper	$ 189	$ 0
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	671	703
Credit facilities and bank overdrafts	2	3
Derivative Asset	4	41
Derivative Liability	147	165
Commercial paper	189	0
Reported Value Measurement \| 2024 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, current	0	552
Reported Value Measurement \| 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	1,000	1,000
Reported Value Measurement \| 2026 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	855	879
Reported Value Measurement \| 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	398	398
Reported Value Measurement \| 2048 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	787	787
Reported Value Measurement \| 2047 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	495	495
Reported Value Measurement \| 2024 Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, current	0	270
Reported Value Measurement \| 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	1,211	1,212
Reported Value Measurement \| 2030 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	1,508	1,508
Reported Value Measurement \| 2040 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	772	773
Reported Value Measurement \| 2050 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	1,568	1,569
Reported Value Measurement \| 2026 Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	594	625
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	671	703
Credit facilities and bank overdrafts	2	3
Derivative Asset	4	41
Derivative Liability	147	165
Commercial paper	189	0
Estimate of Fair Value Measurement \| 2024 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, current	0	549
Estimate of Fair Value Measurement \| 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	946	924
Estimate of Fair Value Measurement \| 2026 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	821	835
Estimate of Fair Value Measurement \| 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	386	389
Estimate of Fair Value Measurement \| 2048 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	687	678
Estimate of Fair Value Measurement \| 2047 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	384	382
Estimate of Fair Value Measurement \| 2024 Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, current	0	270
Estimate of Fair Value Measurement \| 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	1,070	1,049
Estimate of Fair Value Measurement \| 2030 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	1,249	1,240
Estimate of Fair Value Measurement \| 2040 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	532	536
Estimate of Fair Value Measurement \| 2050 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	986	1,029
Estimate of Fair Value Measurement \| 2026 Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	$ 594	$ 625

Employee Benefits - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Assets for Plan Benefits, Defined Benefit Plan	$ 119,000,000	$ 139,000,000
Defined Contribution and Other Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan	4,000,000
Contribution to the plans	2,000,000
U.S. Plans \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution to the plans	1,000,000
U.S. Plans \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan	5,000,000
U.S. Plans \| Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution to the plans	2,000,000
Non-U.S. Plans \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan	23,000,000
Contribution to the plans	$ 9,000,000

Business Divestitures and Assets and Liabilities Held for Sale - Fair Value of Sale Consideration Received (Details) - Cosmetic Ingredients - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations $ in Millions	Apr. 02, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from the buyer	$ 841
Direct costs to sell	(10)
Fair value of sale consideration	$ 831

Other (Expense) Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Foreign exchange (losses) gains	$ (33)	$ (18)	$ (41)	$ (33)
Interest income	3	1	6	1
(Gains) losses on business disposals	368	(5)	368	(19)
Gain on China facility relocation	0	22	0	22
Pension-related benefit	1	5	3	10
Other	14	1	16	8
Other (expense) income, net	$ (15)	$ 11	$ (16)	$ 8

Employee Benefits

6 Months Ended

Jun. 30, 2024

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,
	2024		2023		2024		2023

Interest cost on projected benefit obligation(2)	$	5	$	6	$	11	$	13
Expected return on plan assets(2)	(6)		(8)		(12)		(16)
Net amortization and deferrals(2)	1		1		2		1
Net periodic benefit (income) cost	$	—	$	(1)	$	1	$	(2)


(DOLLARS IN MILLIONS)	Non-U.S. Plans
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service cost for benefits earned(1)	$	6	$	5	$	12	$	10
Interest cost on projected benefit obligation(2)	9		9		18		18
Expected return on plan assets(2)	(12)		(11)		(25)		(23)
Net amortization and deferrals(2)	1		(1)		3		(1)

Net periodic benefit (income) cost	$	4	$	2	$	8	$	4

_______________________

(1)Included as a component of Operating profit.

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

The Company expects to contribute a total of $5 million to its U.S. pension plans and a total of $23 million to its non-U.S. pension plans during 2024. During the six months ended June 30, 2024, less than $1 million of contributions were made to the qualified U.S. pension plans, $9 million of contributions were made to the non-U.S. pension plans and $2 million of contributions were made with respect to the Company’s non-qualified U.S. pension plan.

(Income) expense recognized for post-retirement benefits other than pensions included the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023

Interest cost on projected benefit obligation	$	—	$	1	$	1	$	2
Net amortization and deferrals	—		(2)		(1)		(3)
Total postretirement benefit (income) expense	$	—	$	(1)	$	—	$	(1)

The Company expects to make $4 million of payments related to its postretirement benefits other than pension plans during 2024. In the six months ended June 30, 2024, $2 million of benefit payments were made.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		255,659,175
Entity Central Index Key	0000051253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Other Address
Entity Information [Line Items]
Entity Address, Address Line One	200 Powder Mill Road
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19803
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
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

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
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to IFF shareholders	$ 170	$ 27	$ 230	$ 18
Adjustment related to (increase) in redemption value of redeemable non-controlling interests in excess of earnings allocated	0	(1)	0	(1)
Net income available to IFF shareholders	$ 170	$ 26	$ 230	$ 17
Weighted average common shares outstanding (basic) (in shares)	255	255	255	255
Weighted average shares assuming dilution (diluted) (in shares)	256	255	256	255
Net income per share - basic (in dollars per share)	$ 0.67	$ 0.11	$ 0.90	$ 0.07
Net income per share - diluted (in dollars per share)	$ 0.66	$ 0.11	$ 0.90	$ 0.07
Stock options and restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustment for assumed dilution (in shares)	1	0	1	0

Business Divestitures and Assets and Liabilities Held for Sale - Components of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 3	$ 3	$ 3	$ 3	$ 26	$ 52
Operating lease right-of-use assets	663		663		689
Impairment of goodwill	64	$ 0	64	$ 0
Foreign currency translation adjustment	102		102
Disposal Group, Held-for-sale, Not Discontinued Operations \| Cosmetic Ingredients
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	3		3		26
Trade receivables, net	170		170		15
Inventories	260		260		18
Property, plant and equipment, net	358		358		7
Goodwill	1,163		1,163		276
Other intangible assets, net	1,056		1,056		146
Operating lease right-of-use assets	13		13		9
Other assets	74		74		9
Loss recognized on assets-held-for-sale	(282)		(282)		0
Total assets	2,815		2,815		506
Accounts payable	74		74		4
Deferred tax liability	61		61		24
Other liabilities	96		96		18
Total liabilities	$ 231		$ 231		$ 46

Goodwill and Other Intangible Assets, Net - Future Estimated Amortization Expense (Details) $ in Millions	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 291
2025	580
2026	578
2027	492
2028	$ 479

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 233	$ 19
Adjustments to reconcile to net cash provided by operating activities
Depreciation and amortization	524	563
Deferred income taxes	(77)	(27)
Loss on assets classified as held for sale	282	0
Gains on sale of assets	(10)	(2)
(Gains) Losses on business disposals	(368)	19
Stock-based compensation	43	32
Pension contributions	(11)	(18)
Inventory write-down	0	44
Changes in assets and liabilities:
Trade receivables	(293)	(70)
Inventories	4	333
Accounts payable	54	(92)
Accruals for incentive compensation	18	(77)
Other current payables and accrued expenses	(78)	(248)
Other assets/liabilities, net	(49)	(101)
Net cash provided by operating activities	336	375
Cash flows from investing activities:
Additions to property, plant and equipment	(200)	(290)
Proceeds from disposal of assets	16	21
Net proceeds received from business divestitures	848	821
Net cash provided by investing activities	664	552
Cash flows from financing activities:
Cash dividends paid to shareholders	(309)	(413)
Decrease in revolving credit facility and short-term borrowings	0	(100)
Net borrowings of commercial paper (maturities less than three months)	189	(28)
Principal payments of debt	(849)	(300)
Deferred and contingent consideration paid	(36)	(6)
Withholding tax paid on stock-based compensation	(14)	(11)
Proceeds from (Payments for) Other Financing Activities	(4)	(8)
Net cash used in financing activities	(1,023)	(866)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(38)	39
Net change in cash, cash equivalents and restricted cash	(61)	100
Cash, cash equivalents and restricted cash at beginning of year	735	552
Cash, cash equivalents and restricted cash at end of period	674	652
Cash, cash equivalents and restricted cash at beginning of year	709
Cash, cash equivalents and restricted cash at end of period	671
Supplemental Disclosures:
Interest paid, net of amounts capitalized	158	191
Income taxes paid, net	185	404
Accrued capital expenditures	$ 64	$ 57

Property, Plant, and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 93	$ 115	$ 203	$ 220
Capitalized interest	$ 3	$ 4	$ 7	$ 8

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024	Jun. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the quarter ended June 30, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “10b5-1 trading arrangement”) or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Other Current Assets and Liabilities, and Other Assets

6 Months Ended

Jun. 30, 2024

Other Assets [Abstract]

Other Current Assets and Liabilities, and Other Assets

OTHER CURRENT ASSETS AND LIABILITIES, AND OTHER ASSETS

Prepaid expenses and other current assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Value-added tax receivable	$	162	$	187
Prepaid income taxes	132		178
Packaging materials and supplies	136		161
Prepaid expenses	217		184

Other	81		165
Total	$	728	$	875

Other assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Deferred income taxes	$	293	$	278
Overfunded pension plans	119		139
Cash surrender value of life insurance contracts	52		49
Finance lease right-of-use assets	26		26
Equity method investments	11		11

Other(1)	304		261
Total	$	805	$	764

_______________________

(1)Includes long-term receivables, deposits, and land usage rights in China.

Other current liabilities consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Rebates and incentives payable	$	103	$	105
Value-added tax payable	44		77
Interest payable	61		65
Current pension and other postretirement benefit obligation	14		13

Earn outs payable(1)	—		32
Accrued restructuring	3		14
Current operating lease obligation	87		85




Accrued income taxes	57		194

Accrued expenses payable(1)	273		295
Other	120		97
Total	$	762	$	977

_______________________

(1)During the three months ended June 30, 2024, the Company paid $36 million to the Seller as part of the acquisition of Health Wright Products, Inc., out of which $30 million related to "Earn outs payable", and $6 million related to escrow funds which were recorded within "Accrued expenses payable".

Business Divestitures and Assets and Liabilities Held for Sale (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes the fair value of sale consideration received in connection with the business divestiture:


(DOLLARS IN MILLIONS)
Cash proceeds from the buyer	$	841
Direct costs to sell	(10)
Fair value of sale consideration	$	831

The following table summarizes the different components of net proceeds received from business divestiture presented under Cash flows from investing activities:


(DOLLARS IN MILLIONS)
Cash proceeds from the buyer	$	841
Cash transferred to the buyer	(32)
Net Cash flows from investing activities	$	809

The major classes of assets and liabilities sold consisted of the following:


(DOLLARS IN MILLIONS)	April 2, 2024
Assets
Cash and cash equivalents	$	32
Trade receivables, net	18
Inventories	17
Property, plant and equipment, net	7
Goodwill	271
Other intangible assets, net	144
Operating lease right-of-use assets	10
Other assets	11
Total assets	510
Liabilities
Accounts payable	$	(5)
Deferred tax liability	(25)
Other liabilities	(18)
Total liabilities	(48)
Equity
Accumulated other comprehensive income - currency translation adjustment	4
Total equity	4
Carrying value of net asset (adjusted for currency translation adjustment)	$	466

Included in the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 are the following carrying amounts of the assets and liabilities held for sale:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	3	$	26
Trade receivables, net	170		15
Inventories	260		18
Property, plant and equipment, net	358		7
Goodwill(1)	1,163		276
Other intangible assets, net	1,056		146
Operating lease right-of-use assets	13		9
Other assets	74		9
Less: Loss recognized on assets held-for-sale(2)	(282)		—
Total assets held-for-sale	$	2,815	$	506
Liabilities
Accounts payable	$	74	$	4
Deferred tax liability	61		24
Other liabilities	96		18
Total liabilities held-for-sale	$	231	$	46

_______________________

(1)The goodwill balance in assets held for sale for the Pharma Solutions disposal group as of June 30, 2024, is presented net of $64 million of goodwill impairment.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 9,282		$ 9,282		$ 10,635
Impairment of goodwill	64	$ 0	64	$ 0
Amortization of acquisition-related intangibles	153	$ 172	321	$ 343
Health & Biosciences
Goodwill [Line Items]
Goodwill	4,342		4,342		4,391
Goodwill, Impaired, Accumulated Impairment Loss	2,250		2,250		2,250
Goodwill, Impaired, Accumulated Impairment Loss	$ 2,250		$ 2,250		$ 2,250

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Nature of Operations and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
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 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	Basis of Presentation The accompanying interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the related notes included in our 2023 Annual Report on Form 10-K (“2023 Form 10-K”), filed on February 28, 2024 with the Securities and Exchange Commission (“SEC”). The interim Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and with the rules and regulations for reporting on Form 10-Q, and are unaudited. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP in the United States of America have been condensed or omitted, if not materially different from the 2023 Form 10-K. The year-end balance sheet data included in this Form 10-Q was derived from the audited financial statements. 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.
Use of Estimates	Use of Estimates The preparation of financial statements requires management to make estimates and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. The inputs into the Company’s judgments and estimates take into account the ongoing global current events and adverse macroeconomic impacts 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 assets. Actual results could differ from those estimates.
Accounts Receivable	Accounts Receivable The Company has various factoring agreements globally under which it can factor up to approximately $300 million of its trade receivables (“Company’s own factoring agreements”). In addition, the Company utilizes factoring agreements sponsored by certain customers. Under all of the arrangements, the Company sells the trade receivables on a non-recourse basis to unrelated financial institutions and accounts for the transactions as sales of receivables. The applicable receivables are removed from the Company’s Consolidated Balance Sheets when the cash proceeds are received by the Company. The Company sold a total of approximately $882 million and $858 million of receivables under the Company’s own factoring agreements and customer sponsored factoring agreements for the six months ended June 30, 2024 and 2023, respectively. The cost of participating in these programs was approximately $8 million and $7 million for the three months ended June 30, 2024 and 2023, respectively, and was approximately $14 million and $12 million for the six months ended June 30, 2024 and 2023, respectively. These costs are included as a component of interest expense. Under the Company’s own factoring agreements for which the Company has continued responsibility to collect receivables and provide to its sponsor, it sold approximately $436 million and $425 million of receivables for the six months ended June 30, 2024 and 2023, respectively. The outstanding principal amounts of receivables under the Company’s own factoring agreements amounted to approximately $210 million and $196 million as of June 30, 2024 and December 31, 2023, respectively. The proceeds from the sales of receivables are included in Net cash provided by operating activities in the Consolidated Statements of Cash Flows.
Expected Credit Losses	Expected Credit Losses As of June 30, 2024, the Company reported $1.775 billion of trade receivables, net of allowances of $27 million. Based on the aging analysis as of June 30, 2024, less than 1% of the Company’s accounts receivable were past due by over 365 days based on the payment terms of the invoice.
Inventories	Inventories Inventories are stated at the lower of cost (on a weighted-average basis) or net realizable value.
Supply Chain Financing Program	Supply Chain Financing Program In the fourth quarter of 2023, the Company entered into a supply chain financing (“SCF”) program. The SCF program is expected to be available to U.S. based suppliers starting in the second half of 2024. The Company makes continuous efforts to improve working capital efficiency and has worked with suppliers to optimize payment terms and conditions. The Company’s current payment terms with a majority of suppliers generally range from 0 to 180 days, which is deemed to be commercially reasonable. The Company’s SCF program is voluntary and will allow its suppliers to elect to sell the receivables owed to them by the Company to a third-party financial institution. The suppliers, at their own discretion, will determine the invoices they want to sell and directly negotiate the arrangements with the participating third-party financial institution. Supplier participation in the program is solely the decision of the supplier and has no bearing on the Company’s payment terms and amounts due with the supplier. The Company’s responsibility will be limited to making payments based upon the agreed contractual terms and arrangements. The Company will not provide any form of guarantees under the SCF program and will have no economic interest in the suppliers’ decision to participate in the SCF program. Amounts due to suppliers that elect to participate in the SCF program will be included in Accounts payable on the Consolidated Balance Sheets. The Company, or the third-party financial institution, may choose to terminate the agreement of the SCF program at any time upon 30 days’ prior written notice. The third-party financial institution may also terminate the agreement of the SCF program at any time upon three business days’ prior written notice in the event there are insufficient funds available for disbursements. As of June 30, 2024 and December 31, 2023, there were no amounts outstanding related to suppliers’ participation in the SCF program.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU was issued to further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this guidance will have on its income tax disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU intends to improve reportable segment disclosure requirements, primarily through enhanced disclosures of significant segment expenses that are regularly provided to the Chief Operating Decision Maker and included within segment profit and loss. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its reportable segment disclosures.

- Definition

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+ References + Details

Goodwill and Other Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 were as follows:


(DOLLARS IN MILLIONS)	Nourish		Health & Biosciences		Scent		Pharma Solutions		Total
Balance at January 1, 2024	$	3,489	$	4,391	$	1,490	$	1,265	$	10,635



Transferred to assets held for sale(1)	(55)		—		—		(1,172)		(1,227)


Foreign exchange	(45)		(49)		(12)		(20)		(126)


Balance at June 30, 2024	$	3,389	$	4,342	$	1,478	$	73	$	9,282

_______________________

(1)Recognized $64 million of impairment related to the Pharma Solutions disposal group classified as held for sale as of June 30, 2024. See Note 3 for additional information.

Schedule of Other Intangible Assets, Net

Other intangible assets, net consisted of the following amounts:


	June 30,		December 31,
(DOLLARS IN MILLIONS)	2024		2023






Asset Type
Customer relationships	$	7,176	$	8,211
Technological know-how	1,987		2,355
Trade names & patents	280		337

Other	25		44
Total carrying value	9,468		10,947
Accumulated Amortization
Customer relationships	(1,642)		(1,619)
Technological know-how	(804)		(813)
Trade names & patents	(119)		(117)

Other	(22)		(41)
Total accumulated amortization	(2,587)		(2,590)

Other intangible assets, net	$	6,881	$	8,357

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization expense for the next five years, based on valuations and determinations of useful lives, is expected to be as follows:



(DOLLARS IN MILLIONS)	Remainder of 2024		2025		2026		2027		2028
Estimated future intangible amortization expense	$	291	$	580	$	578	$	492	$	479

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-Topic 350
-SubTopic 20
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-Paragraph 1
-Subparagraph (f)
-Publisher FASB
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-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Components of Debt

Debt consisted of the following:


(DOLLARS IN MILLIONS)	Effective Interest Rate		June 30, 2024		December 31, 2023




2024 Euro Notes(1)	1.88	%	$	—	$	552
2025 Notes(1)	1.22	%	1,000		1,000
2026 Euro Notes(1)	1.93	%	855		879
2027 Notes(1)	1.56	%	1,211		1,212
2028 Notes(1)	4.57	%	398		398
2030 Notes(1)	2.21	%	1,508		1,508
2040 Notes(1)	3.04	%	772		773
2047 Notes(1)	4.44	%	495		495
2048 Notes(1)	5.12	%	787		787
2050 Notes(1)	3.21	%	1,568		1,569


2024 Term Loan Facility(1)	3.75	%	—		270
2026 Term Loan Facility(1)	5.82	%	594		625

Revolving Credit Facility(2)			—		—
Commercial paper(3)			189		—
Bank overdrafts and other			2		3

Total debt			9,379		10,071
Less: Short-term borrowings(4)			(783)		(885)
Total Long-term debt			$	8,596	$	9,186

_______________________

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

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

Stock Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Equity-based awards	$	25	$	20	$	43	$	32
Liability-based awards	1		—		2		—
Total stock-based compensation expense	26		20		45		32
Less: Tax benefit	(5)		(4)		(9)		(6)
Total stock-based compensation expense, after tax	$	21	$	16	$	36	$	26

As of June 30, 2024, there was approximately $112 million of total unrecognized compensation cost related to non-vested awards granted under the equity incentive plans.

Other Current Assets and Liabilities, and Other Assets - Schedule of Other Assets and Liabilities (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Value-added tax receivable	$ 162	$ 187
Prepaid income taxes	132	178
Packaging materials and supplies	136	161
Prepaid expenses	217	184
Other	81	165
Prepaid expenses and other current assets	728	875
Other Assets, Noncurrent [Abstract]
Deferred income taxes	293	278
Overfunded pension plans	119	139
Cash surrender value of life insurance contracts	52	49
Finance lease right-of-use assets	26	26
Equity method investment	11	11
Other	304	261
Total	805	764
Other Liabilities, Current [Abstract]
Rebates and incentives payable	103	105
Value-added tax payable	44	77
Interest payable	61	65
Current pension and other postretirement benefit obligation	14	13
Earn Outs Payable, Current	0	32
Accrued restructuring	3	14
Current operating lease obligation	$ 87	$ 85
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Accrued income taxes	$ 57	$ 194
Other Accounts Payable and Accrued Liabilities	273	295
Other	120	97
Other current liabilities	762	$ 977
Health Wright Products, Inc. (“Health Wright”)
Other Liabilities, Current [Abstract]
Total consideration for acquisition	36
Contingent consideration, liability	30
Accrued escrow	$ 6

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The effective tax rate for the three months ended June 30, 2024 was 6.0%, which was primarily driven by tax impacts on business divestitures and changes in the mix of earnings, some of which do not give rise to tax benefits due to valuation allowances. The effective tax rate for the six months ended June 30, 2024 was 21.8%, which was primarily driven by tax impacts on business divestitures and changes in the mix of earnings, some of which do not give rise to tax benefits due to valuation allowances. As of June 30, 2024, the Company had approximately $130 million of unrecognized tax benefits recorded in Other liabilities. If these unrecognized tax benefits were recognized, the effective tax rate would be affected. As of June 30, 2024, the Company had accrued interest and penalties of approximately $49 million classified in Other liabilities. As of June 30, 2024, the Company’s aggregate provisions for uncertain tax positions, including interest and penalties, was approximately $179 million associated with tax positions asserted in various jurisdictions. The Company regularly repatriates earnings from non-U.S. subsidiaries. As the Company repatriates these funds to the U.S., there will be required income taxes payable in certain U.S. states and applicable foreign withholding taxes during the period when such repatriation occurs. Accordingly, as of June 30, 2024, the Company had a deferred tax liability of approximately $175 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 the Company intends to indefinitely reinvest the earnings to fund local operations and/or capital projects.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock Compensation Plans - Stock-Based Compensation Expense and Related Tax Benefits (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 26	$ 20	$ 45	$ 32
Less: Tax benefit	(5)	(4)	(9)	(6)
Total stock-based compensation expense, after tax	21	16	36	26
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	112		112
Equity-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	25	20	43	32
Liability-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1	$ 0	$ 2	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

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, for the three and six months ended June 30, 2024 and 2023:


(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 April 1, 2024	$	(1,945)	$	(6)	$	(240)	$	(2,191)
OCI before reclassifications	(132)		1		1		(130)

Reclassifications due to business divestitures	4		—		—		4
Amounts reclassified from AOCI	—		—		2		2
Net current period other comprehensive income (loss)	(128)		1		3		(124)
Accumulated other comprehensive (loss), net of tax, as of June 30, 2024	$	(2,073)	$	(5)	$	(237)	$	(2,315)


(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 January 1, 2024	$	(1,652)	$	1	$	(245)	$	(1,896)
OCI before reclassifications	(425)		(6)		4		(427)

Reclassifications due to business divestitures	4		—		—		4
Amounts reclassified from AOCI	—		—		4		4
Net current period other comprehensive income (loss)	(421)		(6)		8		(419)
Accumulated other comprehensive (loss), net of tax, as of June 30, 2024	$	(2,073)	$	(5)	$	(237)	$	(2,315)


(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 April 1, 2023	$	(1,782)	$	1	$	(135)	$	(1,916)
OCI before reclassifications	18		—		1		19

Reclassifications due to business divestitures	42		—		(1)		41
Amounts reclassified from AOCI	—		—		(1)		(1)
Net current period other comprehensive income (loss)	60		—		(1)		59
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2023	$	(1,722)	$	1	$	(136)	$	(1,857)


(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 January 1, 2023	$	(2,066)	$	1	$	(133)	$	(2,198)
OCI before reclassifications	302		—		—		302

Reclassifications due to business divestitures	42		—		(1)		41
Amounts reclassified from AOCI	—		—		(2)		(2)
Net current period other comprehensive income (loss)	344		—		(3)		341
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2023	$	(1,722)	$	1	$	(136)	$	(1,857)

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


	Three Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income and Comprehensive (Loss) Income
(DOLLARS IN MILLIONS)	2024		2023






Gains (losses) on pension and postretirement liability adjustments

Prior service cost	$	—	$	1	(1)
Actuarial losses	(2)		—		(1)

Tax	—		—		Provision for income taxes
Total	$	(2)	$	1	Total, net of income taxes


	Six Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income and Comprehensive Income (Loss)
(DOLLARS IN MILLIONS)	2024		2023






Gains (losses) on pension and postretirement liability adjustments

Prior service cost	$	1	$	2	(1)
Actuarial losses	(5)		—		(1)

Tax	—		—		Provision for income taxes
Total	$	(4)	$	2	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 15 of the Company’s 2023 Form 10-K for additional information regarding net periodic benefit cost.

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period			$ 14,611
Net current period other comprehensive income (loss)	$ (124)	$ 59	(419)	$ 341
Balance, end of period	14,254		14,254
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(1,945)	(1,782)	(1,652)	(2,066)
OCI before reclassifications	(132)	18	(425)	302
Reclassifications due to business divestitures	4	42	4	42
Amounts reclassified from AOCI	0	0	0	0
Net current period other comprehensive income (loss)	(128)	60	(421)	344
Balance, end of period	(2,073)	(1,722)	(2,073)	(1,722)
Gains (Losses) on Derivatives Qualifying as Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(6)	1	1	1
OCI before reclassifications	1	0	(6)	0
Reclassifications due to business divestitures	0	0	0	0
Amounts reclassified from AOCI	0	0	0	0
Net current period other comprehensive income (loss)	1	0	(6)	0
Balance, end of period	(5)	1	(5)	1
Pension and Postretirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(240)	(135)	(245)	(133)
OCI before reclassifications	1	1	4	0
Reclassifications due to business divestitures	0	(1)	0	(1)
Amounts reclassified from AOCI	(2)	1	(4)	2
Net current period other comprehensive income (loss)	3	(1)	8	(3)
Balance, end of period	(237)	(136)	(237)	(136)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(2,191)	(1,916)	(1,896)	(2,198)
OCI before reclassifications	(130)	19	(427)	302
Reclassifications due to business divestitures	4	41	4	41
Amounts reclassified from AOCI	(2)	1	(4)	2
Net current period other comprehensive income (loss)	(124)	59	(419)	341
Balance, end of period	$ (2,315)	$ (1,857)	$ (2,315)	$ (1,857)

Nature of Operations and Summary of Significant Accounting Policies - Reconciliation of Cash (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 671	$ 703	$ 638	$ 483
Cash and cash equivalents	3	26	3	52
Restricted Cash, Current	0	6	11	10
Restricted cash included in Other assets	0	0	0	7
Cash, cash equivalents and restricted cash	$ 674	$ 735	$ 652	$ 552

Debt - Narrative (Details) € in Millions, $ in Millions			6 Months Ended
Debt - Narrative (Details) € in Millions, $ in Millions	Mar. 14, 2024 EUR (€)	Feb. 01, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of commercial paper (maturities after three months)			$ 3,298	$ 3,535
Repayments of commercial paper			3,109	3,563
Revolving Credit Facility \| Citibank, N.A.
Debt Instrument [Line Items]
Proceeds from lines of credit			250	800
Repayments of lines of credit			250	900
Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Proceeds from lines of credit				400
2023 Notes \| Loans payable
Debt Instrument [Line Items]
Repayments of debt				$ 300
2024 Term Loan Facility \| Loans payable
Debt Instrument [Line Items]
Repayments of debt		$ 270
2024 Euro Notes \| Loans payable
Debt Instrument [Line Items]
Repayments of debt \| €	€ 500
2026 Term Loan Facility \| Loans payable
Debt Instrument [Line Items]
Repayments of debt			$ 31

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
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. As of June 30, 2024, the Company had a total of approximately $216 million of bank guarantees, commercial guarantees, standby letters of credit and surety bonds with various financial institutions. Included in the above aggregate amount was a total of approximately $10 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 approximately $56 million outstanding under the bank guarantees, standby letters of credit and commercial guarantees as of June 30, 2024. 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 approximately $7 million as of June 30, 2024. Lines of Credit The Company has various lines of credit which are available to support its ongoing business operations. As of June 30, 2024, the Company had a total capacity of approximately $1.876 billion of lines of credit with various financial institutions, in addition to the $1.696 billion of capacity under the Revolving Credit Facility. Pursuant to these lines of credit as of June 30, 2024, there were total draw downs of approximately $189 million related to the issuances of commercial paper. See Note 13 for additional information. 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 Two motions to approve securities class actions were filed in the Tel Aviv District Court, Israel, in August 2019, alleging, among other things, false and misleading statements largely in connection with IFF’s acquisition of Frutarom and improper payments made by Frutarom businesses operating principally in Russia and Ukraine to representatives of customers. One motion (“Borg”) asserted claims under the U.S. federal securities laws against IFF, its former Chairman and CEO, and its former CFO. The Borg case is now dismissed. The other motion (“Oman”) (following an initial amendment) asserted claims under the Israeli Securities Act-1968 against IFF, its former 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 July 14, 2022, the court approved the parties’ motion to mediate the dispute, which postpones all case deadlines until after the mediation. The parties held mediation meetings on September 13, 2022, November 22, 2022, March 1, 2023, November 2023, March 3, 2024 and April 1, 2024. In May 2024, the court granted the parties' joint motion proposing certain case deadlines, setting an evidentiary hearing on the motion to approve class action in February 2025. 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, and a court decision is pending with regard to the order in which this claim and the class action described below will be heard. 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 court held an evidentiary hearing on the motion to approve a class action in March 2024. Since March 2023, various putative class action lawsuits have been filed against IFF, Firmenich International SA, Givaudan SA, and Symrise AG and/or certain affiliates thereof in the Quebec Superior Court, the Federal Court of Canada, Ontario Superior Court, the Supreme Court of British Columbia and, in several cases, the United States District Court for the District of New Jersey. These actions allege violations of the Canadian Competition Act and the Sherman Act, as applicable, and other related claims, and seek damages and other relief. In December 2023, the Federal Court of Canada proceeding was discontinued in its entirety. IFF may face additional civil suits, in the United States or elsewhere, relating to such alleged conduct. At this time, IFF is unable to predict the potential outcome of these lawsuits or any potential effect they may have on the Company’s results of operations, liquidity or financial condition. Investigations 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. On February 26, 2024, the Israeli authorities informed Frutarom that the authorities decided to close the criminal investigation. On March 7, 2023, the European Commission (“EC”) and the United Kingdom Competition and Markets Authority (“CMA”) carried out unannounced inspections of certain of IFF’s facilities. On the same day, IFF was served with a grand jury subpoena by the Antitrust Division of the U.S. Department of Justice (“DOJ”). IFF understands the EC, CMA, DOJ and the Swiss Competition Commission are investigating potential anticompetitive conduct as it relates to IFF’s fragrance businesses. IFF has been and intends to continue cooperating with these investigations. During the first six months of 2024, IFF recognized a provision of €15.9 million in connection with a settlement with the European Commission. This settlement pertains to a charge related to the deletion of messages relevant to the investigation by a former Scent employee. This settlement does not conclude the ongoing antitrust investigation. IFF is currently unable, however, to predict or determine the duration or outcome of the investigations, or whether the outcome of the investigations will materially impact the Company’s results of operations, liquidity or financial condition. Additionally, the Company from time to time receives complaints from customers regarding product quality, performance or other aspects of its ongoing relationships. The Company is unable to determine whether the potential settlement of customer claims, if any, will materially impact the Company's results of operations, liquidity, or financial condition. Environmental Proceedings The Company is reporting the following environmental matter in compliance with SEC requirements to disclose environmental proceedings where a governmental authority is a party and that involve potential monetary sanctions of $300,000 or greater. Effective March 22, 2024, the Solae, LLC Memphis site (“Solae”) signed an Administrative Order on Consent (the “Consent Order”) resolving violations and penalties pertaining to the Administrative Order and Assessment received from the City of Memphis on May 27, 2022 related to alleged wastewater discharge violations. In view of the Consent Order, Solae withdrew its previously filed appeal. Pursuant to the Consent Order, Solae is completing its capital project efforts in accordance with the agreed schedule for attaining compliance with current wastewater permit requirements. This matter is not expected to have a material adverse effect on the Company’s financial position, cash flows or results of operations. 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 approximately $17 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. Other The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and have not been fully resolved. Due to the inherent subjectivity and unpredictability of outcomes of legal proceedings, the Company is unable to determine, with certainty, the probability of the outcome of these matters or the range of reasonably possible losses, if any.

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of segments \| segment			4
Business divestiture costs	$ 56	$ 20	$ 112	$ 41
Integration-related costs	3	20	5	30
Transaction related costs		5		5
Gain on China facility relocation	$ 0	$ 22	$ 0	$ 22

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Foreign currency contracts	$ 1,821	$ 1,996	$ 3,696	$ 4,059
Interest Expense	(79)	(101)	(162)	(201)
Tax	11	23	65	45
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	0	1	1	2
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	(2)	0	(5)	0
Pension and Postretirement Liability Adjustment
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Tax	0	0	0	0
Reclassification out of Accumulated Other Comprehensive Income \| Pension and Postretirement Liability Adjustment
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Total	$ (2)	$ 1	$ (4)	$ 2

Other Current Assets and Liabilities, and Other Assets (Tables)

6 Months Ended

Jun. 30, 2024

Other Assets [Abstract]

Schedule of Other Assets

Other assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Deferred income taxes	$	293	$	278
Overfunded pension plans	119		139
Cash surrender value of life insurance contracts	52		49
Finance lease right-of-use assets	26		26
Equity method investments	11		11

Other(1)	304		261
Total	$	805	$	764

_______________________

(1)Includes long-term receivables, deposits, and land usage rights in China.

Schedule of Other Current Assets

Prepaid expenses and other current assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Value-added tax receivable	$	162	$	187
Prepaid income taxes	132		178
Packaging materials and supplies	136		161
Prepaid expenses	217		184

Other	81		165
Total	$	728	$	875

Other Current Liabilities

Other current liabilities consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Rebates and incentives payable	$	103	$	105
Value-added tax payable	44		77
Interest payable	61		65
Current pension and other postretirement benefit obligation	14		13

Earn outs payable(1)	—		32
Accrued restructuring	3		14
Current operating lease obligation	87		85




Accrued income taxes	57		194

Accrued expenses payable(1)	273		295
Other	120		97
Total	$	762	$	977

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company is organized into four reportable operating segments: Nourish, Health & Biosciences, Scent and Pharma Solutions.

Reportable segment information was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Net sales:
Nourish	$	1,478	$	1,564	$	2,974	$	3,217
Health & Biosciences	558		522		1,089		1,035
Scent	603		592		1,248		1,200
Pharma Solutions	250		251		477		504
Consolidated	$	2,889	$	2,929	$	5,788	$	5,956
Segment Adjusted Operating EBITDA:
Nourish	$	232	$	181	$	448	$	389
Health & Biosciences	165		145		324		276
Scent	137		117		294		222
Pharma Solutions	54		67		100		126
Total	588		510		1,166		1,013
Depreciation & Amortization	(246)		(287)		(524)		(563)
Interest Expense	(79)		(101)		(162)		(201)
Other (Expense) Income, net	(15)		11		(16)		8
Restructuring and Other Charges (a)	(2)		(7)		(5)		(59)
Impairment of Goodwill b)	(64)		—		(64)		—
Gains (Losses) on Business Disposals c)	368		(5)		368		(19)
Loss on Assets Classified as Held for Sale d)	(282)		—		(282)		—
Acquisition, Divestiture and Integration Costs e)	(59)		(45)		(117)		(76)
Strategic Initiatives Costs f)	(12)		(9)		(16)		(22)
Regulatory Costs g)	(19)		(14)		(54)		(19)
Other h)	5		(3)		4		2






Income Before Taxes	$	183	$	50	$	298	$	64

_______________________


(a)			For 2024, represents costs related to lease impairment and severance as part of the Company's restructuring efforts. For 2023, represents costs primarily related to severance as part of the Company's restructuring efforts.
b)			Represents costs related to the impairment of goodwill related to the Pharma Solutions disposal group.
c)			For 2024, primarily represents gains recognized as part of the sale of the Cosmetic Ingredients business. For 2023, primarily represents losses recognized as part of the sale of a portion of the Savory Solutions business.
d)			Represents the loss recognized on assets classified as held for sale of the Pharma Solutions disposal group.
e)			For 2024 and 2023, primarily represents costs related to the Company's actual and planned acquisitions and divestitures and integration related activities primarily for N&B. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts. For the three months ended June 30, 2024, business divestiture and integration related costs were approximately $56 million and $3 million, respectively. For the three months ended June 30, 2023, business divestiture, integration and acquisition related costs were approximately $20 million, $20 million and $5 million, respectively. For the six months ended June 30, 2024, business divestiture and integration related costs were approximately $112 million and $5 million, respectively. For the six months ended June 30, 2023, business divestiture, integration and acquisition related costs were approximately $41 million, $30 million, and $5 million, respectively.
f)			Represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services Centers, primarily consulting fees.
g)			Represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance businesses.
h)			Represents gains (losses) from sale of assets, executive employee separation costs and costs related to the Company's entity realignment project to optimize the structure of holding companies, 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)	2024		2023		2024		2023
Europe, Africa and Middle East	$	972	$	970	$	1,949	$	2,040
Greater Asia	681		673		1,363		1,361
North America	876		910		1,742		1,815
Latin America	360		376		734		740
Consolidated	$	2,889	$	2,929	$	5,788	$	5,956


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Net sales related to the U.S.	$	822	$	777	$	1,633	$	1,648
Net sales attributed to all foreign countries	2,067		2,152		4,155		4,308

No non-U.S. country had net sales greater than 10% of total consolidated net sales for each of the three and six months ended June 30, 2024 and 2023.

- 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.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Property, Plant, and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Asset Type
Land	$	169	$	195
Buildings and improvements	1,729		1,822
Machinery and equipment	3,447		3,752
Information technology	510		473
Construction in process	288		400
Total Property, plant and equipment	6,143		6,642
Accumulated depreciation	(2,380)		(2,402)
Total Property, plant and equipment, net	$	3,763	$	4,240

Debt - Components of Debt (Detail) € in Millions, $ in Millions				6 Months Ended
	Mar. 14, 2024 EUR (€)	Feb. 01, 2024 USD ($)	Jul. 28, 2021	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Commercial paper				$ 189	$ 0
Total debt				9,379	10,071
Less: Short term borrowings				(783)	(885)
Total Long-term debt				$ 8,596	9,186
Revolving Credit Facility \| Minimum \| Base rate \| Citibank, N.A.
Debt Instrument [Line Items]
Applicable margin on variable rate, percent			0.125%
Revolving Credit Facility \| Minimum \| Eurocurrency Rate \| Citibank, N.A.
Debt Instrument [Line Items]
Applicable margin on variable rate, percent			1.125%
Revolving Credit Facility \| Maximum \| Base rate \| Citibank, N.A.
Debt Instrument [Line Items]
Applicable margin on variable rate, percent			0.75%
Revolving Credit Facility \| Maximum \| Eurocurrency Rate \| Citibank, N.A.
Debt Instrument [Line Items]
Applicable margin on variable rate, percent			1.75%
2024 Euro Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				1.88%
Senior notes, current				$ 0	552
Repayments of debt \| €	€ 500
2025 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				1.22%
Senior notes, noncurrent				$ 1,000	1,000
2026 Euro Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				1.93%
Senior notes, noncurrent				$ 855	879
2027 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				1.56%
Senior notes, noncurrent				$ 1,211	1,212
2028 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				4.57%
Senior notes, noncurrent				$ 398	398
2030 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				2.21%
Senior notes, noncurrent				$ 1,508	1,508
2040 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				3.04%
Senior notes, noncurrent				$ 772	773
2047 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				4.44%
Senior notes, noncurrent				$ 495	495
2048 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				5.12%
Senior notes, noncurrent				$ 787	787
2050 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				3.21%
Senior notes, noncurrent				$ 1,568	1,569
2024 Term Loan Facility \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				3.75%
Senior notes, current				$ 0	270
Repayments of debt		$ 270
2026 Term Loan Facility \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate				5.82%
Senior notes, noncurrent				$ 594	625
Repayments of debt				31
Bank overdrafts and other
Debt Instrument [Line Items]
Bank overdrafts and other				2	3
Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Long-term line of credit				$ 0	$ 0

Other (Expense) Income, Net (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other (Expense) Income

Other (expense) income, net consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Foreign exchange losses	$	(33)	$	(18)	$	(41)	$	(33)
Interest income	3		1		6		1

Gain on China facility relocation	—		22		—		22
Pension-related benefit	1		5		3		10
Other	14		1		16		8
Other (expense) income, net	$	(15)	$	11	$	(16)	$	8

Net Income Per Share - Additional Information (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends declared per share, in dollars per share	$ 0.40	$ 0.81	$ 0.80	$ 1.62
Participating Securities, Distributed and Undistributed Earnings (Loss), Difference Between Basic Net Income (Loss) Per Share	0.01	0.01		0
Participating Securities, Distributed and Undistributed Earnings (Loss), Difference Between Diluted Net Income (Loss) Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Share Equivalents
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	300,000	400,000

Financial Instruments - Derivative Instruments Designated Net Investment Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)	$ 19	$ (36)	$ 53	$ (62)
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	0	0	0	0
Foreign currency contracts \| Derivatives in Cash Flow Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)			(7)	0
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			0	0
Cross currency swaps \| Derivatives in Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)	13	(30)	36	(33)
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	0	0	0	0
Cross currency swaps \| Derivatives in Cash Flow Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)	1	0	1	0
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	0	0	0	0
2024 Euro Notes \| Derivatives in Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)	0	(2)	3	(11)
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	0	0	0	0
2026 Euro Notes \| Derivatives in Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)	5	(4)	20	(18)
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables allowances	$ 27	$ 52
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	275,726,629	275,726,629
Common stock, shares outstanding	255,656,988	255,288,535
Treasury stock (in shares)	20,069,641	20,438,094

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
Shareholders' equity, beginning balance, shares at Dec. 31, 2022		275,726,629
Shareholders' equity, beginning balance at Dec. 31, 2022	$ 17,685	$ 35	$ 19,841	$ 955	$ (2,198)	$ (978)	$ 30
Treasury stock, beginning balance (in shares) at Dec. 31, 2022						20,758,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	19			18			1
Other Comprehensive (loss)	341				341
Cash dividends declared	(413)			(413)
Stock options/SSARs	0		(3)			$ 3
Stock options/SSARs, shares						58,886
Vested restricted stock units and awards	(9)		(18)			$ 9
Vested restricted stock units and awards, shares						194,382
Stock-based compensation	32		32
Purchase of NCI	(1)		(1)
Other	1						1
Shareholders' equity, ending balance, shares at Jun. 30, 2023		275,726,629
Shareholders' equity, ending balance at Jun. 30, 2023	17,655	$ 35	19,851	560	(1,857)	$ (966)	32
Treasury stock, ending balance (in shares) at Jun. 30, 2023						20,504,898
Shareholders' equity, beginning balance, shares at Mar. 31, 2023		275,726,629
Shareholders' equity, beginning balance at Mar. 31, 2023	17,761	$ 35	19,844	739	(1,916)	$ (973)	32
Treasury stock, beginning balance (in shares) at Mar. 31, 2023						20,659,153
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	27			27
Other Comprehensive (loss)	59				59
Cash dividends declared	(206)			(206)
Stock options/SSARs	2		2
Stock options/SSARs, shares						3,269
Vested restricted stock units and awards	(7)		(14)			$ 7
Vested restricted stock units and awards, shares						150,986
Stock-based compensation	20		20
Purchase of NCI	(1)		(1)
Shareholders' equity, ending balance, shares at Jun. 30, 2023		275,726,629
Shareholders' equity, ending balance at Jun. 30, 2023	17,655	$ 35	19,851	560	(1,857)	$ (966)	32
Treasury stock, ending balance (in shares) at Jun. 30, 2023						20,504,898
Shareholders' equity, beginning balance, shares at Dec. 31, 2023		275,726,629
Shareholders' equity, beginning balance at Dec. 31, 2023	$ 14,642	$ 35	19,874	(2,439)	(1,896)	$ (963)	31
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	20,438,094					20,438,094
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 233			230			3
Other Comprehensive (loss)	(419)				(419)
Cash dividends declared	(204)			(204)
Stock options/SSARs	(1)		(2)			$ 1
Stock options/SSARs, shares						32,622
Vested restricted stock units and awards	(5)		(21)			$ 16
Vested restricted stock units and awards, shares						335,831
Stock-based compensation	43		43
Other	2			(1)			3
Shareholders' equity, ending balance, shares at Jun. 30, 2024		275,726,629
Shareholders' equity, ending balance at Jun. 30, 2024	$ 14,291	$ 35	19,894	(2,414)	(2,315)	$ (946)	37
Treasury stock, ending balance (in shares) at Jun. 30, 2024	20,069,641					20,069,641
Shareholders' equity, beginning balance, shares at Mar. 31, 2024		275,726,629
Shareholders' equity, beginning balance at Mar. 31, 2024	$ 14,326	$ 35	19,889	(2,481)	(2,191)	$ (961)	35
Treasury stock, beginning balance (in shares) at Mar. 31, 2024						20,407,096
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	172			170			2
Other Comprehensive (loss)	(124)				(124)
Cash dividends declared	(102)			(102)
Stock options/SSARs	0
Stock options/SSARs, shares						8,369
Vested restricted stock units and awards	(5)		(20)			$ 15
Vested restricted stock units and awards, shares						329,086
Stock-based compensation	25		25
Other	(1)			(1)
Shareholders' equity, ending balance, shares at Jun. 30, 2024		275,726,629
Shareholders' equity, ending balance at Jun. 30, 2024	$ 14,291	$ 35	$ 19,894	$ (2,414)	$ (2,315)	$ (946)	$ 37
Treasury stock, ending balance (in shares) at Jun. 30, 2024	20,069,641					20,069,641

Restructuring and Other Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

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 and Comprehensive Income (Loss).

N&B Merger Restructuring Liability

For the six months ended June 30, 2024, the Company had approximately $2 million of charges related to a lease impairment. Since the inception of the restructuring activities, there have been a total of approximately 215 headcount reductions and the Company has expensed approximately $49 million. As of December 31, 2023, the restructuring activities were completed related to employee exits. The Company continues to evaluate its owned and leased properties following the combination of IFF and DuPont de Nemours, Inc’s nutrition and biosciences business (“Merger with N&B”) and may incur additional costs to further consolidate its footprint.

2023 Restructuring Program

In December 2022, the Company announced a restructuring program mainly related to headcount reduction to improve its organizational and operating structure, drive efficiencies and achieve cost savings. For the six months ended June 30, 2024, the Company incurred approximately $3 million of charges related to severance. Since the inception of the restructuring program, the Company has expensed approximately $73 million and there have been a total of approximately 670 actual and planned headcount reductions.

Changes in Restructuring Liabilities

Changes in restructuring liabilities during the six months ended June 30, 2024 were as follows:


(DOLLARS IN MILLIONS)	Balance at January 1, 2024		Additional Charges (Reversals), Net		Non-Cash Charges		Cash Payments		Balance at June 30, 2024
















N&B Merger Restructuring Liability


Other	$	—	$	2	$	(2)	$	—	$	—
2023 Restructuring Program
Severance	14		3		—		(14)		3
Total Restructuring and other charges	$	14	$	5	$	(2)	$	(14)	$	3

Restructuring liabilities are presented in “Other current liabilities” on the Consolidated Balance Sheets.

Charges by Segment

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


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Nourish	$	1	$	2	$	3	$	32
Health & Biosciences	—		1		1		11
Scent	1		4		1		14
Pharma Solutions	—		—		—		2

Total Restructuring and other charges	$	2	$	7	$	5	$	59

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 170	$ 27	$ 230	$ 18

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 7
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

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-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information was as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Net sales:
Nourish	$	1,478	$	1,564	$	2,974	$	3,217
Health & Biosciences	558		522		1,089		1,035
Scent	603		592		1,248		1,200
Pharma Solutions	250		251		477		504
Consolidated	$	2,889	$	2,929	$	5,788	$	5,956
Segment Adjusted Operating EBITDA:
Nourish	$	232	$	181	$	448	$	389
Health & Biosciences	165		145		324		276
Scent	137		117		294		222
Pharma Solutions	54		67		100		126
Total	588		510		1,166		1,013
Depreciation & Amortization	(246)		(287)		(524)		(563)
Interest Expense	(79)		(101)		(162)		(201)
Other (Expense) Income, net	(15)		11		(16)		8
Restructuring and Other Charges (a)	(2)		(7)		(5)		(59)
Impairment of Goodwill b)	(64)		—		(64)		—
Gains (Losses) on Business Disposals c)	368		(5)		368		(19)
Loss on Assets Classified as Held for Sale d)	(282)		—		(282)		—
Acquisition, Divestiture and Integration Costs e)	(59)		(45)		(117)		(76)
Strategic Initiatives Costs f)	(12)		(9)		(16)		(22)
Regulatory Costs g)	(19)		(14)		(54)		(19)
Other h)	5		(3)		4		2






Income Before Taxes	$	183	$	50	$	298	$	64

_______________________


(a)			For 2024, represents costs related to lease impairment and severance as part of the Company's restructuring efforts. For 2023, represents costs primarily related to severance as part of the Company's restructuring efforts.
b)			Represents costs related to the impairment of goodwill related to the Pharma Solutions disposal group.
c)			For 2024, primarily represents gains recognized as part of the sale of the Cosmetic Ingredients business. For 2023, primarily represents losses recognized as part of the sale of a portion of the Savory Solutions business.
d)			Represents the loss recognized on assets classified as held for sale of the Pharma Solutions disposal group.
e)			For 2024 and 2023, primarily represents costs related to the Company's actual and planned acquisitions and divestitures and integration related activities primarily for N&B. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts. For the three months ended June 30, 2024, business divestiture and integration related costs were approximately $56 million and $3 million, respectively. For the three months ended June 30, 2023, business divestiture, integration and acquisition related costs were approximately $20 million, $20 million and $5 million, respectively. For the six months ended June 30, 2024, business divestiture and integration related costs were approximately $112 million and $5 million, respectively. For the six months ended June 30, 2023, business divestiture, integration and acquisition related costs were approximately $41 million, $30 million, and $5 million, respectively.
f)			Represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services Centers, primarily consulting fees.
g)			Represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance businesses.
h)			Represents gains (losses) from sale of assets, executive employee separation costs and costs related to the Company's entity realignment project to optimize the structure of holding companies, 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)	2024		2023		2024		2023
Europe, Africa and Middle East	$	972	$	970	$	1,949	$	2,040
Greater Asia	681		673		1,363		1,361
North America	876		910		1,742		1,815
Latin America	360		376		734		740
Consolidated	$	2,889	$	2,929	$	5,788	$	5,956


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Net sales related to the U.S.	$	822	$	777	$	1,633	$	1,648
Net sales attributed to all foreign countries	2,067		2,152		4,155		4,308

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

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 April 1, 2024	$	(1,945)	$	(6)	$	(240)	$	(2,191)
OCI before reclassifications	(132)		1		1		(130)

Reclassifications due to business divestitures	4		—		—		4
Amounts reclassified from AOCI	—		—		2		2
Net current period other comprehensive income (loss)	(128)		1		3		(124)
Accumulated other comprehensive (loss), net of tax, as of June 30, 2024	$	(2,073)	$	(5)	$	(237)	$	(2,315)


(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 January 1, 2024	$	(1,652)	$	1	$	(245)	$	(1,896)
OCI before reclassifications	(425)		(6)		4		(427)

Reclassifications due to business divestitures	4		—		—		4
Amounts reclassified from AOCI	—		—		4		4
Net current period other comprehensive income (loss)	(421)		(6)		8		(419)
Accumulated other comprehensive (loss), net of tax, as of June 30, 2024	$	(2,073)	$	(5)	$	(237)	$	(2,315)


(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 April 1, 2023	$	(1,782)	$	1	$	(135)	$	(1,916)
OCI before reclassifications	18		—		1		19

Reclassifications due to business divestitures	42		—		(1)		41
Amounts reclassified from AOCI	—		—		(1)		(1)
Net current period other comprehensive income (loss)	60		—		(1)		59
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2023	$	(1,722)	$	1	$	(136)	$	(1,857)


(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 January 1, 2023	$	(2,066)	$	1	$	(133)	$	(2,198)
OCI before reclassifications	302		—		—		302

Reclassifications due to business divestitures	42		—		(1)		41
Amounts reclassified from AOCI	—		—		(2)		(2)
Net current period other comprehensive income (loss)	344		—		(3)		341
Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2023	$	(1,722)	$	1	$	(136)	$	(1,857)

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 and Comprehensive Income (Loss):


	Three Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income and Comprehensive (Loss) Income
(DOLLARS IN MILLIONS)	2024		2023






Gains (losses) on pension and postretirement liability adjustments

Prior service cost	$	—	$	1	(1)
Actuarial losses	(2)		—		(1)

Tax	—		—		Provision for income taxes
Total	$	(2)	$	1	Total, net of income taxes


	Six Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income and Comprehensive Income (Loss)
(DOLLARS IN MILLIONS)	2024		2023






Gains (losses) on pension and postretirement liability adjustments

Prior service cost	$	1	$	2	(1)
Actuarial losses	(5)		—		(1)

Tax	—		—		Provision for income taxes
Total	$	(4)	$	2	Total, net of income taxes

_______________________

Other (Expense) Income, Net

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other (Expense) Income, Net

OTHER (EXPENSE) INCOME, NET

Other (expense) income, net consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Foreign exchange losses	$	(33)	$	(18)	$	(41)	$	(33)
Interest income	3		1		6		1

Gain on China facility relocation	—		22		—		22
Pension-related benefit	1		5		3		10
Other	14		1		16		8
Other (expense) income, net	$	(15)	$	11	$	(16)	$	8

Commitments and Contingencies - Additional Information (Detail) $ in Thousands, € in Millions			6 Months Ended
	Mar. 11, 2020 USD ($)	Oct. 29, 2019 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Commitments And Contingencies [Line Items]
Bank guarantees related to appeals on income tax and indirect tax cases				$ 10,000
Bank guarantees, standby letters of credit and commercial guarantees, amount outstanding				56,000
Available lines of credit				1,876,000
Commercial paper				189,000	$ 0
Bank guarantees and pledged assets to pursue defenses related to other contingencies				17,000
Solae, LLC Memphis \| Wastewater Disposal
Commitments And Contingencies [Line Items]
Accrual for environmental loss contingencies				300
Pledged assets
Commitments And Contingencies [Line Items]
The amount of pledged assets, principally PP&E to cover income tax and indirect tax assessments				7,000
Bank Guarantees, Commercial Guarantees, Standby Letters Of Credit and Surety Bonds
Commitments And Contingencies [Line Items]
Standby letters of credit and surety bonds, facility amounts				216,000
Unfavorable Regulatory Action
Commitments And Contingencies [Line Items]
Loss contingency accrual, provision \| €			€ 15.9
Revolving Credit Facility \| Citibank, N.A.
Commitments And Contingencies [Line Items]
Line of credit, current borrowing capacity				$ 1,696,000
Chief Executive Officer
Commitments And Contingencies [Line Items]
Deferred compensation expense	$ 20,000	$ 20,000

Segment Information - Reportable Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net sales:
Net sales	$ 2,889	$ 2,929	$ 5,788	$ 5,956
Segment Adjusted Operating EBITDA:
Adjusted Operating EBITDA	588	510	1,166	1,013
Depreciation & Amortization	246	287	524	563
Interest expense	(79)	(101)	(162)	(201)
Other (expense) income, net	(15)	11	(16)	8
Restructuring and other charges, net	(2)	(7)	(5)	(59)
Goodwill, impairment loss	(64)	0	(64)	0
(Gains) Losses on business disposals	(368)	5	(368)	19
Loss on held for sale classification	(282)	0	(282)	0
Acquisition, divestiture, and integration related costs	59	45	117	76
Strategic initiative costs	(12)	(9)	(16)	(22)
Regulatory costs	(19)	(14)	(54)	(19)
Other gains (losses)	5	(3)	4	2
Income before taxes	183	50	298	64
Integration-related costs	(3)	(20)	(5)	(30)
Transaction related costs		(5)		(5)
Business divestiture costs	56	20	112	41
Nourish
Segment Adjusted Operating EBITDA:
Restructuring and other charges, net	(1)	(2)	(3)	(32)
Health & Biosciences
Segment Adjusted Operating EBITDA:
Restructuring and other charges, net	0	(1)	(1)	(11)
Scent
Segment Adjusted Operating EBITDA:
Restructuring and other charges, net	(1)	(4)	(1)	(14)
Pharma Solutions
Segment Adjusted Operating EBITDA:
Restructuring and other charges, net	0	0	0	(2)
Operating Segments \| Nourish
Net sales:
Net sales	1,478	1,564	2,974	3,217
Segment Adjusted Operating EBITDA:
Segment Adjusted Operating EBITDA	232	181	448	389
Operating Segments \| Health & Biosciences
Net sales:
Net sales	558	522	1,089	1,035
Segment Adjusted Operating EBITDA:
Segment Adjusted Operating EBITDA	165	145	324	276
Operating Segments \| Scent
Net sales:
Net sales	603	592	1,248	1,200
Segment Adjusted Operating EBITDA:
Segment Adjusted Operating EBITDA	137	117	294	222
Operating Segments \| Pharma Solutions
Net sales:
Net sales	250	251	477	504
Segment Adjusted Operating EBITDA:
Segment Adjusted Operating EBITDA	$ 54	$ 67	$ 100	$ 126

Leases

6 Months Ended

Jun. 30, 2024

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 50 years, some of which include options to extend the leases for up to 15 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, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Operating leases
Operating lease cost	$	32	$	40	$	64	$	73
Variable lease cost	12		16		28		32
Total operating lease cost	$	44	$	56	$	92	$	105
Finance leases
Finance lease cost	$	3	$	2	$	6	$	4

Supplemental cash flow information related to leases was as follows:


	Six Months Ended		Six Months Ended
(DOLLARS IN MILLIONS)	June 30, 2024		June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	60	$	64
Operating cash flows for finance leases	1		—
Financing cash flows for finance leases	5		4
Right-of-use assets obtained in exchange for lease obligations
Operating leases	44		57
Finance leases	8		6

Operating lease right-of-use assets are presented in “Operating lease right-of-use assets” and finance lease right-of-use assets are presented in “Other assets” on the Consolidated Balance Sheets. Operating lease liabilities are presented in “Operating lease liabilities” and finance lease liabilities are presented in “Other liabilities” on the Consolidated Balance Sheets. Any other current liabilities related to operating and finance lease liabilities are presented in “Other current liabilities” on the Consolidated Balance Sheets.

Business Divestitures and Assets and Liabilities Held for Sale - Major Classes of Assets and Liabilities Sold (Details) - USD ($) $ in Millions	Jun. 30, 2024	Apr. 02, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 671		$ 703	$ 638	$ 483
Trade receivables, net	1,775		1,726
Inventories	2,160		2,477
Property, plant and equipment, net	3,763		4,240
Goodwill	9,282		10,635
Other intangible assets, net	6,881		8,357
Operating lease right-of-use assets	663		689
Other assets	805		764
Total Assets	29,543		30,978
Liabilities
Accounts payable	(1,272)		(1,378)
Deferred income taxes	(1,833)		(1,937)
Other liabilities	(572)		(560)
Equity
Accumulated other comprehensive income - currency translation adjustment	102
Total Shareholders’ Equity	$ 14,254		$ 14,611
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations \| Cosmetic Ingredients
Assets
Cash and cash equivalents		$ 32
Trade receivables, net		18
Inventories		17
Property, plant and equipment, net		7
Goodwill		271
Other intangible assets, net		144
Operating lease right-of-use assets		10
Other assets		11
Total Assets		510
Liabilities
Accounts payable		(5)
Deferred income taxes		(25)
Other liabilities		(18)
Liabilities		(48)
Equity
Accumulated other comprehensive income - currency translation adjustment		4
Total Shareholders’ Equity		4
Carrying value of net asset (adjusted for currency translation and pension adjustments)		$ 466

Leases - Supplemental cash flow information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 60	$ 64
Operating cash flows for finance leases	1	0
Financing cash flows for finance leases	5	4
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	44	57
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 8	$ 6

Restructuring and Other Charges (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Changes in Employee-Related Restructuring Liabilities

Changes in Restructuring Liabilities

Changes in restructuring liabilities during the six months ended June 30, 2024 were as follows:


(DOLLARS IN MILLIONS)	Balance at January 1, 2024		Additional Charges (Reversals), Net		Non-Cash Charges		Cash Payments		Balance at June 30, 2024
















N&B Merger Restructuring Liability


Other	$	—	$	2	$	(2)	$	—	$	—
2023 Restructuring Program
Severance	14		3		—		(14)		3
Total Restructuring and other charges	$	14	$	5	$	(2)	$	(14)	$	3

Restructuring liabilities are presented in “Other current liabilities” on the Consolidated Balance Sheets.

Charges by Segment

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


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Nourish	$	1	$	2	$	3	$	32
Health & Biosciences	—		1		1		11
Scent	1		4		1		14
Pharma Solutions	—		—		—		2

Total Restructuring and other charges	$	2	$	7	$	5	$	59

Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest expense	$ 79,000,000	$ 101,000,000	$ 162,000,000	$ 201,000,000
Other (expense) income, net	15,000,000	(11,000,000)	16,000,000	(8,000,000)
Receivables factored			882,000,000	858,000,000
Payments to participate in factoring receivable program	8,000,000	7,000,000	14,000,000	12,000,000
Trade receivables	1,775,000,000		1,775,000,000		$ 1,726,000,000
Trade receivables allowances	$ 27,000,000	63,000,000	$ 27,000,000	63,000,000	52,000,000	$ 53,000,000
Percentage of outstanding receivables by over 365 days	1.00%		1.00%
Impairment of goodwill	$ 64,000,000	0	$ 64,000,000	0
Cash and cash equivalents	3,000,000	3,000,000	3,000,000	3,000,000	26,000,000	$ 52,000,000
Net Cash Provided by (Used in) Operating Activities			336,000,000	375,000,000
Cash, cash equivalents and restricted cash	671,000,000		671,000,000		709,000,000
Operating lease right-of-use assets	663,000,000		663,000,000		689,000,000
Operating lease liability	620,000,000		620,000,000		642,000,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			44,000,000	57,000,000
Other assets	805,000,000		805,000,000		764,000,000
Other liabilities	572,000,000		572,000,000		560,000,000
Accumulated other comprehensive loss	(2,315,000,000)		(2,315,000,000)		(1,896,000,000)
Raw materials	708,000,000		708,000,000		779,000,000
Work in process	381,000,000		381,000,000		406,000,000
Finished goods	1,071,000,000		1,071,000,000		1,292,000,000
Inventories	2,160,000,000		2,160,000,000		2,477,000,000
Capitalized interest	3,000,000	4,000,000	7,000,000	8,000,000
Supplier Finance Program, Obligation	0		0		0
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest expense		116,000,000		227,000,000
Other (expense) income, net		$ 26,000,000		34,000,000
Trade Accounts Receivable With The Company's Own Factoring Agreements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable, factoring receivable program, maximum amount	300,000,000		300,000,000
Receivables factored			436,000,000	$ 425,000,000
Accounts Receivable, Held-for-sale	$ 210,000,000		$ 210,000,000		$ 196,000,000

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 per share is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	2024		2023		2024		2023
Net Income
Net income attributable to IFF shareholders	$	170	$	27	$	230	$	18
Adjustment related to (increase) in redemption value of redeemable non-controlling interests in excess of earnings allocated	—		(1)		—		(1)
Net income available to IFF shareholders	$	170	$	26	$	230	$	17
Shares
Weighted average common shares outstanding (basic)	255		255		255		255
Adjustment for assumed dilution:
Stock options and restricted stock awards	1		—		1		—

Weighted average shares assuming dilution (diluted)	256		255		256		255

Net Income per Share
Net income per share - basic(1)	$	0.67	$	0.11	$	0.90	$	0.07
Net income per share - diluted(1)	0.66		0.11		0.90		0.07

_______________________

(1)For the three months ended June 30, 2023, the basic and diluted net income per share cannot be recalculated based on the information presented in the table above due to rounding.

Nature of Operations and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

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 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

The accompanying interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the related notes included in our 2023 Annual Report on Form 10-K (“2023 Form 10-K”), filed on February 28, 2024 with the Securities and Exchange Commission (“SEC”).

The interim Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and with the rules and regulations for reporting on Form 10-Q, and are unaudited. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP in the United States of America have been condensed or omitted, if not materially different from the 2023 Form 10-K. The year-end balance sheet data included in this Form 10-Q was derived from the audited financial statements. 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.

Correction of Prior Year Consolidated Financial Statements

The Company revised Interest expense from $116 million to $101 million, and Other income, net from $26 million to $11 million, on its Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended June 30, 2023. The Company also revised Interest expense from $227 million to $201 million and Other income, net from $34 million to $8 million for the six months ended June 30, 2023. These adjustments had no impact on net income and reflect certain adjustments made to interest expense associated with the Company’s cash pooling arrangements. The impacts of these corrections are also presented in the related footnotes.

Use of Estimates

The preparation of financial statements requires management to make estimates and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. The inputs into the Company’s judgments and estimates take into account the ongoing global current events and adverse macroeconomic impacts 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 assets. Actual results could differ from those estimates.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash reported in the Company’s balance sheet as of June 30, 2024, December 31, 2023, June 30, 2023 and December 31, 2022 were as follows:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023		June 30, 2023		December 31, 2022
Current assets
Cash and cash equivalents	$	671	$	703	$	638	$	483
Cash and cash equivalents included in Assets held for sale	3		26		3		52
Restricted cash	—		6		11		10
Non-current assets
Restricted cash included in Other assets	—		—		—		7
Cash, cash equivalents and restricted cash	$	674	$	735	$	652	$	552

Accounts Receivable

The Company has various factoring agreements globally under which it can factor up to approximately $300 million of its trade receivables (“Company’s own factoring agreements”). In addition, the Company utilizes factoring agreements sponsored by certain customers. Under all of the arrangements, the Company sells the trade receivables on a non-recourse basis to unrelated financial institutions and accounts for the transactions as sales of receivables. The applicable receivables are removed from the Company’s Consolidated Balance Sheets when the cash proceeds are received by the Company.

The Company sold a total of approximately $882 million and $858 million of receivables under the Company’s own factoring agreements and customer sponsored factoring agreements for the six months ended June 30, 2024 and 2023, respectively. The cost of participating in these programs was approximately $8 million and $7 million for the three months ended June 30, 2024 and 2023, respectively, and was approximately $14 million and $12 million for the six months ended June 30, 2024 and 2023, respectively. These costs are included as a component of interest expense. Under the Company’s own factoring agreements for which the Company has continued responsibility to collect receivables and provide to its sponsor, it sold approximately $436 million and $425 million of receivables for the six months ended June 30, 2024 and 2023, respectively. The outstanding principal amounts of receivables under the Company’s own factoring agreements amounted to approximately $210 million and $196 million as of June 30, 2024 and December 31, 2023, respectively. The proceeds from the sales of receivables are included in Net cash provided by operating activities in the Consolidated Statements of Cash Flows.

Expected Credit Losses

As of June 30, 2024, the Company reported $1.775 billion of trade receivables, net of allowances of $27 million. Based on the aging analysis as of June 30, 2024, less than 1% of the Company’s accounts receivable were past due by over 365 days based on the payment terms of the invoice.

The following is a roll-forward of the Company’s allowances for bad debts for the six months ended June 30, 2024 and 2023.


	Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023
Balance at January 1	$	52	$	53
Bad debt expense (reversals)	(9)		8
Write-offs	(15)		—

Foreign exchange (gains) losses	(1)		2
Balance at June 30	$	27	$	63

Inventories

Inventories are stated at the lower of cost (on a weighted-average basis) or net realizable value. The Company’s inventories consisted of the following:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Raw materials	$	708	$	779
Work in process	381		406
Finished goods	1,071		1,292
Total	$	2,160	$	2,477

Supply Chain Financing Program

In the fourth quarter of 2023, the Company entered into a supply chain financing (“SCF”) program. The SCF program is expected to be available to U.S. based suppliers starting in the second half of 2024. The Company makes continuous efforts to improve working capital efficiency and has worked with suppliers to optimize payment terms and conditions. The Company’s current payment terms with a majority of suppliers generally range from 0 to 180 days, which is deemed to be commercially reasonable. The Company’s SCF program is voluntary and will allow its suppliers to elect to sell the receivables owed to them by the Company to a third-party financial institution. The suppliers, at their own discretion, will determine the invoices they want to sell and directly negotiate the arrangements with the participating third-party financial institution. Supplier participation in the program is solely the decision of the supplier and has no bearing on the Company’s payment terms and amounts due with the supplier. The Company’s responsibility will be limited to making payments based upon the agreed contractual terms and arrangements. The Company will not provide any form of guarantees under the SCF program and will have no economic interest in the suppliers’ decision to participate in the SCF program. Amounts due to suppliers that elect to participate in the SCF program will be included in Accounts payable on the Consolidated Balance Sheets. The Company, or the third-party

financial institution, may choose to terminate the agreement of the SCF program at any time upon 30 days’ prior written notice. The third-party financial institution may also terminate the agreement of the SCF program at any time upon three business days’ prior written notice in the event there are insufficient funds available for disbursements. As of June 30, 2024 and December 31, 2023, there were no amounts outstanding related to suppliers’ participation in the SCF program.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU was issued to further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this guidance will have on its income tax disclosures.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU intends to improve reportable segment disclosure requirements, primarily through enhanced disclosures of significant segment expenses that are regularly provided to the Chief Operating Decision Maker and included within segment profit and loss. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its reportable segment disclosures.

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2024

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,
	2024		2023		2024		2023

Interest cost on projected benefit obligation(2)	$	5	$	6	$	11	$	13
Expected return on plan assets(2)	(6)		(8)		(12)		(16)
Net amortization and deferrals(2)	1		1		2		1
Net periodic benefit (income) cost	$	—	$	(1)	$	1	$	(2)


(DOLLARS IN MILLIONS)	Non-U.S. Plans
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service cost for benefits earned(1)	$	6	$	5	$	12	$	10
Interest cost on projected benefit obligation(2)	9		9		18		18
Expected return on plan assets(2)	(12)		(11)		(25)		(23)
Net amortization and deferrals(2)	1		(1)		3		(1)

Net periodic benefit (income) cost	$	4	$	2	$	8	$	4

_______________________

(1)Included as a component of Operating profit.

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

Postretirement Benefits Other Than Pension Expenses

(Income) expense recognized for post-retirement benefits other than pensions included the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023

Interest cost on projected benefit obligation	$	—	$	1	$	1	$	2
Net amortization and deferrals	—		(2)		(1)		(3)
Total postretirement benefit (income) expense	$	—	$	(1)	$	—	$	(1)

Financial Instruments - Derivative Instruments Measured at Fair Value (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	$ 4	$ 41
Fair value of derivative liabilities	147	165
Foreign currency contracts
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	4	41
Fair value of derivative liabilities	32	4
Cross currency swaps
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	115	161
Fair Value of Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	0	0
Fair value of derivative liabilities	115	161
Fair Value of Derivatives Designated as Hedging Instruments \| Foreign currency contracts
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	0	0
Fair value of derivative liabilities	0	0
Fair Value of Derivatives Designated as Hedging Instruments \| Cross currency swaps
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	115	161
Fair Value of Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	4	41
Fair value of derivative liabilities	32	4
Fair Value of Derivatives Not Designated as Hedging Instruments \| Foreign currency contracts
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	4	41
Fair value of derivative liabilities	32	4
Fair Value of Derivatives Not Designated as Hedging Instruments \| Cross currency swaps
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	$ 0	$ 0

Property, Plant, and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, Net

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consisted of the following amounts:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Asset Type
Land	$	169	$	195
Buildings and improvements	1,729		1,822
Machinery and equipment	3,447		3,752
Information technology	510		473
Construction in process	288		400
Total Property, plant and equipment	6,143		6,642
Accumulated depreciation	(2,380)		(2,402)
Total Property, plant and equipment, net	$	3,763	$	4,240

Depreciation expense was $93 million and $115 million for the three months ended June 30, 2024 and 2023, respectively, and $203 million and $220 million for the six months ended June 30, 2024 and 2023, respectively.

Interest incurred during the construction period of certain property, plant and equipment is capitalized until the underlying assets are placed in service, at which time straight-line amortization of the capitalized interest begins over the estimated useful lives of the related assets. Capitalized interest was approximately $3 million and $4 million for the three months ended June 30, 2024 and 2023, and approximately $7 million and $8 million for the six months ended June 30, 2024 and 2023.

Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 6,143	$ 6,642
Accumulated depreciation	(2,380)	(2,402)
Property, plant and equipment, net	3,763	4,240
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	169	195
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	1,729	1,822
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,447	3,752
Technology Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	510	473
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 288	$ 400

Employee Benefits - Pension and Other Defined Contribution Retirement Plan Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit (income) cost	$ (1)	$ (5)	$ (3)	$ (10)
Pension Plans \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	5	6	11	13
Expected return on plan assets	(6)	(8)	(12)	(16)
Net amortization and deferrals	1	1	2	1
Net periodic benefit (income) cost	0	(1)	1	(2)
Pension Plans \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	6	5	12	10
Interest cost on projected benefit obligation	9	9	18	18
Expected return on plan assets	(12)	(11)	(25)	(23)
Net amortization and deferrals	1	(1)	3	(1)
Net periodic benefit (income) cost	$ 4	$ 2	8	$ 4
Contribution to the plans			$ 9

Business Divestitures and Assets and Liabilities Held for Sale - Narrative (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended			12 Months Ended
	Apr. 02, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	May 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets to be disposed of				$ 0	$ 282		$ 0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations \| Cosmetic Ingredients
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from the buyer	$ 841
Total assets	$ 466
Gain (loss) on disposal		$ 365			365
Tax effect of gain (loss) on divestiture						$ (7)		$ 34
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations \| Savory Solutions Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal			$ (3)	$ 10			10
Tax effect of gain (loss) on divestiture			7
Net proceeds received from business divestiture									$ 821
Receivable from the buyer									$ 37
True-up settlement			7
Discontinued Operations, Held-for-sale or Disposed of by Sale \| Savory Solutions Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from disposal of discontinued operation							10
Tax (expense) benefit from provision for gain (loss) on disposal							$ 2
Disposal Group, Held-for-sale, Not Discontinued Operations \| Cosmetic Ingredients
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets		2,815	$ 506		2,815	$ 506		2,815
Disposal Group, Held-for-sale, Not Discontinued Operations \| Pharma Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of sale consideration		2,686			2,686			2,686
Assets held-for-sale, fair value disclosure		2,717			2,717			$ 2,717
Disposal group, costs to sell					$ 31
Impairment of assets to be disposed of		282
Tax effect of disposal		$ 56

Leases (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Operating leases
Operating lease cost	$	32	$	40	$	64	$	73
Variable lease cost	12		16		28		32
Total operating lease cost	$	44	$	56	$	92	$	105
Finance leases
Finance lease cost	$	3	$	2	$	6	$	4

Supplemental cash flow information related to leases was as follows:


	Six Months Ended		Six Months Ended
(DOLLARS IN MILLIONS)	June 30, 2024		June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	60	$	64
Operating cash flows for finance leases	1		—
Financing cash flows for finance leases	5		4
Right-of-use assets obtained in exchange for lease obligations
Operating leases	44		57
Finance leases	8		6

Financial Instruments - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) swap	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) swap	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Fair value of derivative liabilities	$ 147		$ 147		$ 165
Fair value of derivative assets	4		4		41
Derivative, Net Hedge Ineffectiveness Gain (Loss)	3	$ 7	3	$ 7
Cross currency swaps
Derivative [Line Items]
Derivative instruments outstanding	1,400		1,400		1,400
Fair value of derivative liabilities	115		115		161
2022 Cross Currency Swaps \| Net Investment Hedging
Derivative [Line Items]
Derivative instruments outstanding	1,400		1,400
Designated as Hedging Instrument
Derivative [Line Items]
Fair value of derivative liabilities	115		115		161
Fair value of derivative assets	0		0		0
Designated as Hedging Instrument \| Euro Notes
Derivative [Line Items]
Hedged liability, debt	855		855
Designated as Hedging Instrument \| Cross currency swaps
Derivative [Line Items]
Fair value of derivative liabilities	$ 115		$ 115		$ 161
Designated as Hedging Instrument \| 2022 Cross Currency Swaps
Derivative [Line Items]
Number of Foreign Currency Derivatives Held \| swap	12		12
Derivative Assets (Liabilities), at Fair Value, Net	$ 115		$ 115

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

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Reconciliation of Cash

Cash, cash equivalents and restricted cash reported in the Company’s balance sheet as of June 30, 2024, December 31, 2023, June 30, 2023 and December 31, 2022 were as follows:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023		June 30, 2023		December 31, 2022
Current assets
Cash and cash equivalents	$	671	$	703	$	638	$	483
Cash and cash equivalents included in Assets held for sale	3		26		3		52
Restricted cash	—		6		11		10
Non-current assets
Restricted cash included in Other assets	—		—		—		7
Cash, cash equivalents and restricted cash	$	674	$	735	$	652	$	552

Schedule of Bad Debt Reserve

The following is a roll-forward of the Company’s allowances for bad debts for the six months ended June 30, 2024 and 2023.


	Six Months Ended June 30,
(DOLLARS IN MILLIONS)	2024		2023
Balance at January 1	$	52	$	53
Bad debt expense (reversals)	(9)		8
Write-offs	(15)		—

Foreign exchange (gains) losses	(1)		2
Balance at June 30	$	27	$	63

Schedule of Inventory, Current

The Company’s inventories consisted of the following:


(DOLLARS IN MILLIONS)	June 30, 2024		December 31, 2023
Raw materials	$	708	$	779
Work in process	381		406
Finished goods	1,071		1,292
Total	$	2,160	$	2,477

Financial Instruments - Derivative Instruments Notional Amount Outstanding (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Foreign currency contracts
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding, net	$ (3,318)	$ (1,400)
Commodity contracts
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding, net	5	7
Cross currency swaps
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding	$ 1,400	$ 1,400

CONSOLIDATED STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 2,889	$ 2,929	$ 5,788	$ 5,956
Cost of goods sold	1,821	1,996	3,696	4,059
Gross profit	1,068	933	2,092	1,897
Research and development expenses	173	161	339	322
Selling and administrative expenses	493	445	983	899
Amortization of acquisition-related intangibles	153	172	321	343
Impairment of goodwill	64	0	64	0
Restructuring and other charges	2	7	5	59
(Gains) losses on sale of assets	8	(3)	10	2
Operating profit	191	145	390	276
Interest expense	79	101	162	201
(Gains) Losses on business disposals	(368)	5	(368)	19
Impairment of assets to be disposed of		0	282	0
Other expense (income), net	15	(11)	16	(8)
Income before income taxes	183	50	298	64
Provision for income taxes	11	23	65	45
Net income	172	27	233	19
Net income attributable to non-controlling interests	2	0	3	1
Net income attributable to IFF shareholders	$ 170	$ 27	$ 230	$ 18
Net income per share - basic (in dollars per share)	$ 0.67	$ 0.11	$ 0.90	$ 0.07
Net income per share - diluted (in dollars per share)	$ 0.66	$ 0.11	$ 0.90	$ 0.07
Average number of shares outstanding - basic (in shares)	255	255	255	255
Average number of shares outstanding - diluted (in shares)	256	255	256	255
Other comprehensive (loss) income, after tax:
Foreign currency translation adjustments	$ (128)	$ 60	$ (421)	$ 344
Gains (losses) on derivatives qualifying as hedges; net of tax	1	0	(6)	0
Pension and postretirement liability adjustment	3	(1)	8	(3)
Net current period other comprehensive income (loss)	(124)	59	(419)	341
Comprehensive income (loss)	48	86	(186)	360
Comprehensive income attributable to non-controlling interests	2	0	3	1
Comprehensive income (loss) attributable to IFF shareholders	$ 46	$ 86	$ (189)	$ 359

Nature of Operations and Summary of Significant Accounting Policies - Schedule of Bad Debt Reserve (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1	$ 52	$ 53
Bad debt expense	(9)	8
Write-offs	(15)	0
Foreign exchange (gains) losses	(1)	2
Balance at June 30	$ 27	$ 63

Income Taxes - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Income Taxes [Line Items]
Effective tax rate	6.00%	21.80%
Foreign Tax Authority
Income Taxes [Line Items]
Provision for uncertain tax positions	$ 179	$ 179
Deferred Tax Liabilities, Deemed Repatriation	0	0
Domestic Tax Authority
Income Taxes [Line Items]
Deferred Tax Liabilities, Deemed Repatriation	175	175
Other Liabilities
Income Taxes [Line Items]
Unrecognized tax benefits that would impact effective tax rate	130	130
Accrued interest and penalties	$ 49	$ 49

Restructuring and Other Charges - Narrative (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Position position	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2	$ 7	$ 5	$ 59
Additional Charges (Reversals), Net			5
Nutrition & Biosciences, Inc
Restructuring Cost and Reserve [Line Items]
Additional Charges (Reversals), Net			$ 2
Number of positions eliminated \| Position			215
Restructuring and Related Cost, Cost Incurred to Date	49		$ 49
2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Severance costs			$ 3
Number of positions eliminated \| position			670
Restructuring and Related Cost, Cost Incurred to Date	$ 73		$ 73
Employee Severance \| 2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Additional Charges (Reversals), Net			3
Other \| Nutrition & Biosciences, Inc
Restructuring Cost and Reserve [Line Items]
Additional Charges (Reversals), Net			$ 2

Business Divestitures and Assets and Liabilities Held for Sale - Summary of Components of Net Proceeds Received (Details) - USD ($) $ in Millions		6 Months Ended
	Apr. 02, 2024	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds received from business divestitures		$ 848	$ 821
Cosmetic Ingredients \| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from the buyer	$ 841
Cash transferred to the buyer	(32)
Net proceeds received from business divestitures	$ 809

Leases - Lease expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Lease expenses (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 32	$ 40	$ 64	$ 73
Variable lease cost	12	16	28	32
Total operating lease cost	44	56	92	105
Finance lease cost	$ 3	$ 2	$ 6	$ 4