0000051253-24-000042 | 10-Q | XBRL Viewer | International Flavors Fragrances INC

Other (Expense) Income, Net

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

OTHER (EXPENSE) INCOME, NET

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Foreign exchange losses	$	(31)	$	—	$	(72)	$	(34)
Interest income	3		1		9		3

Gain on China facility relocation	—		—		—		22
Pension-related benefit	1		6		4		16
Other	(1)		2		15		10
Other (expense) income, net	$	(28)	$	9	$	(44)	$	17

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 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 September 30, 2024, the Company had a total of approximately $219 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 $64 million outstanding under the bank guarantees, standby letters of credit and commercial guarantees as of September 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 September 30, 2024. Lines of Credit The Company has various lines of credit which are available to support its ongoing business operations. As of September 30, 2024, the Company had a total capacity of approximately $1.883 billion of lines of credit with various financial institutions, in addition to the $1.347 billion of capacity under the Revolving Credit Facility. Pursuant to these lines of credit as of September 30, 2024, there were no draw downs 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 A motion to approve a securities class action was 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. The 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 postponed 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. The Mexican Competition Commission has also announced that it is investigating potential anticompetitive conduct in the fragrance and fragrance ingredients industries. IFF has been and intends to continue cooperating with these investigations. During the first three months of 2024, IFF recognized a provision of €15.9 million (approximately $17.5 million) in connection with a settlement with the EC, which was paid during the third quarter of 2024. 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 During the third quarter of 2024, the Company entered into a confidential agreement with one of its customers, which included a payment that is not material to the financial statements. Under this agreement, the Company will gain access to incremental revenue opportunities and a release from certain claims. This payment has been capitalized as an asset and will be amortized over the period in which the associated revenue is recognized. 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.

Restructuring and Other Charges - Changes in Employee-Related Restructuring Liabilities (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Accrued restructuring	$ 2	$ 14
Additional Charges (Reversals), Net	6
Non-Cash Charges	(2)
Cash Payments	(16)
2023 Restructuring Program \| Employee Severance
Restructuring Reserve [Roll Forward]
Accrued restructuring	2	14
Additional Charges (Reversals), Net	4
Non-Cash Charges	0
Cash Payments	(16)
Nutrition And Biosciences Restructuring Liability \| Other
Restructuring Reserve [Roll Forward]
Accrued restructuring	0	$ 0
Additional Charges (Reversals), Net	2
Non-Cash Charges	(2)
Cash Payments	$ 0

Employee Benefits - Pension and Other Defined Contribution Retirement Plan Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit (income) cost	$ (1)	$ (6)	$ (4)	$ (16)
Pension Plans \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	6	6	17	19
Expected return on plan assets	(6)	(7)	(18)	(23)
Net amortization and deferrals	1	0	3	1
Net periodic benefit (income) cost	1	(1)	2	(3)
Pension Plans \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	6	5	18	15
Interest cost on projected benefit obligation	9	9	27	27
Expected return on plan assets	(13)	(11)	(38)	(34)
Net amortization and deferrals	2	0	5	(1)
Net periodic benefit (income) cost	$ 4	$ 3	12	$ 7
Contribution to the plans			$ 14

Financial Instruments - Derivative Instruments Notional Amount Outstanding (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Foreign currency contracts
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding, net	$ (3,478)	$ (1,400)
Commodity contracts
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding, net	10	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 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		275,700,000
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						20,800,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	46			43			3
Other Comprehensive (loss) income, after tax	(138)				(138)
Cash dividends declared	(620)			(620)
Stock options/SSARs	(1)		(5)			$ 4
Stock options/SSARs, shares						100,000
Vested restricted stock units and awards	(10)		(20)			$ 10
Vested restricted stock units and awards, shares						200,000
Stock-based compensation	50		50
Purchase of NCI	(1)		(1)
Other	(2)						(2)
Shareholders' equity, ending balance, shares at Sep. 30, 2023		275,700,000
Shareholders' equity, ending balance at Sep. 30, 2023	17,009	$ 35	19,865	378	(2,336)	$ (964)	31
Treasury stock, ending balance (in shares) at Sep. 30, 2023						20,500,000
Shareholders' equity, beginning balance, shares at Jun. 30, 2023		275,700,000
Shareholders' equity, beginning balance at Jun. 30, 2023	17,655	$ 35	19,851	560	(1,857)	$ (966)	32
Treasury stock, beginning balance (in shares) at Jun. 30, 2023						20,500,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	27			25			2
Other Comprehensive (loss) income, after tax	(479)				(479)
Cash dividends declared	(207)			(207)
Stock options/SSARs	(1)		(2)			$ 1
Vested restricted stock units and awards	(1)		(2)			1
Stock-based compensation	18		18
Other	(3)						(3)
Shareholders' equity, ending balance, shares at Sep. 30, 2023		275,700,000
Shareholders' equity, ending balance at Sep. 30, 2023	17,009	$ 35	19,865	378	(2,336)	$ (964)	31
Treasury stock, ending balance (in shares) at Sep. 30, 2023						20,500,000
Shareholders' equity, beginning balance, shares at Dec. 31, 2023		275,700,000
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	20,400,000					20,400,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 293			289			4
Other Comprehensive (loss) income, after tax	136				136
Cash dividends declared	(306)			(306)
Stock options/SSARs	1		(1)			$ 2
Stock options/SSARs, shares						100,000
Vested restricted stock units and awards	(14)		(30)			$ 16
Vested restricted stock units and awards, shares						300,000
Stock-based compensation	59		59
Other	(1)			(1)
Shareholders' equity, ending balance, shares at Sep. 30, 2024		275,700,000
Shareholders' equity, ending balance at Sep. 30, 2024	$ 14,810	$ 35	19,902	(2,457)	(1,760)	$ (945)	35
Treasury stock, ending balance (in shares) at Sep. 30, 2024	20,000,000.0					20,000,000.0
Shareholders' equity, beginning balance, shares at Jun. 30, 2024		275,700,000
Shareholders' equity, beginning balance at Jun. 30, 2024	$ 14,291	$ 35	19,894	(2,414)	(2,315)	$ (946)	37
Treasury stock, beginning balance (in shares) at Jun. 30, 2024						20,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	60			59			1
Other Comprehensive (loss) income, after tax	555				555
Cash dividends declared	(102)			(102)
Stock options/SSARs	2		1			$ 1
Stock options/SSARs, shares						100,000
Vested restricted stock units and awards	(9)		(9)
Stock-based compensation	16		16
Other	(3)						(3)
Shareholders' equity, ending balance, shares at Sep. 30, 2024		275,700,000
Shareholders' equity, ending balance at Sep. 30, 2024	$ 14,810	$ 35	$ 19,902	$ (2,457)	$ (1,760)	$ (945)	$ 35
Treasury stock, ending balance (in shares) at Sep. 30, 2024	20,000,000.0					20,000,000.0

Leases

9 Months Ended

Sep. 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		Nine Months Ended		Nine Months Ended
(DOLLARS IN MILLIONS)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Operating leases
Operating lease cost	$	31	$	32	$	95	$	105
Variable lease cost	14		10		42		42
Total operating lease cost	$	45	$	42	$	137	$	147
Finance leases
Finance lease cost	$	3	$	3	$	9	$	7

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended		Nine Months Ended
(DOLLARS IN MILLIONS)	September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	90	$	94
Operating cash flows for finance leases	1		1
Financing cash flows for finance leases	7		6
Right-of-use assets obtained in exchange for lease obligations
Operating leases	44		73
Finance leases	12		17

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.

Restructuring and Other Charges - Charges by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 1	$ 2	$ 6	$ 61
Nourish
Restructuring Reserve [Roll Forward]
Restructuring charges	0	1	3	33
Health & Biosciences
Restructuring Reserve [Roll Forward]
Restructuring charges	0	1	1	12
Scent
Restructuring Reserve [Roll Forward]
Restructuring charges	0	0	1	14
Pharma Solutions
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 1	$ 0	$ 1	$ 2

Employee Benefits (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Interest cost on projected benefit obligation(2)	$	6	$	6	$	17	$	19
Expected return on plan assets(2)	(6)		(7)		(18)		(23)
Net amortization and deferrals(2)	1		—		3		1
Net periodic benefit (income) cost	$	1	$	(1)	$	2	$	(3)


(DOLLARS IN MILLIONS)	Non-U.S. Plans
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Service cost for benefits earned(1)	$	6	$	5	$	18	$	15
Interest cost on projected benefit obligation(2)	9		9		27		27
Expected return on plan assets(2)	(13)		(11)		(38)		(34)
Net amortization and deferrals(2)	2		—		5		(1)

Net periodic benefit (income) cost	$	4	$	3	$	12	$	7

_______________________

(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 September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023

Interest cost on projected benefit obligation	$	1	$	—	$	2	$	2
Net amortization and deferrals	(1)		(1)		(2)		(4)
Total postretirement benefit (income) expense	$	—	$	(1)	$	—	$	(2)

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total carrying value	$ 9,503	$ 10,947
Total accumulated amortization	(2,733)	(2,590)
Other intangible assets, net	6,770	8,357
Other Intangible Assets, Net	6,770	8,357
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total carrying value	7,209	8,211
Total accumulated amortization	(1,733)	(1,619)
Technological know-how
Finite-Lived Intangible Assets [Line Items]
Total carrying value	1,992	2,355
Total accumulated amortization	(853)	(813)
Trade names & patents
Finite-Lived Intangible Assets [Line Items]
Total carrying value	277	337
Total accumulated amortization	(126)	(117)
Other
Finite-Lived Intangible Assets [Line Items]
Total carrying value	25	44
Total accumulated amortization	$ (21)	$ (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

Income Taxes - Additional Information (Detail) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Income Taxes [Line Items]
Effective tax rate	36.80%	25.40%
Foreign Tax Authority
Income Taxes [Line Items]
Provision for uncertain tax positions	$ 182	$ 182
Deferred Tax Liabilities, Deemed Repatriation	0	0
Domestic Tax Authority
Income Taxes [Line Items]
Deferred Tax Liabilities, Deemed Repatriation	167	167
Other Liabilities
Income Taxes [Line Items]
Unrecognized tax benefits that would impact effective tax rate	128	128
Accrued interest and penalties	$ 54	$ 54

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

9 Months Ended

Sep. 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 nine months ended September 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)		—		—		(1,248)		(1,303)
Reduction from business divestitures(2)	(10)		—		—		—		(10)

Foreign exchange	20		20		4		(17)		27


Balance at September 30, 2024	$	3,444	$	4,411	$	1,494	$	—	$	9,349

_______________________

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

(2)Relates to the divestiture of the Flavors & Essences UK business. See Note 3 for additional information.

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

Other Intangible Assets

Other intangible assets, net consisted of the following amounts:


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






Asset Type
Customer relationships	$	7,209	$	8,211
Technological know-how	1,992		2,355
Trade names & patents	277		337

Other	25		44
Total carrying value	9,503		10,947
Accumulated Amortization
Customer relationships	(1,733)		(1,619)
Technological know-how	(853)		(813)
Trade names & patents	(126)		(117)

Other	(21)		(41)
Total accumulated amortization	(2,733)		(2,590)

Other intangible assets, net	$	6,770	$	8,357

Amortization

Amortization expense was $146 million and $170 million for the three months ended September 30, 2024 and 2023, respectively, and $467 million and $513 million for the nine months ended September 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	$	146	$	583	$	580	$	493	$	480

Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 consisted of the following:


	September 30, 2024				December 31, 2023
(DOLLARS IN MILLIONS)	Carrying Value		Fair Value		Carrying Value		Fair Value
LEVEL 1
Cash and cash equivalents(1)	$	567	$	567	$	703	$	703
LEVEL 2
Credit facilities and bank overdrafts(2)	2		2		3		3
Derivatives
Derivative assets(3)	57		57		41		41
Derivative liabilities(3)	167		167		165		165
Commercial paper(2)	—		—		—		—
Long-term debt:


2024 Euro Notes(4)	—		—		552		549
2025 Notes(4)	1,000		966		1,000		924
2026 Euro Notes(4)	892		873		879		835
2027 Notes(4)	1,210		1,112		1,212		1,049
2028 Notes(4)	398		402		398		389
2030 Notes(4)	1,508		1,316		1,508		1,240
2040 Notes(4)	772		575		773		536
2047 Notes(4)	494		421		495		382
2048 Notes(4)	787		736		787		678
2050 Notes(4)	1,568		1,066		1,569		1,029
2024 Term Loan Facility(5)	—		—		270		270
2026 Term Loan Facility(5)	468		468		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 September 30, 2024 and December 31, 2023:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Foreign currency contracts(1)	$	(3,478)	$	(1,400)
Commodity contracts(1)	10		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 September 30, 2024 and December 31, 2023:


	September 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	$	—	$	57	$	57


Total derivative assets	$	—	$	57	$	57
Derivative liabilities(2)
Foreign currency contracts	$	—	$	3	$	3
Cross currency swaps	164		—		164

Total derivative liabilities	$	164	$	3	$	167


	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 nine months ended September 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 September 30,				Three Months Ended September 30,
	2024		2023		2024		2023
Foreign currency contracts(1)	$	62	$	(26)	$	80	$	(40)	Other expense (income), net




Total	$	62	$	(26)	$	80	$	(40)

	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)	Nine Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign currency contracts(1)	$	21	$	(23)	$	16	$	(29)	Other expense (income), net
Commodity contracts	(1)		—		—		—		Cost of sales



Total	$	20	$	(23)	$	16	$	(29)

_______________________

(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 nine months ended September 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 September 30,					Three Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023			2024		2023
Derivatives in Cash Flow Hedging Relationships:

Commodity contracts	$	1	$	—	Cost of sales	$	1	$	—

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	(38)		22		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	—		15		N/A	—		—
2026 Euro Notes	(28)		25		N/A	—		—
Total	$	(65)	$	62		$	1	$	—


	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)
	Nine Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	$	(7)	$	—	N/A	$	—	$	—
Commodity contracts	2		—		Cost of sales	1		—

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	(2)		(11)		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	3		4		N/A	—		—
2026 Euro Notes	(8)		7		N/A	—		—
Total	$	(12)	$	—		$	1	$	—

Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 6,266	$ 6,642
Accumulated depreciation	(2,494)	(2,402)
Property, plant and equipment, net	3,772	4,240
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	142	195
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	1,747	1,822
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,527	3,752
Technology Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	527	473
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 323	$ 400

Employee Benefits

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Interest cost on projected benefit obligation(2)	$	6	$	6	$	17	$	19
Expected return on plan assets(2)	(6)		(7)		(18)		(23)
Net amortization and deferrals(2)	1		—		3		1
Net periodic benefit (income) cost	$	1	$	(1)	$	2	$	(3)


(DOLLARS IN MILLIONS)	Non-U.S. Plans
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Service cost for benefits earned(1)	$	6	$	5	$	18	$	15
Interest cost on projected benefit obligation(2)	9		9		27		27
Expected return on plan assets(2)	(13)		(11)		(38)		(34)
Net amortization and deferrals(2)	2		—		5		(1)

Net periodic benefit (income) cost	$	4	$	3	$	12	$	7

_______________________

(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 nine months ended September 30, 2024, $1 million of contributions were made to the qualified U.S. pension plans, $14 million of contributions were made to the non-U.S. pension plans and $3 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 September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023

Interest cost on projected benefit obligation	$	1	$	—	$	2	$	2
Net amortization and deferrals	(1)		(1)		(2)		(4)
Total postretirement benefit (income) expense	$	—	$	(1)	$	—	$	(2)

The Company expects to make $4 million of payments related to its postretirement benefits other than pension plans during 2024. In the nine months ended September 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
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Restructuring and Other Charges - Narrative (Detail)	3 Months Ended		9 Months Ended
Restructuring and Other Charges - Narrative (Detail)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Position position	Sep. 30, 2023 USD ($)
Nutrition And Biosciences Restructuring Liability
Restructuring Cost and Reserve [Line Items]
Restructuring, Settlement and Impairment Provisions		$ 3,000,000	$ 2,000,000	$ 2,000,000
Number of positions eliminated \| Position			215
Restructuring costs incurred to date	$ 49,000,000		$ 49,000,000
2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| position			670
Restructuring costs incurred to date	74,000,000		$ 74,000,000
Severance costs	1,000,000	$ (1,000,000)	4,000,000	$ 63,000,000
Employee Severance \| Nutrition And Biosciences Restructuring Liability
Restructuring Cost and Reserve [Line Items]
Restructuring, Settlement and Impairment Provisions	$ 0		$ 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 + Details

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

9 Months Ended

Sep. 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 disposals 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 September 30, 2024 and December 31, 2023 are the following carrying amounts of the assets and liabilities held for sale:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	2	$	26
Trade receivables, net	195		15
Inventories	286		18
Property, plant and equipment, net	438		7
Goodwill(1)	1,264		276
Other intangible assets, net	1,119		146
Operating lease right-of-use assets	15		9
Other assets	109		9
Less: Loss recognized on assets held-for-sale(2)	(314)		—
Total assets held-for-sale	$	3,114	$	506
Liabilities
Accounts payable	$	83	$	4
Deferred tax liability	63		24
Other liabilities	158		18
Total liabilities held-for-sale	$	304	$	46

_______________________

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

(2)Includes the impact of $51 million, primarily related to losses on foreign currency translation, expected to be reclassified out of accumulated other comprehensive loss upon close of the sales.

- 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

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+ Details

Nature of Operations and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 $329 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 $1,320 million and $1,302 million of receivables under the Company’s own factoring agreements and customer sponsored factoring agreements for the nine months ended September 30, 2024 and 2023, respectively. The cost of participating in these programs was approximately $7 million and $6 million for the three months ended September 30, 2024 and 2023, respectively, and was approximately $21 million and $18 million for the nine months ended September 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 $654 million and $632 million of receivables for the nine months ended September 30, 2024 and 2023, respectively. The outstanding principal amounts of receivables under the Company’s own factoring agreements amounted to approximately $201 million and $196 million as of September 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 September 30, 2024, the Company reported $1.772 billion of trade receivables, net of allowances of $26 million. Based on the aging analysis as of September 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 fourth quarter 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 range from 0 to 180 days, which the Company believes is consistent with commercial practice. 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 September 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 expects that the adoption of the standard will impact certain segment reporting disclosures in the Notes to the Consolidated Financial Statements, but will otherwise not have a material impact on the Company's results of operations.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.M.2.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483530/326-20-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 30
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479391/326-20-30-5A

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-3C

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 35
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479366/326-20-35-8A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-3D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 30
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479175/326-30-30-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-3C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-3A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-3D

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 35
-Paragraph 13A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479148/326-30-35-13A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 30
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479391/326-20-30-4A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 35
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479148/326-30-35-7A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-21

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-17

+ Details

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Net Income Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

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 September 30,				Nine Months Ended September 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	2024		2023		2024		2023
Net Income
Net income attributable to IFF shareholders	$	59	$	25	$	289	$	43
Adjustment related to (increase) in redemption value of redeemable non-controlling interests in excess of earnings allocated	—		—		—		(1)
Net income available to IFF shareholders	$	59	$	25	$	289	$	42
Shares
Weighted average common shares outstanding (basic)	256		255		255		255
Adjustment for assumed dilution:
Stock options and restricted stock awards	1		1		1		—

Weighted average shares assuming dilution (diluted)	257		256		256		255

Net Income per Share
Net income per share - basic and diluted	$	0.23	$	0.10	$	1.13	$	0.16

The Company declared a quarterly dividend to its shareholders of $0.40 and $0.81 per share for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, the Company declared quarterly dividends to its shareholders totaling $1.20 and $2.43, respectively.

For the three and nine months ended September 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 nine months ended September 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 nine months ended September 30, 2024 and 2023 was less than $0.01 per share.

Financial Instruments - Derivative Instruments Which Were Not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative Settlements	$ 62	$ (26)	$ 20	$ (23)
Amount of Gain (Loss) Recognized in Income on Changes in Fair Value	80	(40)	16	(29)
Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative Settlements	62	(26)	21	(23)
Amount of Gain (Loss) Recognized in Income on Changes in Fair Value	$ 80	$ (40)	16	(29)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative Settlements			(1)	0
Amount of Gain (Loss) Recognized in Income on Changes in Fair Value			$ 0	$ 0

Nature of Operations and Summary of Significant Accounting Policies - Reconciliation of Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 567	$ 703	$ 629	$ 483
Cash and cash equivalents	2	26	23	52
Restricted Cash, Current	0	6	10	10
Restricted cash included in Other assets	0	0	0	7
Cash, cash equivalents and restricted cash	$ 569	$ 735	$ 662	$ 552

Employee Benefits - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Assets for Plan Benefits, Defined Benefit Plan	$ 129,000,000	$ 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	3,000,000
Non-U.S. Plans \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan	23,000,000
Contribution to the plans	$ 14,000,000

Other (Expense) Income, Net (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other (Expense) Income

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Foreign exchange losses	$	(31)	$	—	$	(72)	$	(34)
Interest income	3		1		9		3

Gain on China facility relocation	—		—		—		22
Pension-related benefit	1		6		4		16
Other	(1)		2		15		10
Other (expense) income, net	$	(28)	$	9	$	(44)	$	17

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (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 nine months ended September 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 July 1, 2024	$	(2,073)	$	(5)	$	(237)	$	(2,315)
OCI before reclassifications	555		2		(3)		554


Amounts reclassified from AOCI	—		(1)		2		1
Net current period other comprehensive income (loss)	555		1		(1)		555
Accumulated other comprehensive (loss), net of tax, as of September 30, 2024	$	(1,518)	$	(4)	$	(238)	$	(1,760)


(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	130		(4)		1		127

Reclassifications due to business divestitures	4		—		—		4
Amounts reclassified from AOCI	—		(1)		6		5
Net current period other comprehensive income (loss)	134		(5)		7		136
Accumulated other comprehensive (loss), net of tax, as of September 30, 2024	$	(1,518)	$	(4)	$	(238)	$	(1,760)


(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 July 1, 2023	$	(1,722)	$	1	$	(136)	$	(1,857)
OCI before reclassifications	(477)		—		(2)		(479)

Reclassifications due to business divestitures	1		—		—		1
Amounts reclassified from AOCI	—		—		(1)		(1)
Net current period other comprehensive income (loss)	(476)		—		(3)		(479)
Accumulated other comprehensive (loss), net of tax, as of September 30, 2023	$	(2,198)	$	1	$	(139)	$	(2,336)


(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	(175)		—		(2)		(177)

Reclassifications due to business divestitures	43		—		(1)		42
Amounts reclassified from AOCI	—		—		(3)		(3)
Net current period other comprehensive income (loss)	(132)		—		(6)		(138)
Accumulated other comprehensive (loss) income, net of tax, as of September 30, 2023	$	(2,198)	$	1	$	(139)	$	(2,336)

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

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


	Three Months Ended September 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	$	2	(1)
Actuarial losses	(3)		—		(1)

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


	Nine Months Ended September 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	$	2	$	4	(1)
Actuarial losses	(8)		—		(1)

Tax	—		(1)		Provision for income taxes
Total	$	(6)	$	3	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.

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

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Reconciliation of Cash

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


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Current assets
Cash and cash equivalents	$	567	$	703	$	629	$	483
Cash and cash equivalents included in Assets held for sale	2		26		23		52
Restricted cash	—		6		10		10
Non-current assets
Restricted cash included in Other assets	—		—		—		7
Cash, cash equivalents and restricted cash	$	569	$	735	$	662	$	552

Schedule of Bad Debt Reserve

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


	Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023
Balance at January 1	$	52	$	53
Bad debt expense (reversals)	(8)		9
Write-offs	(17)		(6)

Foreign exchange (gains) losses	(1)		(1)
Balance at September 30	$	26	$	55

Schedule of Inventory, Current

The Company’s inventories consisted of the following:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Raw materials	$	727	$	779
Work in process	384		406
Finished goods	1,089		1,292
Total	$	2,200	$	2,477

Stock Compensation Plans

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Equity-based awards	$	16	$	18	$	59	$	50
Liability-based awards	1		—		3		—
Total stock-based compensation expense	17		18		62		50
Less: Tax benefit	(3)		(5)		(12)		(11)
Total stock-based compensation expense, after tax	$	14	$	13	$	50	$	39

As of September 30, 2024, there was approximately $96 million of total unrecognized compensation cost related to non-vested awards granted under the equity incentive plans.

Restructuring and Other Charges (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Changes in Employee-Related Restructuring Liabilities

Changes in Restructuring Liabilities

Changes in restructuring liabilities during the nine months ended September 30, 2024 were as follows:


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
















N&B Merger Restructuring Liability


Other	$	—	$	2	$	(2)	$	—	$	—
2023 Restructuring Program
Severance	14		4		—		(16)		2
Total Restructuring and other charges	$	14	$	6	$	(2)	$	(16)	$	2

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 September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Nourish	$	—	$	1	$	3	$	33
Health & Biosciences	—		1		1		12
Scent	—		—		1		14
Pharma Solutions	1		—		1		2

Total Restructuring and other charges	$	1	$	2	$	6	$	61

Business Divestitures and Assets and Liabilities Held for Sale - Narrative (Details) - USD ($) $ in Millions					3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 01, 2024	Apr. 02, 2024	Aug. 01, 2023	May 31, 2023	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds received from business disposals									$ 876	$ 1,006
Impairment of goodwill					$ 0		$ 0		64	0
Pharma Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill									64
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
Disposal group, carrying amount of net assets		466
Gain (loss) on disposal					365				365
Tax effect of gain (loss) on divestiture								$ (7)			$ 34
Net proceeds received from business disposals		$ 809
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations \| Flavors And Essences UK
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, carrying amount of net assets					48				48
Gain (loss) on disposal					20
Net proceeds received from business disposals	$ 28
Tax (expense) benefit from provision for gain (loss) on disposal					1
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations \| Flavor Specialty Ingredients
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal							(10)		7	(10)
Net proceeds received from business disposals			$ 185
Advance receipt for business to be transferred			1
Amount held in escrow			15
Supply agreement adjustment			$ 4
Net working capital adjustment									(3)
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
Net proceeds received from business disposals				$ 821
Receivable from the buyer				$ 37
True-up settlement						7
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]
Disposal group, carrying amount of net assets					3,114	$ 506		$ 506	3,114
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					2,708				2,708
Assets held-for-sale, fair value disclosure					2,740				2,740
Disposal group, costs to sell									32
Fair value adjustment					22				304
Tax effect of disposal					62
Disposal Group, Held-for-sale, Not Discontinued Operations \| Savory Solutions, Turkey
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Tax effect of disposal					1				$ 1
Provision for loss (gain) on disposal					$ 10
Discontinued Operations, Held-for-sale or Disposed of by Sale \| Savory Solutions Business \| RUSSIAN FEDERATION
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Tax (expense) benefit from provision for gain (loss) on disposal										2
Gain from disposal of discontinued operation										$ 10

Segment Information Segment Information - Net Sales by Destination of Product Delivery (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 2,925	$ 2,820	$ 8,713	$ 8,776
Europe, Africa and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	964	918	2,913	2,958
Greater Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	694	670	2,057	2,031
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	886	853	2,628	2,668
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	381	379	1,115	1,119
Geographic Concentration Risk \| Net sales related to the U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	834	782	2,467	2,430
Geographic Concentration Risk \| Net sales attributed to all foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 2,091	$ 2,038	$ 6,246	$ 6,346
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

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 consisted of the following:


	September 30, 2024				December 31, 2023
(DOLLARS IN MILLIONS)	Carrying Value		Fair Value		Carrying Value		Fair Value
LEVEL 1
Cash and cash equivalents(1)	$	567	$	567	$	703	$	703
LEVEL 2
Credit facilities and bank overdrafts(2)	2		2		3		3
Derivatives
Derivative assets(3)	57		57		41		41
Derivative liabilities(3)	167		167		165		165
Commercial paper(2)	—		—		—		—
Long-term debt:


2024 Euro Notes(4)	—		—		552		549
2025 Notes(4)	1,000		966		1,000		924
2026 Euro Notes(4)	892		873		879		835
2027 Notes(4)	1,210		1,112		1,212		1,049
2028 Notes(4)	398		402		398		389
2030 Notes(4)	1,508		1,316		1,508		1,240
2040 Notes(4)	772		575		773		536
2047 Notes(4)	494		421		495		382
2048 Notes(4)	787		736		787		678
2050 Notes(4)	1,568		1,066		1,569		1,029
2024 Term Loan Facility(5)	—		—		270		270
2026 Term Loan Facility(5)	468		468		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.

(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 September 30, 2024, the Company designated approximately $892 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 September 30, 2024, the twelve swaps were in a liability position with an aggregate fair value of $164 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 September 30, 2024 and December 31, 2023:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Foreign currency contracts(1)	$	(3,478)	$	(1,400)
Commodity contracts(1)	10		7
Cross currency swaps	1,400		1,400

_______________________

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


	September 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	$	—	$	57	$	57


Total derivative assets	$	—	$	57	$	57
Derivative liabilities(2)
Foreign currency contracts	$	—	$	3	$	3
Cross currency swaps	164		—		164

Total derivative liabilities	$	164	$	3	$	167


	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 September 30,				Three Months Ended September 30,
	2024		2023		2024		2023
Foreign currency contracts(1)	$	62	$	(26)	$	80	$	(40)	Other expense (income), net




Total	$	62	$	(26)	$	80	$	(40)

	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)	Nine Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign currency contracts(1)	$	21	$	(23)	$	16	$	(29)	Other expense (income), net
Commodity contracts	(1)		—		—		—		Cost of sales



Total	$	20	$	(23)	$	16	$	(29)

_______________________

(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 September 30,					Three Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023			2024		2023
Derivatives in Cash Flow Hedging Relationships:

Commodity contracts	$	1	$	—	Cost of sales	$	1	$	—

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	(38)		22		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	—		15		N/A	—		—
2026 Euro Notes	(28)		25		N/A	—		—
Total	$	(65)	$	62		$	1	$	—


	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)
	Nine Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	$	(7)	$	—	N/A	$	—	$	—
Commodity contracts	2		—		Cost of sales	1		—

Derivatives in Net Investment Hedging Relationships:

Cross currency swaps	(2)		(11)		N/A	—		—
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes	3		4		N/A	—		—
2026 Euro Notes	(8)		7		N/A	—		—
Total	$	(12)	$	—		$	1	$	—

The ineffective portion of the above noted net investment hedges was approximately $3 million and $11 million for each of the three and nine months ended September 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 September 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.

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables allowances	$ 26	$ 52
Common stock, par value, in dollars per share	$ 0.125	$ 0.125
Common stock, shares authorized	500,000,000.0	500,000,000.0
Common stock, shares issued	275,700,000	275,700,000
Common stock, shares outstanding	255,700,000	255,300,000
Treasury stock (in shares)	20,000,000.0	20,400,000

Business Divestitures and Assets and Liabilities Held for Sale - Major Classes of Assets and Liabilities Sold (Details) - USD ($) $ in Millions	Sep. 30, 2024	Apr. 02, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 567		$ 703	$ 629	$ 483
Trade receivables, net	1,772		1,726
Inventories	2,200		2,477
Property, plant and equipment, net	3,772		4,240
Goodwill	9,349		10,635
Other intangible assets, net	6,770		8,357
Operating lease right-of-use assets	646		689
Other assets	968		764
Total Assets	29,928		30,978
Liabilities
Accounts payable	(1,211)		(1,378)
Deferred income taxes	(1,869)		(1,937)
Other liabilities	(613)		(560)
Equity
Accumulated other comprehensive income - currency translation adjustment	51
Total Shareholders’ Equity	$ 14,775		$ 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

CONSOLIDATED STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 2,925	$ 2,820	$ 8,713	$ 8,776
Cost of Sales	1,873	1,896	5,569	5,955
Gross profit	1,052	924	3,144	2,821
Research and development expenses	162	157	501	479
Selling and administrative expenses	495	444	1,478	1,343
Amortization of acquisition-related intangibles	146	170	467	513
Impairment of goodwill	0	0	64	0
Restructuring and other charges	1	2	6	61
(Gains) losses on sale of assets	1	(1)	11	1
Operating profit	249	150	639	426
Interest expense	74	90	236	291
(Gains) Losses on business disposals	20	10	(348)	29
Impairment of assets to be disposed of	32	0	314	0
Other expense (income), net	28	(9)	44	(17)
Income before income taxes	95	59	393	123
Provision for income taxes	35	32	100	77
Net income	60	27	293	46
Net income attributable to non-controlling interests	1	2	4	3
Net income attributable to IFF shareholders	$ 59	$ 25	$ 289	$ 43
Net income per share - basic (in dollars per share)	$ 0.23	$ 0.10	$ 1.13	$ 0.16
Net income per share - diluted (in dollars per share)	$ 0.23	$ 0.10	$ 1.13	$ 0.16
Average number of shares outstanding - basic (in shares)	256	255	255	255
Average number of shares outstanding - diluted (in shares)	257	256	256	255
Other comprehensive income (loss), after tax:
Foreign currency translation adjustments	$ 555	$ (476)	$ 134	$ (132)
Gains (losses) on derivatives qualifying as hedges; net of tax	1	0	(5)	0
Pension and postretirement liability adjustment	(1)	(3)	7	(6)
Net current period other comprehensive income (loss)	555	(479)	136	(138)
Comprehensive income (loss)	615	(452)	429	(92)
Comprehensive income attributable to non-controlling interests	1	2	4	3
Comprehensive income (loss) attributable to IFF shareholders	$ 614	$ (454)	$ 425	$ (95)

Net Income Per Share - Additional Information (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 1.20	$ 2.43
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

Stock Compensation Plans (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Equity-based awards	$	16	$	18	$	59	$	50
Liability-based awards	1		—		3		—
Total stock-based compensation expense	17		18		62		50
Less: Tax benefit	(3)		(5)		(12)		(11)
Total stock-based compensation expense, after tax	$	14	$	13	$	50	$	39

As of September 30, 2024, there was approximately $96 million of total unrecognized compensation cost related to non-vested awards granted under the equity incentive plans.

Other (Expense) Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Foreign exchange (losses) gains	$ (31)	$ 0	$ (72)	$ (34)
Interest income	3	1	9	3
(Gains) losses on business disposals	(20)	(10)	348	(29)
Gain on China facility relocation	0	0	0	22
Pension-related benefit	1	6	4	16
Other	(1)	2	15	10
Other (expense) income, net	$ (28)	$ 9	$ (44)	$ 17

Goodwill and Other Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Movements in Goodwill

Movements in goodwill attributable to each reportable segment for the nine months ended September 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)		—		—		(1,248)		(1,303)
Reduction from business divestitures(2)	(10)		—		—		—		(10)

Foreign exchange	20		20		4		(17)		27


Balance at September 30, 2024	$	3,444	$	4,411	$	1,494	$	—	$	9,349

_______________________

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

(2)Relates to the divestiture of the Flavors & Essences UK business. See Note 3 for additional information.

Schedule of Other Intangible Assets, Net

Other intangible assets, net consisted of the following amounts:


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






Asset Type
Customer relationships	$	7,209	$	8,211
Technological know-how	1,992		2,355
Trade names & patents	277		337

Other	25		44
Total carrying value	9,503		10,947
Accumulated Amortization
Customer relationships	(1,733)		(1,619)
Technological know-how	(853)		(813)
Trade names & patents	(126)		(117)

Other	(21)		(41)
Total accumulated amortization	(2,733)		(2,590)

Other intangible assets, net	$	6,770	$	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	$	146	$	583	$	580	$	493	$	480

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Goodwill and Other Intangible Assets, Net - Future Estimated Amortization Expense (Details) $ in Millions	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 146
2025	583
2026	580
2027	493
2028	$ 480

Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remaining lease term	50 years
Option to extend lease term	15 years
Operating lease liability	$ 605	$ 642
Operating lease right-of-use assets	646	689
Finance lease right-of-use assets	$ 28	$ 26

Business Divestitures and Assets and Liabilities Held for Sale - Summary of Components of Net Proceeds Received (Details) - USD ($) $ in Millions			9 Months Ended
	Sep. 01, 2024	Apr. 02, 2024	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds received from business disposals			$ 876	$ 1,006
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 disposals		$ 809
Flavors And Essences UK \| 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]
Net proceeds received from business disposals	$ 28

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		255,682,329
Entity Central Index Key	0000051253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:


(DOLLARS IN MILLIONS)	Effective Interest Rate		September 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	%	892		879
2027 Notes(1)	1.56	%	1,210		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	%	494		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)	5.21	%	468		625

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

Total debt			9,099		10,071
Less: Short-term borrowings(4)			(468)		(885)
Total Long-term debt			$	8,631	$	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 current portion of long-term debt, commercial paper, and overdrafts.

Commercial Paper

For the nine months ended September 30, 2024, the Company had gross issuances of $3.653 billion and repayments of $3.653 billion under the commercial paper program. The commercial paper issued had original maturities of less than 42 days. For the nine months ended September 30, 2023, the Company had gross issuances of $4.283 billion and repayments of $4.470 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 nine months ended September 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 nine months ended September 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

For the nine months ended September 30, 2024, the Company made a $270 million and €500 million (approximately $547 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. The Company also made quarterly debt repayments totaling approximately $47 million related to the 2026 Term Loan Facility in accordance with the terms of the debt agreement, and a voluntary repayment of $110 million related to the 2026 Term Loan Facility.

For the nine months ended September 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. The Company also made a voluntary $55 million debt repayment related to the 2024 Term Loan Facility.

- 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
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-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
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-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
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-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
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Other Current Assets and Liabilities, and Other Assets - Schedule of Other Assets and Liabilities (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Value-added tax receivable	$ 163	$ 187
Prepaid income taxes	126	178
Packaging materials and supplies	135	161
Prepaid expenses	229	184
Other	117	165
Prepaid expenses and other current assets	770	875
Other Assets, Noncurrent [Abstract]
Deferred income taxes	401	278
Overfunded pension plans	129	139
Cash surrender value of life insurance contracts	52	49
Finance lease right-of-use assets	28	26
Equity method investment	10	11
Other	348	261
Total	968	764
Other Liabilities, Current [Abstract]
Rebates and incentives payable	123	105
Value-added tax payable	56	77
Interest payable	70	65
Current pension and other postretirement benefit obligation	13	13
Earn Outs Payable, Current	0	32
Accrued restructuring	2	14
Current operating lease obligation	$ 88	$ 85
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Accrued income taxes	$ 67	$ 194
Other Accounts Payable and Accrued Liabilities	251	295
Other	81	97
Other current liabilities	751	$ 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	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The effective tax rate for the three months ended September 30, 2024 was 36.8%, 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. The effective tax rate for the nine months ended September 30, 2024 was 25.4%, 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 September 30, 2024, the Company had approximately $128 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 September 30, 2024, the Company had accrued interest and penalties of approximately $54 million classified in Other liabilities. As of September 30, 2024, the Company’s aggregate provisions for uncertain tax positions, including interest and penalties, was approximately $182 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 September 30, 2024, the Company had a deferred tax liability of approximately $167 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
-Topic 740
-SubTopic 10
-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
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

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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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
-Topic 235
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE LOSS


(DOLLARS IN MILLIONS)	Foreign Currency Translation Adjustments		Gains (Losses) on Derivatives Qualifying as Hedges		Pension and Postretirement Liability Adjustment		Total
Accumulated other comprehensive (loss) income, net of tax, as of July 1, 2024	$	(2,073)	$	(5)	$	(237)	$	(2,315)
OCI before reclassifications	555		2		(3)		554


Amounts reclassified from AOCI	—		(1)		2		1
Net current period other comprehensive income (loss)	555		1		(1)		555
Accumulated other comprehensive (loss), net of tax, as of September 30, 2024	$	(1,518)	$	(4)	$	(238)	$	(1,760)


(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	130		(4)		1		127

Reclassifications due to business divestitures	4		—		—		4
Amounts reclassified from AOCI	—		(1)		6		5
Net current period other comprehensive income (loss)	134		(5)		7		136
Accumulated other comprehensive (loss), net of tax, as of September 30, 2024	$	(1,518)	$	(4)	$	(238)	$	(1,760)


(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 July 1, 2023	$	(1,722)	$	1	$	(136)	$	(1,857)
OCI before reclassifications	(477)		—		(2)		(479)

Reclassifications due to business divestitures	1		—		—		1
Amounts reclassified from AOCI	—		—		(1)		(1)
Net current period other comprehensive income (loss)	(476)		—		(3)		(479)
Accumulated other comprehensive (loss), net of tax, as of September 30, 2023	$	(2,198)	$	1	$	(139)	$	(2,336)


(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	(175)		—		(2)		(177)

Reclassifications due to business divestitures	43		—		(1)		42
Amounts reclassified from AOCI	—		—		(3)		(3)
Net current period other comprehensive income (loss)	(132)		—		(6)		(138)
Accumulated other comprehensive (loss) income, net of tax, as of September 30, 2023	$	(2,198)	$	1	$	(139)	$	(2,336)


	Three Months Ended September 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	$	2	(1)
Actuarial losses	(3)		—		(1)

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


	Nine Months Ended September 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	$	2	$	4	(1)
Actuarial losses	(8)		—		(1)

Tax	—		(1)		Provision for income taxes
Total	$	(6)	$	3	Total, net of income taxes

_______________________

Financial Instruments - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) swap	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) swap	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Fair value of derivative liabilities	$ 167		$ 167		$ 165
Fair value of derivative assets	57		57		41
Derivative, Net Hedge Ineffectiveness Gain (Loss)	3	$ 11	3	$ 11
Cross currency swaps
Derivative [Line Items]
Derivative instruments outstanding	1,400		1,400		1,400
Fair value of derivative liabilities	164		164		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	164		164		161
Fair value of derivative assets	0		0		0
Designated as Hedging Instrument \| Euro Notes
Derivative [Line Items]
Hedged liability, debt	892		892
Designated as Hedging Instrument \| Cross currency swaps
Derivative [Line Items]
Fair value of derivative liabilities	$ 164		$ 164		$ 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	$ 164		$ 164

Stock Compensation Plans - Stock-Based Compensation Expense and Related Tax Benefits (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 17	$ 18	$ 62	$ 50
Less: Tax benefit	(3)	(5)	(12)	(11)
Total stock-based compensation expense, after tax	14	13	50	39
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	96		96
Equity-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	16	18	59	50
Liability-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1	$ 0	$ 3	$ 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
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant, and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 102	$ 122	$ 305	$ 342
Capitalized interest	$ 3	$ 4	$ 10	$ 13

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share, in dollars per share	$ 0.40	$ 0.81	$ 1.20	$ 2.43

Leases - Supplemental cash flow information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 90	$ 94
Operating cash flows for finance leases	1	1
Financing cash flows for finance leases	7	6
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	44	73
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 12	$ 17

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

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of segments \| segment			4
Business divestiture costs	$ 55	$ 29	$ 167	$ 70
Integration-related costs		12	5	42
Transaction related costs		1		6
Gain on China facility relocation	$ 0	$ 0	$ 0	$ 22

Nature of Operations and Summary of Significant Accounting Policies - Schedule of Bad Debt Reserve (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1	$ 52	$ 53
Bad debt expense	(8)	9
Write-offs	(17)	(6)
Foreign exchange (gains) losses	(1)	(1)
Balance at September 30	$ 26	$ 55

Property, Plant, and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following amounts:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Asset Type
Land	$	142	$	195
Buildings and improvements	1,747		1,822
Machinery and equipment	3,527		3,752
Information technology	527		473
Construction in process	323		400
Total Property, plant and equipment	6,266		6,642
Accumulated depreciation	(2,494)		(2,402)
Total Property, plant and equipment, net	$	3,772	$	4,240

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Net sales:
Nourish	$	1,486	$	1,449	$	4,460	$	4,666
Health & Biosciences	570		518		1,659		1,553
Scent	613		615		1,861		1,815
Pharma Solutions	256		238		733		742
Consolidated	$	2,925	$	2,820	$	8,713	$	8,776
Segment Adjusted Operating EBITDA:
Nourish	$	206	$	178	$	654	$	567
Health & Biosciences	173		150		497		426
Scent	127		131		421		353
Pharma Solutions	62		47		162		173
Total	568		506		1,734		1,519
Depreciation & Amortization	(248)		(292)		(772)		(855)
Interest Expense	(74)		(90)		(236)		(291)
Other (Expense) Income, net	(28)		9		(44)		17
Restructuring and Other Charges a)	(1)		(2)		(6)		(61)
Impairment of Goodwill b)	—		—		(64)		—
Gains (Losses) on Business Disposals c)	(20)		(10)		348		(29)
Loss on Assets Classified as Held for Sale d)	(32)		—		(314)		—
Acquisition, Divestiture and Integration Costs e)	(55)		(42)		(172)		(118)
Strategic Initiatives Costs f)	(6)		(6)		(22)		(28)
Regulatory Costs g)	(10)		(13)		(64)		(32)
Other h)	1		(1)		5		1






Income Before Taxes	$	95	$	59	$	393	$	123

_______________________


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)			For 2024, 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 and losses recognized as part of the sale of the F&E UK business. For 2023, primarily represents losses recognized as part of the sale of the Flavors Specialty Ingredients business, the sale of a portion of the Savory Solutions business, and liquidation of a business in Russia for the sale of the portion of the Savory Solutions business.
d)			For 2024, represents the losses recognized on assets classified as held for sale of the Pharma Solutions disposal group and portion of the Savory Solutions business in Turkey.
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 September 30, 2024, business divestiture costs were approximately $55 million. For the three months ended September 30, 2023, business divestiture, integration and acquisition costs were approximately $29 million, $12 million and $1 million, respectively. For the nine months ended September 30, 2024, business divestiture and integration costs were approximately $167 million and $5 million, respectively. For the nine months ended September 30, 2023, business divestiture, integration and acquisition costs were approximately $70 million, $42 million, and $6 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 September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Europe, Africa and Middle East	$	964	$	918	$	2,913	$	2,958
Greater Asia	694		670		2,057		2,031
North America	886		853		2,628		2,668
Latin America	381		379		1,115		1,119
Consolidated	$	2,925	$	2,820	$	8,713	$	8,776


	Three Months Ended September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Net sales related to the U.S.	$	834	$	782	$	2,467	$	2,430
Net sales attributed to all foreign countries	2,091		2,038		6,246		6,346

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash, cash equivalents and restricted cash	$ 567	$ 709
Trade receivables, net	1,772	1,726
Inventories	2,200	2,477
Assets held for sale	3,114	506
Prepaid expenses and other current assets	770	875
Total Current Assets	8,423	6,293
Property, plant and equipment, net	3,772	4,240
Goodwill	9,349	10,635
Other intangible assets, net	6,770	8,357
Operating lease right-of-use assets	646	689
Other assets	968	764
Total Assets	29,928	30,978
Current Liabilities:
Short-term debt and current portion of long-term debt	468	885
Accounts payable	1,211	1,378
Accrued payroll and bonus	382	265
Dividends payable	102	207
Liabilities held for sale	304	46
Other current liabilities	751	977
Total Current Liabilities	3,218	3,758
Long-term debt	8,631	9,186
Retirement liabilities	182	253
Deferred income taxes	1,869	1,937
Operating lease liability	605	642
Other liabilities	613	560
Total Other Liabilities	11,900	12,578
Commitments and Contingencies
Shareholders' Equity:
Common Stock, Value, Issued	35	35
Capital in excess of par value	19,902	19,874
Accumulated deficit	(2,457)	(2,439)
Accumulated other comprehensive loss	(1,760)	(1,896)
Treasury stock, at cost (20.0 and 20.4 shares as of September 30, 2024 and December 31, 2023, respectively)	(945)	(963)
Total Shareholders’ Equity	14,775	14,611
Non-controlling interests	35	31
Total Shareholders’ Equity including Non-controlling interests	14,810	14,642
Total Liabilities and Shareholders’ Equity	$ 29,928	$ 30,978

Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest expense	$ 74,000,000	$ 90,000,000	$ 236,000,000	$ 291,000,000
Other (expense) income, net	28,000,000	(9,000,000)	44,000,000	(17,000,000)
Receivables factored			1,320,000,000	1,302,000,000
Payments to participate in factoring receivable program	7,000,000	6,000,000	21,000,000	18,000,000
Trade receivables	1,772,000,000		1,772,000,000		$ 1,726,000,000
Trade receivables allowances	$ 26,000,000	55,000,000	$ 26,000,000	55,000,000	52,000,000	$ 53,000,000
Percentage of outstanding receivables by over 365 days	1.00%		1.00%
Impairment of goodwill	$ 0	0	$ 64,000,000	0
Cash and cash equivalents	2,000,000	23,000,000	2,000,000	23,000,000	26,000,000	$ 52,000,000
Net Cash Provided by (Used in) Operating Activities			702,000,000	795,000,000
Cash, cash equivalents and restricted cash	567,000,000		567,000,000		709,000,000
Operating lease right-of-use assets	646,000,000		646,000,000		689,000,000
Operating lease liability	605,000,000		605,000,000		642,000,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			44,000,000	73,000,000
Other assets	968,000,000		968,000,000		764,000,000
Other liabilities	613,000,000		613,000,000		560,000,000
Accumulated other comprehensive loss	(1,760,000,000)		(1,760,000,000)		(1,896,000,000)
Raw materials	727,000,000		727,000,000		779,000,000
Work in process	384,000,000		384,000,000		406,000,000
Finished goods	1,089,000,000		1,089,000,000		1,292,000,000
Inventories	2,200,000,000		2,200,000,000		2,477,000,000
Capitalized interest	3,000,000	4,000,000	10,000,000	13,000,000
Supplier Finance Program, Obligation	0		0		0
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest expense		110,000,000		337,000,000
Other (expense) income, net		$ (29,000,000)		(63,000,000)
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	329,000,000		329,000,000
Receivables factored			654,000,000	$ 632,000,000
Accounts Receivable, Held-for-sale	$ 201,000,000		$ 201,000,000		$ 196,000,000

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

9 Months Ended

Sep. 30, 2024

Other Assets [Abstract]

Schedule of Other Assets

Other assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Deferred income taxes	$	401	$	278
Overfunded pension plans	129		139
Cash surrender value of life insurance contracts	52		49
Finance lease right-of-use assets	28		26
Equity method investments	10		11

Other(1)	348		261
Total	$	968	$	764

_______________________

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

Schedule of Other Current Assets

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


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Value-added tax receivable	$	163	$	187
Prepaid income taxes	126		178
Packaging materials and supplies	135		161
Prepaid expenses	229		184

Other	117		165
Total	$	770	$	875

Other Current Liabilities

Other current liabilities consisted of the following amounts:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Rebates and incentives payable	$	123	$	105
Value-added tax payable	56		77
Interest payable	70		65
Current pension and other postretirement benefit obligation	13		13

Earn outs payable(1)	—		32
Accrued restructuring	2		14
Current operating lease obligation	88		85




Accrued income taxes	67		194

Accrued expenses payable(1)	251		295
Other	81		97
Total	$	751	$	977

Financial Instruments - Derivative Instruments Measured at Fair Value (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	$ 57	$ 41
Fair value of derivative liabilities	167	165
Foreign currency contracts
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	57	41
Fair value of derivative liabilities	3	4
Cross currency swaps
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	164	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	164	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	164	161
Fair Value of Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	57	41
Fair value of derivative liabilities	3	4
Fair Value of Derivatives Not Designated as Hedging Instruments \| Foreign currency contracts
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	57	41
Fair value of derivative liabilities	3	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

Goodwill and Other Intangible Assets, Net - Movements in Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, Beginning Balance			$ 10,635
Goodwill, Transfers			(1,303)
Reduction from business divestitures			(10)
Foreign exchange			27
Balance at September 30, 2024	$ 9,349		9,349
Goodwill, impairment loss	0	$ 0	(64)	$ 0
Nourish
Goodwill [Roll Forward]
Goodwill, Beginning Balance			3,489
Goodwill, Transfers			(55)
Reduction from business divestitures			(10)
Foreign exchange			20
Balance at September 30, 2024	3,444		3,444
Goodwill, accumulated impairment loss	2,623		2,623		$ 2,623
Health & Biosciences
Goodwill [Roll Forward]
Goodwill, Beginning Balance			4,391
Goodwill, Transfers			0
Reduction from business divestitures			0
Foreign exchange			20
Balance at September 30, 2024	4,411		4,411
Goodwill, accumulated impairment loss	2,250		2,250		$ 2,250
Scent
Goodwill [Roll Forward]
Goodwill, Beginning Balance			1,490
Goodwill, Transfers			0
Reduction from business divestitures			0
Foreign exchange			4
Balance at September 30, 2024	1,494		1,494
Pharma Solutions
Goodwill [Roll Forward]
Goodwill, Beginning Balance			1,265
Goodwill, Transfers			(1,248)
Reduction from business divestitures			0
Foreign exchange			(17)
Balance at September 30, 2024	$ 0		0
Goodwill, impairment loss			$ (64)

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to IFF shareholders	$ 59	$ 25	$ 289	$ 43
Adjustment related to (increase) in redemption value of redeemable non-controlling interests in excess of earnings allocated	0	0	0	(1)
Net income available to IFF shareholders	$ 59	$ 25	$ 289	$ 42
Weighted average common shares outstanding (basic) (in shares)	256	255	255	255
Weighted average shares assuming dilution (diluted) (in shares)	257	256	256	255
Net income per share - basic (in dollars per share)	$ 0.23	$ 0.10	$ 1.13	$ 0.16
Net income per share - diluted (in dollars per share)	$ 0.23	$ 0.10	$ 1.13	$ 0.16
Stock options and restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Adjustment for assumed dilution (in shares)	1	1	1	0

Segment Information

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Net sales:
Nourish	$	1,486	$	1,449	$	4,460	$	4,666
Health & Biosciences	570		518		1,659		1,553
Scent	613		615		1,861		1,815
Pharma Solutions	256		238		733		742
Consolidated	$	2,925	$	2,820	$	8,713	$	8,776
Segment Adjusted Operating EBITDA:
Nourish	$	206	$	178	$	654	$	567
Health & Biosciences	173		150		497		426
Scent	127		131		421		353
Pharma Solutions	62		47		162		173
Total	568		506		1,734		1,519
Depreciation & Amortization	(248)		(292)		(772)		(855)
Interest Expense	(74)		(90)		(236)		(291)
Other (Expense) Income, net	(28)		9		(44)		17
Restructuring and Other Charges a)	(1)		(2)		(6)		(61)
Impairment of Goodwill b)	—		—		(64)		—
Gains (Losses) on Business Disposals c)	(20)		(10)		348		(29)
Loss on Assets Classified as Held for Sale d)	(32)		—		(314)		—
Acquisition, Divestiture and Integration Costs e)	(55)		(42)		(172)		(118)
Strategic Initiatives Costs f)	(6)		(6)		(22)		(28)
Regulatory Costs g)	(10)		(13)		(64)		(32)
Other h)	1		(1)		5		1






Income Before Taxes	$	95	$	59	$	393	$	123

_______________________


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)			For 2024, 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 and losses recognized as part of the sale of the F&E UK business. For 2023, primarily represents losses recognized as part of the sale of the Flavors Specialty Ingredients business, the sale of a portion of the Savory Solutions business, and liquidation of a business in Russia for the sale of the portion of the Savory Solutions business.
d)			For 2024, represents the losses recognized on assets classified as held for sale of the Pharma Solutions disposal group and portion of the Savory Solutions business in Turkey.
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 September 30, 2024, business divestiture costs were approximately $55 million. For the three months ended September 30, 2023, business divestiture, integration and acquisition costs were approximately $29 million, $12 million and $1 million, respectively. For the nine months ended September 30, 2024, business divestiture and integration costs were approximately $167 million and $5 million, respectively. For the nine months ended September 30, 2023, business divestiture, integration and acquisition costs were approximately $70 million, $42 million, and $6 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 September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Europe, Africa and Middle East	$	964	$	918	$	2,913	$	2,958
Greater Asia	694		670		2,057		2,031
North America	886		853		2,628		2,668
Latin America	381		379		1,115		1,119
Consolidated	$	2,925	$	2,820	$	8,713	$	8,776


	Three Months Ended September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Net sales related to the U.S.	$	834	$	782	$	2,467	$	2,430
Net sales attributed to all foreign countries	2,091		2,038		6,246		6,346

No non-U.S. country had net sales greater than 10% of total consolidated net sales for each of the three and nine months ended September 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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+ Details

Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Foreign currency contracts	$ 1,873	$ 1,896	$ 5,569	$ 5,955
Interest Expense	(74)	(90)	(236)	(291)
Tax	35	32	100	77
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	1	2	2	4
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	(3)	0	(8)	0
Pension and Postretirement Liability Adjustment
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
Tax	0	(1)	0	(1)
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	$ (6)	$ 3

Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period			$ 14,611
Net current period other comprehensive income (loss)	$ 555	$ (479)	136	$ (138)
Balance, end of period	14,775		14,775
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(2,073)	(1,722)	(1,652)	(2,066)
OCI before reclassifications	555	(477)	130	(175)
Reclassifications due to business divestitures		1	4	43
Amounts reclassified from AOCI	0	0	0	0
Net current period other comprehensive income (loss)	555	(476)	134	(132)
Balance, end of period	(1,518)	(2,198)	(1,518)	(2,198)
Gains (Losses) on Derivatives Qualifying as Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(5)	1	1	1
OCI before reclassifications	2	0	(4)	0
Reclassifications due to business divestitures		0	0	0
Amounts reclassified from AOCI	1	0	1	0
Net current period other comprehensive income (loss)	1	0	(5)	0
Balance, end of period	(4)	1	(4)	1
Pension and Postretirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(237)	(136)	(245)	(133)
OCI before reclassifications	(3)	(2)	1	(2)
Reclassifications due to business divestitures		0	0	(1)
Amounts reclassified from AOCI	(2)	1	(6)	3
Net current period other comprehensive income (loss)	(1)	(3)	7	(6)
Balance, end of period	(238)	(139)	(238)	(139)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(2,315)	(1,857)	(1,896)	(2,198)
OCI before reclassifications	554	(479)	127	(177)
Reclassifications due to business divestitures		1	4	42
Amounts reclassified from AOCI	(1)	1	(5)	3
Net current period other comprehensive income (loss)	555	(479)	136	(138)
Balance, end of period	$ (1,760)	$ (2,336)	$ (1,760)	$ (2,336)

Business Divestitures and Assets and Liabilities Held for Sale - Components of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 2	$ 23	$ 2	$ 23	$ 26	$ 52
Operating lease right-of-use assets	646		646		689
Impairment of goodwill	0	$ 0	64	$ 0
Foreign currency translation adjustment	51		51
Pharma Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill			64
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	2		2		26
Trade receivables, net	195		195		15
Inventories	286		286		18
Property, plant and equipment, net	438		438		7
Goodwill	1,264		1,264		276
Other intangible assets, net	1,119		1,119		146
Operating lease right-of-use assets	15		15		9
Other assets	109		109		9
Loss recognized on assets-held-for-sale	(314)		(314)		0
Total assets	3,114		3,114		506
Accounts payable	83		83		4
Deferred tax liability	63		63		24
Other liabilities	158		158		18
Total liabilities	$ 304		$ 304		$ 46

Segment Information - Reportable Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales:
Net sales	$ 2,925	$ 2,820	$ 8,713	$ 8,776
Segment Adjusted Operating EBITDA:
Adjusted Operating EBITDA	568	506	1,734	1,519
Depreciation & Amortization	248	292	772	855
Interest expense	(74)	(90)	(236)	(291)
Other (expense) income, net	(28)	9	(44)	17
Restructuring and other charges, net	(1)	(2)	(6)	(61)
Goodwill, impairment loss	0	0	(64)	0
(Gains) Losses on business disposals	20	10	(348)	29
Loss on held for sale classification	(32)	0	(314)	0
Acquisition, divestiture, and integration related costs	55	42	172	118
Strategic initiative costs	(6)	(6)	(22)	(28)
Regulatory costs	(10)	(13)	(64)	(32)
Other gains (losses)	1	(1)	5	1
Income before taxes	95	59	393	123
Integration-related costs		(12)	(5)	(42)
Transaction related costs		(1)		(6)
Business divestiture costs	55	29	167	70
Nourish
Segment Adjusted Operating EBITDA:
Restructuring and other charges, net	0	(1)	(3)	(33)
Health & Biosciences
Segment Adjusted Operating EBITDA:
Restructuring and other charges, net	0	(1)	(1)	(12)
Scent
Segment Adjusted Operating EBITDA:
Restructuring and other charges, net	0	0	(1)	(14)
Pharma Solutions
Segment Adjusted Operating EBITDA:
Restructuring and other charges, net	(1)	0	(1)	(2)
Goodwill, impairment loss			(64)
Operating Segments \| Nourish
Net sales:
Net sales	1,486	1,449	4,460	4,666
Segment Adjusted Operating EBITDA:
Segment Adjusted Operating EBITDA	206	178	654	567
Operating Segments \| Health & Biosciences
Net sales:
Net sales	570	518	1,659	1,553
Segment Adjusted Operating EBITDA:
Segment Adjusted Operating EBITDA	173	150	497	426
Operating Segments \| Scent
Net sales:
Net sales	613	615	1,861	1,815
Segment Adjusted Operating EBITDA:
Segment Adjusted Operating EBITDA	127	131	421	353
Operating Segments \| Pharma Solutions
Net sales:
Net sales	256	238	733	742
Segment Adjusted Operating EBITDA:
Segment Adjusted Operating EBITDA	$ 62	$ 47	$ 162	$ 173

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the quarter ended September 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

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Components of Debt

Debt consisted of the following:


(DOLLARS IN MILLIONS)	Effective Interest Rate		September 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	%	892		879
2027 Notes(1)	1.56	%	1,210		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	%	494		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)	5.21	%	468		625

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

Total debt			9,099		10,071
Less: Short-term borrowings(4)			(468)		(885)
Total Long-term debt			$	8,631	$	9,186

_______________________

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

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

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Lease cost and other information

The components of lease expense were as follows:


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
(DOLLARS IN MILLIONS)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Operating leases
Operating lease cost	$	31	$	32	$	95	$	105
Variable lease cost	14		10		42		42
Total operating lease cost	$	45	$	42	$	137	$	147
Finance leases
Finance lease cost	$	3	$	3	$	9	$	7

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended		Nine Months Ended
(DOLLARS IN MILLIONS)	September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	90	$	94
Operating cash flows for finance leases	1		1
Financing cash flows for finance leases	7		6
Right-of-use assets obtained in exchange for lease obligations
Operating leases	44		73
Finance leases	12		17

Nature of Operations and Summary of Significant Accounting Policies

9 Months Ended

Sep. 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 $110 million to $90 million, and Other income, net from $29 million to $9 million, on its Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended September 30, 2023. The Company also revised Interest expense from $337 million to $291 million and Other income, net from $63 million to $17 million for the nine months ended September 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 September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022 were as follows:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Current assets
Cash and cash equivalents	$	567	$	703	$	629	$	483
Cash and cash equivalents included in Assets held for sale	2		26		23		52
Restricted cash	—		6		10		10
Non-current assets
Restricted cash included in Other assets	—		—		—		7
Cash, cash equivalents and restricted cash	$	569	$	735	$	662	$	552

Accounts Receivable

The Company has various factoring agreements globally under which it can factor up to approximately $329 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 $1,320 million and $1,302 million of receivables under the Company’s own factoring agreements and customer sponsored factoring agreements for the nine months ended September 30, 2024 and 2023, respectively. The cost of participating in these programs was approximately $7 million and $6 million for the three months ended September 30, 2024 and 2023, respectively, and was approximately $21 million and $18 million for the nine months ended September 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 $654 million and $632 million of receivables for the nine months ended September 30, 2024 and 2023, respectively. The outstanding principal amounts of receivables under the Company’s own factoring agreements amounted to approximately $201 million and $196 million as of September 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 September 30, 2024, the Company reported $1.772 billion of trade receivables, net of allowances of $26 million. Based on the aging analysis as of September 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 nine months ended September 30, 2024 and 2023.


	Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023
Balance at January 1	$	52	$	53
Bad debt expense (reversals)	(8)		9
Write-offs	(17)		(6)

Foreign exchange (gains) losses	(1)		(1)
Balance at September 30	$	26	$	55

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)	September 30, 2024		December 31, 2023
Raw materials	$	727	$	779
Work in process	384		406
Finished goods	1,089		1,292
Total	$	2,200	$	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 fourth quarter 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 range from 0 to 180 days, which the Company believes is consistent with commercial practice. 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 September 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 expects that the adoption of the standard will impact certain segment reporting disclosures in the Notes to the Consolidated Financial Statements, but will otherwise not have a material impact on the Company's results of operations.

Debt - Components of Debt (Detail) € in Millions, $ in Millions		9 Months Ended
	Jul. 28, 2021	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Commercial paper		$ 0		$ 0
Total debt		9,099		10,071
Less: Short term borrowings		(468)		(885)
Total Long-term debt		$ 8,631		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		$ 547	€ 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		$ 892		879
2027 Notes \| Loans payable
Debt Instrument [Line Items]
Effective Interest Rate		1.56%
Senior notes, noncurrent		$ 1,210		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		$ 494		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		5.21%
Senior notes, noncurrent		$ 468		625
Repayments of debt		47
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

Employee Benefits - Postretirement Benefits Other Than Pension Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit (income) cost	$ (1)	$ (6)	$ (4)	$ (16)
Defined Contribution and Other Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	1	0	2	2
Net amortization and deferrals	(1)	(1)	(2)	(4)
Net periodic benefit (income) cost	$ 0	$ (1)	$ 0	$ (2)

Leases - Lease expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease expenses (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 31	$ 32	$ 95	$ 105
Variable lease cost	14	10	42	42
Total operating lease cost	45	42	137	147
Finance lease cost	$ 3	$ 3	$ 9	$ 7

Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 9,349		$ 9,349		$ 10,635
Impairment of goodwill	0	$ 0	64	$ 0
Amortization of acquisition-related intangibles	146	$ 170	467	$ 513
Health & Biosciences
Goodwill [Line Items]
Goodwill	4,411		4,411		4,391
Goodwill, accumulated impairment loss	2,250		2,250		2,250
Goodwill, 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.

+ References

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-Publisher FASB
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- 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/exampleRef
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+ Details

Commitments and Contingencies - Additional Information (Detail) $ in Thousands, € in Millions			3 Months Ended
	Mar. 11, 2020 USD ($)	Oct. 29, 2019 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Sep. 30, 2024 USD ($)	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					64,000
Available lines of credit					1,883,000
Commercial paper					0	$ 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					219,000
Unfavorable Regulatory Action
Commitments And Contingencies [Line Items]
Loss contingency accrual, provision			$ 17,500	€ 15.9
Revolving Credit Facility \| Citibank, N.A.
Commitments And Contingencies [Line Items]
Line of credit, current borrowing capacity					$ 1,347,000
Chief Executive Officer
Commitments And Contingencies [Line Items]
Deferred compensation expense	$ 20,000	$ 20,000

Financial Instruments - Derivative Instruments Designated Net Investment Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative and Non-Derivative (Effective Portion)	$ (65)	$ 62	$ (12)	$ 0
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	1	0	1	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)	(38)	22	(2)	(11)
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	2	0
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	1	0	1	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	15	3	4
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)	(28)	25	(8)	7
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	$ 0	$ 0	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 59	$ 25	$ 289	$ 43

- 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
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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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 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Debt - Narrative (Details) € in Millions, $ in Millions	9 Months Ended
Debt - Narrative (Details) € in Millions, $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of commercial paper (maturities after three months)	$ 3,653		$ 4,283
Repayments of commercial paper	3,653		4,470
2024 Term Loan Facility \| Loans payable
Debt Instrument [Line Items]
Repayments of debt	270
Repayments of debt, additional voluntary payment			55
2024 Euro Notes \| Loans payable
Debt Instrument [Line Items]
Repayments of debt	547	€ 500
2026 Term Loan Facility \| Loans payable
Debt Instrument [Line Items]
Repayments of debt	47
Repayments of debt, additional voluntary payment	110
2023 Notes \| Loans payable
Debt Instrument [Line Items]
Repayments of debt			300
Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Proceeds from lines of credit			400
Revolving Credit Facility \| Citibank, N.A.
Debt Instrument [Line Items]
Proceeds from lines of credit	250		800
Repayments of lines of credit	$ 250		$ 900

Financial Instruments - Carrying Amount and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 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	$ 0	$ 0
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	567	703
Credit facilities and bank overdrafts	2	3
Derivative Asset	57	41
Derivative Liability	167	165
Commercial paper	0	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	892	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	494	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	1,210	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	468	625
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	567	703
Credit facilities and bank overdrafts	2	3
Derivative Asset	57	41
Derivative Liability	167	165
Commercial paper	0	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	966	924
Estimate of Fair Value Measurement \| 2026 Euro Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	873	835
Estimate of Fair Value Measurement \| 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	402	389
Estimate of Fair Value Measurement \| 2048 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	736	678
Estimate of Fair Value Measurement \| 2047 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	421	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	1,112	1,049
Estimate of Fair Value Measurement \| 2030 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	1,316	1,240
Estimate of Fair Value Measurement \| 2040 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	575	536
Estimate of Fair Value Measurement \| 2050 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	1,066	1,029
Estimate of Fair Value Measurement \| 2026 Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, noncurrent	$ 468	$ 625

Other Current Assets and Liabilities, and Other Assets

9 Months Ended

Sep. 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)	September 30, 2024		December 31, 2023
Value-added tax receivable	$	163	$	187
Prepaid income taxes	126		178
Packaging materials and supplies	135		161
Prepaid expenses	229		184

Other	117		165
Total	$	770	$	875

Other assets consisted of the following amounts:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Deferred income taxes	$	401	$	278
Overfunded pension plans	129		139
Cash surrender value of life insurance contracts	52		49
Finance lease right-of-use assets	28		26
Equity method investments	10		11

Other(1)	348		261
Total	$	968	$	764

_______________________

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

Other current liabilities consisted of the following amounts:


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Rebates and incentives payable	$	123	$	105
Value-added tax payable	56		77
Interest payable	70		65
Current pension and other postretirement benefit obligation	13		13

Earn outs payable(1)	—		32
Accrued restructuring	2		14
Current operating lease obligation	88		85




Accrued income taxes	67		194

Accrued expenses payable(1)	251		295
Other	81		97
Total	$	751	$	977

_______________________

(1)During the nine months ended September 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”.

Net Income Per Share (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	2024		2023		2024		2023
Net Income
Net income attributable to IFF shareholders	$	59	$	25	$	289	$	43
Adjustment related to (increase) in redemption value of redeemable non-controlling interests in excess of earnings allocated	—		—		—		(1)
Net income available to IFF shareholders	$	59	$	25	$	289	$	42
Shares
Weighted average common shares outstanding (basic)	256		255		255		255
Adjustment for assumed dilution:
Stock options and restricted stock awards	1		1		1		—

Weighted average shares assuming dilution (diluted)	257		256		256		255

Net Income per Share
Net income per share - basic and diluted	$	0.23	$	0.10	$	1.13	$	0.16

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 293	$ 46
Adjustments to reconcile to net cash provided by operating activities
Depreciation and amortization	772	855
Deferred income taxes	(128)	(59)
Loss on assets classified as held for sale	314	0
Gains on sale of assets	(11)	(1)
(Gains) Losses on business disposals	(348)	29
Stock-based compensation	59	50
Pension contributions	(17)	(25)
Inventory write-down	0	62
Changes in assets and liabilities:
Trade receivables	(276)	(78)
Inventories	(3)	489
Accounts payable	(34)	(240)
Accruals for incentive compensation	119	(40)
Other current payables and accrued expenses	65	(216)
Other assets/liabilities, net	(167)	(77)
Net cash provided by operating activities	702	795
Cash flows from investing activities:
Additions to property, plant and equipment	(303)	(390)
Additions to intangible assets	5	0
Proceeds from sale of assets	18	22
Net proceeds received from business disposals	876	1,006
Net cash provided by investing activities	586	638
Cash flows from financing activities:
Cash dividends paid to shareholders	(411)	(619)
Decrease in revolving credit facility and short-term borrowings	0	(100)
Net borrowings of commercial paper (maturities less than three months)	0	(187)
Principal payments of debt	(974)	(355)
Deferred and contingent consideration paid	(36)	(6)
Withholding tax paid on stock-based compensation	(15)	(12)
Proceeds from (Payments for) Other Financing Activities	(8)	(14)
Net cash used in financing activities	(1,444)	(1,293)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(10)	(30)
Net change in cash, cash equivalents and restricted cash	(166)	110
Cash, cash equivalents and restricted cash at beginning of year	735	552
Cash, cash equivalents and restricted cash at end of period	569	662
Cash, cash equivalents and restricted cash at beginning of year	709
Cash, cash equivalents and restricted cash at end of period	567
Supplemental Disclosures:
Interest paid, net of amounts capitalized	216	261
Income taxes paid, net	248	450
Accrued capital expenditures	$ 74	$ 67

Business Divestitures

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

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 business disposals 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 disposals 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 nine months ended September 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 the Flavors and Essences UK Business

During the third quarter of 2024, the Company completed the divestiture of its Flavors and Essences UK (“F&E”) business, which was a part of the Nourish segment. The Company completed the divestiture on September 1, 2024, and received net cash proceeds of approximately $28 million. The carrying amount of net assets associated with the business unit, adjusted for currency translation adjustment, was approximately $48 million. The majority of net assets sold included intangible assets and goodwill attributable to the F&E business. As part of the business divestiture, the Company recognized a pre-tax loss of approximately $20 million presented in (Gains) losses on business disposals and a tax benefit of approximately $1 million presented in Provision for income taxes on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and nine months ended September 30, 2024.

Divestiture of the Flavors Specialty Ingredients Business

The Company completed the divestiture of the Flavors Specialty Ingredients business on August 1, 2023, and received net cash proceeds of approximately $185 million, which included $1 million related to the delayed transfer of the control of specific assets and liabilities of non-U.S. jurisdiction business. In addition, approximately $15 million of proceeds were held in escrow and were released upon satisfaction of certain conditions during the fourth quarter of 2023. Concurrent with the completion of the business divestiture, the Company entered into a supply agreement with the buyer. Based on the terms of the supply agreement, an adjustment of $4 million was made against the fair value of sale consideration.

As a result of the business 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 nine months ended September 30, 2023. There was a net working capital adjustment of $(3) million for the nine months ended September 30, 2024, resulting in a cumulative pre-tax loss of approximately $7 million.

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 nine months ended September 30, 2023. There was a net working capital adjustment of $7 million for the three months ended December 31, 2023, resulting in a cumulative pre-tax loss of approximately $3 million.

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 nine months ended September 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, at September 30, 2024, such assets and liabilities were classified as held for sale on the Consolidated Balance Sheets.

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 which is presented in Impairment of goodwill on the Consolidated Statements of Income and Comprehensive Income (Loss) for the nine months ended September 30, 2024.

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.

At September 30, 2024, the Company engaged an independent third-party to determine an updated fair value of the Pharma Solutions disposal group. The Company determined that the fair value of $2,708 million (fair value of $2,740 million less estimated costs to sell of $32 million) of the Pharma Solutions disposal group was less than the carrying value. As such, the Company recorded a loss in the third quarter of 2024 of $22 million to adjust the carrying value of the disposal group to its fair value less cost to sell, bringing the total year-to-date loss to $304 million. This is presented in Loss on assets classified as held for sale on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and nine months ended September 30, 2024. 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.

For the nine months ended September 30, 2024, the Company recognized total income tax benefits of $62 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).

Nitrocellulose

During October of 2024, the Company entered into an agreement to sell its nitrocellulose business (including the related industrial park in Germany), which is within the Company's existing Pharma Solutions reportable operating segment. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2025.

The Company determined that the assets and liabilities of the nitrocellulose business met the criteria to be presented as “held for sale” during the third quarter of 2024. As a result, as of September 30, 2024, such assets and liabilities were classified as held for sale on the Consolidated Balance Sheets. The Company determined that, as of September 30, 2024, the fair value less estimated costs to sell of the nitrocellulose business exceeded the underlying carrying value.

Portion of the Savory Solutions Business in Turkey

During the third quarter of 2024, the Company entered into an agreement to sell assets of the Savory Solutions business in Turkey. The transaction is expected to close in the first quarter of 2025. The Company has determined that the assets meet the criteria to be held for sale as of September 30, 2024. The Company recorded a loss of $10 million in the third quarter of 2024 to adjust the carrying value of the assets to its fair value based on the agreed sales price. This is presented in Loss on assets classified as held for sale on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and nine months ended September 30, 2024. The Company recognized total income tax benefits of $1 million related to loss on assets classified as held for sale for the portion of the Savory Solutions business in Turkey.

Carrying Amount of Assets and Liabilities Held for Sale

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 September 30, 2024.

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


(DOLLARS IN MILLIONS)	September 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	2	$	26
Trade receivables, net	195		15
Inventories	286		18
Property, plant and equipment, net	438		7
Goodwill(1)	1,264		276
Other intangible assets, net	1,119		146
Operating lease right-of-use assets	15		9
Other assets	109		9
Less: Loss recognized on assets held-for-sale(2)	(314)		—
Total assets held-for-sale	$	3,114	$	506
Liabilities
Accounts payable	$	83	$	4
Deferred tax liability	63		24
Other liabilities	158		18
Total liabilities held-for-sale	$	304	$	46

_______________________

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

(2)Includes the impact of $51 million, primarily related to losses on foreign currency translation, expected to be reclassified out of accumulated other comprehensive loss upon close of the sales.

Property, Plant, and Equipment, Net

9 Months Ended

Sep. 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)	September 30, 2024		December 31, 2023
Asset Type
Land	$	142	$	195
Buildings and improvements	1,747		1,822
Machinery and equipment	3,527		3,752
Information technology	527		473
Construction in process	323		400
Total Property, plant and equipment	6,266		6,642
Accumulated depreciation	(2,494)		(2,402)
Total Property, plant and equipment, net	$	3,772	$	4,240

Depreciation expense was $102 million and $122 million for the three months ended September 30, 2024 and 2023, respectively, and $305 million and $342 million for the nine months ended September 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 September 30, 2024 and 2023, and approximately $10 million and $13 million for the nine months ended September 30, 2024 and 2023.

Restructuring and Other Charges

9 Months Ended

Sep. 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 three and nine months ended September 30, 2024, the Company had no charges related to severance. For the nine months ended September 30, 2024, the Company had approximately $2 million of charges related to a lease impairment. For the three and nine months ended September 30, 2023, the Company had approximately $3 million and $2 million of charges, respectively. 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 three and nine months ended September 30, 2024, the Company incurred approximately $1 million and $4 million of charges related to severance, respectively. For the three and nine months ended September 30, 2023, the Company incurred approximately $1 million of reversals and $63 million of charges related to severance, respectively. Since the inception of the restructuring program, the Company has expensed approximately $74 million and there have been a total of approximately 670 actual headcount reductions.

Changes in Restructuring Liabilities

Changes in restructuring liabilities during the nine months ended September 30, 2024 were as follows:


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
















N&B Merger Restructuring Liability


Other	$	—	$	2	$	(2)	$	—	$	—
2023 Restructuring Program
Severance	14		4		—		(16)		2
Total Restructuring and other charges	$	14	$	6	$	(2)	$	(16)	$	2

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 September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2024		2023		2024		2023
Nourish	$	—	$	1	$	3	$	33
Health & Biosciences	—		1		1		12
Scent	—		—		1		14
Pharma Solutions	1		—		1		2

Total Restructuring and other charges	$	1	$	2	$	6	$	61