International Flavors & Fragrances Inc. Files 2023 Annual Report
Ticker: IFF · Form: 10-K · Filed: Feb 28, 2024 · CIK: 51253
Sentiment: neutral
Topics: IFF, 10-K, Annual Report, Financials, SEC Filing
TL;DR
<b>International Flavors & Fragrances Inc. has submitted its 2023 10-K filing, detailing financial performance and position.</b>
AI Summary
INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) filed a Annual Report (10-K) with the SEC on February 28, 2024. International Flavors & Fragrances Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal executive offices are located at 521 W 57th St, New York, NY 10019. The filing includes financial data for the fiscal years 2023, 2022, 2021, and 2020. Key financial statement elements such as Common Stock, Additional Paid-In Capital, Retained Earnings, Accumulated Other Comprehensive Income, Treasury Stock, and Noncontrolling Interest are detailed for these periods. Specific debt instruments mentioned include A 1.750% Senior Notes Due 2024 and A 1.800% Senior Notes Due 2026.
Why It Matters
For investors and stakeholders tracking INTERNATIONAL FLAVORS & FRAGRANCES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of IFF's financial health and operational results for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including balance sheet components and debt instruments, allows stakeholders to analyze the company's financial structure, liquidity, and solvency.
Risk Assessment
Risk Level: medium — INTERNATIONAL FLAVORS & FRAGRANCES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative trends without further analysis of the specific figures and management discussion.
Analyst Insight
Review the detailed financial statements and management's discussion and analysis within the 10-K to identify key performance drivers, risks, and strategic initiatives for fiscal year 2023.
Key Numbers
- 2023-12-31 — Fiscal Year End (Conformed period of report)
- 2024-02-28 — Filing Date (Filed as of date)
- 2023 — Fiscal Year (Reporting period)
- 2022 — Fiscal Year (Comparative period)
- 2021 — Fiscal Year (Comparative period)
- 2020 — Fiscal Year (Comparative period)
Key Players & Entities
- INTERNATIONAL FLAVORS & FRAGRANCES INC (company) — Filer name
- IFF (company) — Ticker symbol
- 2023-12-31 (date) — Conformed period of report
- 2024-02-28 (date) — Filed as of date
- 521 W 57TH ST (address) — Business street address
- NEW YORK (location) — Business city
- NY (location) — Business state
- 10019 (postal_code) — Business zip code
FAQ
When did INTERNATIONAL FLAVORS & FRAGRANCES INC file this 10-K?
INTERNATIONAL FLAVORS & FRAGRANCES INC filed this Annual Report (10-K) with the SEC on February 28, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF).
Where can I read the original 10-K filing from INTERNATIONAL FLAVORS & FRAGRANCES INC?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by INTERNATIONAL FLAVORS & FRAGRANCES INC.
What are the key takeaways from INTERNATIONAL FLAVORS & FRAGRANCES INC's 10-K?
INTERNATIONAL FLAVORS & FRAGRANCES INC filed this 10-K on February 28, 2024. Key takeaways: International Flavors & Fragrances Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The company's principal executive offices are located at 521 W 57th St, New York, NY 10019.. The filing includes financial data for the fiscal years 2023, 2022, 2021, and 2020..
Is INTERNATIONAL FLAVORS & FRAGRANCES INC a risky investment based on this filing?
Based on this 10-K, INTERNATIONAL FLAVORS & FRAGRANCES INC presents a moderate-risk profile. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative trends without further analysis of the specific figures and management discussion.
What should investors do after reading INTERNATIONAL FLAVORS & FRAGRANCES INC's 10-K?
Review the detailed financial statements and management's discussion and analysis within the 10-K to identify key performance drivers, risks, and strategic initiatives for fiscal year 2023. The overall sentiment from this filing is neutral.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
- 2024-02-28: Filing Date — Date the 10-K report was officially filed with the SEC.
Filing Stats: 4,311 words · 17 min read · ~14 pages · Grade level 16.1 · Accepted 2024-02-28 08:35:45
Key Financial Figures
- $11.479 billion — ries. Sales in 2023 were approximately $11.479 billion. Based on 2023 sales, approximately 46%
Filing Documents
- iff-20231231.htm (10-K) — 3681KB
- iff10-k2023exhibit21.htm (EX-21) — 205KB
- iff10-k2023exhibit23.htm (EX-23) — 3KB
- iff10-k2023exhibit311.htm (EX-31.1) — 10KB
- iff10-k2023exhibit312.htm (EX-31.2) — 10KB
- iff10-k2023exhibit32.htm (EX-32) — 6KB
- iff10-k2023exhibit97.htm (EX-97) — 24KB
- iff-20231231_g1.jpg (GRAPHIC) — 126KB
- iff10-k2023exhibit97001.jpg (GRAPHIC) — 1139KB
- iff10-k2023exhibit97002.jpg (GRAPHIC) — 819KB
- 0000051253-24-000006.txt ( ) — 27091KB
- iff-20231231.xsd (EX-101.SCH) — 162KB
- iff-20231231_cal.xml (EX-101.CAL) — 197KB
- iff-20231231_def.xml (EX-101.DEF) — 1154KB
- iff-20231231_lab.xml (EX-101.LAB) — 1956KB
- iff-20231231_pre.xml (EX-101.PRE) — 1544KB
- iff-20231231_htm.xml (XML) — 4349KB
Risk Factors
ITEM 1A. Risk Factors 12
Unresolved Staff Comments
ITEM 1B. Unresolved Staff Comments 30
Cybersecurity
ITEM 1C. Cybersecurity 30
Properties
ITEM 2. Properties 32
Legal Proceedings
ITEM 3. Legal Proceedings 32
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 32 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32
[Reserved]
ITEM 6. [Reserved] 33
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33
Quantitative and Qualitative Disclosures About Market Risk
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 48
Financial Statements and Supplementary Data
ITEM 8. Financial Statements and Supplementary Data 48
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 48
Controls and Procedures
ITEM 9A. Controls and Procedures 49
Other Information
ITEM 9B. Other Information 49
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 49 PART III
Directors, Executive Officers and Corporate Governance
ITEM 10. Directors, Executive Officers and Corporate Governance 49
Executive Compensation
ITEM 11. Executive Compensation 50
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 50
Certain Relationships and Related Transactions and Director Independence
ITEM 13. Certain Relationships and Related Transactions and Director Independence 50
Principal Accountant Fees and Services
ITEM 14. Principal Accountant Fees and Services 50 PART IV
Exhibits and Financial Statement Schedules
ITEM 15. Exhibits and Financial Statement Schedules 50
Form 10-K Summary
ITEM 16. Form 10-K Summary 116
SIGNATURES
SIGNATURES 117 2 Table of Contents PART I In this report, we use the terms "IFF," "the Company," "we," "us" and "our" to refer to International Flavors & Fragrances Inc. and its subsidiaries.
BUSINESS
ITEM 1. BUSINESS. We are a leading creator and manufacturer of food, beverage, health & biosciences, scent and pharma solutions and complementary adjacent products, including cosmetic active and natural health ingredients, which are used in a wide variety of consumer products. Our products are sold principally to manufacturers of dairy, meat, beverages, snacks, savory, sweet, baked goods and other foods, personal care products, soaps and detergents, cleaning products, perfumes and cosmetics, dietary supplements, food protection, infant and elderly nutrition, functional food, pharmaceutical and oral care products. As a result, we hold global leadership positions in the Food & Beverage, Home & Personal Care and Health & Wellness markets, and across key Tastes, Textures, Scents, Nutrition, Enzymes, Cultures, Soy Proteins, Pharmaceutical Excipients and Probiotics categories. Sales in 2023 were approximately $11.479 billion. Based on 2023 sales, approximately 46% of sales were to global consumer products companies and approximately 54% of sales were to small and mid-sized companies. During 2023, our 25 largest customers accounted for approximately 32% of sales. In 2023, no customer accounted for more than 10% of sales. Our business is geographically diverse, with sales in the U.S. representing approximately 28% of sales in 2023. No other country represented more than 7% of sales. Our Product Offerings Our business currently consists of four segments: Nourish, Health & Biosciences, Scent and Pharma Solutions. Nourish As a leading creator of ingredients and solutions, we help our customers deliver on the promise of healthy and delicious foods and drinks that appeal to consumers. We create products in our regional creative centers which allows us to satisfy local customer preferences, while also helping to ensure regulatory compliance and production standards. We develop thousands of different Nourish offerings, most of which are tailor-made, and we continually devel