IFF Q2 2024 10-Q Filing Released
Ticker: IFF · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 51253
Sentiment: neutral
Topics: 10-Q, financials, disclosure
TL;DR
IFF's Q2 10-Q is in: financials updated, check liabilities & equity.
AI Summary
International Flavors & Fragrances Inc. (IFF) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented, including information on liabilities and equity.
Why It Matters
This filing provides investors with a detailed look at IFF's financial health and operational performance during the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details and any disclosed risks can significantly impact a company's valuation.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
- 2024-01-01 — Reporting Period Start Date (Indicates the start of the fiscal quarter being reported.)
- 2023-06-30 — Prior Year Q2 End Date (Used for year-over-year comparison.)
- 2023-03-31 — Prior Year Q1 End Date (Used for sequential comparison or specific balance sheet items.)
Key Players & Entities
- INTERNATIONAL FLAVORS & FRAGRANCES INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240806 (date) — Filed as of Date
- 521 W 57TH ST (address) — Business Address
- NEW YORK (location) — Business City
- 10019 (postal_code) — Business Zip Code
- 2127655500 (phone_number) — Business Phone
- VANAMERIGEN HAEBLER INC (company) — Former Company Name
- 19680426 (date) — Date of Name Change
FAQ
What is the primary business of International Flavors & Fragrances Inc.?
International Flavors & Fragrances Inc. is involved in industrial organic chemicals, specifically within industrial applications and services.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
When was the company formerly known as Vanameringen Haebler Inc.?
The company changed its name from Vanameringen Haebler Inc. on April 26, 1968.
What is the fiscal year end for International Flavors & Fragrances Inc.?
The fiscal year end for International Flavors & Fragrances Inc. is December 31.
What is the SEC file number for this filing?
The SEC file number for this filing is 001-04858.
Filing Stats: 4,888 words · 20 min read · ~16 pages · Grade level 17.2 · Accepted 2024-08-06 17:06:22
Filing Documents
- iff-20240630.htm (10-Q) — 1883KB
- iff063024exhibit311.htm (EX-31.1) — 10KB
- iff063024exhibit312.htm (EX-31.2) — 10KB
- iff063024exhibit32.htm (EX-32) — 7KB
- 0000051253-24-000032.txt ( ) — 11816KB
- iff-20240630.xsd (EX-101.SCH) — 66KB
- iff-20240630_cal.xml (EX-101.CAL) — 96KB
- iff-20240630_def.xml (EX-101.DEF) — 512KB
- iff-20240630_lab.xml (EX-101.LAB) — 895KB
- iff-20240630_pre.xml (EX-101.PRE) — 732KB
- iff-20240630_htm.xml (XML) — 2110KB
- Financial Information
PART I - Financial Information
Financial Statements
ITEM 1. Financial Statements Consolidated Statements of Income and Comprehensive Income - Three and Six Months Ended June 30, 2024 and 2023 1 Consolidated Balance Sheets - June 30 , 2024 and December 31, 2023 2 Consolidated Statements of Shareholders' Equity - Three and Six Months Ended June 30, 2024 and 2023 3 Consolidated State ments of Cash Flows - Six Months Ended June 30, 2024 an d 2023 5
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 6
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29
Quantitative and Qualitative Disclosures about Market Risk
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 44
Controls and Procedures
ITEM 4. Controls and Procedures 44
- Other Information
PART II - Other Information
Legal Proceedings
ITEM 1. Legal Proceedings 45
Risk Factors
ITEM 1A. Risk Factors 45
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 45
Other Information
ITEM 5. Other Information 45
Exhibits
ITEM 6. Exhibits 45
Signatures
Signatures 46 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS. INTERNATIONAL FLAVORS & FRAGRANCES INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS) 2024 2023 2024 2023 Net sales $ 2,889 $ 2,929 $ 5,788 $ 5,956 Cost of goods sold 1,821 1,996 3,696 4,059 Gross profit 1,068 933 2,092 1,897 Research and development expenses 173 161 339 322 Selling and administrative expenses 493 445 983 899 Amortization of acquisition-related intangibles 153 172 321 343 Impairment of goodwill 64 — 64 — Restructuring and other charges 2 7 5 59 (Gains) losses on sale of assets ( 8 ) 3 ( 10 ) ( 2 ) Operating profit 191 145 390 276 Interest expense 79 101 162 201 (Gains) losses on business disposals ( 368 ) 5 ( 368 ) 19 Loss on assets classified as held for sale 282 — 282 — Other expense (income), net 15 ( 11 ) 16 ( 8 ) Income before income taxes 183 50 298 64 Provision for income taxes 11 23 65 45 Net income 172 27 233 19 Net income attributable to non-controlling interests 2 — 3 1 Net income attributable to IFF shareholders $ 170 $ 27 $ 230 $ 18 Net income per share - basic $ 0.67 $ 0.11 $ 0.90 $ 0.07 Net income per share - diluted $ 0.66 $ 0.11 $ 0.90 $ 0.07 Average number of shares outstanding - basic 255 255 255 255 Average number of shares outstanding - diluted 256 255 256 255 Net income $ 172 $ 27 $ 233 $ 19 Other comprehensive (loss) income, after tax: Foreign currency translation adjustments ( 128 ) 60 ( 421 ) 344 Gains (losses) on derivatives qualifying as hedges 1 — ( 6 ) — Pension and postretirement liability adjustment 3 ( 1 ) 8 ( 3 ) Other comprehensive (loss) income ( 124 ) 59 ( 419 ) 341 Comprehensive income (loss) 48 86 ( 186 ) 360 Comprehensive income attributable to non-controlling interests 2 — 3 1 Comprehensive income (loss) attributable to IFF shareholders $ 46 $ 86 $ ( 189 ) $ 359
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. 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