IFF Reports Q3 2024 Financials

TL;DR

IFF's Q3 2024 10-Q is in, check the financials for performance updates.

AI Summary

International Flavors & Fragrances Inc. (IFF) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Specific financial figures and segment performance are outlined within the report.

Why It Matters

This filing provides investors with a detailed look at IFF's financial health and operational performance for the most recent quarter, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but the complexity of financial instruments and segment reporting can introduce moderate risk.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-01-01 — Reporting Period Start Date (Indicates the beginning of the fiscal quarter for which financial data is reported.)
• 2023-09-30 — Prior Year Q3 End Date (Provides a comparative point for the current year's third quarter performance.)
• 2023-01-01 — Prior Year Nine Month Start Date (Provides a comparative point for the current year's year-to-date performance.)
• 2023-12-31 — Prior Year Fiscal Year End (Reference point for year-end financial status.)

Key Players & Entities

• INTERNATIONAL FLAVORS & FRAGRANCES INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241105 (date) — Filing Date
• 521 W 57TH ST (address) — Business Address
• NEW YORK (location) — Business City
• NY (location) — Business State
• 10019 (zip_code) — Business Zip
• 2127655500 (phone_number) — Business Phone
• VANAMERIGEN HAEBLER INC (company) — Former Company Name
• 19680426 (date) — Date of Name Change

FAQ

Filing Documents

• iff-20240930.htm (10-Q) — 1898KB
• iff093024exhibit311.htm (EX-31.1) — 10KB
• iff093024exhibit312.htm (EX-31.2) — 10KB
• iff093024exhibit32.htm (EX-32) — 7KB
• 0000051253-24-000042.txt ( ) — 11728KB
• iff-20240930.xsd (EX-101.SCH) — 68KB
• iff-20240930_cal.xml (EX-101.CAL) — 96KB
• iff-20240930_def.xml (EX-101.DEF) — 468KB
• iff-20240930_lab.xml (EX-101.LAB) — 861KB
• iff-20240930_pre.xml (EX-101.PRE) — 695KB
• iff-20240930_htm.xml (XML) — 2129KB

- Financial Information

PART I - Financial Information

Financial Statements

ITEM 1. Financial Statements Consolidated Statements of Income and Comprehensive Income (Loss) - Three and Nine Months Ended September 30, 2024 and 2023 1 Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 2 Consolidated Statements of Shareholders' Equity - Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2024 and 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 30

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 45

Controls and Procedures

ITEM 4. Controls and Procedures 45

- Other Information

PART II - Other Information

Legal Proceedings

ITEM 1. Legal Proceedings 46

Risk Factors

ITEM 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Other Information

ITEM 5. Other Information 46

Exhibits

ITEM 6. Exhibits 46

Signatures

Signatures 47 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 Nine Months Ended September 30, September 30, (AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS) 2024 2023 2024 2023 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 — — 64 — 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 Loss on assets classified as held for sale 32 — 314 — 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 and diluted $ 0.23 $ 0.10 $ 1.13 $ 0.16 Average number of shares outstanding - basic 256 255 255 255 Average number of shares outstanding - diluted 257 256 256 255 Net income $ 60 $ 27 $ 293 $ 46 Other comprehensive income (loss), after tax: Foreign currency translation adjustments 555 ( 476 ) 134 ( 132 ) Gains (losses) on derivatives qualifying as hedges 1 — ( 5 ) — Pension and postretirement liability adjustment ( 1 ) ( 3 ) 7 ( 6 ) 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 ) See Notes to Consolidated Fina

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

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