XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.19.2

Net Income Per Share | 6 Months Ended
--- | ---
Jun. 30, 2019
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 June 30, |  | Six Months Ended June 30,
(SHARES IN THOUSANDS) | 2019 |  | 2018 |  | 2019 |  | 2018
Net Income |  |  |  |  |  |  |
Net income attributable to IFF stockholders | $ | 136,377 |  |  | $ | 99,149 |  |  | $ | 245,206 |  |  | $ | 228,564 |
Less: Increase in redemption value of redeemable noncontrolling interests in excess of earnings allocated | (513 | ) |  | — |  |  | (143 | ) |  | — |
Net income available to IFF stockholders | $ | 135,864 |  |  | $ | 99,149 |  |  | $ | 245,063 |  |  | $ | 228,564 |
Shares |  |  |  |  |  |  |
Weighted average common shares outstanding (basic)(1) | 111,996 |  |  | 79,065 |  |  | 111,930 |  |  | 79,041 |
Adjustment for assumed dilution(2): |  |  |  |  |  |  |
Stock options and restricted stock awards | 424 |  |  | 238 |  |  | 393 |  |  | 306 |
SPC portion of TEUs | 452 |  |  | — |  |  | 808 |  |  | — |
Weighted average shares assuming dilution (diluted) | 112,872 |  |  | 79,303 |  |  | 113,131 |  |  | 79,347 |
Net Income per Share |  |  |  |  |  |  |
Net income per share - basic | $ | 1.21 |  |  | $ | 1.25 |  |  | $ | 2.19 |  |  | $ | 2.89 |
Net income per share - diluted | 1.20 |  |  | 1.25 |  |  | 2.16 |  |  | 2.87 |
_______________________
(1) | For the three and six months ended June 30, 2019, the tangible equity units (“TEUs”) were assumed to be outstanding at the minimum settlement amount for weighted-average shares for basic earnings per share. See below for details.
(2) | Effect of dilutive securities includes dilution under stock plans and incremental impact of TEUs. See below for details.
The Company declared a quarterly dividend to its shareholders of $0.73 and $0.69 for the three months ended June 30, 2019 and 2018, respectively. For the six months ended June 30, 2019 and 2018, the Company declared quarterly dividends to its shareholders totaling $1.46 and $1.38, respectively. There were no stock options or stock-settled appreciation rights (“SSARs”) excluded from the computation of diluted net income per share for the three and six months ended June 30, 2019 and 2018. The Company issued 16,500,000 TEUs, consisting of a prepaid stock purchase contract ("SPC") and a senior amortizing note, for net proceeds of $800.2 million on September 17, 2018. For the periods outstanding, the SPC portion of the TEUs was assumed to be settled at the minimum settlement amount of 0.3134 shares per SPC for purposes of calculating weighted-average shares for the basic earnings per share calculation. For purposes of calculating diluted earnings per share, the SPCs were assumed to be settled at a conversion factor based on the 20 day volume-weighted average price (“VWAP”) per share of the Company’s common stock not to exceed 0.3408 shares per SPC. The Company has issued shares of purchased restricted common stock and purchased restricted common stock units (collectively “PRSUs”) which contain rights to nonforfeitable 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 and diluted net income per share for both unrestricted common shareholders and PRSU shareholders was less than $0.01 per share for each period presented, and the number of PRSUs outstanding as of June 30, 2019 and 2018 was immaterial. Net income allocated to such PRSUs was $0.2 million and $0.2 million for the three months ended June 30, 2019 and 2018, and $0.3 million and $0.5 million for the six months ended June 30, 2019 and 2018.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration