XML 34 R25.htm IDEA: XBRL DOCUMENT
v3.22.2

Subsequent Event (Notes) | 6 Months Ended
--- | ---
Jun. 30, 2022
Subsequent Events [Abstract] |
Subsequent Event | SUBSEQUENT EVENT Sale of Microbial Control The Company completed the divestiture of the Microbial Control business unit on July 1, 2022. Upon closing, the Company received net cash proceeds of approximately $1.277 billion, adjusted for the preliminary estimates of certain closing adjustments. Finalization of such closing adjustments may result in additional cash receipt or payment. Approximately $15 million of cash proceeds were held in escrow and will be released to the Company upon satisfaction of certain conditions. The Company also entered into transition services agreements with the buyer for the Company to provide certain general accounting, information technology and other services up to 19 months following the date of the sale for minimal consideration. In connection with the proceeds received from the divestiture, on July 6, 2022, the Company repaid the $350 million outstanding borrowings under the Amended Revolving Credit Facility. In addition, as of August 5, 2022, the Company repaid approximately $900 million under the Commercial Paper Program. Amendment to Existing Debt Agreements On August 4, 2022, IFF amended its existing Term Loan Credit Agreement and Revolving Credit Agreement, which delays certain step downs from the maximum permitted leverage ratio of 4.50 to 1.0, stepping down to 3.50 to 1.0 over time, with the first step-down now occurring at the end of the third quarter 2023 versus the end of the fourth quarter 2022 previously.

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

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration