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Net Income Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Net Income Per Share | NET INCOME (LOSS) PER SHARE A reconciliation of the shares used in the computation of basic and diluted net income (loss) per share is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS) | 2023 |  | 2022 |  | 2023 |  | 2022
Net Income (Loss) |  |  |  |  |  |  |
Net income (loss) attributable to IFF shareholders | $ | 25 |  |  | $ | (2,197) |  |  | $ | 43 |  |  | $ | (1,846) |
Adjustment related to (increase) decrease in redemption value of redeemable noncontrolling interests in excess of earnings allocated | — |  |  | 1 |  |  | (1) |  |  | 3 |
Net income (loss) available to IFF shareholders | $ | 25 |  |  | $ | (2,196) |  |  | $ | 42 |  |  | $ | (1,843) |
Shares |  |  |  |  |  |  |
Weighted average common shares outstanding (basic) | 255 |  |  | 255 |  |  | 255 |  |  | 255 |
Adjustment for assumed dilution: |  |  |  |  |  |  |
Stock options and restricted stock awards | 1 |  |  | — |  |  | — |  |  | — |
Weighted average shares assuming dilution (diluted) | 256 |  |  | 255 |  |  | 255 |  |  | 255 |
Net Income (Loss) per Share |  |  |  |  |  |  |
Net income (loss) per share - basic(1) | $ | 0.10 |  |  | $ | (8.60) |  |  | $ | 0.16 |  |  | $ | (7.22) |
Net income (loss) per share - diluted(1) | 0.10 |  |  | (8.60) |  |  | 0.16 |  |  | (7.22) |
_______________________ (1)For the three and nine months ended September 30, 2022, the basic and diluted net loss per share cannot be recalculated based on the information presented in the table above due to rounding. The Company declared a quarterly dividend to its shareholders of $0.81 per share for each of the three months ended September 30, 2023 and 2022. For the nine months ended September 30, 2023 and 2022, the Company declared quarterly dividends to its shareholders totaling $2.43 and $2.39, respectively. There were approximately 0.3 million and 0.4 million potentially dilutive securities excluded from the computation of diluted net loss per share for the three and nine months ended September 30, 2022, respectively, because there was a net loss attributable to IFF for these periods and, as such, the inclusion of these securities would have been anti-dilutive. For the three and nine months ended September 30, 2023, there were approximately 0.4 million share equivalents that had an anti-dilutive effect and therefore were excluded from the computation of diluted net income per share in these periods. For the three and nine months ended September 30, 2022, there were approximately 0.3 million share equivalents that had an anti-dilutive effect and therefore were excluded from the computation of diluted net loss per share in these periods. The Company has issued shares of Purchased Restricted Stock Units (“PRSUs”) which contain rights to non-forfeitable 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 net income per share for both unrestricted common shareholders and PRSU shareholders for the three and nine months ended September 30, 2023 was less than $0.01 per share. There was no difference between basic net loss per share for both unrestricted common shareholders and PRSU shareholders for the three and nine months ended September 30, 2022. The difference between diluted net income per share for both unrestricted common shareholders and PRSU shareholders for the three and nine months ended September 30, 2023 was less than $0.01 per share. There was no difference between diluted net loss per share for both unrestricted common shareholders and PRSU shareholders for the three and nine months ended September 30, 2022. In addition, the number of PRSUs outstanding as of September 30, 2023 and 2022 was not material. Net income (loss) allocated to such PRSUs was not material for the three and nine months ended September 30, 2023 and 2022.

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