XML 62 R47.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Reportable Segment Information | Reportable segment information is as follows:
| December 31,
(DOLLARS IN MILLIONS) | 2023 |  | 2022 |  | 2021
Net sales |  |  |  |  |
Nourish | $ | 6,060 |  |  | $ | 6,829 |  |  | $ | 6,264 |
Health & Biosciences | 2,081 |  |  | 2,339 |  |  | 2,329 |
Scent | 2,393 |  |  | 2,301 |  |  | 2,254 |
Pharma Solutions | 945 |  |  | 971 |  |  | 809 |
Consolidated | $ | 11,479 |  |  | $ | 12,440 |  |  | $ | 11,656 |
| December 31,
(DOLLARS IN MILLIONS) | 2023 |  | 2022
Segment assets |  |  |
Nourish | $ | 12,893 |  |  | $ | 17,062 |
Health & Biosciences | 10,666 |  |  | 10,924 |
Scent | 4,274 |  |  | 4,309 |
Pharma Solutions | 3,145 |  |  | 3,227 |
Consolidated | $ | 30,978 |  |  | $ | 35,522 |
| December 31,
(DOLLARS IN MILLIONS) | 2023 |  | 2022 |  | 2021
Segment Adjusted Operating EBITDA: |  |  |  |  |
Nourish | $ | 732 |  |  | $ | 1,176 |  |  | $ | 1,172 |
Health & Biosciences | 588 |  |  | 634 |  |  | 625 |
Scent | 461 |  |  | 423 |  |  | 463 |
Pharma Solutions | 199 |  |  | 222 |  |  | 165 |
Total | 1,980 |  |  | 2,455 |  |  | 2,425 |
Depreciation & Amortization | (1,142) |  |  | (1,179) |  |  | (1,156) |
Interest Expense | (380) |  |  | (336) |  |  | (289) |
Other (Expense) Income, net | (28) |  |  | 37 |  |  | 58 |
Restructuring and Other Charges (a) | (68) |  |  | (12) |  |  | (41) |
Impairment of Goodwill (b) | (2,623) |  |  | (2,250) |  |  | — |
Impairment of Long-Lived Assets (c) | — |  |  | (120) |  |  | — |
Acquisition, Divestiture and Integration Related Costs (d) | (174) |  |  | (201) |  |  | (240) |
Strategic Initiatives Costs (e) | (31) |  |  | (8) |  |  | — |
Regulatory Costs (f) | (50) |  |  | — |  |  | — |
N&B Inventory Step-Up Costs (g) | — |  |  | — |  |  | (368) |
Other (h) | (2) |  |  | (11) |  |  | (35) |
(Loss) Income Before Taxes | $ | (2,518) |  |  | $ | (1,625) |  |  | $ | 354 |
_______________________
(a) | Represents costs primarily related to severance as part of the Company's restructuring efforts.
(b) | For 2023, represents costs related to the impairment of goodwill in the Nourish reporting unit. For 2022, represents costs related to the impairment of goodwill in the Health & Biosciences reporting unit.
(c) | Represents costs related to the impairment of intangible and fixed assets of an asset group that operated primarily in Russia.
(d) | For 2023, 2022 and 2021, primarily represents costs related to the Company's actual and planned acquisitions and divestitures and integration related activities primarily for N&B. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts. For 2023, acquisition costs primarily relate to earn-out adjustments. For 2022, acquisition costs primarily relate to consulting fees, legal fees and earn-out adjustments. For 2021, acquisition costs primarily relate to legal and professional fees for the transaction with N&B. Tax expenses for business divestiture costs included establishments of deferred tax liabilities related to planned sales of businesses. For 2023, business divestiture, integration and acquisition related costs were approximately $108 million, $59 million and $7 million, respectively. For 2022, business divestiture, integration and acquisition related costs were approximately $110 million, $94 million and a credit of $3 million, respectively. For 2021, business divestiture, integration and acquisition related costs were approximately $42 million, $105 million and $93 million, respectively.
(e) | Represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Shared Services Centers, primarily consulting fees.
(f) | Represents costs primarily related to legal fees incurred for the ongoing investigations of the fragrance businesses.
(g) | Represents costs related to fair value step-up of inventory for the acquired inventory through the Merger with N&B.
(h) | For 2023, represents gains from sale of assets and costs related to severance, including accelerated stock compensation expense, for a certain executive who will separate from the Company in 2024. For 2022 and 2021, represents gains from sale of assets, costs related to severance, including accelerated stock compensation expense, for certain employees and executives who have been separated from the Company in 2022 and 2021, respectively, and shareholder activist related costs, primarily professional fees.
Segment capital expenditures and depreciation and amortization consisted as follows:
| Capital Expenditures |  | Depreciation and Amortization
(DOLLARS IN MILLIONS) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Nourish | $ | 252 |  |  | $ | 215 |  |  | $ | 183 |  |  | $ | 553 |  |  | $ | 596 |  |  | $ | 594 |
Health & Biosciences | 85 |  |  | 160 |  |  | 139 |  |  | 374 |  |  | 363 |  |  | 353 |
Scent | 62 |  |  | 56 |  |  | 41 |  |  | 78 |  |  | 81 |  |  | 84 |
Pharma Solutions | 104 |  |  | 73 |  |  | 30 |  |  | 137 |  |  | 139 |  |  | 125 |
Consolidated | $ | 503 |  |  | $ | 504 |  |  | $ | 393 |  |  | $ | 1,142 |  |  | $ | 1,179 |  |  | $ | 1,156 |
Long-lived Assets by Geographic Areas | Long-lived assets, net, by country, consisted as follows:
| December 31, |
(DOLLARS IN MILLIONS) | 2023 |  | 2022 |
United States | $ | 1,742 |  |  | $ | 1,771 |  |
China | 228 |  |  | 258 |  |
Denmark | 262 |  |  | 250 |  |
Finland | 214 |  |  | 212 |  |
France | 199 |  |  | 187 |  |
Germany | 171 |  |  | 181 |  |
Other | 1,424 |  |  | 1,344 |  |
Consolidated | $ | 4,240 |  |  | $ | 4,203 |  |
Net Sales by Geographic Area | Net sales are attributed to individual regions based upon the destination of product delivery and are as follows:
| Net Sales by Geographic Area
(DOLLARS IN MILLIONS) | 2023 |  | 2022 |  | 2021
Europe, Africa and Middle East | $ | 3,834 |  |  | $ | 4,219 |  |  | $ | 4,093 |
Greater Asia | 2,677 |  |  | 2,876 |  |  | 2,728 |
North America | 3,477 |  |  | 3,853 |  |  | 3,499 |
Latin America | 1,491 |  |  | 1,492 |  |  | 1,336 |
Consolidated | $ | 11,479 |  |  | $ | 12,440 |  |  | $ | 11,656 |
| Net Sales by Geographic Area
(DOLLARS IN MILLIONS) | 2023 |  | 2022 |  | 2021
Net sales related to the U.S. | $ | 3,185 |  |  | $ | 3,611 |  |  | $ | 3,211 |
Net sales attributed to all foreign countries | 8,294 |  |  | 8,829 |  |  | 8,445 |

X
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph b -SubTopic 10 -Topic 280 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph a -SubTopic 10 -Topic 280 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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