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Restructuring and Other Charges | 6 Months Ended
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Jun. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES Restructuring and other charges primarily consist of separation costs for employees including severance, outplacement and other employee benefit costs (“Severance”), charges related to the write-down of fixed assets of plants to be closed (“Fixed asset write-down”) and all other related restructuring (“Other”) costs. All restructuring and other charges are separately stated on the Consolidated Statements of Income and Comprehensive Income (Loss). N&B Merger Restructuring Liability For the six months ended June 30, 2024, the Company had approximately $2 million of charges related to a lease impairment. Since the inception of the restructuring activities, there have been a total of approximately 215 headcount reductions and the Company has expensed approximately $49 million. As of December 31, 2023, the restructuring activities were completed related to employee exits. The Company continues to evaluate its owned and leased properties following the combination of IFF and DuPont de Nemours, Inc’s nutrition and biosciences business (“Merger with N&B”) and may incur additional costs to further consolidate its footprint. 2023 Restructuring Program In December 2022, the Company announced a restructuring program mainly related to headcount reduction to improve its organizational and operating structure, drive efficiencies and achieve cost savings. For the six months ended June 30, 2024, the Company incurred approximately $3 million of charges related to severance. Since the inception of the restructuring program, the Company has expensed approximately $73 million and there have been a total of approximately 670 actual and planned headcount reductions. Changes in Restructuring Liabilities Changes in restructuring liabilities during the six months ended June 30, 2024 were as follows:
(DOLLARS IN MILLIONS) | Balance at January 1, 2024 |  | Additional Charges (Reversals), Net |  | Non-Cash Charges |  | Cash Payments |  |  |  | Balance at June 30, 2024
N&B Merger Restructuring Liability |  |  |  |  |  |  |  |  |  |  |
Other | $ | — |  |  | $ | 2 |  |  | $ | (2) |  |  | $ | — |  |  |  |  | $ | — |
2023 Restructuring Program |  |  |  |  |  |  |  |  |  |  |
Severance | 14 |  |  | 3 |  |  | — |  |  | (14) |  |  |  |  | 3 |
Total Restructuring and other charges | $ | 14 |  |  | $ | 5 |  |  | $ | (2) |  |  | $ | (14) |  |  |  |  | $ | 3 |
Restructuring liabilities are presented in “Other current liabilities” on the Consolidated Balance Sheets. Charges by Segment The following table summarizes the total amount of costs incurred in connection with the restructuring programs and activities by segment:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(DOLLARS IN MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023
Nourish | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 32 |
Health & Biosciences | — |  |  | 1 |  |  | 1 |  |  | 11 |
Scent | 1 |  |  | 4 |  |  | 1 |  |  | 14 |
Pharma Solutions | — |  |  | — |  |  | — |  |  | 2 |
Total Restructuring and other charges | $ | 2 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | 59 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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