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Net Income Per Share | 9 Months Ended
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Sep. 30, 2024
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 September 30, |  | Nine Months Ended September 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS) | 2024 |  | 2023 |  | 2024 |  | 2023
Net Income |  |  |  |  |  |  |
Net income attributable to IFF shareholders | $ | 59 |  |  | $ | 25 |  |  | $ | 289 |  |  | $ | 43 |
Adjustment related to (increase) in redemption value of redeemable non-controlling interests in excess of earnings allocated | — |  |  | — |  |  | — |  |  | (1) |
Net income available to IFF shareholders | $ | 59 |  |  | $ | 25 |  |  | $ | 289 |  |  | $ | 42 |
Shares |  |  |  |  |  |  |
Weighted average common shares outstanding (basic) | 256 |  |  | 255 |  |  | 255 |  |  | 255 |
Adjustment for assumed dilution: |  |  |  |  |  |  |
Stock options and restricted stock awards | 1 |  |  | 1 |  |  | 1 |  |  | — |
Weighted average shares assuming dilution (diluted) | 257 |  |  | 256 |  |  | 256 |  |  | 255 |
Net Income per Share |  |  |  |  |  |  |
Net income per share - basic and diluted | $ | 0.23 |  |  | $ | 0.10 |  |  | $ | 1.13 |  |  | $ | 0.16 |
The Company declared a quarterly dividend to its shareholders of $0.40 and $0.81 per share for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, the Company declared quarterly dividends to its shareholders totaling $1.20 and $2.43, respectively. For the three and nine months ended September 30, 2024, there were approximately 0.3 million share equivalents that had an anti-dilutive effect and therefore were excluded from the computation of diluted net income per share in the period. 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 loss per share. 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, 2024 and 2023 was less than $0.01 per share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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