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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Reportable Segment Information | Reportable segment information was as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(DOLLARS IN MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |  |
Nourish | $ | 1,486 |  |  | $ | 1,449 |  |  | $ | 4,460 |  |  | $ | 4,666 |
Health & Biosciences | 570 |  |  | 518 |  |  | 1,659 |  |  | 1,553 |
Scent | 613 |  |  | 615 |  |  | 1,861 |  |  | 1,815 |
Pharma Solutions | 256 |  |  | 238 |  |  | 733 |  |  | 742 |
Consolidated | $ | 2,925 |  |  | $ | 2,820 |  |  | $ | 8,713 |  |  | $ | 8,776 |
Segment Adjusted Operating EBITDA: |  |  |  |  |  |  |
Nourish | $ | 206 |  |  | $ | 178 |  |  | $ | 654 |  |  | $ | 567 |
Health & Biosciences | 173 |  |  | 150 |  |  | 497 |  |  | 426 |
Scent | 127 |  |  | 131 |  |  | 421 |  |  | 353 |
Pharma Solutions | 62 |  |  | 47 |  |  | 162 |  |  | 173 |
Total | 568 |  |  | 506 |  |  | 1,734 |  |  | 1,519 |
Depreciation & Amortization | (248) |  |  | (292) |  |  | (772) |  |  | (855) |
Interest Expense | (74) |  |  | (90) |  |  | (236) |  |  | (291) |
Other (Expense) Income, net | (28) |  |  | 9 |  |  | (44) |  |  | 17 |
Restructuring and Other Charges a) | (1) |  |  | (2) |  |  | (6) |  |  | (61) |
Impairment of Goodwill b) | — |  |  | — |  |  | (64) |  |  | — |
Gains (Losses) on Business Disposals c) | (20) |  |  | (10) |  |  | 348 |  |  | (29) |
Loss on Assets Classified as Held for Sale d) | (32) |  |  | — |  |  | (314) |  |  | — |
Acquisition, Divestiture and Integration Costs e) | (55) |  |  | (42) |  |  | (172) |  |  | (118) |
Strategic Initiatives Costs f) | (6) |  |  | (6) |  |  | (22) |  |  | (28) |
Regulatory Costs g) | (10) |  |  | (13) |  |  | (64) |  |  | (32) |
Other h) | 1 |  |  | (1) |  |  | 5 |  |  | 1 |
Income Before Taxes | $ | 95 |  |  | $ | 59 |  |  | $ | 393 |  |  | $ | 123 |
_______________________
a) | For 2024, represents costs related to lease impairment and severance as part of the Company's restructuring efforts. For 2023, represents costs primarily related to severance as part of the Company's restructuring efforts. |
b) | For 2024, represents costs related to the impairment of goodwill related to the Pharma Solutions disposal group. |
c) | For 2024, primarily represents gains recognized as part of the sale of the Cosmetic Ingredients business and losses recognized as part of the sale of the F&E UK business. For 2023, primarily represents losses recognized as part of the sale of the Flavors Specialty Ingredients business, the sale of a portion of the Savory Solutions business, and liquidation of a business in Russia for the sale of the portion of the Savory Solutions business. |
d) | For 2024, represents the losses recognized on assets classified as held for sale of the Pharma Solutions disposal group and portion of the Savory Solutions business in Turkey. |
e) | For 2024 and 2023, 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 the three months ended September 30, 2024, business divestiture costs were approximately $55 million. For the three months ended September 30, 2023, business divestiture, integration and acquisition costs were approximately $29 million, $12 million and $1 million, respectively. For the nine months ended September 30, 2024, business divestiture and integration costs were approximately $167 million and $5 million, respectively. For the nine months ended September 30, 2023, business divestiture, integration and acquisition costs were approximately $70 million, $42 million, and $6 million, respectively. |
f) | Represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services Centers, primarily consulting fees. |
g) | Represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance businesses. |
h) | Represents gains (losses) from sale of assets, executive employee separation costs and costs related to the Company's entity realignment project to optimize the structure of holding companies, primarily consulting fees. |
Net Sales by Destination of Product Delivery | Net sales, which are attributed to individual regions based upon the destination of product delivery, were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(DOLLARS IN MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023
Europe, Africa and Middle East | $ | 964 |  |  | $ | 918 |  |  | $ | 2,913 |  |  | $ | 2,958 |
Greater Asia | 694 |  |  | 670 |  |  | 2,057 |  |  | 2,031 |
North America | 886 |  |  | 853 |  |  | 2,628 |  |  | 2,668 |
Latin America | 381 |  |  | 379 |  |  | 1,115 |  |  | 1,119 |
Consolidated | $ | 2,925 |  |  | $ | 2,820 |  |  | $ | 8,713 |  |  | $ | 8,776 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(DOLLARS IN MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023
Net sales related to the U.S. | $ | 834 |  |  | $ | 782 |  |  | $ | 2,467 |  |  | $ | 2,430 |
Net sales attributed to all foreign countries | 2,091 |  |  | 2,038 |  |  | 6,246 |  |  | 6,346 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- 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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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
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