XML 21 R11.htm IDEA: XBRL DOCUMENT v3.24.3
Restructuring and Other Charges
 9 Months Ended
Sep. 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 three and nine months ended September 30, 2024, the Company had no charges related to severance. For the nine months ended September 30, 2024, the Company had approximately $2 million of charges related to a lease impairment. For the three and nine months ended September 30, 2023, the Company had approximately $3 million and $2 million of charges, respectively. 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 three and nine months ended September 30, 2024, the Company incurred approximately $1 million and $4 million of charges related to severance, respectively. For the three and nine months ended September 30, 2023, the Company incurred approximately $1 million of reversals and $63 million of charges related to severance, respectively. Since the inception of the restructuring program, the Company has expensed approximately $74 million and there have been a total of approximately 670 actual headcount reductions.
Changes in Restructuring Liabilities
Changes in restructuring liabilities during the nine months ended September 30, 2024 were as follows:
(DOLLARS IN MILLIONS)
Balance at
January 1, 2024
Additional Charges (Reversals), NetNon-Cash ChargesCash Payments
Balance at
September 30, 2024
N&B Merger Restructuring Liability
Other$— $2 $(2)$— $— 
2023 Restructuring Program
Severance14 4 — (16)2 
Total Restructuring and other charges$14 $6 $(2)$(16)$2 
Restructuring liabilities are presented in “Other current liabilities” on the Consolidated Balance Sheets.
Charges by Segment
The following table summarizes the total amount of costs incurred in connection with the restructuring programs and activities by segment.
 Three Months Ended September 30,Nine Months Ended September 30,
(DOLLARS IN MILLIONS)2024202320242023
Nourish$— $1 $3 $33 
Health & Biosciences— 1 1 12 
Scent— — 1 14 
Pharma Solutions1 — 1 2 
Total Restructuring and other charges$1 $2 $6 $61