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Restructuring and Other Charges, Net

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges, Net

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 (Loss) Income and Comprehensive (Loss) Income.

IFF Productivity Program

Beginning in 2024, the Company began undertaking a productivity enhancement program aimed at enhancing productivity and optimizing its organizational footprint to align with business needs. This program will involve a series of actions, including ceasing operations in select manufacturing plants, consolidating lease and owned real estate space, and reducing employee headcount. The Company aims to substantially complete this productivity program by December 31, 2026. The program will impact the Company’s Taste, Food Ingredients, Health & Biosciences, and Scent segments.

The estimated total cost of the program initiatives ranges from $50 million to $70 million. The anticipated cash charges include employee-related costs such as severance, contract terminations, and dismantling costs. Additionally, non-cash charges related to assets, such as fixed asset write downs, are expected.

During the first quarter of 2025, the Company incurred costs in connection with the IFF Productivity Program, recognizing approximately $17 million in severance costs. As of March 31, 2025, the Company incurred approximately $20 million related to severance costs and approximately $20 million in fixed asset write downs since the inception of this program.

Changes in Restructuring Liabilities

Changes in restructuring liabilities during the three months ended March 31, 2025 were as follows:

(DOLLARS IN MILLIONS)			Balance at January 1, 2025						Additional Charges (Reversals), Net						Non-Cash Charges						Cash Payments												Balance at March 31, 2025
IFF Productivity Program
Severance			$	3					$	17					$	—					$	(3)											$	17
Total Restructuring and other charges			$	3					$	17					$	—					$	(3)											$	17

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 March 31,
(DOLLARS IN MILLIONS)			2025						2024
Taste			$	2					$	1
Food Ingredients			3						1
Health & Biosciences			3						1
Scent			9						—
Total Restructuring and other charges			$	17					$	3

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- References

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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
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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-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
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