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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Reportable Segment Information | Reportable segment information was as follows: As a result of the divestitures of the Pharma Solutions disposal group and Nitrocellulose business that were completed during the three months ended June 30, 2025, the Pharma Solutions reportable segment information for the three months and six months ended June 30, 2025 includes one month and four months of results, respectively.
| Three Months Ended June 30, 2025
| Taste |  | Food Ingredients |  | Health & Biosciences |  | Scent |  | Pharma Solutions |  | Total
Net sales | $ | 631 |  |  | $ | 850 |  |  | $ | 577 |  |  | $ | 603 |  |  | $ | 103 |  |  | $ | 2,764 |
Cost of sales | (377) |  |  | (642) |  |  | (311) |  |  | (336) |  |  | (68) |  |  |
Research & development expenses | (47) |  |  | (14) |  |  | (55) |  |  | (62) |  |  | (3) |  |  |
Selling & administrative expenses | (98) |  |  | (104) |  |  | (91) |  |  | (92) |  |  | (10) |  |  |
Depreciation expense add-back (a) | 16 |  |  | 34 |  |  | 31 |  |  | 17 |  |  | — |  |  |
Adjusted Operating EBITDA | $ | 125 |  |  | $ | 124 |  |  | $ | 151 |  |  | $ | 130 |  |  | $ | 22 |  |  | $ | 552 |
Reconciliation of Adjusted Operating EBITDA: |
Total Adjusted Operating EBITDA | $ | 552 |
Depreciation & Amortization | (242) |
Interest Expense | (61) |
Other Expense, net (b) | (10) |
Restructuring and Other Charges (c) | (21) |
(Losses) Gains on Business Disposals (e) | (81) |
Divestiture and Integration Costs (g) | (26) |
Strategic Initiative Costs (h) | (6) |
Regulatory Costs (i) | (53) |
Gain on Debt Extinguishment (j) | 488 |
Entity Realignment Costs (k) | (4) |
Other (l) | (2) |
Income (Loss) Before Taxes | $ | 534 |
| Six Months Ended June 30, 2025
| Taste |  | Food Ingredients |  | Health & Biosciences |  | Scent |  | Pharma Solutions |  | Total
Net sales | $ | 1,258 |  |  | $ | 1,646 |  |  | $ | 1,117 |  |  | $ | 1,217 |  |  | $ | 369 |  |  | $ | 5,607 |
Cost of sales | (754) |  |  | (1,251) |  |  | (609) |  |  | (680) |  |  | (248) |  |  |
Research & development expenses | (87) |  |  | (26) |  |  | (107) |  |  | (117) |  |  | (8) |  |  |
Selling & administrative expenses | (192) |  |  | (196) |  |  | (172) |  |  | (178) |  |  | (42) |  |  |
Depreciation expense add-back (a) | 31 |  |  | 62 |  |  | 60 |  |  | 32 |  |  | 5 |  |  |
Adjusted Operating EBITDA | $ | 256 |  |  | $ | 235 |  |  | $ | 289 |  |  | $ | 274 |  |  | $ | 76 |  |  | $ | 1,130 |
Reconciliation of Adjusted Operating EBITDA: |
Total Adjusted Operating EBITDA | $ | 1,130 |
Depreciation & Amortization | (478) |
Interest Expense | (132) |
Other Expense, net (b) | (30) |
Restructuring and Other Charges (c) | (38) |
Impairment of Goodwill (d) | (1,153) |
(Losses) Gains on Business Disposals (e) | (81) |
Divestiture and Integration Costs (g) | (77) |
Strategic Initiative Costs (h) | (14) |
Regulatory Costs (i) | (64) |
Gain on Debt Extinguishment (j) | 488 |
Entity Realignment Costs (k) | (5) |
Other (l) | (6) |
Income (Loss) Before Taxes | $ | (460) |
| Three Months Ended June 30, 2024
| Taste |  | Food Ingredients |  | Health & Biosciences |  | Scent |  | Pharma Solutions |  | Total
Net sales | $ | 610 |  |  | $ | 847 |  |  | $ | 556 |  |  | $ | 603 |  |  | $ | 273 |  |  | $ | 2,889 |
Cost of sales | (357) |  |  | (655) |  |  | (294) |  |  | (328) |  |  | (187) |  |  |
Research & development expenses | (40) |  |  | (21) |  |  | (50) |  |  | (55) |  |  | (7) |  |  |
Selling & administrative expenses | (100) |  |  | (94) |  |  | (89) |  |  | (93) |  |  | (26) |  |  |
Depreciation expense add-back (a) | 14 |  |  | 32 |  |  | 28 |  |  | 16 |  |  | 5 |  |  |
Adjusted Operating EBITDA | $ | 127 |  |  | $ | 109 |  |  | $ | 151 |  |  | $ | 143 |  |  | $ | 58 |  |  | $ | 588 |
Reconciliation of Adjusted Operating EBITDA: |
Total Adjusted Operating EBITDA | $ | 588 |
Depreciation & Amortization | (246) |
Interest Expense | (79) |
Other Expense, net (b) | (15) |
Restructuring and Other Charges (c) | (2) |
Impairment of Goodwill (d) | (64) |
(Losses) Gains on Business Disposals (e) | 368 |
Loss on Assets Classified as Held for Sale (f) | (282) |
Divestiture and Integration Costs (g) | (59) |
Strategic Initiative Costs (h) | (12) |
Regulatory Costs (i) | (19) |
Entity Realignment Costs (k) | (2) |
Other (l) | 7 |
Income (Loss) Before Taxes | $ | 183 |
| Six Months Ended June 30, 2024
| Taste |  | Food Ingredients |  | Health & Biosciences |  | Scent |  | Pharma Solutions |  | Total
Net sales | $ | 1,229 |  |  | $ | 1,703 |  |  | $ | 1,085 |  |  | $ | 1,248 |  |  | $ | 523 |  |  | $ | 5,788 |
Cost of sales | (741) |  |  | (1,328) |  |  | (580) |  |  | (678) |  |  | (368) |  |  |
Research & development expenses | (79) |  |  | (41) |  |  | (96) |  |  | (110) |  |  | (13) |  |  |
Selling & administrative expenses | (196) |  |  | (184) |  |  | (177) |  |  | (181) |  |  | (54) |  |  |
Depreciation expense add-back (a) | 31 |  |  | 67 |  |  | 57 |  |  | 32 |  |  | 17 |  |  |
Adjusted Operating EBITDA | $ | 244 |  |  | $ | 217 |  |  | $ | 289 |  |  | $ | 311 |  |  | $ | 105 |  |  | $ | 1,166 |
Reconciliation of Adjusted Operating EBITDA: |
Total Adjusted Operating EBITDA | $ | 1,166 |
Depreciation & Amortization | (524) |
Interest Expense | (162) |
Other Expense, net (b) | (16) |
Restructuring and Other Charges (c) | (5) |
Impairment of Goodwill (d) | (64) |
(Losses) Gains on Business Disposals (e) | 368 |
Loss on Assets Classified as Held for Sale (f) | (282) |
Divestiture and Integration Costs (g) | (117) |
Strategic Initiative Costs (h) | (16) |
Regulatory Costs (i) | (54) |
Entity Realignment Costs (k) | (3) |
Other (l) | 7 |
Income (Loss) Before Taxes | $ | 298 |
_______________________
a) | There is depreciation recorded within cost of sales, research & development expenses, and selling & administrative expenses, which is then added back to calculate segment Adjusted Operating EBITDA. This reflects how the CODM reviews Segment results. |
b) | Please refer to Note 8 for additional information. |
c) | For 2025, represents costs related to severance as part of the IFF Productivity Program. For 2024, represents costs related to lease impairment and severance as part of the Company’s restructuring efforts. Please refer to Note 4 for additional information. |
d) | For 2025, represents the impairment of goodwill related to the Food Ingredients reporting unit. For 2024, represents the impairment of goodwill related to the Pharma Solutions disposal group. |
e) | For 2025, primarily represents losses recognized as part of the sale of the Pharma Solutions disposal group, offset in part by gains recognized as part of the sale of the Nitrocellulose business. For 2024, primarily represents gains recognized as part of the sale of the Cosmetic Ingredients business. Please refer to Note 3 for additional information. |
f) | For 2024, represents the loss recognized on assets classified as held for sale of the Pharma Solutions disposal group. |
g) | For 2025 and 2024, primarily represents costs related to the Company’s completed divestitures. 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 June 30, 2025, there were approximately $26 million of divestiture costs. For the three months ended June 30, 2024, business divestiture and integration costs were approximately $56 million and $3 million, respectively. For the six months ended June 30, 2025, there were approximately $77 million of divestiture costs. For the six months ended June 30, 2024, business divestiture and integration costs were approximately $112 million and $5 million, respectively. |
h) | For 2025 and 2024, represents costs related to the Company’s strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services Centers, primarily consulting fees. |
i) | Represents costs primarily related to legal fees and provisions incurred related to the ongoing investigations of the fragrance businesses including a provision for the anticipated settlement of the related US class action lawsuits. |
j) | For 2025, represents the gain recognized on the extinguishment of debt in connection with the completion of tender offers. Please refer to Note 13 for additional information. |
k) | Represents primarily consulting costs related to the Company’s implementation of a phased restructuring initiative aimed at optimizing its legal entity framework. See Note 9 for additional information. |
l) | For 2025, primarily represents the net impact of costs related to severance, including accelerated stock compensation expense, for certain executives who have separated from the Company. For 2024, represents gains (losses) from sale of assets and executive employee separation costs. |
Segment capital expenditures consisted as follows:
| Three Months Ended June 30,
(DOLLARS IN MILLIONS) | 2025 |  | 2024
Taste | $ | 15 |  |  | $ | 11 |
Food Ingredients | 40 |  |  | 23 |
Health and Biosciences | 22 |  |  | 19 |
Scent | 8 |  |  | 10 |
Pharma Solutions | 10 |  |  | 19 |
Consolidated | $ | 95 |  |  | $ | 82 |
| Six Months Ended June 30,
(DOLLARS IN MILLIONS) | 2025 |  | 2024
Taste | $ | 42 |  |  | $ | 23 |
Food Ingredients | 100 |  |  | 70 |
Health and Biosciences | 62 |  |  | 35 |
Scent | 32 |  |  | 25 |
Pharma Solutions | 38 |  |  | 47 |
Consolidated | $ | 274 |  |  | $ | 200 |
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 June 30, |  | Six Months Ended June 30,
(DOLLARS IN MILLIONS) | 2025 |  | 2024 |  | 2025 |  | 2024
Europe, Africa and Middle East | $ | 953 |  |  | $ | 972 |  |  | $ | 1,905 |  |  | $ | 1,949 |
Greater Asia | 647 |  |  | 681 |  |  | 1,317 |  |  | 1,363 |
North America | 803 |  |  | 876 |  |  | 1,671 |  |  | 1,742 |
Latin America | 361 |  |  | 360 |  |  | 714 |  |  | 734 |
Consolidated | $ | 2,764 |  |  | $ | 2,889 |  |  | $ | 5,607 |  |  | $ | 5,788 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
(DOLLARS IN MILLIONS) | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales related to the U.S. | $ | 764 |  |  | $ | 822 |  |  | $ | 1,565 |  |  | $ | 1,633 |
Net sales attributed to all foreign countries | 2,000 |  |  | 2,067 |  |  | 4,042 |  |  | 4,155 |

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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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