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Segment Information (Tables)

6 Months Ended

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

X

- 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.

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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.

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