INTERNATIONAL FLAVORS & FRAGRANCES INC

10-K & 10-Q Filings

International Flavors & Fragrances Inc. (IFF) is a leading creator and manufacturer of food, beverage, health & biosciences, scent, and pharma solutions and complementary adjacent products. The company's business strategy is to apply science and creativity for a better world and long-term growth. IFF's business segments include Nourish, Health & Biosciences, Scent, and Pharma Solutions. The company's website is [www.iff.com](http://www.iff.com), and its ticker symbol is IFF on the New York Stock Exchange. The Nourish segment focuses on creating ingredients and solutions for healthy and delicious foods and beverages, with a broad portfolio of natural-based ingredients for texture, functionality, and nutrition. The Health & Biosciences segment develops advanced biotechnology-derived products for food and non-food applications, including enzymes, food cultures, probiotics, and specialty ingredients. The Scent segment creates fragrance compounds, fragrance ingredients, and cosmetic ingredients for fine fragrances, consumer fragrances, and cosmetics. The Pharma Solutions segment produces pharmaceutical excipients, used to improve the functionality and delivery of active pharmaceutical ingredients. IFF's business is geographically diverse, with sales in the U.S. representing approximately 28% of sales. The company's sales in 2023 were approximately $11.479 billion, with approximately 46% of sales to global consumer products companies and approximately 54% of sales to small and mid-sized companies. IFF has approximately 21,500 employees worldwide, with approximately 5,200 employed in the United States. The company's culture is based on five corporate values: empowerment, expertise, innovation, integrity, and responsibility. IFF's products are used in a wide variety of consumer products, including food, beverage, home & personal care, feed, cosmetics, and pharmaceutical industries.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$2788.02
2821.45
2952.90
3088.53
3023.19
3116.35
3398.72
3977.54
5140.08
5084.24
11656.00
12440.00
11479.00
3027.00
2899.00
12.52%-4.23%Cost of Revenue (-)
$1683.36
1645.91
1668.69
1726.38
1671.59
1717.28
1919.72
2294.83
3027.34
2998.37
7921.00
8289.00
7798.00
2063.00
1875.00
13.63%-9.11%Gross Profit (+)
$1104.66
1175.53
1284.21
1362.15
1351.60
1399.07
1479.00
1682.71
2112.75
2085.87
3735.00
4151.00
3681.00
964.00
1024.00
10.55%6.22%Selling, General & Administrative (-)
$443.97
453.54
505.88
514.89
509.56
566.22
557.31
707.46
876.12
948.83
1749.00
1768.00
1787.00
454.00
490.00
12.30%7.93%Research & Development (-)
$219.78
233.71
259.84
253.64
246.10
254.26
286.03
311.58
346.13
356.86
629.00
603.00
636.00
161.00
166.00
9.26%3.11%Depreciation & Amortization (-)
$
23.76
34.69
75.88
193.10
192.61
732.00
727.00
680.00
171.00
168.00
-1.75%Non-recurring Operating Expenses (-)
$13.17
1.67
2370.00
2623.00
52.00
3.00
55.45%-94.23%Operating Expenses (-)
$731.11
732.12
799.00
768.53
755.66
831.71
897.56
1098.83
1447.48
1519.38
3150.00
5477.00
5791.00
833.00
825.00
18.82%-0.96%Costs & Expenses (Total) (-)
$2414.47
2378.03
2467.69
2494.91
2427.25
2548.99
2817.28
3393.66
4474.81
4517.76
11071.00
13766.00
13589.00
2896.00
2700.00
15.49%-6.77%Operating Income/Loss (+)
$373.55
443.41
485.21
592.32
588.35
567.36
581.44
583.88
665.27
566.48
585.00
-1326.00
-2110.00
131.00
199.00
51.91%Non-operating Income/Expense (+)
$-9.54
-1.45
15.64
2.81
-3.18
9.35
20.96
-3.57
30.40
6.69
58.00
37.00
-28.00
-6.00
-1.00
83.33%Interest Expense (-)
$44.64
41.75
46.77
46.07
46.06
52.99
65.36
132.56
138.22
131.80
289.00
336.00
380.00
111.00
83.00
19.54%-25.23%Earnings before Tax (+)
$373.55
443.42
485.21
549.06
539.10
523.72
537.04
447.76
557.45
441.37
354.00
-1625.00
-2518.00
14.00
115.00
721.43%Tax Expense (-)
$106.68
189.28
131.67
134.52
119.85
118.69
241.38
107.98
97.18
74.00
75.00
239.00
45.00
22.00
54.00
-6.94%145.45%Income/Loss (Continuing Operations) (+)
$266.87
254.13
353.54
414.54
419.25
405.03
295.66
339.78
460.27
367.37
279.00
-1864.00
-2563.00
-8.00
61.00
862.50%Profit/Loss (+)
$
460.27
367.37
279.00
-1864.00
-2563.00
-8.00
61.00
862.50%Net Income/Loss (NCI) (-)
$
2.48
4.39
4.14
9.00
7.00
4.00
1.00
1.00
0.00%Net Income/Loss (+)
$266.87
254.13
353.54
414.54
419.25
405.03
295.67
339.78
455.87
363.23
270.00
-1871.00
-2567.00
-9.00
60.00
766.67%Net Income/Loss (Common) (+)
$266.87
254.13
353.54
414.54
419.25
405.03
295.67
337.30
455.87
363.23
270.00
-1871.00
-2567.00
-9.00
60.00
766.67%EPS (Basic)
$3.30
3.11
4.32
5.09
5.19
5.07
3.73
3.81
4.05
3.25
1.11
-7.32
-10.05
-0.04
0.23
675.00%EPS (Diluted)
$3.26
3.09
4.29
5.06
5.16
5.05
3.72
3.79
4.00
3.21
1.10
-7.32
-10.05
-0.04
0.23
675.00%Weighted Avg Shares (Basic)
80.93
81.49
81.27
80.74
79.87
79.04
79.07
87.55
111.97
112.16
243.00
255.00
255.00
255.00
255.00
10.04%0.00%Weighted Avg Shares (Diluted)
79.37
88.12
113.31
113.63
243.00
255.00
255.00
255.00
256.00
0.39%Cash
$88.28
324.42
405.50
478.57
181.99
323.99
368.05
648.52
623.94
656.84
715.00
493.00
709.00
606.00
739.00
18.96%21.95%Receivables
$472.35
565.08
564.68
521.48
537.90
550.66
663.66
937.76
876.20
950.35
1906.00
1818.00
1726.00
1899.00
1977.00
11.40%4.11%Inventory
$544.44
540.66
533.81
568.73
589.02
592.02
649.45
1078.54
1123.07
1131.86
2516.00
3151.00
2477.00
2946.00
2411.00
13.46%-18.16%Other Assets (Current)
$212.16
142.40
148.91
141.25
146.98
142.35
215.39
277.04
319.33
341.76
1850.00
1970.00
1381.00
1991.00
1280.00
16.89%-35.71%Assets (Current)
$1317.22
1572.56
1652.90
1710.03
1455.88
1609.01
1896.54
2941.86
2942.54
3059.80
6987.00
7432.00
6293.00
7442.00
6407.00
13.92%-13.91%Property, Plant & Equipment (Net)
$608.07
654.64
687.22
720.27
732.79
775.72
880.58
1241.15
1386.92
1458.18
767.00
4839.00
4929.00
4224.00
4844.00
19.05%14.68%Accumulated Depreciation
$
2085.00
Goodwill & Intangibles
$708.35
702.27
696.20
752.04
1247.39
1365.91
1572.08
8417.71
8349.53
8320.43
26920.00
22437.00
18992.00
22426.00
18654.00
31.53%-16.82%Other Assets
$331.95
320.13
295.42
312.28
285.38
266.35
249.73
288.67
608.42
717.26
4984.00
699.00
764.00
744.00
737.00
7.19%-0.94%Assets (Non-current)
$1648.36
1677.04
1678.83
1784.59
2265.57
2407.97
2702.38
9947.53
10344.87
10495.87
32671.00
27975.00
24685.00
28028.00
24235.00
25.30%-13.53%Assets (Total)
$2965.58
3249.60
3331.73
3494.62
3721.45
4016.98
4598.93
12889.40
13287.41
13555.67
39658.00
35407.00
30978.00
35470.00
30642.00
21.59%-13.61%Accounts Payable
$233.84
199.27
258.47
267.83
347.30
325.49
392.61
549.16
590.41
638.00
2068.00
1891.00
1850.00
1622.00
1670.00
18.81%2.96%Debt (Current)
$116.69
150.07
0.15
8.09
132.35
258.52
6.97
48.64
384.96
634.16
308.00
410.00
885.00
1483.00
312.00
18.39%-78.96%Other Liabilities (Current)
$214.03
273.39
301.74
242.88
262.48
314.29
369.19
530.51
576.82
631.57
1257.00
1427.00
1023.00
1769.00
1838.00
13.92%3.90%Liabilities (Current)
$564.57
622.73
560.37
518.81
742.13
898.30
768.77
1128.31
1552.19
1903.73
3633.00
3728.00
3758.00
4874.00
3820.00
17.11%-21.62%Debt (Non-current)
$778.25
881.10
932.66
934.23
937.84
1066.86
1632.19
4504.42
3997.44
3779.36
10373.00
9186.00
9220.00
9150.00
22.84%-0.76%Other Liabilities
$515.36
493.21
371.65
518.89
446.49
420.70
508.68
1131.49
1409.19
1452.00
14803.00
3533.00
3392.00
3527.00
3346.00
17.00%-5.13%Liabilities (Non-current)
$1293.61
1374.31
1304.31
1453.12
1384.34
1487.55
2140.86
5635.90
5406.63
5231.36
14803.00
13906.00
12578.00
12747.00
12496.00
20.87%-1.97%Liabilities (Total)
$1858.17
1997.05
1864.68
1971.93
2126.46
2385.85
2909.63
6764.22
6958.82
7135.08
18541.00
17634.00
16336.00
17621.00
16316.00
19.86%-7.41%Treasury Stock
$1356.27
1330.71
1365.81
1446.22
1555.77
1679.15
1726.23
1030.72
1022.82
1016.94
997.00
978.00
963.00
973.00
961.00
-2.81%-1.23%Retained Earnings
$2692.89
2841.17
3075.66
3350.73
3604.25
3818.53
3870.62
3956.22
4117.80
4156.17
3641.00
955.00
-2439.00
739.00
-2481.00
-435.72%AOCI
$-375.31
-403.63
-392.71
-540.43
-613.44
-680.09
-637.48
-702.23
-716.89
-697.54
-1423.00
-2169.00
-1896.00
-1887.00
-2191.00
-16.11%Shareholder's Equity
$1107.41
1252.56
1467.05
1522.69
1594.99
1631.13
1689.29
6043.37
6229.55
6323.03
21117.00
17714.00
14642.00
17790.00
14326.00
24.01%-19.47%Liabilities & Equity
$2965.58
3249.60
3331.73
3494.62
3721.45
4016.98
4598.93
12889.40
13287.41
13555.67
39658.00
35407.00
30978.00
35470.00
30642.00
21.59%-13.61%Net Income/Loss
$266.87
254.13
353.54
414.54
419.25
405.03
295.67
339.78
460.27
367.37
279.00
-1864.00
-2563.00
-8.00
61.00
862.50%Depreciation & Amortization
$75.33
76.67
83.23
89.35
89.60
102.47
117.97
173.79
323.33
325.36
1156.00
1179.00
1142.00
276.00
278.00
25.43%0.72%Increase/Decrease in Working Capital
$199.31
-25.88
34.83
27.74
42.95
-46.15
0.63
127.73
38.49
-73.73
146.00
1050.00
-485.00
127.00
240.00
88.98%Share-based Compensation
$20.55
19.72
23.74
22.65
-44.74
-21.76
26.57
29.40
34.48
35.80
54.00
49.00
65.00
12.00
18.00
10.07%50.00%Adjustments to Reconcile Net Income
$-77.68
69.66
54.02
103.85
14.33
130.38
95.09
97.79
238.70
346.73
1158.00
2261.00
4002.00
135.00
38.00
-71.85%Net Cash (Operating)
$189.19
323.80
407.56
518.39
433.58
535.41
390.76
437.57
698.97
714.10
1437.00
397.00
1439.00
127.00
99.00
18.42%-22.05%Capital Expenditure
$126.75
124.38
106.85
242.39
590.15
356.39
305.16
5012.43
249.00
174.61
264.00
-561.00
-574.00
167.00
78.00
-53.29%Net Cash (Investing)
$-131.16
-114.26
-105.41
-221.33
-577.16
-355.46
-299.93
-5013.23
-225.87
-187.46
-18.00
745.00
574.00
-167.00
-78.00
53.29%Increase/Decrease in Debt
$-31.05
138.76
-85.44
11.94
136.83
296.21
243.75
2879.19
-156.28
-147.43
-930.00
-196.00
-754.00
-100.00
-583.00
-483.00%Increase/Decrease in Equity
$14.66
9.21
-50.36
-87.36
-121.31
-132.42
-63.11
-49.14
-3.21
6.00
-5.00
-2.00
Interest Expenses
$54.31
48.08
48.16
46.11
46.76
50.58
55.44
117.58
133.74
127.55
310.00
310.00
370.00
66.00
61.00
17.34%-7.58%Dividends Paid
$90.25
130.94
87.35
133.24
158.87
184.90
206.12
230.22
313.51
322.58
669.00
810.00
839.00
206.00
207.00
20.42%0.49%Net Cash (Financing)
$-100.71
25.40
-217.04
-202.33
-131.30
-19.69
-42.56
4870.70
-505.06
-511.57
-1304.00
-1229.00
-1851.00
78.00
40.00
-48.72%Cash Taxes Paid
$87.78
184.59
138.94
92.09
102.73
107.90
107.39
116.14
126.17
132.79
289.00
329.00
578.00
227.00
53.00
17.01%-76.65%Effect of Exchange Rate
$-0.37
1.20
-4.04
-21.66
-21.71
-18.25
-4.21
-14.57
7.38
20.86
-59.00
-77.00
21.00
27.00
-25.00
-192.59%Increase/Decrease in Cash
$-43.05
236.14
81.08
73.07
-296.58
142.00
44.05
280.48
-24.58
35.93
56.00
-164.00
183.00
65.00
36.00
-44.62%Cash (Beginning)
$131.33
88.28
324.42
405.50
478.57
181.99
323.99
368.05
648.52
623.95
660.00
716.00
552.00
552.00
735.00
12.71%33.15%Cash (Ending)
$88.28
324.42
405.50
478.57
181.99
323.99
368.05
648.52
623.95
659.87
716.00
552.00
735.00
617.00
771.00
19.32%24.96%NOPAT
$285.76
258.82
346.27
492.98
476.23
450.47
465.17
432.44
514.69
396.05
107.42
-1057.54
-1625.66
-1993.07
107.29
105.38%Gross Margin %
39.62%
41.66%
43.49%
44.10%
44.71%
44.89%
43.52%
42.31%
41.10%
41.03%
32.04%
33.37%
32.07%
31.85%
35.32%
Operating Margin %
13.40%
15.72%
16.43%
19.18%
19.46%
18.21%
17.11%
14.68%
12.94%
11.14%
5.02%
-10.66%
-18.38%
4.33%
6.86%
NOPAT Margin %
10.25%
9.17%
11.73%
15.96%
15.75%
14.45%
13.69%
10.87%
10.01%
7.79%
0.92%
-8.50%
-14.16%
-65.84%
3.70%
Net Margin %
9.57%
9.01%
11.97%
13.42%
13.87%
13.00%
8.70%
8.54%
8.87%
7.14%
2.32%
-15.04%
-22.36%
-0.30%
2.07%
Tax Rate %
23.50%
41.63%
28.64%
16.77%
19.06%
20.60%
20.00%
25.94%
22.63%
30.09%
81.64%
20.25%
22.95%
1621.43%
46.09%
ROA
9.64%
7.96%
10.39%
14.11%
12.80%
11.21%
10.11%
3.35%
3.87%
2.92%
0.27%
-2.99%
-5.25%
-5.62%
0.35%
ROE
25.80%
20.66%
23.60%
32.38%
29.86%
27.62%
27.54%
7.16%
8.26%
6.26%
0.51%
-5.97%
-11.10%
-11.20%
0.75%
ROIC
13.73%
10.74%
14.62%
19.86%
16.94%
14.47%
13.18%
3.84%
4.53%
3.47%
0.36%
-3.51%
-6.14%
-6.80%
0.42%
Asset Turnover
0.94
0.87
0.89
0.88
0.81
0.78
0.74
0.31
0.39
0.38
0.29
0.35
0.37
0.09
0.09
Inventory Turnover
3.09
3.04
3.13
3.04
2.84
2.90
2.96
2.13
2.70
2.65
3.15
2.63
3.15
0.70
0.78
Equity Multiplier
2.68
2.59
2.27
2.30
2.33
2.46
2.72
2.13
2.13
2.14
1.88
2.00
2.12
1.99
2.14
Current Ratio
2.33
2.53
2.95
3.30
1.96
1.79
2.47
2.61
1.90
1.62
1.92
1.99
1.67
1.53
1.68
Quick Ratio
0.99
1.43
1.73
1.93
0.97
0.97
1.34
1.41
0.97
0.84
0.72
0.62
0.65
0.51
0.71
Debt/Equity Ratio
0.81
0.82
0.64
0.62
0.67
0.81
0.97
0.75
0.70
0.70
0.01
0.61
0.69
0.60
0.66
Interest Coverage Ratio
6.88
9.22
10.07
12.85
12.58
11.22
10.49
4.97
4.97
4.44
1.89
-4.28
-5.70
1.98
3.26
Working Capital/Sales
0.27
0.37
0.33
0.33
0.27
0.31
0.32
0.40
0.32
0.32
0.21
0.23
0.22
0.87
0.72
R&D/Sales
0.08
0.08
0.09
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.05
0.05
0.06
0.05
0.06
Dividend Payout Ratio %
31.58%
50.59%
25.23%
27.03%
33.36%
41.05%
44.31%
53.24%
60.91%
81.45%
622.82%
76.59%
51.61%
10.34%
192.94%
Total Payout
$160.95
31.05
271.31
254.77
190.11
71.68
80.92
-2482.25
603.53
600.77
1903.00
1316.00
1968.00
374.00
851.00
23.20%127.54%Payout Ratio %
56.32%
12.00%
78.35%
51.68%
39.92%
15.91%
17.40%
-574.01%
117.26%
151.69%
1771.63%
124.44%
121.06%
18.77%
793.20%