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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                         
Commission file number 1-4858
 INTERNATIONAL FLAVORS & FRAGRANCES INC.
(Exact name of registrant as specified in its charter)
New York 13-1432060
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
521 West 57th Street, New York, NY 10019-2960
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (212765-5500
 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
on which registered
Common Stock, par value 12 1/2¢ per shareIFFNew York Stock Exchange
6.00% Tangible Equity UnitsIFFTNew York Stock Exchange
0.500% Senior Notes due 2021IFF 21New York Stock Exchange
1.750% Senior Notes due 2024IFF 24New York Stock Exchange
1.800% Senior Notes due 2026IFF 26New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    No   
Number of shares outstanding as of July 31, 2020: 106,932,557



PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(DOLLARS IN THOUSANDS)June 30, 2020December 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents$497,412  $606,823  
Restricted cash10,122  17,122  
Trade receivables (net of allowances of $21,056 and $16,428, respectively)961,568  876,197  
Inventories: Raw materials600,747  565,071  
Work in process49,204  44,532  
Finished goods515,909  513,465  
Total Inventories1,165,860  1,123,068  
Prepaid expenses and other current assets377,623  319,334  
Total Current Assets3,012,585  2,942,544  
Property, plant and equipment, at cost2,698,097  2,690,768  
Accumulated depreciation(1,342,478) (1,303,848) 
1,355,619  1,386,920  
Goodwill5,348,623  5,497,596  
Other intangible assets, net2,681,087  2,851,935  
Other assets591,216  608,416  
Total Assets$12,989,130  $13,287,411  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Bank borrowings, overdrafts, and current portion of long-term debt$185,200  $384,958  
Accounts payable550,533  510,372  
Accrued payroll and bonus89,375  102,704  
Dividends payable80,173  80,038  
Other current liabilities438,891  474,118  
Total Current Liabilities1,344,172  1,552,190  
Long-term debt4,181,701  3,997,438  
Retirement liabilities257,691  265,370  
Deferred income taxes611,715  641,456  
Other liabilities494,401  502,366  
Total Other Liabilities5,545,508  5,406,630  
Commitments and Contingencies (Note 15)
Redeemable noncontrolling interests98,534  99,043  
Shareholders’ Equity:
Common stock 12 1/2¢ par value; 500,000,000 shares authorized; 128,526,137 shares issued as of June 30, 2020 and December 31, 2019; and 106,932,040 and 106,787,299 shares outstanding as of June 30, 2020 and December 31, 2019, respectively16,066  16,066  
Capital in excess of par value3,838,047  3,823,152  
Retained earnings4,168,378  4,117,804  
Accumulated other comprehensive loss(1,017,466) (716,894) 
Treasury stock, at cost (21,594,097 and 21,738,838 shares as of June 30, 2020 and December 31, 2019, respectively)(1,017,220) (1,022,824) 
Total Shareholders’ Equity5,987,805  6,217,304  
Noncontrolling interest13,111  12,244  
Total Shareholders’ Equity including Noncontrolling interest6,000,916  6,229,548  
Total Liabilities and Shareholders’ Equity$12,989,130  $13,287,411  
See Notes to Consolidated Financial Statements
1


INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months EndedSix Months Ended
 June 30,June 30,
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)2020201920202019
Net sales$1,198,773  $1,291,568  $2,546,090  $2,588,970  
Cost of goods sold716,931  745,329  1,498,381  1,511,472  
Gross profit481,842  546,239  1,047,709  1,077,498  
Research and development expenses80,948  84,816  166,857  175,412  
Selling and administrative expenses230,407  210,100  460,121  423,282  
Amortization of acquisition-related intangibles48,834  47,909  97,184  95,534  
Restructuring and other charges, net1,884  2,525  6,802  18,699  
Losses on sales of fixed assets399  952  1,153  764  
Operating profit119,370  199,937  315,592  363,807  
Interest expense32,062  32,593  64,202  69,165  
Other income, net(15,757) (2,137) (5,183) (9,415) 
Income before taxes103,065  169,481  256,573  304,057  
Taxes on income15,699  30,612  41,996  53,974  
Net income87,366  138,869  214,577  250,083  
Net income attributable to noncontrolling interests1,162  2,492  3,766  4,877  
Net income attributable to IFF stockholders86,204  136,377  210,811  245,206  
Other comprehensive income (loss), net, after tax:
Foreign currency translation adjustments146,468  (14,014) (305,810) 28,363  
(Losses) gains on derivatives qualifying as hedges(3,101) 415  (1,654) 318  
Pension and postretirement net liability3,375  2,594  6,892  5,187  
Other comprehensive income (loss), net146,742  (11,005) (300,572) 33,868  
Comprehensive income (loss) attributable to IFF stockholders$232,946  $125,372  $(89,761) $279,074  
Net income per share - basic$0.75  $1.21  $1.91  $2.19  
Net income per share - diluted$0.74  $1.20  $1.89  $2.16  
Average number of shares outstanding - basic112,177  111,996  112,130  111,930  
Average number of shares outstanding - diluted113,675  112,872  113,635  113,131  
See Notes to Consolidated Financial Statements
2


INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Six Months Ended June 30,
(DOLLARS IN THOUSANDS)20202019
Cash flows from operating activities:
Net income$214,577  $250,083  
Adjustments to reconcile to net cash provided by operating activities
Depreciation and amortization160,244  154,814  
Deferred income taxes(7,843) (27,214) 
Losses on sale of assets1,153  764  
Stock-based compensation18,982  18,300  
Pension contributions(14,130) (10,681) 
Changes in assets and liabilities, net of acquisitions:
Trade receivables(132,438) (87,111) 
Inventories(67,248) (71,545) 
Accounts payable62,265  (7,645) 
Accruals for incentive compensation7,487  (29,338) 
Other current payables and accrued expenses(29,995) (11,934) 
Other assets(7,960) (29,989) 
Other liabilities3,302  36,412  
Net cash provided by operating activities208,396  184,916  
Cash flows from investing activities:
Cash paid for acquisitions, net of cash received  (49,064) 
Additions to property, plant and equipment(80,033) (119,094) 
Proceeds from life insurance contracts1,739  1,890  
Proceeds from disposal of assets692  24,685  
Contingent consideration paid  (4,655) 
Net cash used in investing activities(77,602) (146,238) 
Cash flows from financing activities:
Cash dividends paid to shareholders(160,100) (155,578) 
(Decrease) increase in revolving credit facility and short term borrowings(1,123) 8  
Repayments on debt(23,279) (47,417) 
Contingent consideration paid(927) (21,791) 
Purchases of redeemable noncontrolling interest(21,566)   
Proceeds from issuance of stock in connection with stock options  200  
Employee withholding taxes paid(7,594) (9,855) 
Net cash used in financing activities(214,589) (234,433) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(28,216) 2,053  
Net change in cash, cash equivalents and restricted cash(112,011) (193,702) 
Cash, cash equivalents and restricted cash at beginning of year623,945  648,522  
Cash, cash equivalents and restricted cash at end of period$511,934  $454,820  
Supplemental Disclosures:
Interest paid, net of amounts capitalized$57,111  $70,479  
Income taxes paid57,861  73,911  
Accrued capital expenditures29,015  18,780  
See Notes to Consolidated Financial Statements
3


INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited)
(DOLLARS IN THOUSANDS)Common
stock
Capital in
excess of
par value
Retained
earnings
Accumulated  other
comprehensive
(loss) income
Treasury stockNon-controlling
interest
Total
SharesCost
Balance at March 31, 2019$16,066  $3,802,602  $4,011,326  $(657,354) (21,879,556) $(1,029,429) $11,267  $6,154,478  
Net income136,377  662  137,039  
Cumulative translation adjustment(14,014) (14,014) 
Gains on derivatives qualifying as hedges; net of tax of $342415  415  
Pension liability and postretirement adjustment; net of tax of $(1,937)2,594  2,594  
Cash dividends declared ($0.73 per share)(77,904) (77,904) 
Stock options/SSARs1,661  24  1  1,662  
Vested restricted stock units and awards(8,563) 127,695  6,006  (2,557) 
Stock-based compensation10,696  10,696  
Redeemable NCI(513) (513) 
Dividends paid on noncontrolling interest and Other (588) (1,321) (1,909) 
Balance at June 30, 2019$16,066  $3,805,883  $4,069,211  $(668,359) (21,751,837) $(1,023,422) $10,608  $6,209,987  
(DOLLARS IN THOUSANDS)Common
stock
Capital in
excess of
par value
Retained
earnings
Accumulated  other
comprehensive
(loss) income
Treasury stockNon-controlling
interest
Total
SharesCost
Balance at March 31, 2020$16,066  $3,835,265  $4,162,347  $(1,164,208) (21,713,880) $(1,021,620) $12,824  $5,840,674  
Net income86,204  791  86,995  
Cumulative translation adjustment146,468  146,468  
Losses on derivatives qualifying as hedges; net of tax of $474(3,101) (3,101) 
Pension liability and postretirement adjustment; net of tax of $(1,165)3,375  3,375  
Cash dividends declared ($0.75 per share)(80,173) (80,173) 
Stock options/SSARs(759) 43,465  2,051  1,292  
Vested restricted stock units and awards(5,111) 76,318  2,349  (2,762) 
Stock-based compensation10,358  10,358  
Redeemable NCI(1,706) (1,706) 
Dividends paid on noncontrolling interest and Other(504) (504) 
Balance at June 30, 2020$16,066  $3,838,047  $4,168,378  $(1,017,466) (21,594,097) $(1,017,220) $13,111  $6,000,916  




See Notes to Consolidated Financial Statements
4


INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited)
(DOLLARS IN THOUSANDS)Common
stock
Capital in
excess of
par value
Retained
earnings
Accumulated  other
comprehensive
(loss) income
Treasury stockNon-controlling
interest
Total
SharesCost
Balance at January 1, 2019$16,066  $3,793,609  $3,956,221  $(702,227) (21,906,935) $(1,030,718) $10,423  $6,043,374  
Net income245,206  1,506  $246,712  
Adoption of ASC 2016-0223,094  23,094  
Adoption of ASC 2017-12981  981  
Cumulative translation adjustment28,363  28,363  
Gains on derivatives qualifying as hedges; net of tax of $387318  318  
Pension liability and postretirement adjustment; net of tax of $(1,101)5,187  5,187  
Cash dividends declared ($1.46 per share)(155,703) (155,703) 
Stock options/SSARs5,085  14,002  661  5,746  
Treasury share repurchases—  
Vested restricted stock units and awards(10,968) 141,096  6,635  (4,333) 
Stock-based compensation