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 September 30, 2021

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

200 Powder Mill Road, Wilmington, DE 19803-2907

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (212) 765-5500

 Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value 12 1/2¢ per share	IFF	New York Stock Exchange
1.750% Senior Notes due 2024	IFF 24	New York Stock Exchange
1.800% Senior Notes due 2026	IFF 26	New 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 filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller 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 of common stock outstanding as of November 1, 2021: 254,546,994

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

INTERNATIONAL FLAVORS & FRAGRANCES INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(DOLLARS IN MILLIONS)	September 30, 2021		December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents	$	672	$	650
Restricted cash	122		7
Trade receivables (net of allowances of $44 and $21, respectively)	1,975		929
Inventories: Raw materials	852		566
Work in process	280		38
Finished goods	1,269		528
Total Inventories	2,401		1,132
Assets held for sale	1,245		—
Prepaid expenses and other current assets	717		342
Total Current Assets	7,132		3,060
Property, plant and equipment, at cost	5,903		2,928
Accumulated depreciation	(1,608)		(1,470)
Property, plant and equipment, net	4,295		1,458
Goodwill	16,590		5,593
Other intangible assets, net	10,959		2,727
Operating lease right-of-use assets	774		299
Other assets	502		418
Total Assets	$	40,252	$	13,555
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Bank borrowings, overdrafts, and current portion of long-term debt	$	708	$	634
Accounts payable	1,332		556
Accrued payroll and bonus	298		133
Dividends payable	201		82
Liabilities held for sale	87		—
Other current liabilities	953		499
Total Current Liabilities	3,579		1,904
Long-term debt	10,818		3,779
Retirement liabilities	518		326
Deferred income taxes	2,610		593
Operating lease liabilities	671		265
Other liabilities	478		268
Total Other Liabilities	15,095		5,231
Commitments and Contingencies (Note 15)
Redeemable noncontrolling interests	105		98
Shareholders’ Equity:
Common stock 12 1/2¢ par value; 500,000,000 shares authorized; 275,726,629 shares issued as of September 30, 2021 and 128,526,137 shares issued as of December 31, 2020; and 254,542,499 and 106,937,990 shares outstanding as of September 30, 2021 and December 31, 2020, respectively	35		16
Capital in excess of par value	19,817		3,853
Retained earnings	3,752		4,156
Accumulated other comprehensive loss	(1,180)		(698)
Treasury stock, at cost (21,184,130 and 21,588,147 shares as of September 30, 2021 and December 31, 2020, respectively)	(998)		(1,017)
Total Shareholders’ Equity	21,426		6,310
Noncontrolling interest	47		12
Total Shareholders’ Equity including Noncontrolling interest	21,473		6,322
Total Liabilities and Shareholders’ Equity	$	40,252	$	13,555

See Notes to Consolidated Financial Statements

1

INTERNATIONAL FLAVORS & FRAGRANCES INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	2021		2020		2021		2020
Net sales	$	3,071	$	1,268	$	8,625	$	3,814
Cost of goods sold	1,981		744		5,871		2,242
Gross profit	1,090		524		2,754		1,572
Research and development expenses	156		89		463		256
Selling and administrative expenses	436		235		1,299		695
Amortization of acquisition-related intangibles	195		48		547		145
Restructuring and other charges	6		1		34		8
(Gains) losses on sales of fixed assets	(1)		1		(1)		2
Operating profit	298		150		412		466
Interest expense	74		35		216		99
Other (income) expense, net	(26)		10		(44)		5
Income before taxes	250		105		240		362
Provision for income taxes	53		19		53		61
Net income	197		86		187		301
Net income attributable to noncontrolling interests	3		1		7		5
Net income attributable to IFF stockholders	194		85		180		296
Other comprehensive (loss) income, after tax:
Foreign currency translation adjustments	(339)		79		(493)		(226)
Gains (losses) on derivatives qualifying as hedges	1		(4)		7		(6)
Pension and postretirement net liability	(8)		3		4		10
Other comprehensive (loss) income	(346)		78		(482)		(222)
Comprehensive (loss) income attributable to IFF stockholders	$	(152)	$	163	$	(302)	$	74
Net income per share - basic	$	0.76	$	0.76	$	0.75	$	2.68
Net income per share - diluted	$	0.76	$	0.75	$	0.75	$	2.64
Average number of shares outstanding - basic	254		112		239		112
Average number of shares outstanding - diluted	255		114		239		114

See Notes to Consolidated Financial Statements

2

INTERNATIONAL FLAVORS & FRAGRANCES INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2021		2020
Cash flows from operating activities:
Net income	$	187	$	301
Adjustments to reconcile to net cash provided by operating activities
Depreciation and amortization	861		244
Deferred income taxes	(148)		(37)
(Gains) Losses on sale of assets	(1)		2
Stock-based compensation	44		27
Pension contributions	(21)		(19)
Amortization of inventory step-up	363		—
Changes in assets and liabilities, net of acquisitions:
Trade receivables	(214)		(94)
Inventories	(230)		(43)
Accounts payable	256		22
Accruals for incentive compensation	43		19
Other current payables and accrued expenses	99		60
Other assets/liabilities, net	(113)		(67)
Net cash provided by operating activities	1,126		415
Cash flows from investing activities:
Additions to property, plant and equipment	(242)		(124)
Additions to intangible assets	(4)		—
Proceeds from life insurance contracts	—		2
Maturity of net investment hedges	—		(15)
Proceeds from disposal of assets	13		18
Cash provided by the Merger with N&B	193		—
Proceeds received in advance of sale of business	115		—
Net cash provided by (used in) investing activities	75		(119)
Cash flows from financing activities:
Cash dividends paid to shareholders	(466)		(240)
Decrease in revolving credit facility and short-term borrowings	(105)		(1)
Proceeds from issuance of commercial paper	200		—
Deferred financing costs	—		(3)
Repayments of long-term debt	(628)		(335)
Proceeds from issuance of long-term debt	3		200
Contingent consideration paid	(14)		(9)
Purchases of redeemable noncontrolling interest	—		(22)
Proceeds from issuance of stock in connection with stock options	8		—
Employee withholding taxes paid	(20)		(8)
Net cash used in financing activities	(1,022)		(418)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(44)		(18)
Net change in cash, cash equivalents and restricted cash	135		(140)
Cash, cash equivalents and restricted cash at beginning of year	660		624
Cash, cash equivalents and restricted cash at end of period	$	795	$	484
Supplemental Disclosures:
Interest paid, net of amounts capitalized	$	216	$	113
Income taxes paid	198		101
Accrued capital expenditures	44		23

See Notes to Consolidated Financial Statements

3

INTERNATIONAL FLAVORS & FRAGRANCES INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(DOLLARS IN MILLIONS)	Common stock			Capital in excess of par value		Retained earnings		Accumulated  other comprehensive (loss) income		Treasury stock			Non-controlling interest		Total
	Shares	Cost								Shares	Cost
Balance at June 30, 2020	128,526,137	$	16	$	3,838	$	4,168	$	(1,017)	(21,594,097)	$	(1,017)	$	13	$	6,001
Net income						85							1		86
Cumulative translation adjustment								79							79
Losses on derivatives qualifying as hedges; net of tax of $1								(4)							(4)
Pension liability and postretirement adjustment; net of tax of $(1)								3							3
Cash dividends declared ($0.77 per share)						(83)									(83)
Stock options/SSARs				—						424	—				—
Vested restricted stock units and awards				—						894	—				—
Stock-based compensation				8											8
Redeemable NCI				1											1
Dividends paid on noncontrolling interest and Other						1							(2)		(1)
Balance at September 30, 2020	128,526,137	$	16	$	3,847	$	4,171	$	(939)	(21,592,779)	$	(1,017)	$	12	$	6,090

(DOLLARS IN MILLIONS)	Common stock			Capital in excess of par value		Retained earnings		Accumulated  other comprehensive (loss) income		Treasury stock			Non-controlling interest		Total
	Shares	Cost								Shares	Cost
Balance at June 30, 2021	270,266,598	$	34	$	19,800	$	3,759	$	(834)	(21,216,057)	$	(998)	$	39	$	21,800
Net income						194							2		196
Cumulative translation adjustment								(339)							(339)
Gains on derivatives qualifying as hedges; net of tax of $0								1							1
Pension liability and postretirement adjustment; net of tax of $0								(8)							(8)
Cash dividends declared ($0.79 per share)						(201)									(201)
Stock options/SSARs				—						25,063	1				1
Vested restricted stock units and awards				2						6,864	(1)				1
Stock-based compensation				17											17
Impact of N&B Merger	—	—		—									8		8
Conversion of tangible equity units	5,460,031	1		(1)											—
Redeemable NCI				(1)											(1)
Dividends paid on noncontrolling interest and Other						—							(2)		(2)
Balance at September 30, 2021	275,726,629	$	35	$	19,817	$	3,752	$	(1,180)	(21,184,130)	$	(998)	$	47	$	21,473

See Notes to Consolidated Financial Statements

4

(DOLLARS IN MILLIONS)	Common stock			Capital in excess of par value		Retained earnings		Accumulated  other comprehensive (loss) income		Treasury stock			Non-controlling interest		Total
	Shares	Cost								Shares	Cost
Balance at January 1, 2020	128,526,137	$	16	$	3,823	$	4,118	$	(717)	(21,738,838)	$	(1,023)	$	12	$	6,229
Net income						296							2		298
Cumulative translation adjustment								(226)							(226)
Losses on derivatives qualifying as hedges; net of tax of $1								(6)							(6)
Pension liability and postretirement adjustment; net of tax of $(3)								10							10
Cash dividends declared ($2.27 per share)						(243)									(243)
Stock options/SSARs				(1)						57,652	3				2
Vested restricted stock units and awards				(7)						88,407	3				(4)
Stock-based compensation				27											27
Redeemable NCI				5											5
Dividends paid on noncontrolling interest and Other						—							(2)		(2)
Balance at September 30, 2020	128,526,137	$	16	$	3,847	$	4,171	$	(939)	(21,592,779)	$	(1,017)	$	12	$	6,090

(DOLLARS IN MILLIONS)	Common stock			Capital in excess of par value		Retained earnings		Accumulated  other comprehensive (loss) income		Treasury stock			Non-controlling interest		Total
	Shares	Cost								Shares	Cost
Balance at January 1, 2021	128,526,137	$	16	$	3,853	$	4,156	$	(698)	(21,588,147)	$	(1,017)	$	12	$	6,322
Net income						180							3		183
Cumulative translation adjustment								(493)							(493)
Gains on derivatives qualifying as hedges; net of tax of $1								7							7
Pension liability and postretirement adjustment; net of tax of $(1)								4							4
Cash dividends declared ($2.33 per share)						(584)									(584)
Stock options/SSARs				2						139,698	7				9
Vested restricted stock units and awards				(16)						264,319	12				(4)
Stock-based compensation				44											44
Impact of N&B Merger	141,740,461	18		15,936									34		15,988
Conversion of tangible equity units	5,460,031	1		(1)											—
Redeemable NCI				(1)											(1)
Dividends paid on noncontrolling interest and Other													(2)		(2)
Balance at September 30, 2021	275,726,629	$	35	$	19,817	$	3,752	$	(1,180)	(21,184,130)	$	(998)	$	47	$	21,473

See Notes to Consolidated Financial Statements

5

INTERNATIONAL FLAVORS & FRAGRANCES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1.    NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

International Flavors & Fragrances Inc. and its subsidiaries (the “Registrant,” “IFF,” “the Company,” “we,” “us” and “our”) is a leading creator and manufacturer of food, beverage, health & biosciences, scent and pharma solutions and complementary adjacent products, including cosmetic active and natural health ingredients, which are used in a wide variety of consumer products. Our products are sold principally to manufacturers of perfumes and cosmetics, hair and other personal care products, soaps and detergents, cleaning products, dairy, meat and other processed foods, beverages, snacks and savory foods, sweet and baked goods, sweeteners, dietary supplements, food protection, infant and elderly nutrition, functional food, and pharmaceutical excipients and oral care products.

Basis of Presentation

These interim Consolidated Financial Statements and related management’s discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the related notes and management’s discussion and analysis of results of operations, liquidity and capital resources included in our 2020 Annual Report on Form 10-K (“2020 Form 10-K”).

These interim Consolidated Financial Statements are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted, if not materially different from the 2020 Form 10-K. The year-end balance sheet data included in this Form 10-Q was derived from the audited financial statement. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim Consolidated Financial Statements, have been made.

On February 1, 2021 (the “Closing Date”), the Company completed the combination (the "Merger") of IFF and DuPont de Nemours, Inc (“DuPont”) nutrition and biosciences business (the “N&B Business”), which had been transferred to Nutrition and Biosciences, Inc., a Delaware corporation and wholly owned subsidiary of DuPont ("N&B") in a Reverse Morris Trust transaction. See Note 3 for additional information. As a result, the Company’s Consolidated Financial Statements for the three and nine months ended September 30, 2021 reflect the results of N&B from the Closing Date, whereas the Company’s Consolidated Financial Statements for the three and nine months ended September 30, 2020 do not.

In the current year, the Company has changed its presentation from thousands to millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts.

Reporting Periods

Effective 2021, the Company changed its fiscal year end from a 52/53-week fiscal year ending on the Friday closest to the last day of the quarter, to a calendar year of the twelve-month period from January 1 to December 31. The Company elected to change its fiscal year end in connection with the Merger with N&B to align the Company’s fiscal year with N&B’s. For the 2020 comparative quarter presented, the actual closing date was October 2. For ease of presentation, September 30 and December 31 are used consistently throughout this Form 10-Q and these interim financial statements and related notes to represent the period-end dates in the comparative periods. The three and nine months ended September 30, 2021 both contained two fewer business days than the corresponding periods in 2020, however the impact of this on revenue and net income for the three and nine months ended September 30, 2021 was not material.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. The inputs into our judgments and estimates take into account the current economic implications of the novel coronavirus ("COVID-19") on our critical and significant accounting estimates, including estimates associated with future cash flows that are used in assessing the risk of impairment of certain long-lived assets. Actual results could differ from those estimates.

6

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Company's statement of cash flows periods ended September 30, 2021 and September 30, 2020 to the amounts reported in the Company's balance sheet as of September 30, 2021, December 31, 2020, September 30, 2020 and December 31, 2019. The increase in restricted cash as of September 30, 2021 is due to proceeds received in advance of the sale of the Company's fruit preparation business. See Note 17 for additional information.

(DOLLARS IN MILLIONS)	September 30, 2021		December 31, 2020		September 30, 2020		December 31, 2019
Current assets
Cash and cash equivalents	$	672	$	650	$	470	$	607
Restricted cash	122		7		13		17
Noncurrent assets
Restricted cash included in Other assets	1		3		1		—
Cash, cash equivalents and restricted cash	$	795	$	660	$	484	$	624

Accounts Receivable

The Company has various factoring agreements in the U.S. and The Netherlands under which it can factor up to approximately $100 million in receivables. In addition, the Company has factoring agreements sponsored by certain customers. Under all of the arrangements, the Company sells the receivables on a non-recourse basis to unrelated financial institutions and accounts for the transactions as a sale of receivables. The applicable receivables are removed from the Company's Consolidated Balance Sheets when the cash proceeds are received by the Company.

The impact on cash provided by operations from participating in these programs was an increase of $3 million for the nine months ended September 30, 2021 and an increase of $4 million for the nine months ended September 30, 2020. The cost of participating in these programs was approximately $2 million and $1 million for the three months ended September 30, 2021 and 2020, respectively, and was $5 million and $3 million for the nine months ended September 30, 2021 and 2020, respectively.

Revenue Recognition

The Company recognizes revenue when control of the promised goods is transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods. Sales, value added, and other taxes the Company collects are excluded from revenues. The Company receives payment in accordance with standard customer terms. See Note 11 for further details on revenues disaggregated by segment.

Contract Assets and Liabilities

With respect to a small number of contracts for the sale of compounds, the Company has an “enforceable right to payment for performance to date” and as the products do not have an alternative use, the Company recognizes revenue for these contracts over time and records a contract asset using the output method. The output method recognizes revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract.

As of September 30, 2021 and December 31, 2020, the Company's gross accounts receivable was $2.019 billion and $950 million, respectively. The Company's contract assets and contract liabilities as of September 30, 2021 and December 31, 2020 were not material.

Expected Credit Losses

The Company is exposed to credit losses primarily through its sales of products. To determine the appropriate allowance for expected credit losses, the Company considers certain credit quality indicators, such as aging, collection history, and creditworthiness of debtors. Regional and Global Credit committees review and approve specific customer allowance reserves. The allowance for expected credit losses is primarily based on two primary factors: i) the aging of the different categories of trade receivables, and ii) a specific reserve for accounts identified as uncollectible.

The Company also considers current and future economic conditions in the determination of the allowance. At September 30, 2021, the Company reported $1.975 billion of trade receivables, net of allowances of $44 million. Based on the aging analysis as of September 30, 2021, approximately 91% of our accounts receivable were current based on the payment terms of the invoice. Receivables that are past due by over 365 days account for approximately 1% of our accounts receivable.

7

The following is a rollforward of the Company's allowances for bad debts for the nine months ended September 30, 2021, with the write-offs being under $1 million, which was not material:

(DOLLARS IN MILLIONS)	Allowances for Bad Debts
Balance at December 31, 2020	$	21
Bad debt expense	4
Other adjustments(1)	20
Foreign exchange	(1)
Balance at September 30, 2021	$	44

_______________________ 

(1)The adjustment to allowances for bad debts was a result of purchase price allocation related to the Merger with N&B.

Long-lived assets

Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is calculated on a straight-line basis, principally over the following estimated useful lives: buildings and improvements, 1 to 50 years; machinery and equipment, 1 to 40 years; information technology hardware and software, 1 to 23 years; and leasehold improvements which are included in buildings and improvements, the estimated life of the improvements or the remaining term of the lease, whichever is shorter.

Finite-Lived Intangible Assets Finite-lived intangible assets include customer relationships, patents, trade names, technological know-how and other intellectual property valued at acquisition and amortized on a straight-line basis over the following estimated useful lives: customer relationships, 10 to 27 years; patents, 11 to 15 years; trade names, 4 to 28 years; and technological know-how, 5 to 28 years.

The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their carrying value may not be recovered. An estimate of undiscounted future cash flows produced by an asset or group of assets is compared to the carrying value to determine whether impairment exists. If assets are determined to be impaired, the loss is measured based on an estimate of fair value using various valuation techniques, including a discounted estimate of future cash flows.

Recent Accounting Pronouncements

In January 2021, the FASB issued Accounting Standards Update ("ASU") 2021-01, "Reference Rate Reform (Topic 848): Scope." The ASU is intended to provide updates and responses to concerns over Topic 848 related to the cessation of reference rates in certain financial markets. Alternative reference rates that are more observable or transaction based have been identified and are being transitioned to in numerous jurisdictions globally, such as a receive-variable-rate, pay-variable-rate cross currency interest rate swap. This guidance is effective immediately for all entities, but does not apply to any contract modifications or new hedging relationships entered into after December 31, 2022. The Company is currently evaluating the impact of this guidance, but does not expect this guidance to have a material impact on its Consolidated Financial Statements.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU is intended to simplify various aspects related to the cessation of reference rates in certain financial markets that would otherwise create modification accounting or changes in estimate. This guidance is effective for the period from March 12, 2020 to December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through September 30, 2021 but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, and intended to simplify various aspects related to accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years, with early adoption permitted. This guidance was adopted on January 2, 2021 and does not have a material impact on the Company's Consolidated Financial Statements.

8

NOTE 2. NET INCOME PER SHARE

A reconciliation of the shares used in the computation of basic and diluted net income per share is as follows: 

	Three Months Ended September 30,				Nine Months Ended September 30,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	2021		2020		2021		2020
Net Income
Net income attributable to IFF stockholders	$	194	$	85	$	180	$	296
Adjustment related to (increase) decrease in redemption value of redeemable noncontrolling interests in excess of earnings allocated	(1)		1		(1)		5
Net income available to IFF stockholders	$	193	$	86	$	179	$	301
Shares
Weighted average common shares outstanding (basic)(1)	254		112		239		112
Adjustment for assumed dilution(2):
Stock options and restricted stock awards	1		1		—		1
SPC portion of TEUs	—		1		—		1
Weighted average shares assuming dilution (diluted)	255