SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2015

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

20.SUBSEQUENT EVENTS

On February 22, 2016, the Company entered into a definitive agreement to acquire flavor supplier and long-time business partner, American Fruits & Flavors (“AFF”) in a transaction that will bring the Company’s primary flavor supplier in-house, secure the intellectual property of the Company’s most important flavors in perpetuity and further enhance its flavor development and global flavor footprint capabilities. Pursuant to the terms of the transaction, the Company will purchase AFF for $690 million, subject to adjustments. The transaction, which is expected to close in the first quarter of 2016, is subject to customary closing conditions.

On February 24, 2016, the Company’s Board of Directors authorized a repurchase program of up to $1.75 billion of the Company’s outstanding common stock. In addition, there is approximately $250 million remaining available under the 2015 Share Repurchase Plan.