Cover Page
Cover Page | Jun. 18, 2020 |
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Jun. 18, 2020 |
Entity Registrant Name | INTERNATIONAL FLAVORS & FRAGRANCES INC |
Entity Central Index Key | 0000051253 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | NY |
Entity File Number | 1-4858 |
Entity Tax Identification Number | 13-1432060 |
Entity Address, Address Line One | 521 West 57th Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10019 |
City Area Code | (212) |
Local Phone Number | 765-5500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Common Stock, par value 12 1/2¢ per share | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value 12 1/2¢ per share |
Trading Symbol | IFF |
Security Exchange Name | NYSE |
6.00% Tangible Equity Units | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.00% Tangible Equity Units |
Trading Symbol | IFFT |
Security Exchange Name | NYSE |
0.500% Senior Notes due 2021 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.500% Senior Notes due 2021 |
Trading Symbol | IFF 21 |
Security Exchange Name | NYSE |
1.75% Senior Notes due 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.75% Senior Notes due 2024 |
Trading Symbol | IFF 24 |
Security Exchange Name | NYSE |
1.800% Senior Notes due 2026 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.800% Senior Notes due 2026 |
Trading Symbol | IFF 26 |
Security Exchange Name | NYSE |
Document and Entity Information
Document and Entity Information | Jun. 18, 2020 |
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Jun. 18, 2020 |
Entity File Number | 1-4858 |
Entity Registrant Name | INTERNATIONAL FLAVORS & FRAGRANCES INC |
Entity Central Index Key | 0000051253 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 13-1432060 |
Entity Address, Address Line One | 521 West 57th Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10019 |
City Area Code | (212) |
Local Phone Number | 765-5500 |
Entity Emerging Growth Company | false |
Common Stock, par value 12 1/2¢ per share | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value 12 1/2¢ per share |
Trading Symbol | IFF |
Security Exchange Name | NYSE |
6.00% Tangible Equity Units | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.00% Tangible Equity Units |
Trading Symbol | IFFT |
Security Exchange Name | NYSE |
0.500% Senior Notes due 2021 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.500% Senior Notes due 2021 |
Trading Symbol | IFF 21 |
Security Exchange Name | NYSE |
1.75% Senior Notes due 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.75% Senior Notes due 2024 |
Trading Symbol | IFF 24 |
Security Exchange Name | NYSE |
1.800% Senior Notes due 2026 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.800% Senior Notes due 2026 |
Trading Symbol | IFF 26 |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 5,140,084 | $ 3,977,539 | $ 3,398,719 |
Cost of goods sold | 3,027,336 | 2,294,832 | 1,926,256 |
Gross profit | 2,112,748 | 1,682,707 | 1,472,463 |
Research and development expenses | 346,128 | 311,583 | 295,469 |
Selling and administrative expenses | 876,121 | 707,461 | 570,144 |
Restructuring and other charges, net | 29,765 | 5,079 | 19,711 |
Amortization of acquisition-related intangibles | 193,097 | 75,879 | 34,693 |
Losses (gains) on sale of assets | 2,367 | (1,177) | (184) |
Operating profit | 665,270 | 583,882 | 552,630 |
Interest expense | 138,221 | 132,558 | 65,363 |
Loss on extinguishment of debt | 0 | 38,810 | 0 |
Other income, net | (30,403) | (35,243) | (49,778) |
Income before taxes | 557,452 | 447,757 | 537,045 |
Taxes on income | 97,184 | 107,976 | 241,380 |
Net income | 460,268 | 339,781 | 295,665 |
Net income attributable to noncontrolling interests | 4,395 | 2,479 | 0 |
Net income available to IFF common shareholders | 455,873 | 337,302 | 295,665 |
Other comprehensive income: | |||
Foreign currency translation adjustments | 23,953 | (99,580) | 54,609 |
Gains (losses) on derivatives qualifying as hedges | (2,678) | ||
Gains (losses) on derivatives qualifying as hedges | 15,078 | (17,936) | |
Pension and postretirement liability adjustment | (35,942) | 19,757 | 5,940 |
Comprehensive income attributable to IFF stockholders | $ 441,206 | $ 272,557 | $ 338,278 |
Net income per share - basic (in dollars per share) | $ 4.05 | $ 3.81 | $ 3.73 |
Net income per share - diluted (in dollars per share) | $ 4 | $ 3.79 | $ 3.72 |
Average number of shares outstanding - basic (in shares) | 111,966 | 87,551 | 79,070 |
Average number of shares outstanding - diluted (in shares) | 113,307 | 88,121 | 79,370 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 606,823,000 | $ 634,897,000 |
Restricted cash | 17,122,000 | 13,625,000 |
Receivables: | ||
Trade | 892,625,000 | 946,938,000 |
Allowance for doubtful accounts | (16,428,000) | (9,173,000) |
Inventories | 1,123,068,000 | 1,078,537,000 |
Prepaid expenses and other current assets | 319,334,000 | 277,036,000 |
Total Current Assets | 2,942,544,000 | 2,941,860,000 |
Property, plant and equipment, net | 1,386,920,000 | 1,241,152,000 |
Goodwill | 5,497,596,000 | 5,378,388,000 |
Other intangible assets, net | 2,851,935,000 | 3,039,322,000 |
Other assets | 608,416,000 | 288,673,000 |
Total Assets | 13,287,411,000 | 12,889,395,000 |
Current Liabilities: | ||
Bank borrowings, overdrafts and current portion of long-term debt | 384,958,000 | 48,642,000 |
Accounts payable | 510,372,000 | 471,382,000 |
Dividends payable | 80,038,000 | 77,779,000 |
Other current liabilities | 576,822,000 | 530,508,000 |
Total Current Liabilities | 1,552,190,000 | 1,128,311,000 |
Other Liabilities: | ||
Long-term debt | 3,997,438,000 | 4,504,417,000 |
Retirement liabilities | 265,370,000 | 227,172,000 |
Deferred income taxes | 641,456,000 | 655,879,000 |
Other liabilities | 502,366,000 | 248,436,000 |
Total Other Liabilities | 5,406,630,000 | 5,635,904,000 |
Commitments and Contingencies (Note 21) | ||
Redeemable noncontrolling interests | 99,043,000 | 81,806,000 |
Shareholders’ Equity: | ||
Common stock 12 1/2¢ par value; 500,000,000 shares authorized; 128,526,137 and 128,526,137 shares issued as of December 31, 2019 and December 31, 2018, respectively; and 106,787,299 and 106,619,202 shares outstanding as of December 31, 2019 and December 31, 2018, respectively | 16,066,000 | 16,066,000 |
Capital in excess of par value | 3,823,152,000 | 3,793,609,000 |
Retained earnings | 4,117,804,000 | 3,956,221,000 |
Accumulated other comprehensive loss: | ||
Cumulative translation adjustments | (373,043,000) | (396,996,000) |
Accumulated gains on derivatives qualifying as hedges | 2,068,000 | 4,746,000 |
Pension and postretirement liability adjustment | (345,919,000) | (309,977,000) |
Treasury stock, at cost (21,738,838 and 21,906,935 shares as of December 31, 2019 and December 31, 2018, respectively) | (1,022,824,000) | (1,030,718,000) |
Total Shareholders’ Equity | 6,217,304,000 | 6,032,951,000 |
Noncontrolling interests | 12,244,000 | 10,423,000 |
Total Shareholders’ Equity including noncontrolling interests | 6,229,548,000 | 6,043,374,000 |
Total Liabilities and Shareholders’ Equity | $ 13,287,411,000 | $ 12,889,395,000 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.125 | $ 0.125 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 128,526,137 | 128,526,137 |
Common stock, shares outstanding | 106,787,299 | 106,619,202 |
Treasury stock, shares at cost | 21,738,838 | 21,906,935 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 460,268 | $ 339,781 | $ 295,665 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Depreciation and amortization | 323,330 | 173,792 | 117,967 |
Deferred income taxes | (59,279) | 19,402 | 58,889 |
Losses (gains) on sale of assets | 2,367 | (1,177) | (184) |
Stock-based compensation | 34,482 | 29,401 | 26,567 |
Loss on extinguishment of debt | 0 | 38,810 | 0 |
Gain on deal contingent derivatives | 0 | (12,505) | 0 |
Pension contributions | (23,714) | (22,433) | (39,298) |
Litigation settlement | 0 | 0 | (56,000) |
Foreign currency gain on liquidation of entity | 0 | 0 | (12,217) |
Changes in assets and liabilities, net of acquisitions: | |||
Changes in assets and liabilities, net of acquisitions: | 59,555 | (49,958) | (68,851) |
Trade receivables | (62,129) | (117,641) | (18,911) |
Inventories | 55,464 | 55,136 | 29,114 |
Accounts payable | (22,357) | (2,289) | 19,144 |
Accruals for incentive compensation | 5,488 | (5,279) | 22,679 |
Other assets | (66,650) | (19,219) | (3,866) |
Other liabilities | (7,860) | 11,754 | 20,058 |
Net cash provided by operating activities | 698,965 | 437,575 | 390,756 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash received | (49,065) | (4,857,343) | (192,328) |
Additions to property, plant and equipment | (235,978) | (170,094) | (128,973) |
Additions to intangible assets | (6,070) | (3,326) | 0 |
Proceeds from disposal of assets | 42,112 | 8,176 | 16,139 |
Proceeds from disposal of subsidiaries, net of cash held | 0 | 10,157 | 0 |
Proceeds from unwinding of cross currency swap derivative instruments | 25,900 | 0 | 0 |
Contingent consideration paid | (4,655) | 0 | 0 |
Maturity of net investment hedges | 0 | (2,642) | 1,434 |
Proceeds from life insurance contracts | 1,890 | 1,837 | 3,798 |
Net cash used in investing activities | (225,866) | (5,013,235) | (299,930) |
Cash flows from financing activities: | |||
Cash dividends paid to shareholders | (313,510) | (230,218) | (206,118) |
Decrease in revolving credit facility and short term borrowing | (1,021) | (927) | (4,499) |
Deferred financing costs | 0 | (33,668) | (5,373) |
Repayments of debt | (155,261) | (376,625) | (250,000) |
Proceeds from issuance of long-term debt | 0 | (3,256,742) | (498,250) |
Proceeds from sales of equity securities, net of issuance costs | 0 | 2,268,094 | 0 |
Contingent consideration paid | (24,478) | 0 | 0 |
Gain (loss) on pre-issuance hedges | 0 | 12,505 | (5,310) |
Proceeds from issuance of stock in connection with stock plans | 0 | 0 | 329 |
Employee withholding taxes paid | (10,787) | (9,725) | (11,768) |
Purchase of treasury stock | 0 | (15,475) | (58,069) |
Net cash (used in) provided by financing activities | (505,057) | 4,870,703 | (42,558) |
Effect of exchange rate changes on cash and cash equivalents | 7,381 | (14,567) | (4,214) |
Net change in cash, cash equivalents and restricted cash | (24,577) | 280,476 | 44,054 |
Cash, cash equivalents and restricted cash at beginning of year | 648,522 | 368,046 | 323,992 |
Cash, cash equivalents and restricted cash at end of year | 623,945 | 648,522 | 368,046 |
Cash paid for: | |||
Interest, net of amounts capitalized | 133,739 | 117,581 | 55,440 |
Income taxes | 126,172 | 116,138 | 107,390 |
Noncash investing activities: | |||
Accrued capital expenditures | $ 39,466 | $ 33,844 | $ 37,556 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY - USD ($) $ in Thousands | Total | Common Stock, par value 12 1/2¢ per share | Capital in excess of par value [Member] | Retained earnings [Member] | Accumulated other comprehensive (loss) income [Member] | Treasury stock [Member] | Non-controlling interest [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative adjustment | $ (33,719) | ||||||
Cumulative adjustment | Accounting Standards Update 2016-16 [Member] | $ (33,719) | ||||||
Beginning Balance at Dec. 31, 2016 | 1,631,134 | $ 14,470 | $ 152,481 | 3,818,535 | $ (680,095) | $ (1,679,147) | $ 4,890 |
Beginning Balance, shares at Dec. 31, 2016 | (36,645,153) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 295,867 | 295,665 | 202 | ||||
Cumulative translation adjustment | 54,609 | 54,609 | |||||
Gains (losses) on derivatives qualifying as hedges; net of tax | (17,936) | (17,936) | |||||
Pension liability and postretirement adjustment; net of tax | 5,940 | 5,940 | |||||
Cash dividends declared | (209,860) | (209,860) | |||||
Stock options | 5,766 | 4,558 | $ 1,208 | ||||
Stock options, shares | 24,423 | ||||||
Treasury share repurchases, shares | (459,264) | ||||||
Treasury share repurchases, value | (58,069) | $ (58,069) | |||||
Vested restricted stock units and awards, value | (11,005) | (20,779) | $ 9,774 | ||||
Vested restricted stock units and awards, shares | 169,185 | ||||||
Stock-based compensation, value | 26,567 | 26,567 | |||||
Ending Balance at Dec. 31, 2017 | 1,689,294 | 14,470 | 162,827 | 3,870,621 | (637,482) | $ (1,726,234) | 5,092 |
Ending Balance, shares at Dec. 31, 2017 | (36,910,809) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative adjustment | Accounting Standards Update 2016-16 [Member] | 2,068 | 2,068 | |||||
Net income | 339,706 | 337,302 | 2,404 | ||||
Cumulative translation adjustment | (99,580) | (99,580) | |||||
Gains (losses) on derivatives qualifying as hedges; net of tax | 15,078 | 15,078 | |||||
Pension liability and postretirement adjustment; net of tax | 19,757 | 19,757 | |||||
Cash dividends declared | (253,577) | (253,577) | |||||
Stock options | 4,340 | 2,152 | $ 2,188 | ||||
Stock options, shares | 46,474 | ||||||
Impact of Frutarom acquisition | 2,051,040 | 1,346,229 | $ 701,111 | 3,700 | |||
Impact of Frutarom acquisition, shares | 14,901,445 | ||||||
Treasury share repurchases, shares | (108,109) | ||||||
Treasury share repurchases, value | (15,475) | $ (15,475) | |||||
Vested restricted stock units and awards, value | (2,958) | (10,650) | $ 7,692 | ||||
Vested restricted stock units and awards, shares | 164,064 | ||||||
Stock-based compensation, value | 29,401 | 29,401 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (966) | (193) | (773) | ||||
Issuance of equity | 2,268,094 | 1,596 | 2,266,498 | ||||
Redeemable NCI | (2,848) | (2,848) | |||||
Ending Balance at Dec. 31, 2018 | $ 6,043,374 | 16,066 | 3,793,609 | 3,956,221 | (702,227) | $ (1,030,718) | 10,423 |
Ending Balance, shares at Dec. 31, 2018 | (21,906,935) | (21,906,935) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative adjustment | Accounting Standards Update 2016-02 [Member] | $ 23,094 | 23,094 | |||||
Cumulative adjustment | Accounting Standards Update 2017-12 [Member] | 0 | (981) | 981 | ||||
Net income | 459,602 | 455,873 | 3,729 | ||||
Cumulative translation adjustment | 22,972 | 22,972 | |||||
Gains (losses) on derivatives qualifying as hedges, net of tax | (2,678) | (2,678) | |||||
Cumulative translation adjustment | 23,953 | ||||||
Pension liability and postretirement adjustment; net of tax | (35,942) | (35,942) | |||||
Cash dividends declared | (315,770) | (315,770) | |||||
Stock options | 7,643 | 6,966 | $ 677 | ||||
Stock options, shares | 14,346 | ||||||
Vested restricted stock units and awards, value | (2,591) | (9,808) | $ 7,217 | ||||
Vested restricted stock units and awards, shares | 153,751 | ||||||
Stock-based compensation, value | 34,482 | 34,482 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (2,541) | (633) | (1,908) | ||||
Redeemable NCI | (2,097) | (2,097) | |||||
Ending Balance at Dec. 31, 2019 | $ 6,229,548 | $ 16,066 | $ 3,823,152 | $ 4,117,804 | $ (716,894) | $ (1,022,824) | $ 12,244 |
Ending Balance, shares at Dec. 31, 2019 | (21,738,838) | 21,738,838 |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Tax effect of gain (losses) on derivatives qualifying as hedges | $ (505) | $ 2,011 | $ 2,017 |
Tax effect of pension liability and postretirement adjustment | $ (7,559) | $ (5,052) | $ (1,583) |
Cash dividends declared, per share | $ 2.96 | $ 2.84 | $ 2.66 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 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 taste, scent 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, dietary supplements, infant and elderly nutrition, functional food, and pharmaceutical and oral care products. Fiscal Year End The Company has historically operated on a 52/53 week fiscal year generally ending on the Friday closest to the last day of the year. For ease of presentation, December 31 is used consistently throughout the financial statements and notes to represent the period-end date. The 2019 fiscal year was a 53 week period, and 2018 and 2017 fiscal years were 52 week periods. For the 2019 , 2018 and 2017 fiscal years, the actual closing dates were January 3 , December 28 , and December 29 , respectively. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results may ultimately differ from estimates. Principles of Consolidation The consolidated financial statements include the accounts of International Flavors & Fragrances Inc. and those of its subsidiaries. Significant intercompany balances and transactions have been eliminated. To the extent a subsidiary is not wholly owned, any related noncontrolling interests are included as a separate component of Shareholders’ Equity. Revenue Recognition Revenue from contracts with customers is recognized when the contract or purchase order has received approval and commitment from both parties, has the rights of the parties and payment terms (which can vary by customer) identified, has commercial substance, and collectability of consideration is probable. For the Company's Flavors, Fragrances Compounds and Frutarom products, revenue is recognized for the majority of contracts when the Company satisfies its performance obligation by transferring control of the goods to the customer. Revenue is recognized over time for a small number of contracts, and the amount of revenue recognized is based on the extent of progress towards completion of the promised goods, using the output method. 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. For the Company's Fragrances Ingredients products, revenue is recognized for the majority of contracts when the Company satisfies its performance obligation by transferring control of the goods to the customer. Sales are reduced, at the time revenue is recognized, for applicable discounts, rebates and sales allowances based on historical experience. Related accruals are included in Other current liabilities in the accompanying Consolidated Balance Sheet. The Company considers shipping and handling activities undertaken after the customer has obtained control of the related goods as a fulfillment activity. Net sales include shipping and handling charges billed to customers. Cost of goods sold includes all costs incurred in connection with shipping and handling. See Note 11 for a further discussion on revenue recognition. See Note 11 for a further discussion on contract assets. Foreign Currency Translation The Company translates the assets and liabilities of non-U.S. subsidiaries into U.S. dollars at year-end exchange rates. Income and expense items are translated at average exchange rates during the year. Cumulative translation adjustments are shown as a separate component of Shareholders’ Equity. Research and Development Research and development (“R&D”) expenses relate to the development of new and improved tastes or scents, technical product support and compliance with governmental regulation. All research and development costs are expensed as incurred. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with maturities of three months or less at date of purchase. Restricted Cash Restricted cash is comprised of cash or cash equivalents which has been placed into an account that is restricted for a specific use and from which the Company cannot withdraw the cash on demand. Accounts Receivable During 2019, the Company entered into certain factoring agreements in the U.S. and The Netherlands under which it can factor up to approximately $100 million of its trade receivables. The new factoring agreements supplement the Company's existing factoring programs that are sponsored by certain customers. Under all of the arrangements, the Company sells the trade receivables on a non-recourse basis to unrelated financial institutions and accounts for the transactions as sales of receivables. The applicable receivables are removed from the Company's Consolidated Balance Sheet when the cash proceeds are received by the Company. As of December 31, 2019 , 2018 and 2017 , the Company had sold receivables pursuant to these factoring programs of approximately $205.7 million , $168.3 million and $160.1 million , respectively. Participation in the various programs increased cash provided by operations by approximately $37.7 million , $13.6 million and $15.0 million in 2019 , 2018 and 2017 , respectively. The cost of participating in these programs was approximately $7.1 million , $3.4 million , and $3.0 million in 2019 , 2018 , and 2017 , respectively and is included as a component of interest expense. Inventories Inventories are stated at the lower of cost (on a weighted-average basis) or net realizable value. The Company's inventories consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Raw materials $ 565,071 $ 568,916 Work in process 44,532 48,819 Finished goods 513,465 460,802 Total $ 1,123,068 $ 1,078,537 Leases During the year ended December 31, 2019 , the Company adopted ASU No. 2016-02, “Leases (Topic 842),” which requires most leases to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date of December 29, 2018, the beginning of its 2019 fiscal year. Prior year financial statements were not recast. The Company elected various transition provisions available for expired or existing contracts, which allows the Company to carryforward historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. When the Company determines the arrangement is a lease, or contains a lease, at inception, it then determines whether the lease is an operating lease or a finance lease at the commencement date. The Company does not separate lease and nonlease components of contracts. The Company leases property and equipment, principally under operating leases. In accordance with ASU 2016-02, the Company records a right of use asset and related obligation at the present value of lease payments and, over the term of the lease, depreciates the right of use asset and accretes the obligation to future value. Some of the leases include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. The Company has elected not to separate non-lease components from lease components for all classes of leased assets. When available, the Company uses the rate implicit in the lease to discount lease payments to present value, however, most of the Company's leases do not provide a readily determinable implicit rate and the Company calculates the applicable incremental borrowing rate to discount the lease payments based on the term of the lease at lease commencement. The incremental borrowing rate is determined based on currency and lease terms. Upon adoption of the new guidance, the Company recorded a right of use asset of $308.3 million and total operating lease liabilities of $313.3 million . Additionally, the Company recorded a net increase to retained earnings of approximately $23.1 million related to the recognition of deferred gains on certain sale-leaseback transactions that occurred in prior years. 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, 10 to 40 years; machinery and equipment, 3 to 20 years; information technology hardware and software, 3 to 7 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, 11 - 23 years; patents, 11 - 15 years; trade names, 14 - 28 years; and technological know-how, 5 - 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. Goodwill Goodwill represents the difference between the total purchase price and the fair value of identifiable assets and liabilities acquired in business acquisitions. The Company tests goodwill for impairment at the reporting unit level as of November 30 every year or more frequently if events or changes in circumstances indicate the asset might be impaired. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. The Company identifies their reporting units by assessing whether the components of their reporting segments constitute businesses for which discrete financial information is available and management of each reporting unit regularly reviews the operating results of those components. The Company has identified eight reporting units under the Taste and Scent Segments: (1) Flavor Compounds (which includes the Taste reporting unit that was previously included in the former Frutarom segment, as well as Legacy IFF Flavor Compounds), (2) Fragrance Compounds, (3) Fragrance Ingredients, (4) Cosmetic Actives Ingredients, (5) Savory, (6) Natural Product Solutions, (7) Frutarom Fragrance and Fine Ingredients and (8) Inclusions. These reporting units were determined based on the level at which the performance is measured and reviewed by segment management. When testing goodwill for impairment, the Company has the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount. If the Company elects to bypass the qualitative assessment for any reporting units, or if a qualitative assessment indicates it is more likely than not that the estimated carrying value of a reporting unit exceeds its fair value, the Company performs a quantitative goodwill impairment test. Under the quantitative goodwill impairment test, if a reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge based on that difference, and the impairment charge will be limited to the amount of goodwill allocated to that reporting unit. Income Taxes The Company accounts for taxes under the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized as income in the period in which such change is enacted. Future tax benefits are recognized to the extent that the realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes may not be realized. The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. Pursuant to accounting requirements, the Company first determines whether it is “more likely than not” its tax position will be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant facts and other information. For those tax positions that meet this threshold, the Company measures the amount of tax benefit based on the largest amount of tax benefit that it has a greater than 50% chance of realizing in a final settlement with the relevant authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard. The Company maintains a cumulative risk portfolio relating to all of its uncertainties in income taxes in order to perform this analysis, but the evaluation of its tax positions requires significant judgment and estimation in part because, in certain cases, tax law is subject to varied interpretation, and whether a tax position will ultimately be sustained may be uncertain. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. Retirement Benefits Current service costs of retirement plans and postretirement health care and life insurance benefits are accrued. Prior service costs resulting from plan improvements are amortized over periods ranging from 10 to 20 years. Financial Instruments Derivative financial instruments are used to manage interest and foreign currency exposures. The gain or loss on the hedging instrument is recorded in earnings at the same time as the transaction being hedged is recorded in earnings. The associated asset or liability related to the open hedge instrument is recorded in Prepaid expenses and Other current assets or Other current liabilities, as applicable. The Company records all derivative financial instruments on the balance sheet at fair value. Changes in a derivative’s fair value are recognized in earnings unless specific hedge criteria are met. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in Net income. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in Accumulated other comprehensive income ("AOCI") in the accompanying Consolidated Balance Sheet and are subsequently recognized in Net income when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges, if any, are recognized as a charge or credit to earnings. Software Costs The Company capitalizes direct internal and external development costs for certain significant projects associated with internal-use software and amortizes these costs over 7 years. Neither preliminary evaluation costs nor costs associated with the software after implementation are capitalized. Costs related to projects that are not significant are expensed as incurred. Net Income Per Share Under the two-class method, earnings are adjusted by accretion of amounts to redeemable noncontrolling interests recorded at redemption value. The adjustments represent in-substance dividend distributions to the noncontrolling interest holders as the holders have a contractual right to receive a specified amount upon redemption. As a result, earnings are adjusted to reflect this in-substance distribution that is different from other common shareholders. In addition, the Company has unvested share based payment awards with a right to receive nonforfeitable dividends and thus are considered participating securities which are required to be included in the computation of basic and diluted earnings per share. Basic earnings (loss) per share represents the amount of earnings for the period available to each share of common stock outstanding during the period. Basic earnings (loss) per share includes the effect of issuing shares of common stock assuming (i) the prepaid stock purchase contracts (“SPC”) are converted into the minimum number of shares of common stock under the if-converted method, and (ii) an adjustment to earnings (loss) to reflect adjustments made to record the redeemable value of redeemable noncontrolling interests. Diluted earnings (loss) per share also includes the effect of issuing shares of common stock, assuming (i) stock options and warrants are exercised, (ii) restricted stock units are fully vested under the treasury stock method, and (iii) the incremental effect of the prepaid SPC converted into the maximum number of shares of common stock under the if-converted method. Stock-Based Compensation Compensation cost of all stock-based awards is measured at fair value on the date of grant and recognized over the service period for which awards are expected to vest. The cost of such stock-based awards is principally recognized on a straight-line attribution basis over their respective vesting periods, net of estimated forfeitures. Financing Costs Costs incurred in the issuance of debt are deferred and amortized as part of interest expense over the stated life of the applicable debt instrument. Unamortized deferred financing costs relating to debt are presented as a reduction in the amount of debt outstanding on the Consolidated Balance Sheet. Unamortized deferred financing costs relating to the revolving credit facility are recorded in Other assets on the Consolidated Balance Sheet. Redeemable Noncontrolling Interests Noncontrolling interests in subsidiaries that are redeemable for cash or other assets outside of the Company’s control are classified as mezzanine equity, outside of equity and liabilities, at the greater of the carrying value or the redemption value. The increases or decreases in the estimated redemption amount are recorded with corresponding adjustments against Capital in excess of par value and are reflected in the computation of earnings per share using the two-class method. Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The ASU is 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. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes." The ASU allows for the use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for purposes of applying hedge accounting under ASC 815, Derivatives and Hedging. The Company applied this new guidance as of December 29, 2018, the first day of the Company’s 2019 fiscal year. The adoption of the guidance did not have a material impact on the Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force).” The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The adoption of the guidance will impact the Company going forward in the event the Company enters into applicable cloud computing arrangements. In August 2018, the FASB issued ASU 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans (Subtopic 715-20)", which modifies the disclosure requirements on company-sponsored defined benefit plans. The ASU is effective for fiscal years beginning after December 15, 2020 on a retrospective basis to all periods presented. Early adoption is permitted. The Company has determined that this guidance will not have an impact on its Consolidated Financial Statements and will have a minimal impact on its disclosures. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)", which modifies, removes and adds certain disclosure requirements on fair value measurements. The ASU is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company has determined that this guidance will not have an impact on its Consolidated Financial Statements, as the Company has no applicable fair value measurements that are affected by the guidance. In June 2018, the FASB issued ASU 2018-07, "Compensation - Stock Compensation (Topic 718)" intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. This guidance expands the scope of Topic 718, Compensation-Stock Compensation which currently only includes share-based payments to employees to include share-based payments issued to nonemployees for goods or services. The Company applied this new guidance as of December 29, 2018, the first day of the Company’s 2019 fiscal year. The adoption of the guidance did not have a material impact on the Consolidated Financial Statements. In February 2018, FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" which allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act, in addition to requiring certain disclosures about stranded tax effects. The guidance was effective as of December 29, 2018, the first day of the Company's fiscal year. The Company elected to not reclassify any stranded tax effects to retained earnings. In August 2017, FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" which eliminates the requirement to separately measure and present hedge ineffectiveness and aligns the presentation of hedge gains and losses with the underlying hedge item. This guidance is effective, and as required, has been applied on a modified retrospective basis. The impact of the adoption of this standard on December 29, 2018 was an increase in the beginning balance of the currency translation adjustment component of Accumulated other comprehensive loss of $1.0 million , and a decrease in Retained Earnings, as presented in the Company's Consolidated Balance Sheet. See Note 13 of the Consolidated Financial Statements for further details. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", with subsequent amendments, which requires issuers to measure expected credit losses for financial assets based on historical experience, current conditions and reasonable and supportable forecasts. As such, an entity will use forward-looking information to estimate credit losses. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company's evaluation is substantially complete and has included identifying assets that fall within the scope of the standard. The Company has determined that the most significant asset within the scope of the standard is trade receivables. The Company is analyzing payment history as well as aging to determine the appropriate allowance and will reflect the adoption of the standard on the first day of its 2020 fiscal year. Reclassifications and Updates The Company adjusted the amount of the allowances for bad debts as of December 31, 2019 to reflect the correct classification of amounts between the allowances for bad debts and Trade Receivables. The adjustment was for $8.2 million and had the effect of increasing both the allowances for bad debts and Trade Receivables. Certain other immaterial prior year disclosure amounts have been reclassified or updated to conform to current year presentation. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES Restructuring and other charges primarily consist of separation costs for employees including severance, outplacement and other benefit ("Severance") costs as well as costs related to plant closures, principally related to fixed assets write-downs ("Fixed asset write-down") and all other related restructuring ("Other") costs. All restructuring and other charges, net expenses are separately stated on the Consolidated Statement of Income and Comprehensive Income . Frutarom Integration Initiative In connection with the acquisition of Frutarom, the Company began to execute an integration plan that, among other initiatives, seeks to optimize its manufacturing network. As part of the Frutarom Integration Initiative, the Company expects to close approximately 35 manufacturing sites over the next two years with most of the closures targeted to occur before the end of fiscal 2020 . During 2019 , the Company announced the closure of ten facilities, of which six facilities are in Europe, Africa and Middle East, two facilities in Latin America, and one facility each in North America and Greater Asia regions. Since the inception of the initiative, the Company has expensed $10.4 million . Total costs for the program are expected to be approximately $65 million including cash and non-cash charges. 2019 Severance Program During 2019, the Company incurred severance charges related to approximately 330 headcount reductions. The headcount reductions primarily related to the Scent business unit and outsourcing of certain IT functions, with additional amounts related to headcount reductions in all business units associated with the establishment of a new shared service center in Europe. Since the inception of the program, the Company has expensed $21.3 million . Total costs for the program are expected to be approximately $25 million . 2017 Productivity Program In connection with 2017 Productivity Program, the Company recorded $24.5 million of charges related to personnel costs and lease termination costs since the program's inception. Total costs for the program are expected to be approximately $25 million . Changes in Restructuring Liability Movements in severance-related accruals during 2017 , 2018 and 2019 are as follows: (DOLLARS IN THOUSANDS) Balance at January 1, 2017 Additional Charges (Reversals), Net Non-Cash Charges Cash Payments Balance at December 31, 2017 2015 Severance Plan Severance $ 3,277 $ (2,311 ) $ — $ (966 ) $ — 2017 Productivity Program Severance — 20,620 — (13,081 ) 7,539 Other — 1,402 (528 ) (456 ) 418 Total restructuring $ 3,277 $ 19,711 $ (528 ) $ (14,503 ) $ 7,957 (DOLLARS IN THOUSANDS) Balance at January 1, 2018 Additional Charges, Net Non-Cash Charges Cash Payments Balance at December 31, 2018 2017 Productivity Program Severance $ 7,539 $ 3,884 $ — $ (7,298 ) $ 4,125 Other 418 1,195 (418 ) (120 ) 1,075 Total restructuring $ 7,957 $ 5,079 $ (418 ) $ (7,418 ) $ 5,200 (DOLLARS IN THOUSANDS) Balance at January 1, 2019 Additional Charges (Reversals), Net Non-Cash Charges Cash Payments Balance at December 31, 2019 2017 Productivity Program Severance $ 4,125 $ (1,947 ) $ — $ (1,072 ) $ 1,106 Other 1,075 — — (987 ) 88 Frutarom Integration Initiative Severance — 6,110 — (2,072 ) 4,038 Fixed asset write down — 534 (534 ) — — Other — 3,726 (145 ) (1,096 ) 2,485 2019 Severance Program Severance — 20,871 — (7,974 ) 12,897 Other — 471 — — 471 Total restructuring $ 5,200 $ 29,765 $ (679 ) $ (13,201 ) $ 21,085 Other includes supplier contract termination costs, consulting and advisory fees, and other. Charges by Segment The following table summarizes the total amount of costs incurred in connection with these restructuring programs by segment: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Taste $ 10,045 $ 1,646 $ 4,505 Scent 12,093 3,433 13,077 Shared IT & Corporate Costs 7,627 — 2,129 Total Restructuring and other charges, net $ 29,765 $ 5,079 $ 19,711 |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Pending Transaction with Nutrition & Biosciences, Inc. On December 15, 2019, the Company entered into definitive agreements with DuPont de Nemours, Inc. (“DuPont”), including an Agreement and Plan of Merger, pursuant to which DuPont will transfer its nutrition and biosciences business to Nutrition & Biosciences, Inc., a Delaware corporation and wholly owned subsidiary of DuPont (“N&B”), and N&B will merge with and into a wholly owned subsidiary of IFF in exchange for a number of shares of IFF common stock, par value $0.125 per share (“IFF Common Stock”) (collectively, the “DuPont N&B Transaction”). In connection with the transaction, DuPont will receive a one-time $7.3 billion special cash payment (the “Special Cash Payment”), subject to certain adjustments. As a result of the DuPont N&B Transaction, holders of DuPont’s common stock will own approximately 55.4% of the outstanding shares of IFF on a fully diluted basis. Completion of the DuPont N&B Transaction is subject to various closing conditions, including, among other things, (1) approval by IFF’s shareholders of the issuance of IFF Common Stock in connection with the transaction; (2) the effectiveness of the registration statements to be filed with the Securities and Exchange Commission pursuant to the Merger Agreement; and (3) the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and obtaining certain other consents, authorizations, orders or approvals from governmental authorities. We expect that the transaction will close in early 2021. On December 15, 2019, IFF and N&B entered into a commitment letter which provides $7.5 billion in an aggregate principal amount of senior unsecured bridge term loans (the "Bridge Loans"). On January 17, 2020, N&B entered into a term loan credit agreement providing for unsecured term loan facilities in an aggregate principal amount of $1.25 billion (the “Term Loan Facilities”), which reduced the commitments under the Bridge Loans commitment letter by a corresponding amount. N&B will be the initial borrower under the remaining $6.25 billion tranche of the 364-day senior unsecured bridge facility (the “Bridge Facility”) (or, if applicable, any replacement debt financing), which, together with the Term Loan Facilities, will be used to finance the Special Cash Payment and to pay related fees and expenses. Following the consummation of the merger, all obligations of N&B with respect to the Term Loan Facilities and the Bridge Facility (if any) or, if applicable, the replacement debt financing, will be guaranteed by IFF (or at the election of N&B and IFF, assumed by IFF). 2019 Acquisition Activity During the second quarter of 2019, the Company acquired the remaining 50% interest in an equity method investee located in Canada. The Company previously held an investment of $33 million in the entity and recognized a gain of approximately $3 million on the transaction representing the adjustment of its historical investment to its fair value. This amount is within Other income, net in the Consolidated Statement of Income and Comprehensive Income . The purchase of the additional interest increased the Company's ownership of the investee to 100% , and the acquired entity is managed under the Taste segment. The purchase price for the remaining 50% was approximately $37 million , including cash and an accrual for the amount expected to be paid in contingent consideration. The Company began to consolidate the results of the acquired entity from the date on which it acquired the remaining 50% interest during the second quarter of 2019. Goodwill of approximately $35 million and intangible assets of $24 million were recorded in connection with the acquisition. The goodwill is not deductible for income tax purposes. The purchase price allocation is preliminary and is expected to be completed within the measurement period. During the first quarter of 2019, the Company acquired 70% of a company in Europe and increased its ownership of an Asian company from 49% to 60% after receipt of previously pending regulatory approvals. The two acquired entities, which manufacture flavor products, are managed under the Taste segment. The total purchase price for the acquisitions was $52 million , excluding cash acquired and including $19 million of contingent consideration and deferred payments. The preliminary purchase price allocations have been performed and resulted in goodwill of approximately $56 million and intangible assets of $18 million . The purchase price allocations are preliminary and are expected to be completed within the measurement period. Pro forma information has not been presented as the entities acquired in 2019 are not material. Frutarom On October 4, 2018 (the "Closing"), the Company completed its acquisition of 100% of Frutarom Industries Ltd. (“Frutarom”), which was accounted for using the purchase method of accounting in accordance with ASC Topic 805, Business Combinations, with IFF identified as the acquirer. The Company paid approximately $7,031 million for the acquisition, including $4,289 million in cash and $2,047 million in equity. At the Closing, each issued and outstanding Frutarom ordinary share was exchanged for $71.19 in cash and 0.2490 of a share of the Company's common stock. A portion of Frutarom’s existing debt was repaid concurrent with the Closing. Frutarom's debt, which was not legally assumed by IFF but was paid at Closing, was approximately $695.0 million . This made up the remainder of the purchase consideration. To finance the acquisition, the Company used cash on hand and borrowed approximately $3.3 billion of additional debt, consisting of $2.8 billion of senior unsecured notes, $350.0 million in term loans and $139.5 million of tangible equity units ("TEUs"). See Notes 8 and 9 for further details. The Company issued 14.9 million shares as a portion of the purchase consideration resulting in former Frutarom shareholders holding approximately 14% of the Company's outstanding common stock as of the Closing. Additionally, the Company issued 16,500,000 TEUs in an underwritten public offering for net proceeds of approximately $665.1 million . Purchase Price Allocation The Company allocated the purchase consideration to the tangible net assets and identifiable intangible assets acquired based on estimated fair values at the acquisition date, and recorded the excess of consideration over the fair values of net assets acquired as goodwill. The purchase price allocation was finalized as of the end of the third quarter of 2019 when the Company finalized the valuation of fixed assets, goodwill and intangible assets (trade names, product formulas, customer relationships and favorable/unfavorable leases and the related estimated useful lives). Additionally, in connection with finalizing the purchase price allocation, the Company also finalized the projected combined future tax rate applied to the valuation of assets, which impacted the valuation of goodwill and intangible assets. The following table summarizes the fair values of the assets acquired and liabilities assumed as of October 4, 2018, showing both the preliminary and final purchase price allocations: (IN THOUSANDS) As reported in the fourth quarter of 2018 Measurement period adjustments Final Purchase Price Allocation Cash and cash equivalents $ 140,747 $ — $ 140,747 Other current assets 699,627 (25,706 ) 673,921 Identifiable intangible assets 2,690,000 (21,700 ) 2,668,300 Other assets 353,710 58,401 412,111 Equity method investments 25,791 10,439 36,230 Current liabilities (311,325 ) (7,190 ) (318,515 ) Debt assumed (77,037 ) — (77,037 ) Other liabilities (632,488 ) (39,730 ) (672,218 ) Redeemable noncontrolling interest (97,510 ) (5,392 ) (102,902 ) Noncontrolling interest (3,700 ) — (3,700 ) Excess attributable to Goodwill 4,243,079 30,878 4,273,957 Total Purchase Consideration $ 7,030,894 $ 7,030,894 The purchase price allocation of the assets and liabilities acquired in the acquisition of Frutarom as reported in the fourth quarter of 2018 was updated during the measurement period ended October 4, 2019 primarily due to: (i) a $19.0 million decrease in inventory, (ii) a $7.4 million decrease in trade receivables, (iii) a $21.7 million decrease in the fair value of identifiable intangible assets (principally customer relationships and product formulas and arising from the updated valuations of fixed assets), (iv) a $58.4 million increase primarily related to property, plant and equipment (related to certain entities), (v) a $10.4 million increase in the fair value of equity method investments, (vi) a $1.5 million increase to the noncurrent portion of earn-outs, (vii) a $14.4 million increase to deferred income tax liabilities, (viii) an $18.9 million increase to reserves for uncertain tax positions, (ix) a $5.0 million increase to environmental remediation liabilities, and (x) a $5.4 million increase to redeemable noncontrolling interest. The cumulative impact of the adjustments resulted in a $30.9 million increase to goodwill. The measurement period adjustments did not have a material impact on the Company's Net income attributable to IFF stockholders for the year ended December 31, 2019. The components of acquired intangible assets with finite lives that have been recorded are as follows: (IN THOUSANDS) Estimated Amounts Weighted-Average Useful Life Product formula $ 290,000 10 years Customer relationships 2,230,000 18 to 20 years Trade names 140,000 23 years Favorable/Unfavorable Leases, net 8,300 5 to 15 years Total $ 2,668,300 During 2019, in connection with the determination of the final purchase price allocation, the Company also finalized its determination of the reporting units for the former Frutarom operating segment. The reporting units identified were as follows: (i) Taste; (ii) Savory Solutions; (iii) Inclusions; (iv) Fine Ingredients; and (v) Natural Product Solutions. As part of the reorganization that occurred effective January 1, 2020, the Taste reporting unit was combined with the Legacy IFF Flavor Compounds reporting unit, and the former Frutarom operating segment was largely integrated into the Taste operating segment. Pro forma financial information The following unaudited pro forma financial information presents the combined results of operations of IFF and Frutarom as if the acquisition had been completed as of the beginning of the prior fiscal year, or January 1, 2017. The unaudited pro forma financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the acquisition and related borrowings had taken place on January 1, 2017, nor are they indicative of future results. The unaudited pro forma financial information for the year ended December 31, 2018 includes IFF results, including the post-acquisition results of Frutarom, since October 4, 2018, and pre-acquisition results of Frutarom for the period January 1, 2018 through October 3, 2018. The unaudited pro forma results for the years ended December 31, 2018 and December 31, 2017 is as follows: Year Ended December 31, (IN THOUSANDS) 2018 2017 Unaudited pro forma net sales $ 5,135,906 $ 4,761,115 Unaudited pro forma net income attributable to the Company 474,498 240,784 The unaudited pro forma results for all periods presented include adjustments made to account for certain costs and transactions that would have been incurred had the acquisition been completed as of January 1, 2017, including amortization charges for acquired intangibles assets, adjustments for acquisition transaction costs, adjustments for depreciation expense for property, plant, and equipment, and adjustments to interest expense. These adjustments are net of any applicable tax impact and were included to arrive at the pro forma results above. TAA On December 7, 2018, the Company completed the acquisition of 100% of the outstanding shares of The Additive Advantage, LLC ("TAA"), a privately-held manufacturing and licensing company with facilities in North America. The acquisition was accounted for under the purchase method. TAA was acquired to strengthen IFF’s position in delivery capability and technologies, and to advance the R&D delivery platform with printable encapsulation solutions. The Company paid $14.5 million for this acquisition, which was funded from cash on hand. Additionally, the Company recorded an accrual of $6.9 million representing the current estimate of additional contingent consideration payable to the former owners of TAA determined using the scenario-based method. In addition, as part of the acquisition, the Company assumed a loan of $0.5 million that had been due to the Company from TAA. This amount was included in the purchase consideration. The purchase consideration was allocated principally to identifiable intangible assets including $11.4 million to In-process research and development ("IPR&D") and approximately $10.4 million to goodwill (which is deductible for tax purposes). IPR&D represents acquired printing technology that had not been completed as of the acquisition date. The fair value of IPR&D was determined using the income approach. IPR&D will be tested for impairment going forward, and will only be amortized once technological feasibility has been established. The rate utilized to discount the net cash flows to their present value reflects the risk associated with the intangible asset and is benchmarked to the cost of equity. Goodwill is the excess of the purchase price over the fair value of net assets acquired and represents the value the Company expects to achieve from applying the technology to the Company’s existing product portfolio. The purchase price allocation was finalized in the fourth quarter of 2019. The acquisition agreement contains a provision for the payment of certain milestone amounts, which will be expensed as incurred post-acquisition, with a maximum amount that will be paid out of $5.4 million , as they are contingent on continued employment, as well as achievement of milestones related to the IPR&D programs. No pro forma financial information is presented as the acquisition was not material to the consolidated financial statements. PowderPure On April 7, 2017, the Company completed the acquisition of 100% of the outstanding shares of Columbia PhytoTechnology, LLC d/b/a PowderPure ("PowderPure"), a privately-held flavors company with facilities in North America. The acquisition was accounted for under the purchase method. PowderPure was acquired to expand expertise in, and product offerings of, clean label solutions within the Flavors business. The Company paid approximately $54.6 million including $0.4 million of cash acquired for this acquisition, which was funded from existing resources including use of its Credit Facility. Additionally, the Company recorded an accrual of approximately $1.4 million representing the current estimate of additional contingent consideration payable to the former owners of PowderPure. (The maximum earnout payable is $10 million upon satisfaction of certain performance metrics). The purchase price exceeded the preliminary fair value of existing net assets by approximately $48.0 million . The excess was allocated principally to identifiable intangible assets including approximately $27.5 million to proprietary technology, approximately $4.5 million to trade name and approximately $0.8 million to customer relationships, and approximately $15.2 million of goodwill (which is deductible for tax purposes). Goodwill is the excess of the purchase price over the fair value of net assets acquired and represents the value the Company expects to achieve from its increased exposure to clean label products within the Company's existing Flavors business. The intangible assets are being amortized over the following estimated useful lives: proprietary technology, 14 years; trade name, 14 years; and customer relationships, 2 years. The purchase price allocation was completed in the first quarter of 2018. No material adjustments were made to the purchase price allocation since the preliminary valuation performed in the second quarter of 2017. The estimated amount of the contingent consideration payable was reduced to zero during 2018 and resulted in a decrease in administrative expense of approximately $1.3 million . No pro forma financial information for 2017 is presented as the acquisition was not material to the consolidated financial statements. Fragrance Resources On January 17, 2017, the Company completed the acquisition of 100% of the outstanding shares of Fragrance Resources, Inc., Fragrance Resources GmbH, and Fragrance Resources SAS (collectively "Fragrance Resources"), a privately-held fragrance company with facilities in Germany, North America, France, and China. The acquisition was accounted for under the purchase method. Fragrance Resources was acquired to strengthen the North American and German Fragrances business. The Company paid approximately € 143.4 million (approximately $151.9 million ) including approximately € 13.7 million (approximately $14.4 million ) of cash acquired for this acquisition, which was funded from existing resources including use of its Credit Facility. Of the total paid, approximately € 142.0 million (approximately $150.5 million ) was paid at closing and an additional € 1.4 million (approximately $1.5 million ) was paid in connection with the finalization of the working capital adjustment. The purchase price exceeded the fair value of existing net assets by approximately $122.0 million . The excess was allocated principally to identifiable intangible assets including approximately $51.7 million related to customer relationships, approximately $13.6 million related to proprietary technology and trade name, and approximately $72.0 million of goodwill (which is not deductible for tax purposes) and approximately $15.3 million of net deferred tax liability. Goodwill is the excess of the purchase price over the fair value of net assets acquired and represents synergies from the addition of Fragrance Resources to the Company's existing Fragrances business. The intangible assets are being amortized over the following estimated useful lives: trade name, 2 years; proprietary technology, 5 years; and customer relationships, 12 - 16 years. The purchase price allocation was finalized in the fourth quarter of 2017. Certain measurement period adjustments were made subsequent to the initial purchase price allocation including adjustments related to the finalization of the purchase price, the allocation of certain intangibles and the calculation of applicable deferred taxes. The additional amortization of intangibles required as a result of the measurement period adjustments was not material. No pro forma financial information for 2017 is presented as the acquisition was not material to the consolidated financial statements. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following amounts: (DOLLARS IN THOUSANDS) December 31, 2019 2018 Asset Type Land $ 73,170 $ 75,528 Buildings and improvements 831,579 760,783 Machinery and equipment 1,366,041 1,342,881 Information technology 231,858 179,876 Construction in process 188,120 133,870 Total Property, Plant and Equipment 2,690,768 2,492,938 Accumulated depreciation (1,303,848 ) (1,251,786 ) Total Property, Plant and Equipment, Net $ 1,386,920 $ 1,241,152 Depreciation expense was $130.2 million for the year ended December 31, 2019 , and $89.1 million and $83.4 million for the years ended December 31, 2018 and 2017 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill Movements in goodwill during the years ended December 31, 2017 , 2018 and 2019 were as follows: (DOLLARS IN THOUSANDS) Goodwill Balance at January 1, 2017 $ 1,000,123 Acquisitions 87,865 Foreign exchange 32,920 Other (a) 35,380 Balance at December 31, 2017 1,156,288 Acquisitions (b) 4,253,541 Disposals (19,069 ) Foreign exchange (12,372 ) Balance at December 31, 2018 5,378,388 Acquisitions (c) 98,411 Frutarom measurement period adjustment 30,876 Foreign exchange (10,079 ) Balance at December 31, 2019 $ 5,497,596 _______________________ (a) Other above principally represents the increase to Goodwill associated with the update of certain customer relationship assumptions in the final purchase price allocation of David Michael. (b) Primarily relates to the Company's acquisition of Frutarom. (c) Additions primarily relate to the 2019 Acquisition Activity. See Note 3 for details. Goodwill by segment was as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Taste $ 4,788,988 $ 4,663,835 Scent 708,608 704,113 Unallocated — 10,440 Total $ 5,497,596 $ 5,378,388 The increase reflected in Scent above represents the impact of foreign currency. The increase reflected in Taste above primarily represents the final purchase price allocation of the Frutarom acquisition as disclosed in Note 3 . The unallocated Goodwill for the year ended December 31, 2018 above represents the preliminary purchase price allocation of TAA as disclosed in Note 3 which was subsequently allocated in 2019. Annual Goodwill Impairment Test For the annual impairment test as of November 30, 2019 , the Company assessed the fair value of the reporting units primarily using an income approach. Under the income approach, the Company determines the fair value by using a discounted cash flow method at a rate of return that reflects the relative risk of the cash flows, projecting future cash flows of each reporting unit, as well as a terminal value. The Company uses the most current actual and forecasted operating data available and key estimates and assumptions used in these valuations include revenue growth rates and profit margins based on internal forecasts, specific weighted-average cost of capital used to discount future cash flows, and historical operating trends of the Company. There was no impairment of goodwill at any of the Company's eight reporting units in 2019 . Based on the annual impairment test performed at November 30, 2019 , the Company determined that the excess of fair values over their respective carrying values ranged above 80% for four reporting units and between 10% and 80% for three reporting units. In the analysis performed for the reporting units, the Savory reporting unit had less than 10% excess fair value over carrying value. The Savory reporting unit had excess fair value over carrying value of 8.3% . While management believes that the assumptions used in the impairment test were reasonable, changes in key assumptions, including, lower revenue growth, lower operating margin, lower terminal growth rates or increasing discount rates could result in a future impairment. If current long-term projections for these reporting units are not realized or materially decrease, we may be required to write-off all or a portion of the goodwill. Such charge could have a material effect on the Consolidated Statements of Operations and Balance Sheets. Using the income approach and holding other assumptions constant, the following table provides the impact on the headroom by hypothetically changing key assumptions on a standalone basis for the Company's Savory reporting unit as of November 30, 2019 : Goodwill Key Assumptions Existing Headroom Resulting Headroom (DOLLARS IN MILLIONS) Discount Rate Terminal Growth 50 bps Increase in Discount Rate 50 bps Decline in Terminal Growth Savory $ 1,205 7.5 % 3.0 % 8.3 % (3.4 )% (0.3 )% Other Intangible Assets Other intangible assets, net consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Asset Type Customer relationships $ 2,653,446 $ 2,658,659 Technological know-how 468,256 451,016 Trade names & patents 178,968 177,770 Other 40,362 43,766 Total carrying value 3,341,032 3,331,211 Accumulated Amortization Customer relationships (302,047 ) (156,906 ) Technological know-how (135,269 ) (93,051 ) Trade names & patents (27,213 ) (19,593 ) Other (24,568 ) (22,339 ) Total accumulated amortization (489,097 ) (291,889 ) Other intangible assets, net $ 2,851,935 $ 3,039,322 Amortization expense was $193.1 million for the year ended December 31, 2019 , and $75.9 million and $34.7 million for the years ended December 31, 2018 and 2017 , respectively. Amortization expense for the next five years and thereafter, based on preliminary valuations and determinations of useful lives, is expected to be as follows: December 31, (DOLLARS IN THOUSANDS) 2020 2021 2022 2023 2024 Estimated future intangible amortization expense $ 189,896 $ 185,510 $ 181,698 $ 181,586 $ 181,586 |
Other Assets And Liabilities, C
Other Assets And Liabilities, Current and Noncurrent | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | OTHER ASSETS AND LIABILITIES, CURRENT AND NONCURRENT Other current assets consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Value-added tax receivable $ 78,526 $ 62,475 Income tax receivable 69,284 60,139 Prepaid expenses 110,768 90,962 Other 60,756 63,460 Total $ 319,334 $ 277,036 Other assets consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Operating lease right-of-use assets $ 287,870 $ — Finance lease right-of-use assets 4,792 — Deferred income taxes 125,552 89,000 Overfunded pension plans 85,657 75,158 Cash surrender value of life insurance contracts 47,578 43,179 Other (a) 56,967 81,336 Total $ 608,416 $ 288,673 _______________________ (a) Includes land usage rights in China and long term deposits. Other current liabilities consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Accrued payrolls and bonuses $ 102,704 $ 121,080 Rebates and incentives payable 49,938 44,175 Value-added tax payable 20,729 23,253 Interest payable 32,417 36,823 Current pension and other postretirement benefit obligation 11,972 11,528 Accrued insurance (including workers’ compensation) 9,960 9,447 Earn outs payable 12,961 29,974 Restructuring and other charges 21,085 5,200 Short term operating lease obligation 37,744 — Short term financing lease obligation 1,931 — Accrued income taxes 42,141 24,356 Other 233,240 224,672 Total $ 576,822 $ 530,508 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Debt consisted of the following at December 31: (DOLLARS IN THOUSANDS) Effective Interest Rate 2019 2018 2020 Notes (1) 3.69 % $ 299,381 $ 298,499 2021 Euro Notes (1) 0.82 % 334,561 337,704 2023 Notes (1) 3.30 % 299,004 298,698 2024 Euro Notes (1) 1.88 % 558,124 564,034 2026 Euro Notes (1) 1.93 % 890,183 899,886 2028 Notes (1) 4.57 % 396,688 396,377 2047 Notes (1) 4.44 % 493,571 493,151 2048 Notes (1) 5.12 % 785,996 785,788 Term Loan (1) 3.65 % 239,621 349,163 Amortizing Notes (1) 6.09 % 82,079 125,007 Bank overdrafts and other 3,131 4,695 Deferred realized gains on interest rate swaps 57 57 Total debt $ 4,382,396 $ 4,553,059 Less: Short term borrowings (2) (384,958 ) (48,642 ) Total Long-term debt $ 3,997,438 $ 4,504,417 _______________________ (1) Amount is net of unamortized discount and debt issuance costs. (2) Includes bank borrowings, overdrafts and current portion of long-term debt. Term Loan On June 6, 2018 and amended on July 13, 2018, the Company entered into a term loan credit agreement to replace a portion of the bridge loan facility, reducing the amount of the bridge loan commitments by $350 million . Under the term loan credit agreement, the lenders thereunder committed to provide, subject to certain conditions, a senior unsecured term loan facility (as amended, "Term Loan") in an original aggregate principal amount of up to $350.0 million , maturing three years after the funding date thereunder. The proceeds from the term loan were received on October 3, 2018. The Term Loan bears interest, at the Company’s option, at a per annum rate equal to either (x) an adjusted LIBOR rate plus an applicable margin varying from 0.75% to 2.00% or (y) a base rate plus an applicable margin varying from 0.00% to 1.00% , in each case depending on the public debt ratings for non-credit enhanced long-term senior unsecured debt issued by the Company. Loans under the Term Loan will amortize quarterly at a per annum rate of 10.0% of the aggregate principal amount of the loans made under the Term Loan on the funding date, commencing December 31, 2018, with the balance payable on October 3, 2021. The Company may voluntarily prepay the term loans without premium or penalty. The term loan credit agreement contains various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum ratio of net debt to EBITDA of 4.50 x with step-downs over time. During the first, third and fourth quarter of 2019, the Company made payments of $25 million , $42 million and $43 million , respectively, on the Term Loan. Credit Facility On May 21, 2018, June 6, 2018 and July 13, 2018, the Company and certain of its subsidiaries amended and restated the Company’s existing amended and restated credit agreement with Citibank, N.A., as administrative agent (as amended, the “Credit Facility”) in connection with the acquisition of Frutarom, to, among other things (i) extend the maturity date of the Credit Facility until June 6, 2023, (ii) increase the maximum ratio of net debt to EBITDA on and after the closing date of the acquisition and (iii) increase the drawn down capacity to $1.0 billion , consisting of a $585 million tranche A revolving credit facility (which provides for borrowings available in U.S. dollars, euros, Swiss francs, Japanese yen and/or British pounds sterling, with a sublimit of $25 million for swing line borrowings) (“Tranche A”) and a $415 million tranche B revolving credit facility (which provides for borrowings available in U.S. dollars, euros, Swiss francs, Japanese yen and/or British pounds sterling, with sublimits of €50 million and $25 million for swing line borrowings) (“Tranche B” and, together with Tranche A, the “Revolving Facility”). The interest rate on the Revolving Facility will be, at the applicable borrower’s option, a per annum rate equal to either (x) an adjusted LIBOR rate plus an applicable margin varying from 0.75% to 1.75% or (y) a base rate plus an applicable margin varying from 0.00% to 0.750% , in each case depending on the public debt ratings for non-credit enhanced long-term senior unsecured debt issued by the Company. Other terms and covenants under the Credit Facility remain substantially unchanged. The Credit Facility is available for general corporate purposes of each borrower and its subsidiaries. The obligations under the Credit Facility are unsecured and the Company has guaranteed the obligations of each other borrower under the Credit Facility. The Company pays a commitment fee on the aggregate unused commitments; such fee is not material. In connection with the Credit Facility, the Company incurred $0.7 million of debt issuance costs. As of December 31, 2019 , the Company was in compliance with all covenants under this Credit Facility. Total availability under the Credit Facility was $1.0 billion , with no outstanding borrowings as of December 31, 2019 . As the Credit Facility is a multi-year revolving credit agreement, the Company classifies as long-term debt the portion that it has the intent and ability to maintain outstanding longer than 12 months. 2018 Senior Unsecured Notes On September 26, 2018, the Company issued $300 million aggregate principal amount of senior unsecured notes that mature on September 25, 2020 (the “2020 Notes”). The 2020 Notes bear interest at a rate of 3.40% per year, payable semi-annually on March 25 and September 25 of each year, beginning March 25, 2019. Total proceeds from the issuance of the 2020 Notes, net of underwriting discounts and offering costs, were $298.9 million . On September 25, 2018 the Company issued €300 million aggregate principal amount of senior unsecured notes that mature on September 25, 2021 (the “2021 Euro Notes”). The 2021 Notes bear interest at a rate of 0.5% per year, payable annually on September 25 of each year, beginning September 25, 2019. Total proceeds from the issuance of the 2021 Notes, net of underwriting discounts and offering costs, were €297.7 million ( $349.5 million in USD). On September 25, 2018, the Company issued €800 million aggregate principal amount of senior unsecured notes that mature on September 25, 2026 (the “2026 Euro Notes”). The 2026 Notes bear interest at a rate of 1.8% per year, payable annually on September 25 of each year, beginning September 25, 2019. Total proceeds from the issuance of the 2026 Notes, net of underwriting discounts and offering costs, were €794.1 million ( $932.2 million in USD). On September 26, 2018, the Company issued $400 million aggregate principal amount of senior unsecured notes that mature on September 26, 2028 (the “2028 Notes”). The 2028 Notes bear interest at a rate of 4.45% per year, payable semi-annually on March 26 and September 26 of each year, beginning March 26, 2019. Total proceeds from the issuance of the 2028 Notes, net of underwriting discounts and offering costs, were $397.0 million . On September 26, 2018, the Company issued $800 million aggregate principal amount of senior unsecured notes that mature on September 26, 2048 (the “2048 Notes” and collectively with the 2021 Euro Notes, 2026 Euro Notes, 2020 Notes, 2028 Notes, the "2018 Senior Unsecured Notes"). The 2048 Notes bear interest at a rate of 5.0% per year, payable semi-annually on March 26 and September 26 of each year, beginning March 26, 2019. Total proceeds from the issuance of the 2048 Notes, net of underwriting discounts and offering costs, were $787.2 million . As discussed in Note 17 , the 2021 Euro Notes and 2026 Euro Notes have been designated as a hedge of the Company's net investment in certain subsidiaries. Tangible Equity Units - Senior Unsecured Amortizing Notes On September 17, 2018, in connection with the issuance of the TEUs, the Company issued $139.5 million aggregate principal amount of Amortizing Notes. The Amortizing Notes mature on September 15, 2021. Each quarterly cash installment payment of $0.75 (or, in the case of the installment payment due on December 15, 2018, $0.73333 ) per Amortizing Note will constitute a partial repayment of principal and a payment of interest, computed at an annual rate of 3.79% . Interest will be calculated on the basis of a 360 day year consisting of twelve 30 day months. Payments will be applied first to the interest due and payable and then to the reduction of the unpaid principal amount, allocated as set forth in the amortization schedule in the indenture governing the Amortizing Notes. See Note 8 for further information on the TEUs. There are no covenants or provisions in the indenture related to the TEUs that would afford the holders of the amortizing notes protection in the event of a highly leveraged transaction, reorganization, restructuring, merger or similar transaction involving the Company that may adversely affect such holders. If a fundamental change occurs, or if the Company elects to settle the SPCs early, then the holders of the Amortizing Notes will have the right to require the Company to repurchase the Amortizing Notes at a repurchase price equal to the principal amount of the Amortizing Notes as of the repurchase date plus accrued and unpaid interest. The indenture also contains customary events of default which would permit the holders of the Amortizing Notes to declare the notes to be immediately due and payable if not cured within applicable grace periods, including the failure to make timely installment payments on the notes or other material indebtedness, failure to give notice of a fundamental change and specified events of bankruptcy and insolvency. 2047 Notes On May 18, 2017, the Company issued $500.0 million face amount of 4.375% Senior Notes ("2047 Notes") due 2047 at a discount of $1.8 million . The Company received proceeds related to the issuance of these 2047 Notes of $493.9 million which was net of the $1.8 million discount and $4.4 million in underwriting fees (recorded as deferred financing costs). In addition, the Company incurred $0.9 million in legal and professional costs associated with the issuance and such costs were recorded as deferred financing costs. In connection with the debt issuance, the Company entered into pre-issuance hedging transactions that were settled upon issuance of the debt and resulted in a loss of approximately $5.3 million . The discount, deferred financing costs and pre-issuance hedge loss are being amortized as interest expense over the 30 year term of the debt. The 2047 Notes bear interest at a rate of 4.375% per annum, with interest payable semi-annually on June 1 and December 1 of each year, commencing on December 1, 2017. The 2047 Notes will mature on June 1, 2047. 2024 Euro Notes On March 14, 2016, the Company issued € 500.0 million face amount of 1.75% Senior Notes ("2024 Euro Notes") due 2024 at a discount of € 0.9 million . The Company received proceeds related to the issuance of these 2024 Euro Notes of € 496.0 million which was net of the € 0.9 million discount and € 3.1 million underwriting discount (recorded as deferred financing costs). In addition, the Company incurred $1.3 million of other deferred financing costs in connection with the debt issuance. In connection with the debt issuance, the Company entered into pre-issuance hedging transactions that were settled upon issuance of the debt and resulted in a loss of approximately $3.2 million . The discount, deferred financing costs and pre-issuance hedge loss are being amortized as interest expense over the eight year term of the debt. The 2024 Euro Notes bear interest at a rate of 1.75% per annum, with interest payable on March 14 of each year, commencing on March 14, 2017. The 2024 Euro Notes will mature on March 14, 2024. As discussed in Note 17 , the 2024 Euro Notes have been designated as a hedge of the Company's net investment in certain subsidiaries. 2023 Notes On April 4, 2013, the Company issued $300.0 million face amount of 3.20% Senior Notes (“2023 Notes”) due 2023 at a discount of $0.3 million . The Company received proceeds related to the issuance of these 2023 Notes of $297.8 million which was net of the $0.3 million discount and a $1.9 million underwriting discount (recorded as deferred financing costs). In addition, the Company incurred $0.9 million of other deferred financing costs in connection with the debt issuance. The discount and deferred financing costs are being amortized as interest expense over the term of the 2023 Notes. The 2023 Notes bear interest at a rate of 3.20% per year, with interest payable on May 1 and November 1 of each year , commencing on November 1, 2013. The 2023 Notes mature on May 1, 2023. Redemption Provisions The 2018 Senior Unsecured Notes, 2023 Notes, 2024 Euro Notes and 2047 Notes (collectively, the "Notes") share the same redemption provisions. Upon 30 days’ notice to holders of the Notes, the Company may redeem the Notes for cash in whole, at any time, or in part, from time to time, prior to maturity, at redemption prices that include accrued and unpaid interest and a make-whole premium, as specified in the indenture governing the Notes. However, no make-whole premium will be paid for redemptions of each note on or after the following date: Note Redemption Date 2020 Notes September 25, 2020 2021 Euro Notes August 25, 2021 2023 Notes February 1, 2023 2024 Euro Notes December 14, 2023 2026 Euro Notes June 25, 2026 2028 Notes June 26, 2028 2047 Notes December 1, 2046 2048 Notes March 26, 2048 The indenture of each note provides for customary events of default and contains certain negative covenants that limit the ability of the Company and its subsidiaries to grant liens on assets, or to enter into sale-leaseback transactions. In addition, subject to certain limitations, in the event of the occurrence of both (1) a change of control of the Company and (2) a downgrade of the Notes below investment grade rating by both Moody’s Investors Services, Inc. and Standard & Poor’s Ratings Services within a specified time period, the Company will be required to make an offer to repurchase the Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to the date of repurchase. Outstanding Borrowings The following table shows the contractual maturities of the Company's long-term debt as of December 31, 2019 . Payments Due by Period (DOLLARS IN THOUSANDS) Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years 2020 Notes $ 300,000 $ 300,000 $ — $ — $ — 2021 Euro Notes 336,360 — 336,360 — — 2023 Notes 300,000 — — 300,000 — 2024 Euro Notes 560,600 — — 560,600 — 2026 Euro Notes 896,960 — — — 896,960 2028 Notes 400,000 — — — 400,000 2047 Notes 500,000 — — — 500,000 2048 Notes 800,000 — — — 800,000 Term Loan 240,000 35,000 205,000 — — Amortizing Notes 83,433 47,001 36,432 — — Total $ 4,417,353 $ 382,001 $ 577,792 $ 860,600 $ 2,596,960 Commercial Paper Commercial paper issued by the Company generally has terms of 90 days or less. As of December 31, 2019 , and 2018 , there was no commercial paper outstanding. The Credit Facility is used as a backstop for the Company's commercial paper program. The Company did not draw any commercial paper during 2019, and the maximum amount of commercial paper outstanding during 2018 was $85 million . |
Tangible Equity Units
Tangible Equity Units | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | TANGIBLE EQUITY UNITS On September 17, 2018, the Company issued and sold 16,500,000 , 6.00% TEUs at $50 per unit and received proceeds of $800.2 million , net of discounts and issuance costs of $24.8 million . Each TEU is comprised of: (i) a prepaid SPC to be settled by delivery of a specified number of shares of the Company's common stock, and (ii) a senior amortizing note (“Amortizing Note”), with an initial principal amount of $8.45 and a final installment payment date of September 15, 2021. The Company pays equal quarterly cash installments of $0.75 per Amortizing Note on March 15, June 15, September 15, and December 15 of each year, with the exception of the first installment payment of $0.7333 per Amortizing Note which was due on December 15, 2018. In the aggregate, the annual quarterly cash installments will be equivalent to 6.00% per year. Each installment payment constitutes a payment of interest and a partial repayment of principal, computed at an annual rate of 3.79% . Each TEU may be separated by a holder into its constituent SPC and Amortizing Note after the initial issuance date of the TEUs, and the separate components may be combined to create a TEU after the initial issuance date, in accordance with the terms of the SPC. The TEUs are listed on the New York Stock Exchange under the symbol “IFFT”. The proceeds from the issuance of the TEUs were allocated to equity and debt based on the relative fair value of the respective components of each TEU as follows: (IN MILLIONS, EXCEPT FAIR VALUE PER TEU) SPC Amortizing Note Total Fair Value per TEU $ 41.5 $ 8.5 $ 50.0 Gross Proceeds $ 685.5 $ 139.5 $ 825.0 Less: Issuance costs 20.4 4.4 24.8 Net Proceeds $ 665.1 $ 135.1 $ 800.2 The net proceeds of the SPCs were recorded as additional paid in capital, net of issuance costs. The net proceeds of the Amortizing Notes were recorded as debt, with deferred financing costs recorded as a reduction of the carrying amount of the debt in the Company's consolidated balance sheet. Deferred financing costs related to the Amortizing Notes are amortized through the maturity date using the effective interest rate method. Unless settled early at the holder’s or the Company's election, each SPC will automatically settle on September 15, 2021 for a number of shares of common stock per SPC based on the 20 day volume-weighted average price (“VWAP”) of the Company's common stock as follows: VWAP of IFF Common Stock Common Stock Issued Equal to or greater than $159.54 0.3134 shares (minimum settlement rate) Less than $159.54, but greater than $130.25 $50 divided by VWAP Less than or equal to $130.25 0.3839 shares (maximum settlement rate) At any time prior to the second scheduled trading day immediately preceding September 15, 2021, any holder of an SPC may settle any or all of its SPCs early, and the Company will deliver 0.3134 shares of its common stock for each SPC, subject to adjustment. Additionally, the SPCs may be redeemed in the event of a fundamental change as defined in the SPC. Dividends Cash dividends declared per share were $2.96 , $2.84 and $2.66 in for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Consolidated Balance Sheet reflects $80.0 million of dividends payable at December 31, 2019 . This amount relates to a cash dividend of $0.75 per share declared in December 2019 and paid in January 2020 . Dividends declared, but not paid as of December 31, 2018 and December 31, 2017 were $77.8 million ( $0.73 per share) and $54.4 million ( $0.69 per share), respectively. Share Repurchases In December 2012, the Board of Directors authorized a $250.0 million share repurchase program, which commenced in the first quarter of 2013. In August 2015, the Board of Directors approved an additional $250 million share repurchase authorization and extension through December 31, 2017. Based on the total remaining amount of $56.1 million available under the amended repurchase program as of October 31, 2017, the Board of Directors re-approved on November 1, 2017 a $250.0 million share repurchase authorization and extension for a total value of $300.0 million available under the program, which expires on November 1, 2022 . A summary of the stock repurchase activity under the stock repurchase program, reported based on the trade date, is summarized as follows: (DOLLARS IN THOUSANDS) Shares Repurchased Weighted- Average Price per Share Dollar Amount Repurchased Year Ended December 31, 2018 108,109 $ 143.15 $ 15,475 Year Ended December 31, 2017 459,264 126.44 58,069 Based on the total remaining amount of $279.7 million available under the repurchase program, 2,213,425 shares, or 2.0% of shares outstanding (based on the market price and weighted average shares outstanding as of December 31, 2019 ) could be repurchased under the program as of December 31, 2019 . The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive loss, net of tax, as of December 31, 2018 $ (396,996 ) $ 4,746 $ (309,977 ) $ (702,227 ) OCI before reclassifications 23,953 4,969 (45,599 ) (16,677 ) Amounts reclassified from AOCI — (7,647 ) 9,657 2,010 Net current period other comprehensive income (loss) 23,953 (2,678 ) (35,942 ) (14,667 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2019 $ (373,043 ) $ 2,068 $ (345,919 ) $ (716,894 ) (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2017 $ (297,416 ) $ (10,332 ) $ (329,734 ) $ (637,482 ) OCI before reclassifications (99,580 ) 8,011 9,717 (81,852 ) Amounts reclassified from AOCI — 7,067 10,040 17,107 Net current period other comprehensive income (loss) (99,580 ) 15,078 19,757 (64,745 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2018 $ (396,996 ) $ 4,746 $ (309,977 ) $ (702,227 ) (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2016 $ (352,025 ) $ 7,604 $ (335,674 ) $ (680,095 ) OCI before reclassifications 66,826 (14,782 ) (7,941 ) 44,103 Amounts reclassified from AOCI (12,217 ) (a) (3,154 ) 13,881 (1,490 ) Net current period other comprehensive income (loss) 54,609 (17,936 ) 5,940 42,613 Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2017 $ (297,416 ) $ (10,332 ) $ (329,734 ) $ (637,482 ) (a) Represents a foreign currency exchange gain from the release of a currency translation adjustment upon the liquidation of a foreign entity in 2017. The following table provides details about reclassifications out of AOCI to the Consolidated Statement of Comprehensive Income: Year Ended December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Affected Line Item in the Consolidated Statement of Comprehensive Income (Losses) gains on derivatives qualifying as hedges Foreign currency contracts $ 9,719 $ (7,089 ) $ 4,506 Cost of goods sold Interest rate swaps (857 ) (864 ) (789 ) Interest expense Tax (1,215 ) 886 (563 ) Provision for income taxes Total $ 7,647 $ (7,067 ) $ 3,154 Total, net of income taxes (Losses) gains on pension and postretirement liability adjustments Prior service cost $ 6,644 $ 7,752 $ 7,040 (a) Actuarial losses (19,032 ) (20,645 ) (24,699 ) (a) Tax 2,731 2,853 3,778 Provision for income taxes Total $ (9,657 ) $ (10,040 ) $ (13,881 ) Total, net of income taxes _______________________ (a) The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 16 to the Consolidated Financial Statements for additional information regarding net periodic benefit cost. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Earnings before income taxes consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 U.S. loss before taxes $ (110,363 ) $ (99,125 ) $ (24 ) Foreign income before taxes 667,815 546,882 537,069 Total income before taxes $ 557,452 $ 447,757 $ 537,045 The income tax provision consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Current tax provision Federal $ 9,979 $ (11,568 ) $ 68,886 State and local 429 1,709 137 Foreign 146,055 98,433 113,468 Total current tax provision 156,463 88,574 182,491 Deferred tax provision Federal (41,126 ) (8,287 ) 74,446 State and local 7,598 (7,092 ) (11,537 ) Foreign (25,751 ) 34,781 (4,020 ) Total deferred tax (benefit) provision (59,279 ) 19,402 58,889 Total taxes on income $ 97,184 $ 107,976 $ 241,380 Effective Tax Rate Reconciliation Reconciliation between the U.S. federal statutory income tax rate to the actual effective tax rate was as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Statutory tax rate 21.0 % 21.0 % 35.0 % Difference in effective tax rate on foreign earnings and remittances (6.8 ) (6.1 ) (12.6 ) Tax benefit from supply chain optimization (1.0 ) (3.0 ) (2.3 ) Unrecognized tax benefit, net of reversals 3.4 2.9 2.3 U.S. tax reform — (1.8 ) 26.5 Deferred taxes on deemed repatriation 0.8 10.1 0.3 Global intangible low-taxed income — 1.8 — Acquisition costs 0.5 1.3 — Establishment (release) of valuation allowance on state deferred 1.7 (1.5 ) (1.7 ) State and local taxes (0.8 ) 0.6 0.1 Other, net (1.4 ) (1.2 ) (2.7 ) Effective tax rate 17.4 % 24.1 % 44.9 % The effective tax rate reflects the impact of a favorable mix of earnings, partially offset by loss provisions and the establishment of a valuation allowance on certain state deferred tax assets. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) that significantly revised the U.S. tax code effective January 1, 2018. The Tax Act created significant international tax provisions, including global intangible low-taxed income ("GILTI"). The Company has elected to treat GILTI as a current period cost if and when incurred. This tax position resulted in a net $0.1 million income tax expense for the year ended December 31, 2019, principally due to a provision to return adjustment. The U.S. consolidated group has historically generated taxable income after the inclusion of foreign dividends which has allowed the Company to realize its federal deferred tax assets. Foreign dividends are subject to a 100% dividends received deduction under the Tax Act and do not serve as a source of federal taxable income. However, as of December 31, 2019 the U.S. consolidated group is in a cumulative income position, and is expected to continue to be in a cumulative income position principally due to the inclusion of global intangible low-taxed income and expects to realize tax benefits for the reversal of temporary differences. The corresponding U.S. federal taxable income is sufficient to realize $75.9 million in deferred tax assets as of December 31, 2019. Further, as of December 31, 2019 the Company recorded an expense for $9.7 million related to a valuation allowance established on state tax credits. This was principally due to state legislative updates during 2019 surrounding certain positions of the Tax Act, namely GILTI. The majority of the Company’s state deferred tax assets relate to net operating loss and tax credit carryforwards that have a specified carryforward period. Therefore, the Company has maintained a valuation allowance of $13.5 million on certain state tax attributes based on a state taxable income forecast. The main inputs into the forecast are the 2019 taxable income projections. Changes in the performance of the North American business, the Company’s transfer pricing policies and adjustments to the Company’s U.S. tax profile could impact the estimate. Deferred Taxes The deferred tax assets and liabilities consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Employee and retiree benefits $ 87,924 $ 80,382 Credit and net operating loss carryforwards 220,156 225,152 Intangible assets 8,477 12,489 Amortizable R&D expenses 15,477 481 Gain on foreign currency translation 3,285 — Interest limitation 39,867 19,380 Inventory 14,396 13,308 Lease obligations 53,751 — Other, net 14,351 17,528 Gross deferred tax assets 457,684 368,720 Property, plant and equipment, net (49,158 ) (22,511 ) Intangible assets (621,044 ) (616,333 ) Right-of-use assets (53,555 ) — Loss on foreign currency translation — (7,717 ) Deferred taxes on deemed repatriation (46,066 ) (88,759 ) Gross deferred tax liabilities (769,823 ) (735,320 ) Valuation allowance (203,765 ) (200,280 ) Total net deferred tax liabilities $ (515,904 ) $ (566,880 ) Net operating loss carryforwards were $207.9 million and $209.4 million at December 31, 2019 and 2018 , respectively. If unused, $12.3 million will expire between 2020 and 2039 . The remainder, totaling $195.6 million , may be carried forward indefinitely. Tax credit carryforwards were $18.5 million and $17.8 million at December 31, 2019 and 2018 , respectively. If unused, the $18.5 million will expire between 2020 and 2039. Of the $226.4 million deferred tax asset for net operating loss carryforwards and credits at December 31, 2019 , the Company considers it unlikely that a portion of the tax benefit will be realized. Accordingly, a valuation allowance of $190.6 million of net operating loss carryforwards and $14.1 million of tax credits has been established against these deferred tax assets. Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Balance of unrecognized tax benefits at beginning of year $ 50,953 $ 38,162 $ 26,428 Gross amount of increases in unrecognized tax benefits as a result of positions taken during a prior year 20,361 9,751 1,169 Gross amount of decreases in unrecognized tax benefits as a result of positions taken during a prior year (2,241 ) (5,362 ) (268 ) Gross amount of increases in unrecognized tax benefits as a result of positions taken during the current year 13,274 14,677 13,191 The amounts of decreases in unrecognized benefits relating to settlements with taxing authorities (3,575 ) (4,550 ) — Reduction in unrecognized tax benefits due to the lapse of applicable statute of limitation (3,973 ) (1,725 ) (2,358 ) Balance of unrecognized tax benefits at end of year $ 74,799 $ 50,953 $ 38,162 At December 31, 2019 , 2018 and 2017 , there were $73.6 million , $47.3 million , and $28.5 million , respectively, of unrecognized tax benefits recorded to Other liabilities and $1.2 million , $3.6 million and $9.7 million recorded to Other current liabilities for 2019, 2018 and 2017, respectively. Of the 2019 balance, $24.7 million recorded to Other liabilities and $1.2 million recorded to Other current liabilities are associated with Frutarom, of which $13.8 million was recorded within the purchase accounting measurement period that ended in the third quarter of 2019. If these unrecognized tax benefits were recognized, all the benefits and related interest and penalties would be recorded as a benefit to income tax expense. For the year ended December 31, 2019 , the Company increased its liabilities for interest and penalties by $11.0 million , net, reduced its liabilities for interest and penalties by $1.1 million , net for the year ended 2018, and increased its liabilities for interest and penalties by $3.0 million , net for the year ended 2017 . At December 31, 2019 , 2018 and 2017 , the Company had accrued $14.0 million , $3.0 million and $2.8 million , respectively, of interest and penalties classified as Other liabilities and $1.3 million in 2017 recorded to Other current liabilities. No such liabilities were accrued for the year ended December 31, 2019 and 2018. Of the 2019 balance, $7.8 million was associated with Frutarom, of which $6.6 million was recorded within the purchase accounting measurement period that ended in the third quarter of 2019. As of December 31, 2019 , the Company’s aggregate provision for unrecognized tax benefits, including interest and penalties, was $88.8 million , associated with various tax positions principally asserted in foreign jurisdictions, none of which is individually material. Of this total, $33.7 million is associated with Frutarom, of which $20.4 million was recorded within the purchase accounting measurement period that ended in the third quarter of 2019. Other Tax benefits credited to Shareholders’ equity were $0.1 million for the year ended December 31, 2019 , de minimis for the year ended December 31, 2018, and $0.1 million for the year ended December 31, 2017 associated with stock option exercises and PRSU dividends. The Company regularly repatriates earnings from non-U.S. subsidiaries. In the fourth quarter of 2018, the Company changed its assertion as part of its final analysis under Staff Accounting Bulletin No. 118, consistent with the Company’s need to repatriate funds for debt repayment purposes. As the Company repatriates these funds to the U.S. they will be required to pay income taxes in certain U.S. states and applicable foreign withholding taxes during the period when such repatriation occurs. Accordingly, as of December 31, 2019, the Company had a deferred tax liability of $46.1 million for the effect of repatriating the funds to the U.S. We reversed a deferred tax liability of $43.7 million associated with Frutarom in the purchase accounting measurement period as we intend to indefinitely reinvest the earnings in the Frutarom subsidiaries to fund local operations and/or capital projects. The Company has ongoing income tax audits and legal proceedings which are at various stages of administrative or judicial review, of which the material items are discussed below. In addition, the Company has other ongoing tax audits and legal proceedings that relate to indirect taxes, such as value-added taxes, capital tax, sales and use and property taxes, which are discussed in Note 20 . The Company also has several other tax audits in process and has open tax years with various taxing jurisdictions that range primarily from 2009 to 2018 . Based on currently available information, the Company does not believe the ultimate outcome of any of these tax audits and other tax positions related to open tax years, when finalized, will have a material impact on its financial position. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company has leases for corporate offices, manufacturing facilities, research and development facilities, and certain transportation and office equipment, all of which are operating leases. The Company's leases have remaining lease terms of up to 40 years , some of which include options to extend the leases for up to 5 years . The components of lease expense were as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Operating lease cost $ 52,213 Financing lease cost 2,235 The total rental expense, as calculated prior to the adoption of ASU 2016-02, was as follows: December 31, (DOLLARS IN THOUSANDS) 2018 2017 Rental Expense $ 42,365 $ 37,785 Supplemental cash flow information related to leases was as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flow from operating activities $ 51,444 Operating cash flow from finance leases 64 Financing cash flow from finance leases 2,204 Right-of-use assets obtained in exchange for lease obligations Operating leases 29,823 Finance leases 2,833 Supplemental balance sheet information related to leases was as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Operating Leases Operating lease right-of-use assets (1) $ 287,870 Other current liabilities (2) 37,744 Operating lease liabilities (3) 253,367 Total operating lease liabilities 291,111 Financing Leases Financing lease right-of-use assets (1) 4,792 Other current liabilities (2) 1,931 Financing lease liabilities (3) 2,525 Total financing lease liabilities 4,456 _______________________ (1) Presented in Other assets in the Consolidated Balance Sheet. (2) Presented in Other current liabilities in the Consolidated Balance Sheet. (3) Presented in Other liabilities in the Consolidated Balance Sheet . Weighted average remaining lease term and discount rate were as follows: December 31, 2019 Weighted average remaining lease term in years Operating leases 11.3 Finance leases 3.3 Weighted average discount rate Operating leases 3.89 % Finance leases 1.69 % Maturities of lease liabilities were as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Operating Leases Less than 1 Year $ 49,199 1-3 Years 81,829 3-5 Years 60,489 After 5 years 178,231 Less: Imputed Interest (78,637 ) Total $ 291,111 Financing Leases Less than 1 Year $ 2,036 1-3 Years 2,073 3-5 Years 486 After 5 years 26 Less: Imputed Interest (165 ) Total $ 4,456 Minimum rental payments under non-cancellable operating leases, as calculated prior to the adoption of ASU 2016-02, were as follows: (DOLLARS IN THOUSANDS) December 31, 2018 2019 $ 49,350 2020 42,156 2021 36,445 2022 32,174 2023 28,499 Thereafter 201,078 Total $ 389,700 Right of use assets by region were as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Operating Leases North America $ 143,556 Europe, Africa and Middle East 110,552 Greater Asia 20,492 Latin America 13,270 Consolidated $ 287,870 Financing Leases North America $ 246 Europe, Africa and Middle East 3,221 Greater Asia 516 Latin America 809 Consolidated $ 4,792 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION On December 30, 2017, the first day of our 2018 fiscal year, the Company adopted ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". Under Topic 606 (the "Revenue Standard"), revenue is recognized to reflect the transfer of goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. As the Company adopted the Revenue Standard using the modified retrospective method effective the first day of its 2018 fiscal year, results for its 2018 fiscal year are presented under the Revenue Standard while prior period amounts are not adjusted and continue to be reported in accordance with the Company's historic accounting under ASC Topic 605, which required that revenue was accounted for when the earnings process was complete. 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. The following table presents the Company's revenues disaggregated by product categories: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 (a) Flavor Compounds $ 2,850,498 $ 1,990,985 $ 1,632,166 Fragrance Compounds 1,543,834 1,496,493 1,424,612 Ingredients 745,752 490,061 341,941 Total revenues $ 5,140,084 $ 3,977,539 $ 3,398,719 _______________________ (a) Prior period amounts have not been adjusted based on the modified retrospective method. The following table presents the Company's revenues disaggregated by region, based on the region of their customers: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 (a) Europe, Africa and Middle East $ 2,081,758 $ 1,396,316 $ 1,065,596 Greater Asia 1,162,992 991,015 903,546 North America 1,170,497 1,010,126 901,821 Latin America 724,837 580,082 527,756 Total revenues $ 5,140,084 $ 3,977,539 $ 3,398,719 _______________________ (a) Prior period amounts have not been adjusted based on the modified retrospective method. Flavor and Fragrance Compounds Revenues The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties and payment terms (which vary by customer) are identified, the contract has commercial substance, and collectability of consideration is probable. Consistent with the Company's past practice, the amount of revenue recognized is adjusted at the time of sale for expected discounts and rebates (“Variable Consideration”). The Company generates revenues primarily by manufacturing customized taste and scent compounds for the exclusive use of our customers. The Company combines the shipment of goods with their manufacture to account for both shipment and manufacture as the sole performance obligation. With respect to the vast majority of the Company’s contracts for Compounds products, the Company recognizes a sale at the point in time when it ships the product from its manufacturing facility to its customer, as this is the time when control of the goods has transferred to the customer. The amount of consideration received and revenue recognized is impacted by the Variable Consideration the Company has agreed with its customers. The Company estimates Variable Consideration amounts for each customer based on the specific agreement, an analysis of historical volumes and the current activity with that customer. The Company reassesses its estimates of Variable Consideration at each reporting date throughout the contract period and updates the estimate until the uncertainty is resolved. During the current period, changes to estimates of Variable Consideration have been immaterial. With respect to a small number of contracts for the sale of Compounds products, the Company recognizes revenue over time as it manufactures customized compounds that do not have an alternative use and for which the contracts provide the Company with an enforceable right to payment, including a reasonable profit, at all times during the contract term commencing with the manufacturing of the goods. When revenue is recognized over time, the amount of revenue recognized is based on the extent of progress towards completion of the promised goods. The Company generally uses the output method to measure progress for its contracts as this method reflects the transfer of goods to the customer. Once customization begins, the manufacturing process is generally completed within a two week period. Due to the short time frame for production, there is little estimation uncertainty in the process. In addition, due to the customized nature of the Company's products, returns are not material. Ingredients Revenues The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties and payment terms (which vary by customer) are identified, the contract has commercial substance, and collectability of consideration is probable. The Company generates revenues primarily by manufacturing Ingredients products for the use of our customers. The Company combines the shipment of goods with their manufacture to account for both shipment and manufacture as the sole performance obligation. Generally, the Company recognizes a sale at the time when it ships the product from their manufacturing facility to their customer, as this is the point when control of the goods or services has transferred to the customer. The amount of consideration received and revenue recognized is impacted by discounts offered to its customers. The Company estimates discounts based on an analysis of historical experience and current activity. The Company assesses its estimates of discounts at each reporting date throughout the contract period and updates its estimates until the uncertainty has been resolved. During the current period, changes to estimates of discounts have been immaterial. Contract Asset and Accounts Receivable 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. The following table reflects the balances in the Company's contract assets, accounts receivable and contract liabilities for the periods ended December 31, 2019 and December 31, 2018 : December 31, (DOLLARS IN THOUSANDS) 2019 2018 Receivables (included in Trade receivables) $ 892,625 $ 946,938 Contract asset - Short term 2,736 487 Contract liabilities - Short term 11,107 1,006 |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | NET INCOME PER SHARE Basic and diluted net income per share is based on the weighted average number of shares outstanding. A reconciliation of shares used in the computation of basic and diluted net income per share is as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Net Income Net income attributable to IFF stockholders $ 455,873 $ 337,302 $ 295,665 Less: Increase in redemption value of redeemable noncontrolling interests in excess of earnings allocated (2,097 ) (2,848 ) — Net income available to IFF stockholders $ 453,776 $ 334,454 $ 295,665 Shares Weighted average common shares outstanding (basic) (1) 111,966 87,551 79,070 Adjustment for assumed dilution (2) : Stock options and restricted stock awards 356 303 300 SPC portion of the TEUs 985 267 — Weighted average shares assuming dilution (diluted) 113,307 88,121 79,370 Net Income per Share Net income per share - basic $ 4.05 $ 3.81 $ 3.73 Net income per share - dilutive 4.00 3.79 3.72 _______________________ (1) For the year ended December 31, 2019 and 2018 , the TEUs were assumed to be outstanding at the minimum settlement amount for weighted-average shares for basic earnings per share. See below for details. (2) Effect of dilutive securities includes dilution under stock plans and incremental impact of TEUs. See below for details. As discussed in Note 8 , the Company issued 16,500,000 TEUs, consisting of a prepaid SPC and a senior amortizing note, for net proceeds of approximately $800.2 million on September 17, 2018. For the periods outstanding, the SPC portion of the TEUs were assumed to be settled at the minimum settlement amount of 0.3134 shares per SPC for weighted-average shares for basic earnings per share. For diluted earnings per share, the shares were assumed to be settled at a conversion factor based on the VWAP per share of the Company’s common stock not to exceed 0.3839 and 0.3711 shares per SPC as of December 31, 2019 and 2018 , respectively. The Company has issued shares of Purchased Restricted Stock ("PRS") and Purchased Restricted Stock Units (“PRSUs”) which contain nonforfeitable rights to dividends and thus are considered participating securities which are required to be included in the computation of basic and diluted earnings per share pursuant to the two-class method. The two-class method was not presented since the difference between basic and diluted net income per share for both common shareholders, PRS and PRSU holders was less than $0.01 per share for each year and the number of PRS and PRSUs outstanding as of December 31, 2019 , 2018 and 2017 was immaterial. Net income allocated to such PRS and PRSUs during 2019 , 2018 and 2017 was approximately $1.0 million , $1.0 million and $1.0 million , respectively. An immaterial amount of Stock-Settled Appreciation Rights (“SSARs”) were excluded from the computation of diluted net income per share at December 31, 2019 , 2018 and 2017 . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | TANGIBLE EQUITY UNITS On September 17, 2018, the Company issued and sold 16,500,000 , 6.00% TEUs at $50 per unit and received proceeds of $800.2 million , net of discounts and issuance costs of $24.8 million . Each TEU is comprised of: (i) a prepaid SPC to be settled by delivery of a specified number of shares of the Company's common stock, and (ii) a senior amortizing note (“Amortizing Note”), with an initial principal amount of $8.45 and a final installment payment date of September 15, 2021. The Company pays equal quarterly cash installments of $0.75 per Amortizing Note on March 15, June 15, September 15, and December 15 of each year, with the exception of the first installment payment of $0.7333 per Amortizing Note which was due on December 15, 2018. In the aggregate, the annual quarterly cash installments will be equivalent to 6.00% per year. Each installment payment constitutes a payment of interest and a partial repayment of principal, computed at an annual rate of 3.79% . Each TEU may be separated by a holder into its constituent SPC and Amortizing Note after the initial issuance date of the TEUs, and the separate components may be combined to create a TEU after the initial issuance date, in accordance with the terms of the SPC. The TEUs are listed on the New York Stock Exchange under the symbol “IFFT”. The proceeds from the issuance of the TEUs were allocated to equity and debt based on the relative fair value of the respective components of each TEU as follows: (IN MILLIONS, EXCEPT FAIR VALUE PER TEU) SPC Amortizing Note Total Fair Value per TEU $ 41.5 $ 8.5 $ 50.0 Gross Proceeds $ 685.5 $ 139.5 $ 825.0 Less: Issuance costs 20.4 4.4 24.8 Net Proceeds $ 665.1 $ 135.1 $ 800.2 The net proceeds of the SPCs were recorded as additional paid in capital, net of issuance costs. The net proceeds of the Amortizing Notes were recorded as debt, with deferred financing costs recorded as a reduction of the carrying amount of the debt in the Company's consolidated balance sheet. Deferred financing costs related to the Amortizing Notes are amortized through the maturity date using the effective interest rate method. Unless settled early at the holder’s or the Company's election, each SPC will automatically settle on September 15, 2021 for a number of shares of common stock per SPC based on the 20 day volume-weighted average price (“VWAP”) of the Company's common stock as follows: VWAP of IFF Common Stock Common Stock Issued Equal to or greater than $159.54 0.3134 shares (minimum settlement rate) Less than $159.54, but greater than $130.25 $50 divided by VWAP Less than or equal to $130.25 0.3839 shares (maximum settlement rate) At any time prior to the second scheduled trading day immediately preceding September 15, 2021, any holder of an SPC may settle any or all of its SPCs early, and the Company will deliver 0.3134 shares of its common stock for each SPC, subject to adjustment. Additionally, the SPCs may be redeemed in the event of a fundamental change as defined in the SPC. Dividends Cash dividends declared per share were $2.96 , $2.84 and $2.66 in for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Consolidated Balance Sheet reflects $80.0 million of dividends payable at December 31, 2019 . This amount relates to a cash dividend of $0.75 per share declared in December 2019 and paid in January 2020 . Dividends declared, but not paid as of December 31, 2018 and December 31, 2017 were $77.8 million ( $0.73 per share) and $54.4 million ( $0.69 per share), respectively. Share Repurchases In December 2012, the Board of Directors authorized a $250.0 million share repurchase program, which commenced in the first quarter of 2013. In August 2015, the Board of Directors approved an additional $250 million share repurchase authorization and extension through December 31, 2017. Based on the total remaining amount of $56.1 million available under the amended repurchase program as of October 31, 2017, the Board of Directors re-approved on November 1, 2017 a $250.0 million share repurchase authorization and extension for a total value of $300.0 million available under the program, which expires on November 1, 2022 . A summary of the stock repurchase activity under the stock repurchase program, reported based on the trade date, is summarized as follows: (DOLLARS IN THOUSANDS) Shares Repurchased Weighted- Average Price per Share Dollar Amount Repurchased Year Ended December 31, 2018 108,109 $ 143.15 $ 15,475 Year Ended December 31, 2017 459,264 126.44 58,069 Based on the total remaining amount of $279.7 million available under the repurchase program, 2,213,425 shares, or 2.0% of shares outstanding (based on the market price and weighted average shares outstanding as of December 31, 2019 ) could be repurchased under the program as of December 31, 2019 . The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive loss, net of tax, as of December 31, 2018 $ (396,996 ) $ 4,746 $ (309,977 ) $ (702,227 ) OCI before reclassifications 23,953 4,969 (45,599 ) (16,677 ) Amounts reclassified from AOCI — (7,647 ) 9,657 2,010 Net current period other comprehensive income (loss) 23,953 (2,678 ) (35,942 ) (14,667 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2019 $ (373,043 ) $ 2,068 $ (345,919 ) $ (716,894 ) (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2017 $ (297,416 ) $ (10,332 ) $ (329,734 ) $ (637,482 ) OCI before reclassifications (99,580 ) 8,011 9,717 (81,852 ) Amounts reclassified from AOCI — 7,067 10,040 17,107 Net current period other comprehensive income (loss) (99,580 ) 15,078 19,757 (64,745 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2018 $ (396,996 ) $ 4,746 $ (309,977 ) $ (702,227 ) (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2016 $ (352,025 ) $ 7,604 $ (335,674 ) $ (680,095 ) OCI before reclassifications 66,826 (14,782 ) (7,941 ) 44,103 Amounts reclassified from AOCI (12,217 ) (a) (3,154 ) 13,881 (1,490 ) Net current period other comprehensive income (loss) 54,609 (17,936 ) 5,940 42,613 Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2017 $ (297,416 ) $ (10,332 ) $ (329,734 ) $ (637,482 ) (a) Represents a foreign currency exchange gain from the release of a currency translation adjustment upon the liquidation of a foreign entity in 2017. The following table provides details about reclassifications out of AOCI to the Consolidated Statement of Comprehensive Income: Year Ended December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Affected Line Item in the Consolidated Statement of Comprehensive Income (Losses) gains on derivatives qualifying as hedges Foreign currency contracts $ 9,719 $ (7,089 ) $ 4,506 Cost of goods sold Interest rate swaps (857 ) (864 ) (789 ) Interest expense Tax (1,215 ) 886 (563 ) Provision for income taxes Total $ 7,647 $ (7,067 ) $ 3,154 Total, net of income taxes (Losses) gains on pension and postretirement liability adjustments Prior service cost $ 6,644 $ 7,752 $ 7,040 (a) Actuarial losses (19,032 ) (20,645 ) (24,699 ) (a) Tax 2,731 2,853 3,778 Provision for income taxes Total $ (9,657 ) $ (10,040 ) $ (13,881 ) Total, net of income taxes _______________________ (a) The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 16 to the Consolidated Financial Statements for additional information regarding net periodic benefit cost. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plans | STOCK COMPENSATION PLANS The Company has various equity plans under which its officers, senior management, other key employees and Board of Directors may be granted options to purchase IFF common stock or other forms of stock-based awards. Beginning in 2004, the Company granted Restricted Stock Units (“RSUs”) as the principal element of its equity compensation for all eligible U.S.-based employees and a majority of eligible overseas employees. Vesting of the RSUs is solely time based; the vesting period is primarily 3 years from date of grant. For a small group of employees, primarily overseas, the Company granted stock options prior to 2008. The cost of all employee stock-based awards are principally recognized on a straight-line attribution basis over their respective vesting periods, net of estimated forfeitures. Total stock-based compensation expense included in the Consolidated Statement of Income and Comprehensive Income was as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Equity-based awards $ 34,482 $ 29,401 $ 26,567 Liability-based awards 4,128 2,517 6,014 Total stock-based compensation 38,610 31,918 32,581 Less tax benefit (7,305 ) (6,556 ) (5,659 ) Total stock-based compensation, net of tax $ 31,305 $ 25,362 $ 26,922 The shareholders of the Company approved the Company’s 2015 Stock Award and Incentive Plan (the “2015 Plan”) on May 6, 2015. The 2015 Plan replaced the Company’s 2010 Stock Award and Incentive Plan (the “2010 Plan”) and provides the source for future deferrals of cash into deferred stock under the Company’s Deferred Compensation Plan (with the Deferred Compensation Plan being deemed a subplan under the 2015 Plan for the sole purpose of funding deferrals under the IFF Share Fund). Under the 2015 Plan, a total of 1,500,000 shares are authorized for issuance in addition to 1,552,694 shares remaining available under the 2010 plan that were rolled into the 2015 Plan. At December 31, 2019 , 928,326 shares were subject to outstanding awards and 1,461,768 shares remained available for future awards under all of the Company’s equity award plans, including the 2015 Plan (excluding shares not yet issued under open cycles of the Company’s Long-Term Incentive Plan). The Company offers a Long-Term Incentive Plan (“LTIP”) for senior management. The targeted payout is 50% cash and 50% IFF common stock at the end of the three -year cycle and provides for segmentation in which one-fourth of the award vests during each twelve-month period, with the final one-fourth segment vesting over the full three-year period. Up to and including the 2018-2020 cycle, the LTIP awards were earned based upon the achievement of: (i) defined Economic Profit ("EP") targets (representing one-third of the award value), and (ii) the Company's performance ranking of Total Shareholder Return as a percentile of the S&P 500 ("Relative TSR") (representing two-thirds of the award value). Beginning with the 2019-2021 cycle the LTIP awards are earned based upon the achievement of: (i) Relative TSR targets (now representing one-half of the award value), and (ii) the Company's achievement of a defined Leverage Ratio (representing one-half of the award value). EP measures operating profitability after considering (i) all operating costs, (ii) income taxes and (iii) a charge for the capital employed in the business. The Leverage Ratio measures Net debt as compared to a measure profitability. When the award is granted, 50% of the target dollar value of the award is converted to a number of “notional” shares based on the closing price at the beginning of the cycle. For those shares whose payout is based on Relative TSR, compensation expense is recognized using a graded-vesting attribution method, while compensation expense for the remainder of the performance shares (EP or Leverage Ratio targets for the applicable cycle) is recognized on a straight-line basis over the vesting period based on the probable outcome of the performance condition. The 2015 - 2017 cycle concluded at the end of 2017 and an aggregate 46,091 shares of common stock were issued in March 2017 . The 2016 - 2018 cycle concluded at the end of 2018 and an aggregate 25,394 shares of common stock were issued in March 2019 . The 2017 - 2019 cycle concluded at the end of 2019 and an aggregate 14,579 shares of common stock will be issued in March 2020 . In 2006, the Board of Directors approved the Equity Choice Program (the “Program”) for senior management. This program continues under the 2015 Plan. Eligible employees can choose from among three equity alternatives and will be granted such equity awards up to certain dollar awards depending on the participant’s employment grade level. A participant may choose among (1) SSARs, (2) RSUs or (3) PRSUs. SSARs and Options SSARs are a contractual right to receive the value, in shares of Company stock, of the appreciation in our stock price from the grant date to the date the SSARs are exercised by the participant. SSARs granted become exercisable on the third anniversary of the grant date and have a maximum term of 7 years . SSARs do not require a financial investment by the SSARs grantee. No SSARs were granted in 2017 . Stock options require the participant to pay the exercise price at the time they exercise their stock options. No stock options were granted in 2019 , 2018 or 2017 . SSARs and options activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Shares Subject to SSARs/Options Weighted Average Exercise Price SSARs/ Options Exercisable December 31, 2018 12 $ 117.21 4 Granted 6 137.82 Exercised (3 ) 60.39 Canceled — — December 31, 2019 15 $ 138.73 1 The weighted average exercise price of SSARs and options exercisable at December 31, 2019 , 2018 and 2017 were $118.10 , $64.96 and $60.39 , respectively. SSARs and options outstanding at December 31, 2019 was as follows: Price Range Number Outstanding (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) Over $115 15 5.68 $ 138.73 $ — SSARs and options exercisable as of December 31, 2019 was as follows: Price Range Number Exercisable (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) Over $115 1 2.34 $ 118.10 $ 2 The total intrinsic value of options/SSARs exercised during 2019 , 2018 and 2017 totaled $0.2 million , $0.1 million and $1.2 million , respectively. As of December 31, 2019 , there was $0.3 million of total unrecognized compensation cost related to non-vested SSARs granted; such cost is expected to be recognized over a period of 1.8 years . Restricted Stock Units The Company has granted RSUs to eligible employees and members of the Board of Directors. Such RSUs are subject to forfeiture if certain conditions are not met. RSUs principally vest 100% at the end of 3 years and contain no performance criteria provisions. An RSU’s fair value is calculated based on the market price of the Company's stock at date of grant, with an adjustment to reflect the fact that such awards do not participate in dividend rights. The aggregate fair value is amortized to expense ratably over the vesting period. RSU activity was as follows: Number of Shares (in thousands) Weighted Average Grant Date Fair Value Per Share December 31, 2018 448 $ 125.99 Granted 230 128.98 Vested (164 ) 116.80 Forfeited (17 ) 130.85 December 31, 2019 497 $ 130.24 The total fair value of RSUs that vested during the year ended December 31, 2019 was $22.4 million . As of December 31, 2019 , there was $27.8 million of total unrecognized compensation cost related to non-vested RSUs granted under the equity incentive plans; such cost is expected to be recognized over a weighted average period of 1.8 years . Purchased Restricted Stock and Purchased Restricted Stock Units In 2014, the grant of awards under the Equity Choice program provided for eligible employees to purchase restricted shares of IFF common stock and deposit them into an escrow account. For each share deposited in escrow by the eligible employee, the Company matched with a grant of a share of restricted stock or, for non-U.S. participants, a restricted stock unit. The shares of restricted stock and restricted stock units generally vest on the third anniversary of the grant date, are subject to continued employment and other specified conditions, and pay dividends if and when paid by the Company. Holders of restricted stock have, in most instances, all of the rights of stockholders, except that they may not sell, assign, pledge or otherwise encumber such shares. The PRSUs provide no such rights. During 2015, the Company modified the program so that all participants, including U.S. participants, began to receive a restricted stock unit instead of a share of restricted stock. Restricted stock units pay dividend equivalents and do not have voting rights. The following table summarizes the Company's PRSU activity for the years ended December 31, 2019 , 2018 and 2017 : (DOLLARS IN MILLIONS) Issued Shares Aggregate Purchase Price Covered Shares 2019 61,991 $ 8.5 30,996 2018 66,674 9.3 33,337 2017 41,801 5.8 20,901 PRSU activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Number of Shares Weighted Average Grant Date Fair Value Per Share December 31, 2018 162 $ 132.96 Granted 62 137.82 Vested (54 ) 119.81 Forfeited (2 ) 138.97 December 31, 2019 168 $ 138.96 The total fair value of PRSUs that vested during the year ended December 31, 2019 was $7.1 million . As of December 31, 2019 , there was $10.7 million of total unrecognized compensation cost related to non-vested PRSUs granted under the equity incentive plans; such cost is expected to be recognized over a weighted average period of 1.8 years . Liability Awards The Company has granted cash-settled RSUs ("Cash RSUs") to eligible employees that are paid out 100% in cash upon vesting. Such RSUs are subject to forfeiture if certain conditions are not met. Cash RSUs principally vest 100% at the end of three years and contain no performance criteria provisions. A Cash RSU's fair value is calculated based on the market price of the Company's stock at the date of the closing period and is accounted for as a liability award. The aggregate fair value is amortized to expense ratably over the vesting period. Cash RSU activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Cash RSUs Weighted Average Fair Value Per Share December 31, 2018 92 $ 132.23 Granted 37 126.35 Vested (32 ) 134.68 Forfeited (2 ) 132.32 December 31, 2019 95 $ 126.35 The total fair value of Cash RSUs that vested during the year ended December 31, 2019 was $4.4 million . As of December 31, 2019 , there was $5.2 million of total unrecognized compensation cost related to non-vested Cash RSUs granted under the equity incentive plans; such cost is expected to be recognized over a weighted average period of 1.8 years . The aggregate compensation cost will be adjusted based on changes in the Company’s stock price. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company is organized into two reportable operating segments, Taste and Scent; these segments align with the internal structure used to manage these businesses. Taste is comprised of a diversified portfolio across flavor compounds, savory solutions, inclusions and nutrition and specialty ingredients. Flavor compounds provide unique flavors that are ultimately used by IFF's customers in savory products, beverages, sweets, and dairy products. Savory solutions include marinades or powder blends of flavors, natural colors, seasonings, functional ingredients and natural anti-oxidants that are primarily designed for the meat and fish industry. Inclusions provide taste and texture by, among other things, combining flavorings with fruit, vegetables, and other natural ingredients for a wide range of food products, such as health snacks, baked goods, cereals, pastries, ice cream and other dairy products. Nutrition and specialty ingredients primarily consist of natural health ingredients, natural food protection, natural colors and flavor ingredients. The flavor ingredients market includes natural flavor extracts, specialty botanical extracts, distillates, essential oils, citrus products, aroma chemicals, and natural gums and resins. Such ingredients are used for food, beverage, and flavors and are often sold directly to food and beverage manufacturers who use them in producing consumer products. Scent is comprised of (1) Fragrance Compounds, which are ultimately used by our customers in two broad categories: Fine Fragrances, including perfumes and colognes, and Consumer Fragrances, including fragrance compounds for personal care (e.g., soaps), household products (e.g., detergents and cleaning agents) and beauty care, including toiletries; (2) Fragrance Ingredients, consisting of synthetic and natural ingredients that can be combined with other materials to create unique fine fragrance and consumer compounds; and (3) Cosmetic Active Ingredients, consisting of active and functional ingredients, botanicals and delivery systems to support our customers’ cosmetic and personal care product lines. Major fragrance customers include the cosmetics industry, including perfume and toiletries manufacturers, and the household products industry, including manufacturers of soaps, detergents, fabric care, household cleaners and air fresheners. The Company's Chief Operating Decision Maker evaluates the performance of these reportable operating segments based on segment profit which is defined as operating profit before restructuring, global expenses (as discussed below) and certain non-recurring items, Interest expense, Other income (expense), net and Taxes on income. The Global expenses caption represents corporate and headquarter-related expenses which include legal, finance, human resources, certain incentive compensation expenses and other R&D and administrative expenses that are not allocated to individual reportable operating segments. Reportable segment information is as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Net sales Taste $ 3,200,520 $ 2,091,635 $ 1,632,166 Scent 1,939,564 1,885,904 1,766,553 Consolidated $ 5,140,084 $ 3,977,539 $ 3,398,719 December 31, (DOLLARS IN THOUSANDS) 2019 2018 Segment assets Taste $ 10,319,779 $ 9,677,139 Scent 2,757,491 2,649,103 Global assets 210,141 563,153 Consolidated $ 13,287,411 $ 12,889,395 December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Segment profit: Taste $ 482,394 $ 419,264 $ 358,266 Scent 349,445 325,901 314,899 Global expenses (38,759 ) (67,799 ) (54,538 ) Operational Improvement Initiatives (a) (2,267 ) (2,169 ) (1,802 ) Acquisition Related Costs (b) — 1,289 (20,389 ) Integration Related Costs (c) (55,160 ) (7,188 ) (4,179 ) Legal Charges/Credits, net (d) — — (1,000 ) Tax Assessment (e) — — (5,331 ) Restructuring and Other Charges, net (f) (29,765 ) (4,086 ) (19,711 ) (Losses) gains on Sale of Assets (2,367 ) 1,177 184 FDA Mandated Product Recall (g) (250 ) 7,125 (11,000 ) UK Pension Settlement Charges (h) — — (2,769 ) Frutarom Acquisition Related Costs (i) (5,940 ) (89,632 ) — Compliance Review & Legal Defense Costs (j) (11,314 ) — — N&B Transaction Related Costs (k) (20,747 ) — — Operating Profit 665,270 583,882 552,630 Interest expense (138,221 ) (132,558 ) (65,363 ) Loss on extinguishment of debt — (38,810 ) — Other income, net 30,403 35,243 49,778 Income before taxes $ 557,452 $ 447,757 $ 537,045 Profit margin Taste 15.1 % 20.0 % 22.0 % Scent 18.0 % 17.3 % 17.8 % Consolidated 12.9 % 14.7 % 16.3 % (a) For 2019, represents accelerated depreciation related to plant relocations in India and China. For 2018, represents accelerated depreciation in India and Taiwan asset write off. For 2017, represents accelerated depreciation and idle labor costs in Hangzhou, China. (b) For 2018, represents adjustments to the contingent consideration payable for PowderPure, and transaction costs related to Fragrance Resources and PowderPure within Selling and administrative expenses. For 2017, represents the amortization of inventory "step-up" included in Cost of goods sold and transaction costs related to the acquisition of Fragrance Resources and PowderPure within Selling and administrative expenses. (c) For 2019 and 2018, represents costs related to the integration of the Frutarom acquisition, principally advisory services. For 2017, represents costs related to the integration of the David Michael and Fragrance Resources acquisitions. (d) Represents an additional charge related to litigation settlement. (e) Represents the reserve for payment of a tax assessment related to commercial rent for prior periods. (f) For 2019, represents costs primarily related to the Frutarom Integration Initiative, the 2019 Severance Program, including severance related to outsourcing the IT function. For 2018, represents severance costs related to the 2017 Productivity Program and costs associated with the termination of agent relationships in a subsidiary. For 2017, represents severance costs related to the 2017 Productivity Program. (g) For 2019, represents additional claims that management will pay to co-packers. For 2018, principally represents recoveries from the supplier for the third and fourth quarter, partially offset by final payments to the customer made for the effected product in the first quarter. For 2017, represents management's best estimate of losses related to the previously disclosed FDA mandated recall. (h) Represents pension settlement charges incurred in one of the Company's UK pension plans. (i) Represents transaction-related costs and expenses related to the acquisition of Frutarom. For 2019, amount primarily includes amortization for inventory "step-up" costs and transaction costs. For 2018, amount primarily includes $23.5 million of amortization for inventory "step-up" costs and $66.0 million of transaction costs included in Selling and administrative expenses. (j) Costs related to reviewing the nature of inappropriate payments and review of compliance in certain other countries. In addition, includes legal costs for related shareholder lawsuits. (k) Represents costs and expenses related to the pending transaction with Nutrition & Biosciences Inc. The Company has not disclosed revenues at a lower level than provided herein, such as revenues from external customers by product, as it is impracticable for it to do so. The Company had no customers that accounted for greater than 10% of consolidated net sales in 2019 and 2018 . The Company had one customer that accounted for greater than 10% of consolidated net sales in 2017 . The Company's largest customer had net sales of $336.1 million , $356.8 million and $358.5 million in 2019 , 2018 and 2017 , respectively. The majority of these sales were in the Scent reportable operating segment. Long-lived assets, net, by country, consisted as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 United States $ 382,659 $ 315,320 Netherlands 91,313 103,997 Singapore 68,751 73,544 China 188,194 178,502 Other 656,003 569,789 Consolidated $ 1,386,920 $ 1,241,152 Segment capital expenditures and depreciation and amortization consisted as follows: Capital Expenditures Depreciation and Amortization (DOLLARS IN THOUSANDS) 2019 2018 2017 2019 2018 2017 Taste $ 135,421 $ 82,712 $ 68,937 $ 247,791 $ 101,224 $ 53,534 Scent 92,279 82,400 53,089 69,225 65,066 59,951 Global assets 8,278 4,982 6,947 6,314 7,502 4,482 Consolidated $ 235,978 $ 170,094 $ 128,973 $ 323,330 $ 173,792 $ 117,967 Net sales are attributed to individual regions based upon the destination of product delivery and are as follows: Net Sales by Geographic Area (DOLLARS IN THOUSANDS) 2019 2018 2017 Europe, Africa and Middle East $ 2,081,758 $ 1,396,316 $ 1,065,596 Greater Asia 1,162,992 991,015 903,546 North America 1,170,497 1,010,126 901,821 Latin America 724,837 580,082 527,756 Consolidated $ 5,140,084 $ 3,977,539 $ 3,398,719 Net Sales by Geographic Area (DOLLARS IN THOUSANDS) 2019 2018 2017 Net sales related to the U.S. $ 1,052,654 $ 952,550 $ 864,050 Net sales attributed to all foreign countries 4,087,430 3,024,989 2,534,669 No non-U.S. country had net sales in any period presented greater than 6% of total consolidated net sales. Change in Reportable Operating Segments As part of the Company's Frutarom Integration Initiative, the reportable operating segments have been realigned such that beginning in fiscal year 2020 there are two reportable operating segments: Scent and Taste. The financial results presented in this document reflect the Scent and Taste business segments following the realignment. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefits | EMPLOYEE BENEFITS The Company has pension and/or other retirement benefit plans covering approximately one-fifth of active employees. In 2007, the Company amended its U.S. qualified and non-qualified pension plans under which accrual of future benefits was suspended for all participants that did not meet the rule of 70 (age plus years of service equal to at least 70 as of December 31, 2007). Pension benefits are generally based on years of service and compensation during the final years of employment. Plan assets consist primarily of equity securities and corporate and government fixed income securities. Substantially all pension benefit costs are funded as accrued; such funding is limited, where applicable, to amounts deductible for income tax purposes. Certain other retirement benefits are provided by general corporate assets. The Company sponsors a qualified defined contribution plan covering substantially all U.S. employees. Under this plan, the Company matches 100% of participants’ contributions up to 4% of compensation and 75% of participants’ contributions from over 4% to 8% . Employees that are still eligible to accrue benefits under the pension plans are limited to a 50% match of up to 6% of the participants’ compensation. In addition to pension benefits, certain health care and life insurance benefits are provided to qualifying U.S. employees upon retirement from IFF. Such coverage is provided through insurance plans with premiums based on benefits paid. The Company does not generally provide health care or life insurance coverage for retired employees of foreign subsidiaries; such benefits are provided in most foreign countries by government-sponsored plans, and the cost of these programs is not material. The Company offers a non-qualified Deferred Compensation Plan ("DCP") for certain key employees and non-employee directors. Eligible employees and non-employee directors may elect to defer receipt of salary, incentive payments and Board of Directors’ fees into participant-directed investments which are generally invested by the Company in individual variable life insurance contracts it owns that are designed to informally fund savings plans of this nature. The cash surrender value of life insurance is based on the net asset values of the underlying funds available to plan participants. At December 31, 2019 and December 31, 2018 , the Consolidated Balance Sheet reflects liabilities of $50.9 million and $43.6 million , respectively, related to the DCP in Other liabilities and $28.2 million and $22.2 million , respectively, included in Capital in excess of par value related to the portion of the DCP that will be paid out in IFF shares. The total cash surrender value of life insurance contracts the Company owns in relation to the DCP and post-retirement life insurance benefits amounted to $47.6 million and $43.2 million at December 31, 2019 and 2018 , respectively, and are recorded in Other assets in the Consolidated Balance Sheet. The plan assets and benefit obligations of the defined benefit pension plans are measured at December 31 of each year. U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost Service cost for benefits earned (1) $ 1,378 $ 1,971 $ 2,175 $ 19,319 $ 18,738 $ 18,652 Interest cost on projected benefit obligation (2) 21,954 19,393 20,075 17,775 17,704 17,116 Expected return on plan assets (2) (27,927 ) (30,994 ) (35,577 ) (43,480 ) (50,546 ) (50,626 ) Net amortization of deferrals (2) 5,464 6,592 5,424 11,654 11,798 14,403 Settlements and curtailments (2) — — — 189 — 2,746 Net periodic benefit cost 869 (3,038 ) (7,903 ) 5,457 (2,306 ) 2,291 Defined contribution and other retirement plans 9,363 10,527 8,604 9,001 6,859 5,681 Total expense $ 10,232 $ 7,489 $ 701 $ 14,458 $ 4,553 $ 7,972 Changes in plan assets and benefit obligations recognized in OCI Net actuarial (gain) loss $ (3,140 ) $ 21,050 $ 61,865 $ 11,937 Recognized actuarial loss (5,421 ) (6,549 ) (12,479 ) (12,590 ) Prior service cost — — — 2,776 Recognized prior service (cost) credit (43 ) (43 ) 636 792 Currency translation adjustment — — 6,584 (16,978 ) Total (gain) loss recognized in OCI (before tax effects) $ (8,604 ) $ 14,458 $ 56,606 $ (14,063 ) _______________________ (1) Included as a component of Operating Profit. (2) Included as a component of Other Income (Expense), net. Postretirement Benefits (DOLLARS IN THOUSANDS) 2019 2018 2017 Components of net periodic benefit cost Service cost for benefits earned $ 568 $ 755 $ 718 Interest cost on projected benefit obligation 2,265 2,460 2,710 Net amortization and deferrals (4,919 ) (5,497 ) (4,913 ) Total credit $ (2,086 ) $ (2,282 ) $ (1,485 ) Changes in plan assets and benefit obligations recognized in OCI Net actuarial loss $ 3,941 $ (6,677 ) Recognized actuarial loss (1,132 ) (1,506 ) Prior service credit — (14,862 ) Recognized prior service credit 6,051 7,003 Total recognized in OCI (before tax effects) $ 8,860 $ (16,042 ) The amounts expected to be recognized in net periodic cost in 2020 are: (DOLLARS IN THOUSANDS) U.S. Plans Non-U.S. Plans Postretirement Benefits Actuarial loss recognition $ 7,388 $ 15,851 $ 1,367 Prior service cost (credit) recognition 43 (345 ) (5,964 ) The weighted-average actuarial assumptions used to determine expense at December 31 of each year are: U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Discount rate 4.31 % 3.69 % 4.19 % 2.22 % 2.15 % 2.14 % Expected return on plan assets 5.60 % 6.20 % 7.30 % 4.87 % 5.19 % 5.95 % Rate of compensation increase 3.25 % 3.25 % 3.25 % 1.93 % 1.98 % 1.97 % Changes in the postretirement benefit obligation and plan assets, as applicable, are detailed in the following table: U.S. Plans Non-U.S. Plans Postretirement Benefits (DOLLARS IN THOUSANDS) 2019 2018 2019 2018 2019 2018 Benefit obligation at beginning of year $ 562,043 $ 602,783 $ 957,935 $ 973,061 $ 59,625 $ 82,714 Service cost for benefits earned 1,378 1,971 19,319 18,738 568 755 Interest cost on projected benefit obligation 21,954 19,393 17,775 17,704 2,265 2,460 Actuarial (gain) loss 68,839 (33,284 ) 119,891 (29,433 ) 3,941 (6,677 ) Plan amendments — — — 2,776 — (14,862 ) Adjustments for expense/tax contained in service cost — — (1,333 ) (1,290 ) — — Plan participants’ contributions — — 2,803 2,047 437 435 Benefits paid (33,560 ) (32,093 ) (28,977 ) (33,862 ) (2,662 ) (5,200 ) Curtailments / settlements — — (3,455 ) (2,751 ) — — Translation adjustments — — 13,935 (49,027 ) — — Acquisitions/Transferred Liabilities — 3,273 — 48,356 — — Other — — 1,191 11,616 — — Benefit obligation at end of year $ 620,654 $ 562,043 $ 1,099,084 $ 957,935 $ 64,174 $ 59,625 Fair value of plan assets at beginning of year $ 532,381 $ 581,917 $ 896,782 $ 929,810 Actual return on plan assets 99,904 (23,339 ) 100,163 6,699 Employer contributions 3,683 3,524 20,031 18,238 Participants’ contributions — — 2,803 2,047 Benefits paid (33,560 ) (32,093 ) (28,977 ) (33,862 ) Settlements — — (3,455 ) (1,564 ) Translation adjustments — — 16,982 (47,247 ) Acquisitions/Transferred Assets — 2,372 — 21,672 Other — — 954 989 Fair value of plan assets at end of year $ 602,408 $ 532,381 $ 1,005,283 $ 896,782 Funded status at end of year $ (18,246 ) $ (29,662 ) $ (93,801 ) $ (61,153 ) The amounts recognized in the balance sheet are detailed in the following table: U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2019 2018 2019 2018 Other assets $ 35,239 $ 20,949 $ 50,418 $ 54,434 Other current liabilities (4,193 ) (4,092 ) (1,179 ) (882 ) Retirement liabilities (49,292 ) (46,519 ) (143,040 ) (114,705 ) Net amount recognized $ (18,246 ) $ (29,662 ) $ (93,801 ) $ (61,153 ) The amounts recognized in AOCI are detailed in the following table: U.S. Plans Non-U.S. Plans Postretirement Benefits (DOLLARS IN THOUSANDS) 2019 2018 2019 2018 2019 2018 Net actuarial loss $ 142,828 $ 151,389 $ 376,991 $ 321,144 $ 15,436 $ 12,627 Prior service cost (credit) 108 151 (3,087 ) (3,926 ) (27,138 ) (33,189 ) Total AOCI (before tax effects) $ 142,936 $ 151,540 $ 373,904 $ 317,218 $ (11,702 ) $ (20,562 ) U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2019 2018 2019 2018 Accumulated Benefit Obligation — end of year $ 618,486 $ 559,775 $ 1,062,515 $ 923,586 Information for Pension Plans with an ABO in excess of Plan Assets: Projected benefit obligation $ 55,714 $ 52,714 $ 656,574 $ 582,466 Accumulated benefit obligation 55,671 52,690 620,087 548,116 Fair value of plan assets 2,229 2,103 512,356 466,878 Weighted-average assumptions used to determine obligations at December 31 Discount rate 3.26 % 4.31 % 1.50 % 2.22 % Rate of compensation increase 3.25 % 3.25 % 2.48 % 1.91 % (DOLLARS IN THOUSANDS) U.S. Plans Non-U.S. Plans Postretirement Benefits Estimated Future Benefit Payments 2020 $ 37,152 $ 27,460 $ 3,808 2021 37,908 27,607 3,845 2022 38,411 28,169 3,805 2023 38,796 28,993 3,797 2024 38,831 30,142 3,891 2025 - 2029 189,425 169,438 19,442 Contributions Required Company Contributions in Following Year (2020) $ 4,387 $ 20,944 $ 3,808 The Company considers a number of factors in determining and selecting assumptions for the overall expected long-term rate of return on plan assets. The Company considers the historical long-term return experience of its assets, the current and expected allocation of its plan assets and expected long-term rates of return. The Company derives these expected long-term rates of return with the assistance of its investment advisors. The Company bases its expected allocation of plan assets on a diversified portfolio consisting of domestic and international equity securities, fixed income, real estate and alternative asset classes. The asset allocation is monitored on an ongoing basis. The Company considers a variety of factors in determining and selecting its assumptions for the discount rate at December 31. For the U.S. plans, the discount rate was based on the internal rate of return for a portfolio of high quality bonds rated Aa or higher by either Moody’s or Standard & Poor's with maturities that are consistent with the projected future benefit payment obligations of the plan. For the Non-U.S. Plans, the discount rates were determined by region and are based on high quality long-term corporate bonds. Consideration has been given to the duration of the liabilities in each plan when selecting the bonds to be used in determining the discount rate. The rate of compensation increase for all plans and the medical cost trend rate for the applicable U.S. plans are based on plan experience. The percentage of assets in the Company's pension plans, by type, is as follows: U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Cash and cash equivalents 1 % 1 % 1 % 3 % Equities 13 % 25 % 14 % 12 % Fixed income 86 % 74 % 37 % 36 % Property — % — % 8 % 8 % Alternative and other investments — % — % 40 % 41 % With respect to the U.S. plans, the expected return on plan assets was determined based on an asset allocation model using the current target allocation, real rates of return by asset class and an anticipated inflation rate. The target investment allocation is 20% equity securities and 80% fixed income securities. The expected annual rate of return for the non-U.S. plans employs a similar set of criteria adapted for local investments, inflation rates and in certain cases specific government requirements. The target asset allocation, for the non-U.S. plans, consists of approximately: 35% in fixed income securities; 35% in alternative investments; 15% in equity securities; and 15% in real estate. The following tables present the Company's plan assets for the U.S. and non-U.S. plans using the fair value hierarchy as of December 31, 2019 and 2018 . The plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 17 . U.S. Plans for the Year Ended December 31, 2019 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash Equivalents $ — $ 4,431 $ — $ 4,431 Fixed Income Securities Government & Government Agency Bonds — 19,427 — 19,427 Corporate Bonds — 112,137 — 112,137 Municipal Bonds — 8,460 — 8,460 Assets measured at net asset value (1) — — — 456,606 Total $ — $ 144,455 $ — $ 601,061 Receivables $ 1,347 Total $ 602,408 U.S. Plans for the Year Ended December 31, 2018 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash Equivalents $ — $ 3,490 $ — $ 3,490 Fixed Income Securities Government & Government Agency Bonds — 17,827 — 17,827 Corporate Bonds — 96,566 — 96,566 Municipal Bonds — 8,138 — 8,138 Assets measured at net asset value (1) — — — 404,895 Total $ — $ 126,021 $ — $ 530,916 Receivables $ 1,465 Total $ 532,381 _______________________ (1) Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheet. The total amount measured at net asset value includes approximately $80.4 million and $133.1 million in pooled equity funds and $376.0 million and $271.8 million in fixed income mutual funds for the years ended December 31, 2019 and 2018 , respectively. Non-U.S. Plans for the Year Ended December 31, 2019 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash $ 5,921 $ — $ — $ 5,921 Equity Securities U.S. Large Cap 58,926 25,616 — 84,542 Non-U.S. Large Cap 24,720 — — 24,720 Non-U.S. Mid Cap 956 — — 956 Non-U.S. Small Cap 738 — — 738 Emerging Markets 27,374 — — 27,374 Fixed Income Securities U.S. Treasuries/Government Bonds 108 — — 108 U.S. Corporate Bonds — 32,013 — 32,013 Non-U.S. Treasuries/Government Bonds 117,890 — — 117,890 Non-U.S. Corporate Bonds 33,320 150,034 — 183,354 Non-U.S. Asset-Backed Securities — 33,654 — 33,654 Non-U.S. Other Fixed Income 2,553 — — 2,553 Alternative Types of Investments Insurance Contracts — 152,025 266 152,291 Derivative Financial Instruments — 65,016 — 65,016 Absolute Return Funds 3,431 154,463 — 157,894 Other — 2,330 30,183 32,513 Real Estate Non-U.S. Real Estate — — 83,746 83,746 Total $ 275,937 $ 615,151 $ 114,195 $ 1,005,283 Non-U.S. Plans for the Year Ended December 31, 2018 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash $ 25,386 $ — $ — $ 25,386 Equity Securities U.S. Large Cap 35,929 11,340 — 47,269 Non-U.S. Large Cap 30,841 8,381 — 39,222 Non-U.S. Mid Cap 905 — — 905 Non-U.S. Small Cap 628 — — 628 Emerging Markets 22,608 — — 22,608 Fixed Income Securities U.S. Treasuries/Government Bonds 131 — — 131 U.S. Corporate Bonds — 29,682 — 29,682 Non-U.S. Treasuries/Government Bonds 137,267 5,494 — 142,761 Non-U.S. Corporate Bonds 30,893 85,841 — 116,734 Non-U.S. Asset-Backed Securities — 32,587 — 32,587 Non-U.S. Other Fixed Income 2,324 — — 2,324 Alternative Types of Investments Insurance Contracts — 152,947 254 153,201 Derivative Financial Instruments — 54,512 — 54,512 Absolute Return Funds 3,584 128,111 — 131,695 Other — 2,374 25,913 28,287 Real Estate Non-U.S. Real Estate — — 68,850 68,850 Total $ 290,496 $ 511,269 $ 95,017 $ 896,782 Cash and cash equivalents are primarily held in registered money market funds which are valued using a market approach based on the quoted market prices of identical instruments. Other cash and cash equivalents are valued daily by the fund using a market approach with inputs that include quoted market prices for similar instruments. Equity securities are primarily valued using a market approach based on the quoted market prices of identical instruments. Pooled funds are typically common or collective trusts valued at their net asset values (NAVs). Fixed income securities are primarily valued using a market approach with inputs that include broker quotes and benchmark yields. Derivative instruments are valued by the custodian using closing market swap curves and market derived inputs. Real estate values are primarily based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market comparable data. Hedge funds are valued based on valuation of the underlying securities and instruments within the funds. Quoted market prices are used when available and NAVs are used for unquoted securities within the funds. Absolute return funds are actively managed funds mainly invested in debt and equity securities and are valued at their NAVs. The following table presents a reconciliation of Level 3 non-U.S. plan assets held during the year ended December 31, 2019 : Non-U.S. Plans (DOLLARS IN THOUSANDS) Real Estate Hedge Funds Total Ending balance as of December 31, 2018 $ 69,104 $ 25,913 $ 95,017 Actual return on plan assets 15,033 5,811 20,844 Purchases, sales and settlements (124 ) (1,542 ) (1,666 ) Ending balance as of December 31, 2019 $ 84,013 $ 30,182 $ 114,195 The following weighted average assumptions were used to determine the postretirement benefit expense and obligation for the years ended December 31: Expense Liability 2019 2018 2019 2018 Discount rate 4.30 % 3.70 % 3.30 % 4.30 % Current medical cost trend rate 7.50 % 7.75 % 7.25 % 7.50 % Ultimate medical cost trend rate 4.75 % 4.75 % 4.75 % 4.75 % Medical cost trend rate decreases to ultimate rate in year 2030 2030 2030 2030 The following table presents the sensitivity of disclosures to changes in selected assumptions for the year ended December 31, 2019 : (DOLLARS IN THOUSANDS) U.S. Pension Plans Non-U.S. Pension Plans Postretirement Benefit Plan 25 Basis Point Decrease in Discount Rate Change in PBO 14,613 55,415 N/A Change in ABO 14,534 55,374 1,944 Change in pension expense (102 ) 2,687 40 25 Basis Point Decrease in Long-Term Rate of Return Change in pension expense 1,248 1,935 N/A The Company contributed $20.0 million to its non-U.S. pension plans in 2019 . No contributions were made to the Company's qualified U.S. pension plans in 2019 . The Company made $3.7 million in benefit payments with respect to its non-qualified U.S. pension plan. In addition, $2.7 million of payments were made with respect to the Company's other postretirement plans. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS Fair Value Accounting guidance on fair value measurements specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1 — Quoted prices for identical instruments in active markets. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable . This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company determines the fair value of structured liabilities (where performance is linked to structured interest rates, inflation or currency risks) using the London Interbank Offer Rate (“LIBOR”) swap curve and forward interest and exchange rates at period end. Such instruments are classified as Level 2 based on the observability of significant inputs to the model. The Company does not have any instruments classified as Level 3, other than those included in pension asset trusts included in Note 16 . These valuations take into consideration the Company's credit risk and its counterparties’ credit risk. The carrying value and the estimated fair values of financial instruments at December 31 consisted of the following: 2019 2018 (DOLLARS IN THOUSANDS) Carrying Value Fair Value Carrying Value Fair LEVEL 1 Cash and cash equivalents (1) $ 606,823 $ 606,823 $ 634,897 $ 634,897 LEVEL 2 Credit facilities and bank overdrafts (2) 3,131 3,131 4,695 4,695 Derivatives Derivative assets (3) 3,575 3,575 7,229 7,229 Derivative liabilities (3) 7,415 7,415 6,907 6,907 Long-term debt: (4) 2020 Notes 299,381 302,700 298,499 300,356 2021 Euro Notes 334,561 338,244 337,704 341,094 2023 Notes 299,004 305,580 298,698 293,017 2024 Euro Notes 558,124 586,825 564,034 584,129 2026 Euro Notes 890,183 945,306 899,886 909,439 2028 Notes 396,688 441,500 396,377 401,231 2047 Notes 493,571 526,106 493,151 446,725 2048 Notes 785,996 919,040 785,788 783,925 Term Loan (2) 239,621 240,000 349,163 350,000 Amortizing Notes (5) 82,079 84,430 125,007 127,879 _______________________ (1) The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments. (2) The carrying amount approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments. (3) The carrying amount approximates fair value as the instruments are marked-to-market and held at fair value on the balance sheet. (4) The fair value of the Company's long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on its own credit risk. (5) The fair value of the Amortizing Notes of the TEUs is based on the most recently quoted price for the outstanding securities, adjusted for any known significant deviation in value. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange. See Note 8 for additional information on the TEUs. Derivatives Forward Currency Forward Contracts The Company periodically enters into foreign currency forward contracts with the objective of reducing exposure to cash flow volatility associated with its intercompany loans, foreign currency receivables and payables and anticipated purchases of certain raw materials used in operations. These contracts generally involve the exchange of one currency for a second currency at a future date, have maturities not exceeding twelve months and are with counterparties which are major international financial institutions. Cash Flow Hedges During the year ended December 31, 2017, the Company entered into several forward currency contracts which qualified as cash flow hedges. The objective of these hedges is to protect against the currency risk associated with forecasted U.S. dollar ("USD") denominated raw material purchases made by Euro ("EUR") functional currency entities which result from changes in the EUR/USD exchange rate. The effective portions of cash flow hedges are recorded in OCI as a component of Gains/(Losses) on derivatives qualifying as hedges in the accompanying Consolidated Statement of Income and Comprehensive Income . Realized gains/(losses) in AOCI related to cash flow hedges of raw material purchases are recognized as a component of Cost of goods sold in the accompanying Consolidated Statement of Income and Comprehensive Income in the same period as the related costs are recognized. Hedges Related to Issuances of Debt Subsequent to the issuance of the 2021 Euro Notes and 2026 Euro Notes during the third quarter of 2018, the Company designated the debt as a hedge of a portion of its net European investments. Accordingly, the change in the value of the debt that is attributable to foreign exchange movements is recorded in OCI as a component of foreign currency translation adjustments in the accompanying Consolidated Statement of Income and Comprehensive Income . Subsequent to the issuance of the 2024 Euro Notes during the first quarter of 2016, the Company designated the debt as a hedge of a portion of its net European investments. Accordingly, the change in the value of the debt that is attributable to foreign exchange movements is recorded in OCI as a component of foreign currency translation adjustments in the accompanying Consolidated Statement of Income and Comprehensive Income . During the first quarter of 2016, the Company entered into and terminated two Euro interest rate swap agreements to hedge the anticipated issuance of fixed-rate debt. These swaps were designated as cash flow hedges. The effective portions of cash flow hedges are recorded in OCI as a component of Losses on derivatives qualifying as hedges in the accompanying Consolidated Statement of Income and Comprehensive Income . The Company incurred a loss of € 2.9 million ( $3.2 million ) due to the termination of these swaps. The loss is being amortized as interest expense over the life of the 2024 Euro Notes as discussed in Note 9 . During the fourth quarter of 2016 and the first quarter of 2017, the Company entered into interest rate swap agreements to hedge the anticipated issuance of fixed-rate debt, which are designated as cash flow hedges. The various hedge instruments were settled upon issuance of the debt on May 18, 2017 and resulted in a loss of approximately $5.3 million . As discussed in Note 9 , the loss is being amortized as interest expense over the life of the 2047 Notes. Frutarom Acquisition Related Hedges In the second quarter of 2018, the Company entered into a foreign currency contract and two interest rate swap agreements (collectively, the "Deal Contingent Swaps"), which were contingent upon the closing of the Frutarom acquisition, for a total notional amount of $1.9 billion . In the third quarter of 2018, the Company completed the offering and sale of the 2018 Senior Unsecured Notes (see Note 9 for additional information) and settled the Deal Contingent Swaps. The Company received $12.2 million for the foreign currency contract and $0.4 million for the two interest rate swap agreements which is included in Other income, net and Interest Expense, respectively, in the accompanying Consolidated Statement of Income and Comprehensive Income for the year ended December 31, 2018. Cross Currency Swaps In the fourth quarter of 2018, the Company entered into certain cross currency swaps which qualified as net investment hedges in order to mitigate a portion of its net European investments from foreign currency risk. As of December 31, 2018, these swaps were in a net asset position with an aggregate fair value of $1.1 million . Changes in fair value related to cross currency swaps were recorded in OCI. During the third quarter of 2019, the Company entered into a transaction to unwind the four cross currency swaps designated as net investment hedges issued in the fourth quarter of 2018 and received proceeds of $33.6 million , including $7.7 of interest income. The gain arising from the termination of the swaps has been included as a component of Accumulated other comprehensive loss. Following the termination of the existing swaps, the Company entered into four new EUR/USD cross currency swaps that mature through May 2023 covering the same notional amounts of debt. The new swaps qualified as net investment hedges in order to mitigate a portion of the Company's net European investments from foreign currency risk. As of December 31, 2019 , these swaps were in a net liability position with an aggregate fair value of $4.2 million which was classified as other current liabilities. Changes in fair value related to cross currency swaps are recorded in OCI. The following table shows the notional amount of the Company’s derivative instruments outstanding as of December 31, 2019 and December 31, 2018 : December 31, (DOLLARS IN THOUSANDS) 2019 2018 Foreign currency contracts $ 473,600 $ 585,581 Cross currency swaps 600,000 600,000 The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy) as reflected in the Consolidated Balance Sheet as of December 31, 2019 and December 31, 2018 : December 31, 2019 (DOLLARS IN THOUSANDS) Fair Value of Derivatives Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value Derivative assets (a) Foreign currency contracts $ 1,310 $ 2,265 $ 3,575 Derivative liabilities (b) Foreign currency contracts 797 2,431 3,228 Cross currency swaps 4,187 — 4,187 Total derivative liabilities $ 4,984 $ 2,431 $ 7,415 December 31, 2018 (DOLLARS IN THOUSANDS) Fair Value of Derivatives Designated as Hedging Instruments Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value Derivative assets (a) Foreign currency contracts $ 4,122 $ 2,020 $ 6,142 Cross currency swaps 1,087 — 1,087 Total derivative assets 5,209 2,020 7,229 Derivative liabilities (b) Foreign currency contracts $ 205 $ 6,702 $ 6,907 _______________________ (a) Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheet. (b) Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheet. The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2019 and December 31, 2018 : (DOLLARS IN THOUSANDS) Amount of Gain (Loss) For the year ended December 31, Location of Gain (Loss) Recognized in Income on Derivative 2019 2018 Foreign currency contracts $ 557 $ 1,999 Other (income) expense, net Deal contingent swaps Foreign currency contracts — 12,154 Other income, net Interest rate swaps — 352 Interest expense $ 557 $ 14,505 These net gains (losses) mostly offset any recognized gains (losses) arising from the revaluation of the related intercompany loans during the same respective periods. The following table shows the effect of the Company’s derivative instruments designated as cash flow and net investment hedging instruments, net of tax, in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2019 and December 31, 2018 (in thousands): (DOLLARS IN THOUSANDS) Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) For the years ended December 31, For the years ended December 31, 2019 2018 2019 2018 Derivatives in Cash Flow Hedging Relationships: Foreign currency contracts $ (3,535 ) $ 14,220 Cost of goods sold $ 8,504 $ (6,203 ) Interest rate swaps (1) 857 864 Interest expense (857 ) (864 ) Derivatives or debt instruments in Net Investment Hedging Relationships: Foreign currency contracts — (518 ) N/A — — 2024 Euro Notes 5,440 20,539 N/A — — 2021 Euro Notes & 2026 Euro Notes 11,969 30,390 N/A — — Total $ 14,731 $ 65,495 $ 7,647 $ (7,067 ) _______________________ (1) Interest rate swaps were entered into as pre-issuance hedges for the Company's bond offerings. The ineffective portion of the above noted cash flow hedges and net investment hedges was not material for the years ended December 31, 2019 and 2018 . The Company expects approximately $4.7 million (net of tax), of derivative gains included in AOCI at December 31, 2019 , based on current market rates, will be reclassified into earnings within the next twelve months. The majority of this amount will vary due to fluctuations in foreign currency exchange rates. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | TANGIBLE EQUITY UNITS On September 17, 2018, the Company issued and sold 16,500,000 , 6.00% TEUs at $50 per unit and received proceeds of $800.2 million , net of discounts and issuance costs of $24.8 million . Each TEU is comprised of: (i) a prepaid SPC to be settled by delivery of a specified number of shares of the Company's common stock, and (ii) a senior amortizing note (“Amortizing Note”), with an initial principal amount of $8.45 and a final installment payment date of September 15, 2021. The Company pays equal quarterly cash installments of $0.75 per Amortizing Note on March 15, June 15, September 15, and December 15 of each year, with the exception of the first installment payment of $0.7333 per Amortizing Note which was due on December 15, 2018. In the aggregate, the annual quarterly cash installments will be equivalent to 6.00% per year. Each installment payment constitutes a payment of interest and a partial repayment of principal, computed at an annual rate of 3.79% . Each TEU may be separated by a holder into its constituent SPC and Amortizing Note after the initial issuance date of the TEUs, and the separate components may be combined to create a TEU after the initial issuance date, in accordance with the terms of the SPC. The TEUs are listed on the New York Stock Exchange under the symbol “IFFT”. The proceeds from the issuance of the TEUs were allocated to equity and debt based on the relative fair value of the respective components of each TEU as follows: (IN MILLIONS, EXCEPT FAIR VALUE PER TEU) SPC Amortizing Note Total Fair Value per TEU $ 41.5 $ 8.5 $ 50.0 Gross Proceeds $ 685.5 $ 139.5 $ 825.0 Less: Issuance costs 20.4 4.4 24.8 Net Proceeds $ 665.1 $ 135.1 $ 800.2 The net proceeds of the SPCs were recorded as additional paid in capital, net of issuance costs. The net proceeds of the Amortizing Notes were recorded as debt, with deferred financing costs recorded as a reduction of the carrying amount of the debt in the Company's consolidated balance sheet. Deferred financing costs related to the Amortizing Notes are amortized through the maturity date using the effective interest rate method. Unless settled early at the holder’s or the Company's election, each SPC will automatically settle on September 15, 2021 for a number of shares of common stock per SPC based on the 20 day volume-weighted average price (“VWAP”) of the Company's common stock as follows: VWAP of IFF Common Stock Common Stock Issued Equal to or greater than $159.54 0.3134 shares (minimum settlement rate) Less than $159.54, but greater than $130.25 $50 divided by VWAP Less than or equal to $130.25 0.3839 shares (maximum settlement rate) At any time prior to the second scheduled trading day immediately preceding September 15, 2021, any holder of an SPC may settle any or all of its SPCs early, and the Company will deliver 0.3134 shares of its common stock for each SPC, subject to adjustment. Additionally, the SPCs may be redeemed in the event of a fundamental change as defined in the SPC. Dividends Cash dividends declared per share were $2.96 , $2.84 and $2.66 in for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Consolidated Balance Sheet reflects $80.0 million of dividends payable at December 31, 2019 . This amount relates to a cash dividend of $0.75 per share declared in December 2019 and paid in January 2020 . Dividends declared, but not paid as of December 31, 2018 and December 31, 2017 were $77.8 million ( $0.73 per share) and $54.4 million ( $0.69 per share), respectively. Share Repurchases In December 2012, the Board of Directors authorized a $250.0 million share repurchase program, which commenced in the first quarter of 2013. In August 2015, the Board of Directors approved an additional $250 million share repurchase authorization and extension through December 31, 2017. Based on the total remaining amount of $56.1 million available under the amended repurchase program as of October 31, 2017, the Board of Directors re-approved on November 1, 2017 a $250.0 million share repurchase authorization and extension for a total value of $300.0 million available under the program, which expires on November 1, 2022 . A summary of the stock repurchase activity under the stock repurchase program, reported based on the trade date, is summarized as follows: (DOLLARS IN THOUSANDS) Shares Repurchased Weighted- Average Price per Share Dollar Amount Repurchased Year Ended December 31, 2018 108,109 $ 143.15 $ 15,475 Year Ended December 31, 2017 459,264 126.44 58,069 Based on the total remaining amount of $279.7 million available under the repurchase program, 2,213,425 shares, or 2.0% of shares outstanding (based on the market price and weighted average shares outstanding as of December 31, 2019 ) could be repurchased under the program as of December 31, 2019 . The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive loss, net of tax, as of December 31, 2018 $ (396,996 ) $ 4,746 $ (309,977 ) $ (702,227 ) OCI before reclassifications 23,953 4,969 (45,599 ) (16,677 ) Amounts reclassified from AOCI — (7,647 ) 9,657 2,010 Net current period other comprehensive income (loss) 23,953 (2,678 ) (35,942 ) (14,667 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2019 $ (373,043 ) $ 2,068 $ (345,919 ) $ (716,894 ) (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2017 $ (297,416 ) $ (10,332 ) $ (329,734 ) $ (637,482 ) OCI before reclassifications (99,580 ) 8,011 9,717 (81,852 ) Amounts reclassified from AOCI — 7,067 10,040 17,107 Net current period other comprehensive income (loss) (99,580 ) 15,078 19,757 (64,745 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2018 $ (396,996 ) $ 4,746 $ (309,977 ) $ (702,227 ) (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2016 $ (352,025 ) $ 7,604 $ (335,674 ) $ (680,095 ) OCI before reclassifications 66,826 (14,782 ) (7,941 ) 44,103 Amounts reclassified from AOCI (12,217 ) (a) (3,154 ) 13,881 (1,490 ) Net current period other comprehensive income (loss) 54,609 (17,936 ) 5,940 42,613 Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2017 $ (297,416 ) $ (10,332 ) $ (329,734 ) $ (637,482 ) (a) Represents a foreign currency exchange gain from the release of a currency translation adjustment upon the liquidation of a foreign entity in 2017. The following table provides details about reclassifications out of AOCI to the Consolidated Statement of Comprehensive Income: Year Ended December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Affected Line Item in the Consolidated Statement of Comprehensive Income (Losses) gains on derivatives qualifying as hedges Foreign currency contracts $ 9,719 $ (7,089 ) $ 4,506 Cost of goods sold Interest rate swaps (857 ) (864 ) (789 ) Interest expense Tax (1,215 ) 886 (563 ) Provision for income taxes Total $ 7,647 $ (7,067 ) $ 3,154 Total, net of income taxes (Losses) gains on pension and postretirement liability adjustments Prior service cost $ 6,644 $ 7,752 $ 7,040 (a) Actuarial losses (19,032 ) (20,645 ) (24,699 ) (a) Tax 2,731 2,853 3,778 Provision for income taxes Total $ (9,657 ) $ (10,040 ) $ (13,881 ) Total, net of income taxes _______________________ (a) The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 16 to the Consolidated Financial Statements for additional information regarding net periodic benefit cost. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit Risk | CONCENTRATIONS OF CREDIT RISK The Company does not have significant concentrations of risk in financial instruments. Temporary investments are made in a well-diversified portfolio of high-quality, liquid obligations of government, corporate and financial institutions. There are also limited concentrations of credit risk with respect to trade receivables because the Company has a large number of customers who are spread across many industries and geographic regions. The Company’s larger customers are each spread across many sub-categories of its segments and geographical regions. The Company had one customer that accounted for more than 10% of its consolidated net sales for the year ended 2017 , but less than 10% for the years ended 2019 and 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Guarantees and Letters of Credit The Company has various bank guarantees and letters of credit which are available for use to support its ongoing business operations and to satisfy governmental requirements associated with pending litigation in various jurisdictions. At December 31, 2019 , the Company had total bank guarantees and standby letters of credit of approximately $53.6 million with various financial institutions. Included in the above aggregate amount is a total of $16.7 million for other assessments in Brazil for various income tax and indirect tax disputes related to fiscal years 1998-2011. There were no material amounts utilized under the standby letters of credit as of December 31, 2019 . In order to challenge the assessments in these cases in Brazil, the Company has been required to and has separately pledged assets, principally property, plant and equipment to cover assessments in the amount of approximately $10.0 million as of December 31, 2019 . On December 15, 2019, IFF and N&B entered into a commitment letter which provides $7.5 billion in an aggregate principal amount of senior unsecured bridge term loans. On January 17, 2020, N&B entered into a term loan credit agreement providing for unsecured term loan facilities in an aggregate principal amount of $1.25 billion , which reduced the commitments under the Bridge Loans commitment letter by a corresponding amount. N&B will be the initial borrower under the remaining $6.25 billion tranche of the 364-day senior unsecured bridge facility (or, if applicable, any replacement debt financing), which, together with the Term Loan Facilities, will be used to finance the Special Cash Payment and to pay related fees and expenses. Following the consummation of the merger, all obligations of N&B with respect to the Term Loan Facilities and the Bridge Facility (if any) or, if applicable, the replacement debt financing, will be guaranteed by IFF (or at the election of N&B and IFF, assumed by IFF). Lines of Credit The Company has various lines of credit which are available to support its ongoing business operations. As of December 31, 2019 , the Company had available lines of credit of $105.3 million with various financial institutions, in addition to the $1.0 billion of capacity under the Credit Facility. There were no material amounts drawn down pursuant to these lines of credit as of December 31, 2019 . Litigation The Company assesses contingencies related to litigation and/or other matters to determine the degree of probability and range of possible loss. A loss contingency is accrued in the Company’s consolidated financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly sensitive and requires judgments about future events. On at least a quarterly basis, the Company reviews contingencies related to litigation to determine the adequacy of accruals. The amount of ultimate loss may differ from these estimates and further events may require the Company to increase or decrease the amounts it has accrued on any matter. Periodically, the Company assesses its insurance coverage for all known claims, where applicable, taking into account aggregate coverage by occurrence, limits of coverage, self-insured retentions and deductibles, historical claims experience and claims experience with its insurance carriers. The liabilities are recorded at management’s best estimate of the probable outcome of the lawsuits and claims, taking into consideration the facts and circumstances of the individual matters as well as past experience on similar matters. At each balance sheet date, the key issues that management assesses are whether it is probable that a loss as to asserted or unasserted claims has been incurred and if so, whether the amount of loss can be reasonably estimated. The Company records the expected liability with respect to claims in Other liabilities and expected recoveries from its insurance carriers in Other assets. The Company recognizes a receivable when it believes that realization of the insurance receivable is probable under the terms of the insurance policies and its payment experience to date. During the third quarter of 2019, in connection with the completion of the measurement period for finalizing the opening balance of Frutarom, the Company recorded an immaterial amount of reserves related to certain legal cases. The reserves were based on the determination that the loss was probable as of October 4, 2018. The amount of future exposure is included in the estimate within the section "Other" below. Litigation Matters On August 12, 2019, Marc Jansen filed a putative securities class action against IFF, its Chairman and CEO, and its CFO, in the United States District Court for the Southern District of New York. The lawsuit, which was filed after IFF disclosed that preliminary results of investigations indicated that Frutarom businesses operating principally in Russia and Ukraine had made improper payments to representatives of customers, alleges that defendants made materially false and misleading statements or omissions concerning IFF’s acquisition of Frutarom, the integration of the two companies, and IFF’s financial reporting and results. The lawsuit brings claims under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 against all defendants, and under Section 20(a) of the Securities Exchange Act of 1934 against the individual defendants, and was filed on behalf of a putative class of persons and entities who purchased or otherwise acquired IFF securities between May 7, 2018 and August 5, 2019. The complaint seeks an award of unspecified compensatory damages, costs, and expenses. On December 26, 2019, the Court appointed a group of six investment funds as lead plaintiff and Pomerantz LLP as lead counsel. Two motions to approve securities class actions were filed in the Tel Aviv District Court, Israel in August 2019, similarly alleging, among other things, false and misleading statements largely in connection with IFF’s acquisition of Frutarom and the above-mentioned improper payments. Both assert claims under the U.S. federal securities laws against IFF, its Chairman and CEO, and its former CFO. One also asserts claims under the Israeli Securities Act-1968 against IFF, as well as against Frutarom and certain former Frutarom officers and directors, and asserts claims under the Israeli Companies Act-1999 against certain former Frutarom officers and directors. On October 29, 2019, IFF and Frutarom filed a claim in the Tel Aviv District Court, Israel, against Ori Yehudai, the former President and CEO of Frutarom, and against certain former directors of Frutarom, challenging the bonus of US $20 million granted to Yehudai in 2018. IFF and Frutarom allege, among other things, that Yehudai was not entitled to receive the bonus because he breached his fiduciary duty by, among other things, knowing of the above-mentioned improper payments and failing to prevent them from being made. Environmental During the third quarter of 2019, in connection with the completion of the measurement period for finalizing the opening balance of Frutarom, the Company recorded approximately $5 million in reserves related to certain environmental liabilities. The reserves were based on the determination that the loss was probable as of October 4, 2018. The amount of future exposure is included in the estimate within the section "Other" below. China Facilities Hangzhou Ingredients plant As previously disclosed, in 2014 the Company agreed to relocate an ingredients facility in Hangzhou, China to Jiande, China. In connection with such relocation, the Company entered into a land swap and relocation agreement with the local authority pursuant to which the Company agreed to transfer ownership of the land underlying the facility in exchange for various elements of compensation, including cash and land use rights for the new facility. The Company initially determined that the gain, if any, would be recognized upon final transfer of ownership. During the fourth quarter of 2019, the Company completed the final environmental cleanup activities and transferred ownership of the land to the local authority. The amount of the gain ultimately recognized in the fourth quarter of 2019 was $4.4 million . The amount has been recorded as a component of Other income, net. Guangzhou Taste plant During the fourth quarter of 2016, the Company was notified that certain governmental authorities have begun to evaluate a change in the zoning of the Guangzhou Taste plant. The zoning, if changed, would prevent the Company from continuing to manufacture product at the existing plant. The ultimate outcome of any change that the governmental authorities may propose, the timing of such a change, and the nature of any compensation arrangements that might be provided to the Company are uncertain. To address the governmental authorities' requirements, the Company has begun to transfer certain production capabilities from the Guangzhou Taste plant to a newly built facility in Zhangjiagang. The net book value of the plant in Guangzhou was approximately $61 million as of December 31, 2019 . Guangzhou Scent plant During the second quarter of 2019, the Company was notified that certain governmental authorities had changed the zoning where the Guangzhou Scent plant is located. The zoning change did not affect the current operations but prevents expansions or other increases in the operating capacity of the plant. The Company believes that it is possible that the zoning may be enforced in the future such that it would not be able to continue manufacturing at the existing site. The ultimate outcome of any change that the governmental authorities may propose, the timing of such a change, and the nature of any compensation arrangements that might be provided to the Company are uncertain. The net book value of the existing plant was approximately $9 million as of December 31, 2019 . Zhejiang Ingredients plant In the fourth quarter of 2017, the Company concluded discussions with the government regarding the relocation of its Fragrance Ingredients plant in Zhejiang and, based on the agreements reached, expects to receive total compensation payments up to approximately $50 million . The relocation compensation will be paid to the Company over the period of the relocation which is expected to be through the end of 2021. The Company received a payment of $15 million in both the fourth quarter of 2017 and the second quarter of 2019. The third payment of $15 million is expected in the first quarter of 2020 with the fourth and final payment expected in the second half of 2020 upon the final environmental inspection. Production at the facility has ceased as of December 31, 2019 . The net book value of the closed plant was approximately $10 million as of December 31, 2019 related to the land use rights and residual value of the plant building. Total China Operations The total net book value of all eight plants in China was approximately $201 million as of December 31, 2019 . If the Company is required to close a plant, or operate one at significantly reduced production levels on a permanent basis, the Company may be required to record charges that could have a material impact on its consolidated financial results of operations, financial position and cash flows in future periods. Other Contingencies The Company has contingencies involving third parties (such as labor, contract, technology or product-related claims or litigation) as well as government-related items in various jurisdictions in which it operates pertaining to such items as value-added taxes, other indirect taxes, customs and duties and sales and use taxes. It is possible that cash flows or results of operations, in any period, could be materially affected by the unfavorable resolution of one or more of these contingencies. The most significant government-related contingencies exist in Brazil. With regard to the Brazilian matters, the Company believes it has valid defenses for the underlying positions under dispute; however, in order to pursue these defenses, the Company is required to, and has provided, bank guarantees and pledged assets in the aggregate amount of $27.7 million . The Brazilian matters take an extended period of time to proceed through the judicial process and there are a limited number of rulings to date. Pending Transaction with Nutrition & Biosciences, Inc. The Merger Agreement governing the DuPont N&B Transaction, subjects IFF to various contingent payments to the extent that the transaction is not consummated. Specifically, the Merger Agreement provides DuPont the right to receive a termination fee of $521.5 million, in certain circumstances, including if the agreement is terminated due to the IFF Board changing its recommendation and to reimburse DuPont’s transaction-related expenses in an amount up to $75 million if the Merger Agreement is terminated because IFF’s shareholders do not approve the issuance of IFF Common Stock in connection with the transaction. Investigations IFF’s investigation of allegations that improper payments to representatives of customers were made in Russia and Ukraine has been completed. Such allegations were substantiated, and IFF has confirmed that key members of Frutarom’s senior management at the time were aware of such payments. IFF has taken appropriate remedial actions, including replacing senior management in relevant locations, and believes that such improper customer payments have stopped. IFF has confirmed in these investigations that total affected sales represented less than 1% of the Company's consolidated net sales for 2019. The impact of the reviews, including the costs associated with them, were not material to IFF’s results of operations or financial condition. In addition, no evidence was uncovered suggesting that any of these compliance matters had any connection to the United States. FDA-Mandated Product Recall The Company periodically incurs product liability claims based on product that is sold to customers that may be defective or otherwise not in accordance with the customer’s requirements. In the first quarter of 2017, the Company was made aware of a claim for product that was subject to an FDA-mandated product recall. As of December 31, 2019 , the Company had recorded total charges of approximately $17.5 million with respect to this claim, of which $5.0 million was recorded in the three months ended March 31, 2018. The Company settled the claim with the customer in the first quarter of 2018 for a total of $16.0 million , of which $3.0 million was paid in the fourth quarter of 2017 and $13.0 million was paid during the three months ended March 31, 2018. For the year ended 2018, the Company received $13.1 million for the full and final settlement of its claim from the supplier and insurer for the affected product, which has been recorded as a reduction of cost of sales on the Consolidated Statement of Income and Comprehensive Income . Brazil Tax Credits In 2017 the Brazilian Supreme Court (“BSC”) ruled that Brazilian tax authorities should not include a value added tax known as "ICMS" in the calculation of certain indirect taxes ("PIS/COFINS"). By removing the ICMS from the calculation of the indirect tax base, the Court effectively eliminated a “tax on tax”. The Brazilian tax authorities filed an appeal seeking clarification of certain matters, including the amount of ICMS to which taxpayers would be entitled in order to reduce their indirect tax base (i.e. the gross rate or the net rate.) In light of the BSC's decision, in November 2017, the Company filed suit consistent with the BSC decision to require that ICMS be excluded from the PIS/COFINS calculation and received a favorable preliminary decision that was confirmed by the BSC in September 2018. This preliminary ruling granted the Company the right to prospectively exclude ICMS amounts from the PIS/COFINS calculation, but left open the issue of whether the Company could recover the gross or net amount of ICMS amounts paid on PIS/COFINS for the period from November 2011 to December 2018. In early January 2020, the Company was informed that a favorable decision was reached, confirming that the Company was entitled to recover the ICMS overpayments on PIS/COFINS for the period from November 2011 to December 2018, plus interest on that amount. The ruling did not, however, settle the question of whether the Company is eligible to recover based on the gross or the net amount of ICMS amounts paid on PIS/COFINS. A final ruling on the gross versus net amount issued is expected to be rendered in mid-2020. Based on currently available information, the Company recognized $8.0 million as a recovery in the fourth quarter of 2019 as a component of Selling and administrative expenses. Additional amounts may be recorded in 2020 upon completion of the final claim and subject to the satisfactory outcome of the final ruling on the use of the gross method of calculation. Other The Company determines estimates of reasonably possible losses or ranges of reasonably possible losses in excess of related accrued liabilities, if any, when it has determined that either a loss is reasonably possible or a loss in excess of accrued amounts is reasonably possible and the amount of losses or range of losses is determinable. For all third party contingencies (including labor, contract, technology, tax, product-related claims and business litigation), the Company currently estimates that the aggregate range of reasonably possible losses in excess of any accrued liabilities is $0 to approximately $10 million . The estimates included in this amount are based on the Company’s analysis of currently available information and, as new information is obtained, these estimates may change. Due to the inherent subjectivity of the assessments and the unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the matters in question. Thus, the Company’s exposure and ultimate losses may be higher or lower, and possibly significantly so, than the amounts accrued or the range disclosed above. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2019 | ||||||||||||||||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SCHEDULE II &#8212; VALUATION AND QUALIFYING ACCOUNTS AND RESERVES</font></div><div style="line-height:120%;padding-top:12px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(IN THOUSANDS) </font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:26%;" rowspan="1" 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style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Accounts</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">written off</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Translation</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">adjustments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Balance at end of period</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allowance for doubtful accounts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,173</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,262</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,024</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(180</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,231</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuation allowance on credit and operating loss carryforwards and other net deferred tax assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200,280</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,659</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,174</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">203,765</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="23" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Year Ended December 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Balance at</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">beginning</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">of period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Additions (deductions) charged to costs and expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Acquisitions</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Accounts<br clear="none"/>written off</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Translation</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">adjustments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Balance at</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">end of</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">period</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allowance for doubtful accounts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,392</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,286</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px soli |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | REDEEMABLE NONCONTROLLING INTERESTS Through certain subsidiaries of Frutarom, there are noncontrolling interests that carry redemption features. The noncontrolling interest holders have the right, over a stipulated period of time, to sell their respective interests to Frutarom, and Frutarom has the option to purchase these interests (subject to the same timing). These options carry identical price and conditions of exercise, and will be settled in accordance with the multiple of the average EBITDA of consecutive quarters to be achieved during the period ending prior to the exercise date. The following table sets forth the details of the Company's redeemable noncontrolling interests: (DOLLARS IN THOUSANDS) Redeemable Noncontrolling Interests Balance at December 31, 2017 $ — Acquired through acquisitions during 2018 97,510 Share of profit or loss attributable to noncontrolling interests 2,196 Redemption value mark-up for the current period 2,848 Sale of a subsidiary with redeemable noncontrolling interests (14,673 ) Exercises of redeemable noncontrolling interests (6,075 ) Balance at December 31, 2018 $ 81,806 Acquired through acquisitions during 2019 23,594 Impact of foreign exchange translation (126 ) Share of profit or loss attributable to redeemable noncontrolling interests 666 Redemption value adjustment for the current period 2,097 Measurement period adjustments 5,391 Dividends paid (753 ) Exercises of redeemable noncontrolling interests (13,632 ) Balance at December 31, 2019 $ 99,043 The decrease in redeemable noncontrolling interests in 2018 is primarily due to the exercise of options and the sale of a subsidiary during the fourth quarter of 2018. The increase in redeemable noncontrolling interests in 2019 is primarily due to the interests acquired through acquisitions during the period, as discussed in Note 3. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Amendments to Existing Revolving Credit Facility Agreement On January 17, 2020, the Company and certain of its subsidiaries entered into an amendment to its Credit Facility to facilitate the N&B transaction and the related guarantee or assumption by the Company of indebtedness to be incurred by N&B, in connection with the Company’s pending transaction with N&B by, among other things, providing that after the closing date of the transaction, the Company’s maximum permitted ratio of Net Debt to Consolidated EBITDA shall be 4.50 to 1.0, stepping down to 3.50 to 1.0 over time (with a step-up if the Company consummates certain qualified acquisitions). Amendments to Existing Term Loan Agreement On January 17, 2020, the Company and certain of its subsidiaries entered into an amendment to its Term Loan to facilitate the N&B transaction and the related guarantee or assumption by the Company of indebtedness to be incurred by N&B, in connection with the Company’s pending transaction with N&B by, among other things, providing that after the closing date of the transaction, the Company’s maximum permitted ratio of Net Debt to Consolidated EBITDA shall be 4.50 to 1.0, stepping down to 3.50 to 1.0 over time (with a step-up if the Company consummates certain qualified acquisitions). |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Year End | The Company has historically operated on a 52/53 week fiscal year generally ending on the Friday closest to the last day of the year. For ease of presentation, December 31 is used consistently throughout the financial statements and notes to represent the period-end date. The 2019 fiscal year was a 53 week period, and 2018 and 2017 fiscal years were 52 week periods. For the 2019 , 2018 and 2017 fiscal years, the actual closing dates were January 3 , December 28 , and December 29 , respectively. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results may ultimately differ from estimates. |
Principles of Consolidation | The consolidated financial statements include the accounts of International Flavors & Fragrances Inc. and those of its subsidiaries. Significant intercompany balances and transactions have been eliminated. To the extent a subsidiary is not wholly owned, any related noncontrolling interests are included as a separate component of Shareholders’ Equity. |
Revenue Recognition | Revenue from contracts with customers is recognized when the contract or purchase order has received approval and commitment from both parties, has the rights of the parties and payment terms (which can vary by customer) identified, has commercial substance, and collectability of consideration is probable. For the Company's Flavors, Fragrances Compounds and Frutarom products, revenue is recognized for the majority of contracts when the Company satisfies its performance obligation by transferring control of the goods to the customer. Revenue is recognized over time for a small number of contracts, and the amount of revenue recognized is based on the extent of progress towards completion of the promised goods, using the output method. 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. For the Company's Fragrances Ingredients products, revenue is recognized for the majority of contracts when the Company satisfies its performance obligation by transferring control of the goods to the customer. |
Foreign Currency Translation | The Company translates the assets and liabilities of non-U.S. subsidiaries into U.S. dollars at year-end exchange rates. Income and expense items are translated at average exchange rates during the year. Cumulative translation adjustments are shown as a separate component of Shareholders’ Equity. |
Research and Development | Research and development (“R&D”) expenses relate to the development of new and improved tastes or scents, technical product support and compliance with governmental regulation. All research and development costs are expensed as incurred. |
Cash Equivalents | Cash and cash equivalents include highly liquid investments with maturities of three months or less at date of purchase. |
Restricted Cash | Restricted cash is comprised of cash or cash equivalents which has been placed into an account that is restricted for a specific use and from which the Company cannot withdraw the cash on demand. |
Accounts Receivable | During 2019, the Company entered into certain factoring agreements in the U.S. and The Netherlands under which it can factor up to approximately $100 million |
Inventories | Inventories are stated at the lower of cost (on a weighted-average basis) or net realizable value. |
Leases | During the year ended December 31, 2019 , the Company adopted ASU No. 2016-02, “Leases (Topic 842),” which requires most leases to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date of December 29, 2018, the beginning of its 2019 fiscal year. Prior year financial statements were not recast. The Company elected various transition provisions available for expired or existing contracts, which allows the Company to carryforward historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. When the Company determines the arrangement is a lease, or contains a lease, at inception, it then determines whether the lease is an operating lease or a finance lease at the commencement date. The Company does not separate lease and nonlease components of contracts. The Company leases property and equipment, principally under operating leases. In accordance with ASU 2016-02, the Company records a right of use asset and related obligation at the present value of lease payments and, over the term of the lease, depreciates the right of use asset and accretes the obligation to future value. Some of the leases include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. The Company has elected not to separate non-lease components from lease components for all classes of leased assets. When available, the Company uses the rate implicit in the lease to discount lease payments to present value, however, most of the Company's leases do not provide a readily determinable implicit rate and the Company calculates the applicable incremental borrowing rate to discount the lease payments based on the term of the lease at lease commencement. The incremental borrowing rate is determined based on currency and lease terms. |
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, 10 to 40 years; machinery and equipment, 3 to 20 years; information technology hardware and software, 3 to 7 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, 11 - 23 years; patents, 11 - 15 years; trade names, 14 - 28 years; and technological know-how, 5 - 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. |
Goodwill | Goodwill represents the difference between the total purchase price and the fair value of identifiable assets and liabilities acquired in business acquisitions. The Company tests goodwill for impairment at the reporting unit level as of November 30 every year or more frequently if events or changes in circumstances indicate the asset might be impaired. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. The Company identifies their reporting units by assessing whether the components of their reporting segments constitute businesses for which discrete financial information is available and management of each reporting unit regularly reviews the operating results of those components. The Company has identified eight reporting units under the Taste and Scent Segments: (1) Flavor Compounds (which includes the Taste reporting unit that was previously included in the former Frutarom segment, as well as Legacy IFF Flavor Compounds), (2) Fragrance Compounds, (3) Fragrance Ingredients, (4) Cosmetic Actives Ingredients, (5) Savory, (6) Natural Product Solutions, (7) Frutarom Fragrance and Fine Ingredients and (8) Inclusions. These reporting units were determined based on the level at which the performance is measured and reviewed by segment management. When testing goodwill for impairment, the Company has the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount. If the Company elects to bypass the qualitative assessment for any reporting units, or if a qualitative assessment indicates it is more likely than not that the estimated carrying value of a reporting unit exceeds its fair value, the Company performs a quantitative goodwill impairment test. Under the quantitative goodwill impairment test, if a reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge based on that difference, and the impairment charge will be limited to the amount of goodwill allocated to that reporting unit. |
Income Taxes | The Company accounts for taxes under the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized as income in the period in which such change is enacted. Future tax benefits are recognized to the extent that the realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes may not be realized. The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. Pursuant to accounting requirements, the Company first determines whether it is “more likely than not” its tax position will be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant facts and other information. For those tax positions that meet this threshold, the Company measures the amount of tax benefit based on the largest amount of tax benefit that it has a greater than 50% chance of realizing in a final settlement with the relevant authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard. The Company maintains a cumulative risk portfolio relating to all of its uncertainties in income taxes in order to perform this analysis, but the evaluation of its tax positions requires significant judgment and estimation in part because, in certain cases, tax law is subject to varied interpretation, and whether a tax position will ultimately be sustained may be uncertain. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. |
Retirement Benefits | Current service costs of retirement plans and postretirement health care and life insurance benefits are accrued. Prior service costs resulting from plan improvements are amortized over periods ranging from 10 to 20 years. |
Financial Instruments | Derivative financial instruments are used to manage interest and foreign currency exposures. The gain or loss on the hedging instrument is recorded in earnings at the same time as the transaction being hedged is recorded in earnings. The associated asset or liability related to the open hedge instrument is recorded in Prepaid expenses and Other current assets or Other current liabilities, as applicable. The Company records all derivative financial instruments on the balance sheet at fair value. Changes in a derivative’s fair value are recognized in earnings unless specific hedge criteria are met. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in Net income. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in Accumulated other comprehensive income ("AOCI") in the accompanying Consolidated Balance Sheet and are subsequently recognized in Net income when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges, if any, are recognized as a charge or credit to earnings. |
Software Costs | The Company capitalizes direct internal and external development costs for certain significant projects associated with internal-use software and amortizes these costs over 7 years. Neither preliminary evaluation costs nor costs associated with the software after implementation are capitalized. Costs related to projects that are not significant are expensed as incurred. |
Net Income Per Share | Under the two-class method, earnings are adjusted by accretion of amounts to redeemable noncontrolling interests recorded at redemption value. The adjustments represent in-substance dividend distributions to the noncontrolling interest holders as the holders have a contractual right to receive a specified amount upon redemption. As a result, earnings are adjusted to reflect this in-substance distribution that is different from other common shareholders. In addition, the Company has unvested share based payment awards with a right to receive nonforfeitable dividends and thus are considered participating securities which are required to be included in the computation of basic and diluted earnings per share. Basic earnings (loss) per share represents the amount of earnings for the period available to each share of common stock outstanding during the period. Basic earnings (loss) per share includes the effect of issuing shares of common stock assuming (i) the prepaid stock purchase contracts (“SPC”) are converted into the minimum number of shares of common stock under the if-converted method, and (ii) an adjustment to earnings (loss) to reflect adjustments made to record the redeemable value of redeemable noncontrolling interests. Diluted earnings (loss) per share also includes the effect of issuing shares of common stock, assuming (i) stock options and warrants are exercised, (ii) restricted stock units are fully vested under the treasury stock method, and (iii) the incremental effect of the prepaid SPC converted into the maximum number of shares of common stock under the if-converted method. |
Stock-Based Compensation | Compensation cost of all stock-based awards is measured at fair value on the date of grant and recognized over the service period for which awards are expected to vest. The cost of such stock-based awards is principally recognized on a straight-line attribution basis over their respective vesting periods, net of estimated forfeitures. |
Financing Costs | Costs incurred in the issuance of debt are deferred and amortized as part of interest expense over the stated life of the applicable debt instrument. Unamortized deferred financing costs relating to debt are presented as a reduction in the amount of debt outstanding on the Consolidated Balance Sheet. Unamortized deferred financing costs relating to the revolving credit facility are recorded in Other assets on the Consolidated Balance Sheet. |
Redeemable Non-controlling Interests | Noncontrolling interests in subsidiaries that are redeemable for cash or other assets outside of the Company’s control are classified as mezzanine equity, outside of equity and liabilities, at the greater of the carrying value or the redemption value. The increases or decreases in the estimated redemption amount are recorded with corresponding adjustments against Capital in excess of par value and are reflected in the computation of earnings per share using the two-class method. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The ASU is 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. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes." The ASU allows for the use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for purposes of applying hedge accounting under ASC 815, Derivatives and Hedging. The Company applied this new guidance as of December 29, 2018, the first day of the Company’s 2019 fiscal year. The adoption of the guidance did not have a material impact on the Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force).” The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The adoption of the guidance will impact the Company going forward in the event the Company enters into applicable cloud computing arrangements. In August 2018, the FASB issued ASU 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans (Subtopic 715-20)", which modifies the disclosure requirements on company-sponsored defined benefit plans. The ASU is effective for fiscal years beginning after December 15, 2020 on a retrospective basis to all periods presented. Early adoption is permitted. The Company has determined that this guidance will not have an impact on its Consolidated Financial Statements and will have a minimal impact on its disclosures. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)", which modifies, removes and adds certain disclosure requirements on fair value measurements. The ASU is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company has determined that this guidance will not have an impact on its Consolidated Financial Statements, as the Company has no applicable fair value measurements that are affected by the guidance. In June 2018, the FASB issued ASU 2018-07, "Compensation - Stock Compensation (Topic 718)" intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. This guidance expands the scope of Topic 718, Compensation-Stock Compensation which currently only includes share-based payments to employees to include share-based payments issued to nonemployees for goods or services. The Company applied this new guidance as of December 29, 2018, the first day of the Company’s 2019 fiscal year. The adoption of the guidance did not have a material impact on the Consolidated Financial Statements. In February 2018, FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" which allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act, in addition to requiring certain disclosures about stranded tax effects. The guidance was effective as of December 29, 2018, the first day of the Company's fiscal year. The Company elected to not reclassify any stranded tax effects to retained earnings. In August 2017, FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" which eliminates the requirement to separately measure and present hedge ineffectiveness and aligns the presentation of hedge gains and losses with the underlying hedge item. This guidance is effective, and as required, has been applied on a modified retrospective basis. The impact of the adoption of this standard on December 29, 2018 was an increase in the beginning balance of the currency translation adjustment component of Accumulated other comprehensive loss of $1.0 million , and a decrease in Retained Earnings, as presented in the Company's Consolidated Balance Sheet. See Note 13 of the Consolidated Financial Statements for further details. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", with subsequent amendments, which requires issuers to measure expected credit losses for financial assets based on historical experience, current conditions and reasonable and supportable forecasts. As such, an entity will use forward-looking information to estimate credit losses. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company's evaluation is substantially complete and has included identifying assets that fall within the scope of the standard. The Company has determined that the most significant asset within the scope of the standard is trade receivables. The Company is analyzing payment history as well as aging to determine the appropriate allowance and will reflect the adoption of the standard on the first day of its 2020 fiscal year. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory | inventories consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Raw materials $ 565,071 $ 568,916 Work in process 44,532 48,819 Finished goods 513,465 460,802 Total $ 1,123,068 $ 1,078,537 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Movements in Restructuring and Related Accruals | Movements in severance-related accruals during 2017 , 2018 and 2019 are as follows: (DOLLARS IN THOUSANDS) Balance at January 1, 2017 Additional Charges (Reversals), Net Non-Cash Charges Cash Payments Balance at December 31, 2017 2015 Severance Plan Severance $ 3,277 $ (2,311 ) $ — $ (966 ) $ — 2017 Productivity Program Severance — 20,620 — (13,081 ) 7,539 Other — 1,402 (528 ) (456 ) 418 Total restructuring $ 3,277 $ 19,711 $ (528 ) $ (14,503 ) $ 7,957 (DOLLARS IN THOUSANDS) Balance at January 1, 2018 Additional Charges, Net Non-Cash Charges Cash Payments Balance at December 31, 2018 2017 Productivity Program Severance $ 7,539 $ 3,884 $ — $ (7,298 ) $ 4,125 Other 418 1,195 (418 ) (120 ) 1,075 Total restructuring $ 7,957 $ 5,079 $ (418 ) $ (7,418 ) $ 5,200 (DOLLARS IN THOUSANDS) Balance at January 1, 2019 Additional Charges (Reversals), Net Non-Cash Charges Cash Payments Balance at December 31, 2019 2017 Productivity Program Severance $ 4,125 $ (1,947 ) $ — $ (1,072 ) $ 1,106 Other 1,075 — — (987 ) 88 Frutarom Integration Initiative Severance — 6,110 — (2,072 ) 4,038 Fixed asset write down — 534 (534 ) — — Other — 3,726 (145 ) (1,096 ) 2,485 2019 Severance Program Severance — 20,871 — (7,974 ) 12,897 Other — 471 — — 471 Total restructuring $ 5,200 $ 29,765 $ (679 ) $ (13,201 ) $ 21,085 Other includes supplier contract termination costs, consulting and advisory fees, and other. Charges by Segment The following table summarizes the total amount of costs incurred in connection with these restructuring programs by segment: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Taste $ 10,045 $ 1,646 $ 4,505 Scent 12,093 3,433 13,077 Shared IT & Corporate Costs 7,627 — 2,129 Total Restructuring and other charges, net $ 29,765 $ 5,079 $ 19,711 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities assumed | (IN THOUSANDS) As reported in the fourth quarter of 2018 Measurement period adjustments Final Purchase Price Allocation Cash and cash equivalents $ 140,747 $ — $ 140,747 Other current assets 699,627 (25,706 ) 673,921 Identifiable intangible assets 2,690,000 (21,700 ) 2,668,300 Other assets 353,710 58,401 412,111 Equity method investments 25,791 10,439 36,230 Current liabilities (311,325 ) (7,190 ) (318,515 ) Debt assumed (77,037 ) — (77,037 ) Other liabilities (632,488 ) (39,730 ) (672,218 ) Redeemable noncontrolling interest (97,510 ) (5,392 ) (102,902 ) Noncontrolling interest (3,700 ) — (3,700 ) Excess attributable to Goodwill 4,243,079 30,878 4,273,957 Total Purchase Consideration $ 7,030,894 $ 7,030,894 |
Schedule of intangible assets acquired | (IN THOUSANDS) Estimated Amounts Weighted-Average Useful Life Product formula $ 290,000 10 years Customer relationships 2,230,000 18 to 20 years Trade names 140,000 23 years Favorable/Unfavorable Leases, net 8,300 5 to 15 years Total $ 2,668,300 |
Unaudited pro forma information | The unaudited pro forma results for the years ended December 31, 2018 and December 31, 2017 is as follows: Year Ended December 31, (IN THOUSANDS) 2018 2017 Unaudited pro forma net sales $ 5,135,906 $ 4,761,115 Unaudited pro forma net income attributable to the Company 474,498 240,784 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following amounts: (DOLLARS IN THOUSANDS) December 31, 2019 2018 Asset Type Land $ 73,170 $ 75,528 Buildings and improvements 831,579 760,783 Machinery and equipment 1,366,041 1,342,881 Information technology 231,858 179,876 Construction in process 188,120 133,870 Total Property, Plant and Equipment 2,690,768 2,492,938 Accumulated depreciation (1,303,848 ) (1,251,786 ) Total Property, Plant and Equipment, Net $ 1,386,920 $ 1,241,152 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Operating Segment | Goodwill Movements in goodwill during the years ended December 31, 2017 , 2018 and 2019 were as follows: (DOLLARS IN THOUSANDS) Goodwill Balance at January 1, 2017 $ 1,000,123 Acquisitions 87,865 Foreign exchange 32,920 Other (a) 35,380 Balance at December 31, 2017 1,156,288 Acquisitions (b) 4,253,541 Disposals (19,069 ) Foreign exchange (12,372 ) Balance at December 31, 2018 5,378,388 Acquisitions (c) 98,411 Frutarom measurement period adjustment 30,876 Foreign exchange (10,079 ) Balance at December 31, 2019 $ 5,497,596 _______________________ (a) Other above principally represents the increase to Goodwill associated with the update of certain customer relationship assumptions in the final purchase price allocation of David Michael. (b) Primarily relates to the Company's acquisition of Frutarom. (c) Additions primarily relate to the 2019 Acquisition Activity. See Note 3 for details. Goodwill by segment was as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Taste $ 4,788,988 $ 4,663,835 Scent 708,608 704,113 Unallocated — 10,440 Total $ 5,497,596 $ 5,378,388 |
Schedule of Reporting Units Based On Assumptions | Goodwill Key Assumptions Existing Headroom Resulting Headroom (DOLLARS IN MILLIONS) Discount Rate Terminal Growth 50 bps Increase in Discount Rate 50 bps Decline in Terminal Growth Savory $ 1,205 7.5 % 3.0 % 8.3 % (3.4 )% (0.3 )% |
Schedule of Other Intangible Assets | Other intangible assets, net consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Asset Type Customer relationships $ 2,653,446 $ 2,658,659 Technological know-how 468,256 451,016 Trade names & patents 178,968 177,770 Other 40,362 43,766 Total carrying value 3,341,032 3,331,211 Accumulated Amortization Customer relationships (302,047 ) (156,906 ) Technological know-how (135,269 ) (93,051 ) Trade names & patents (27,213 ) (19,593 ) Other (24,568 ) (22,339 ) Total accumulated amortization (489,097 ) (291,889 ) Other intangible assets, net $ 2,851,935 $ 3,039,322 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Amortization expense for the next five years and thereafter, based on preliminary valuations and determinations of useful lives, is expected to be as follows: December 31, (DOLLARS IN THOUSANDS) 2020 2021 2022 2023 2024 Estimated future intangible amortization expense $ 189,896 $ 185,510 $ 181,698 $ 181,586 $ 181,586 |
Other Assets And Liabilities,_2
Other Assets And Liabilities, Current and Noncurrent (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other current assets consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Value-added tax receivable $ 78,526 $ 62,475 Income tax receivable 69,284 60,139 Prepaid expenses 110,768 90,962 Other 60,756 63,460 Total $ 319,334 $ 277,036 Other assets consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Operating lease right-of-use assets $ 287,870 $ — Finance lease right-of-use assets 4,792 — Deferred income taxes 125,552 89,000 Overfunded pension plans 85,657 75,158 Cash surrender value of life insurance contracts 47,578 43,179 Other (a) 56,967 81,336 Total $ 608,416 $ 288,673 _______________________ (a) Includes land usage rights in China and long term deposits. Other current liabilities consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Accrued payrolls and bonuses $ 102,704 $ 121,080 Rebates and incentives payable 49,938 44,175 Value-added tax payable 20,729 23,253 Interest payable 32,417 36,823 Current pension and other postretirement benefit obligation 11,972 11,528 Accrued insurance (including workers’ compensation) 9,960 9,447 Earn outs payable 12,961 29,974 Restructuring and other charges 21,085 5,200 Short term operating lease obligation 37,744 — Short term financing lease obligation 1,931 — Accrued income taxes 42,141 24,356 Other 233,240 224,672 Total $ 576,822 $ 530,508 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Components of Debt | Debt consisted of the following at December 31: (DOLLARS IN THOUSANDS) Effective Interest Rate 2019 2018 2020 Notes (1) 3.69 % $ 299,381 $ 298,499 2021 Euro Notes (1) 0.82 % 334,561 337,704 2023 Notes (1) 3.30 % 299,004 298,698 2024 Euro Notes (1) 1.88 % 558,124 564,034 2026 Euro Notes (1) 1.93 % 890,183 899,886 2028 Notes (1) 4.57 % 396,688 396,377 2047 Notes (1) 4.44 % 493,571 493,151 2048 Notes (1) 5.12 % 785,996 785,788 Term Loan (1) 3.65 % 239,621 349,163 Amortizing Notes (1) 6.09 % 82,079 125,007 Bank overdrafts and other 3,131 4,695 Deferred realized gains on interest rate swaps 57 57 Total debt $ 4,382,396 $ 4,553,059 Less: Short term borrowings (2) (384,958 ) (48,642 ) Total Long-term debt $ 3,997,438 $ 4,504,417 _______________________ (1) Amount is net of unamortized discount and debt issuance costs. (2) |
Debt Instrument Redemption | However, no make-whole premium will be paid for redemptions of each note on or after the following date: Note Redemption Date 2020 Notes September 25, 2020 2021 Euro Notes August 25, 2021 2023 Notes February 1, 2023 2024 Euro Notes December 14, 2023 2026 Euro Notes June 25, 2026 2028 Notes June 26, 2028 2047 Notes December 1, 2046 2048 Notes March 26, 2048 |
Schedule of Maturities of Long-term Debt | The following table shows the contractual maturities of the Company's long-term debt as of December 31, 2019 . Payments Due by Period (DOLLARS IN THOUSANDS) Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years 2020 Notes $ 300,000 $ 300,000 $ — $ — $ — 2021 Euro Notes 336,360 — 336,360 — — 2023 Notes 300,000 — — 300,000 — 2024 Euro Notes 560,600 — — 560,600 — 2026 Euro Notes 896,960 — — — 896,960 2028 Notes 400,000 — — — 400,000 2047 Notes 500,000 — — — 500,000 2048 Notes 800,000 — — — 800,000 Term Loan 240,000 35,000 205,000 — — Amortizing Notes 83,433 47,001 36,432 — — Total $ 4,417,353 $ 382,001 $ 577,792 $ 860,600 $ 2,596,960 |
Tangible Equity Units (Tables)
Tangible Equity Units (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Allocation of Tangible Equity Units | The proceeds from the issuance of the TEUs were allocated to equity and debt based on the relative fair value of the respective components of each TEU as follows: (IN MILLIONS, EXCEPT FAIR VALUE PER TEU) SPC Amortizing Note Total Fair Value per TEU $ 41.5 $ 8.5 $ 50.0 Gross Proceeds $ 685.5 $ 139.5 $ 825.0 Less: Issuance costs 20.4 4.4 24.8 Net Proceeds $ 665.1 $ 135.1 $ 800.2 |
Schedule of Stock Purchase Contract | Unless settled early at the holder’s or the Company's election, each SPC will automatically settle on September 15, 2021 for a number of shares of common stock per SPC based on the 20 day volume-weighted average price (“VWAP”) of the Company's common stock as follows: VWAP of IFF Common Stock Common Stock Issued Equal to or greater than $159.54 0.3134 shares (minimum settlement rate) Less than $159.54, but greater than $130.25 $50 divided by VWAP Less than or equal to $130.25 0.3839 shares (maximum settlement rate) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Earnings before Income Taxes | Earnings before income taxes consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 U.S. loss before taxes $ (110,363 ) $ (99,125 ) $ (24 ) Foreign income before taxes 667,815 546,882 537,069 Total income before taxes $ 557,452 $ 447,757 $ 537,045 |
Schedule of Income Tax Provision | The income tax provision consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Current tax provision Federal $ 9,979 $ (11,568 ) $ 68,886 State and local 429 1,709 137 Foreign 146,055 98,433 113,468 Total current tax provision 156,463 88,574 182,491 Deferred tax provision Federal (41,126 ) (8,287 ) 74,446 State and local 7,598 (7,092 ) (11,537 ) Foreign (25,751 ) 34,781 (4,020 ) Total deferred tax (benefit) provision (59,279 ) 19,402 58,889 Total taxes on income $ 97,184 $ 107,976 $ 241,380 |
Schedule of Reconciliation between U.S. Federal Statutory Income Tax Rate to Actual Effective Tax Rate | Reconciliation between the U.S. federal statutory income tax rate to the actual effective tax rate was as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Statutory tax rate 21.0 % 21.0 % 35.0 % Difference in effective tax rate on foreign earnings and remittances (6.8 ) (6.1 ) (12.6 ) Tax benefit from supply chain optimization (1.0 ) (3.0 ) (2.3 ) Unrecognized tax benefit, net of reversals 3.4 2.9 2.3 U.S. tax reform — (1.8 ) 26.5 Deferred taxes on deemed repatriation 0.8 10.1 0.3 Global intangible low-taxed income — 1.8 — Acquisition costs 0.5 1.3 — Establishment (release) of valuation allowance on state deferred 1.7 (1.5 ) (1.7 ) State and local taxes (0.8 ) 0.6 0.1 Other, net (1.4 ) (1.2 ) (2.7 ) Effective tax rate 17.4 % 24.1 % 44.9 % |
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities consisted of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2019 2018 Employee and retiree benefits $ 87,924 $ 80,382 Credit and net operating loss carryforwards 220,156 225,152 Intangible assets 8,477 12,489 Amortizable R&D expenses 15,477 481 Gain on foreign currency translation 3,285 — Interest limitation 39,867 19,380 Inventory 14,396 13,308 Lease obligations 53,751 — Other, net 14,351 17,528 Gross deferred tax assets 457,684 368,720 Property, plant and equipment, net (49,158 ) (22,511 ) Intangible assets (621,044 ) (616,333 ) Right-of-use assets (53,555 ) — Loss on foreign currency translation — (7,717 ) Deferred taxes on deemed repatriation (46,066 ) (88,759 ) Gross deferred tax liabilities (769,823 ) (735,320 ) Valuation allowance (203,765 ) (200,280 ) Total net deferred tax liabilities $ (515,904 ) $ (566,880 ) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Balance of unrecognized tax benefits at beginning of year $ 50,953 $ 38,162 $ 26,428 Gross amount of increases in unrecognized tax benefits as a result of positions taken during a prior year 20,361 9,751 1,169 Gross amount of decreases in unrecognized tax benefits as a result of positions taken during a prior year (2,241 ) (5,362 ) (268 ) Gross amount of increases in unrecognized tax benefits as a result of positions taken during the current year 13,274 14,677 13,191 The amounts of decreases in unrecognized benefits relating to settlements with taxing authorities (3,575 ) (4,550 ) — Reduction in unrecognized tax benefits due to the lapse of applicable statute of limitation (3,973 ) (1,725 ) (2,358 ) Balance of unrecognized tax benefits at end of year $ 74,799 $ 50,953 $ 38,162 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Costs | The components of lease expense were as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Operating lease cost $ 52,213 Financing lease cost 2,235 The total rental expense, as calculated prior to the adoption of ASU 2016-02, was as follows: December 31, (DOLLARS IN THOUSANDS) 2018 2017 Rental Expense $ 42,365 $ 37,785 Supplemental cash flow information related to leases was as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flow from operating activities $ 51,444 Operating cash flow from finance leases 64 Financing cash flow from finance leases 2,204 Right-of-use assets obtained in exchange for lease obligations Operating leases 29,823 Finance leases 2,833 Weighted average remaining lease term and discount rate were as follows: December 31, 2019 Weighted average remaining lease term in years Operating leases 11.3 Finance leases 3.3 Weighted average discount rate Operating leases 3.89 % Finance leases 1.69 % |
Supplemental Balance Sheet Information | Right of use assets by region were as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Operating Leases North America $ 143,556 Europe, Africa and Middle East 110,552 Greater Asia 20,492 Latin America 13,270 Consolidated $ 287,870 Financing Leases North America $ 246 Europe, Africa and Middle East 3,221 Greater Asia 516 Latin America 809 Consolidated $ 4,792 Supplemental balance sheet information related to leases was as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Operating Leases Operating lease right-of-use assets (1) $ 287,870 Other current liabilities (2) 37,744 Operating lease liabilities (3) 253,367 Total operating lease liabilities 291,111 Financing Leases Financing lease right-of-use assets (1) 4,792 Other current liabilities (2) 1,931 Financing lease liabilities (3) 2,525 Total financing lease liabilities 4,456 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities were as follows: (DOLLARS IN THOUSANDS) December 31, 2019 Operating Leases Less than 1 Year $ 49,199 1-3 Years 81,829 3-5 Years 60,489 After 5 years 178,231 Less: Imputed Interest (78,637 ) Total $ 291,111 Financing Leases Less than 1 Year $ 2,036 1-3 Years 2,073 3-5 Years 486 After 5 years 26 Less: Imputed Interest (165 ) Total $ 4,456 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum rental payments under non-cancellable operating leases, as calculated prior to the adoption of ASU 2016-02, were as follows: (DOLLARS IN THOUSANDS) December 31, 2018 2019 $ 49,350 2020 42,156 2021 36,445 2022 32,174 2023 28,499 Thereafter 201,078 Total $ 389,700 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by product categories: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 (a) Flavor Compounds $ 2,850,498 $ 1,990,985 $ 1,632,166 Fragrance Compounds 1,543,834 1,496,493 1,424,612 Ingredients 745,752 490,061 341,941 Total revenues $ 5,140,084 $ 3,977,539 $ 3,398,719 _______________________ (a) Prior period amounts have not been adjusted based on the modified retrospective method. The following table presents the Company's revenues disaggregated by region, based on the region of their customers: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 (a) Europe, Africa and Middle East $ 2,081,758 $ 1,396,316 $ 1,065,596 Greater Asia 1,162,992 991,015 903,546 North America 1,170,497 1,010,126 901,821 Latin America 724,837 580,082 527,756 Total revenues $ 5,140,084 $ 3,977,539 $ 3,398,719 _______________________ (a) Prior period amounts have not been adjusted based on the modified retrospective method. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Shares Used in Computations of Basic and Diluted Net Income Per Share | Basic and diluted net income per share is based on the weighted average number of shares outstanding. A reconciliation of shares used in the computation of basic and diluted net income per share is as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Net Income Net income attributable to IFF stockholders $ 455,873 $ 337,302 $ 295,665 Less: Increase in redemption value of redeemable noncontrolling interests in excess of earnings allocated (2,097 ) (2,848 ) — Net income available to IFF stockholders $ 453,776 $ 334,454 $ 295,665 Shares Weighted average common shares outstanding (basic) (1) 111,966 87,551 79,070 Adjustment for assumed dilution (2) : Stock options and restricted stock awards 356 303 300 SPC portion of the TEUs 985 267 — Weighted average shares assuming dilution (diluted) 113,307 88,121 79,370 Net Income per Share Net income per share - basic $ 4.05 $ 3.81 $ 3.73 Net income per share - dilutive 4.00 3.79 3.72 _______________________ (1) For the year ended December 31, 2019 and 2018 , the TEUs were assumed to be outstanding at the minimum settlement amount for weighted-average shares for basic earnings per share. See below for details. (2) Effect of dilutive securities includes dilution under stock plans and incremental impact of TEUs. See below for details. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Stock Repurchase Activity | A summary of the stock repurchase activity under the stock repurchase program, reported based on the trade date, is summarized as follows: (DOLLARS IN THOUSANDS) Shares Repurchased Weighted- Average Price per Share Dollar Amount Repurchased Year Ended December 31, 2018 108,109 $ 143.15 $ 15,475 Year Ended December 31, 2017 459,264 126.44 58,069 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation Expense Included in Consolidated Statement of Income and Comprehensive Income | Total stock-based compensation expense included in the Consolidated Statement of Income and Comprehensive Income was as follows: December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Equity-based awards $ 34,482 $ 29,401 $ 26,567 Liability-based awards 4,128 2,517 6,014 Total stock-based compensation 38,610 31,918 32,581 Less tax benefit (7,305 ) (6,556 ) (5,659 ) Total stock-based compensation, net of tax $ 31,305 $ 25,362 $ 26,922 |
SSAR's and Stock Option Activity | SSARs and options activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Shares Subject to SSARs/Options Weighted Average Exercise Price SSARs/ Options Exercisable December 31, 2018 12 $ 117.21 4 Granted 6 137.82 Exercised (3 ) 60.39 Canceled — — December 31, 2019 15 $ 138.73 1 |
SSAR's and Stock Option Outstanding | SSARs and options outstanding at December 31, 2019 was as follows: Price Range Number Outstanding (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) Over $115 15 5.68 $ 138.73 $ — |
SSAR's and Stock Option Exercisable | SSARs and options exercisable as of December 31, 2019 was as follows: Price Range Number Exercisable (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) Over $115 1 2.34 $ 118.10 $ 2 |
RSU's [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU, PRS and Cash RSU Activity | RSU activity was as follows: Number of Shares (in thousands) Weighted Average Grant Date Fair Value Per Share December 31, 2018 448 $ 125.99 Granted 230 128.98 Vested (164 ) 116.80 Forfeited (17 ) 130.85 December 31, 2019 497 $ 130.24 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU, PRS and Cash RSU Activity | The following table summarizes the Company's PRSU activity for the years ended December 31, 2019 , 2018 and 2017 : (DOLLARS IN MILLIONS) Issued Shares Aggregate Purchase Price Covered Shares 2019 61,991 $ 8.5 30,996 2018 66,674 9.3 33,337 2017 41,801 5.8 20,901 PRSU activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Number of Shares Weighted Average Grant Date Fair Value Per Share December 31, 2018 162 $ 132.96 Granted 62 137.82 Vested (54 ) 119.81 Forfeited (2 ) 138.97 December 31, 2019 168 $ 138.96 |
Cash RSU's [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU, PRS and Cash RSU Activity | Cash RSU activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Cash RSUs Weighted Average Fair Value Per Share December 31, 2018 92 $ 132.23 Granted 37 126.35 Vested (32 ) 134.68 Forfeited (2 ) 132.32 December 31, 2019 95 $ 126.35 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | Capital Expenditures Depreciation and Amortization (DOLLARS IN THOUSANDS) 2019 2018 2017 2019 2018 2017 Taste $ 135,421 $ 82,712 $ 68,937 $ 247,791 $ 101,224 $ 53,534 Scent 92,279 82,400 53,089 69,225 65,066 59,951 Global assets 8,278 4,982 6,947 6,314 7,502 4,482 Consolidated $ 235,978 $ 170,094 $ 128,973 $ 323,330 $ 173,792 $ 117,967 December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Net sales Taste $ 3,200,520 $ 2,091,635 $ 1,632,166 Scent 1,939,564 1,885,904 1,766,553 Consolidated $ 5,140,084 $ 3,977,539 $ 3,398,719 December 31, (DOLLARS IN THOUSANDS) 2019 2018 Segment assets Taste $ 10,319,779 $ 9,677,139 Scent 2,757,491 2,649,103 Global assets 210,141 563,153 Consolidated $ 13,287,411 $ 12,889,395 December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Segment profit: Taste $ 482,394 $ 419,264 $ 358,266 Scent 349,445 325,901 314,899 Global expenses (38,759 ) (67,799 ) (54,538 ) Operational Improvement Initiatives (a) (2,267 ) (2,169 ) (1,802 ) Acquisition Related Costs (b) — 1,289 (20,389 ) Integration Related Costs (c) (55,160 ) (7,188 ) (4,179 ) Legal Charges/Credits, net (d) — — (1,000 ) Tax Assessment (e) — — (5,331 ) Restructuring and Other Charges, net (f) (29,765 ) (4,086 ) (19,711 ) (Losses) gains on Sale of Assets (2,367 ) 1,177 184 FDA Mandated Product Recall (g) (250 ) 7,125 (11,000 ) UK Pension Settlement Charges (h) — — (2,769 ) Frutarom Acquisition Related Costs (i) (5,940 ) (89,632 ) — Compliance Review & Legal Defense Costs (j) (11,314 ) — — N&B Transaction Related Costs (k) (20,747 ) — — Operating Profit 665,270 583,882 552,630 Interest expense (138,221 ) (132,558 ) (65,363 ) Loss on extinguishment of debt — (38,810 ) — Other income, net 30,403 35,243 49,778 Income before taxes $ 557,452 $ 447,757 $ 537,045 Profit margin Taste 15.1 % 20.0 % 22.0 % Scent 18.0 % 17.3 % 17.8 % Consolidated 12.9 % 14.7 % 16.3 % (a) For 2019, represents accelerated depreciation related to plant relocations in India and China. For 2018, represents accelerated depreciation in India and Taiwan asset write off. For 2017, represents accelerated depreciation and idle labor costs in Hangzhou, China. (b) For 2018, represents adjustments to the contingent consideration payable for PowderPure, and transaction costs related to Fragrance Resources and PowderPure within Selling and administrative expenses. For 2017, represents the amortization of inventory "step-up" included in Cost of goods sold and transaction costs related to the acquisition of Fragrance Resources and PowderPure within Selling and administrative expenses. (c) For 2019 and 2018, represents costs related to the integration of the Frutarom acquisition, principally advisory services. For 2017, represents costs related to the integration of the David Michael and Fragrance Resources acquisitions. (d) Represents an additional charge related to litigation settlement. (e) Represents the reserve for payment of a tax assessment related to commercial rent for prior periods. (f) For 2019, represents costs primarily related to the Frutarom Integration Initiative, the 2019 Severance Program, including severance related to outsourcing the IT function. For 2018, represents severance costs related to the 2017 Productivity Program and costs associated with the termination of agent relationships in a subsidiary. For 2017, represents severance costs related to the 2017 Productivity Program. (g) For 2019, represents additional claims that management will pay to co-packers. For 2018, principally represents recoveries from the supplier for the third and fourth quarter, partially offset by final payments to the customer made for the effected product in the first quarter. For 2017, represents management's best estimate of losses related to the previously disclosed FDA mandated recall. (h) Represents pension settlement charges incurred in one of the Company's UK pension plans. (i) Represents transaction-related costs and expenses related to the acquisition of Frutarom. For 2019, amount primarily includes amortization for inventory "step-up" costs and transaction costs. For 2018, amount primarily includes $23.5 million of amortization for inventory "step-up" costs and $66.0 million of transaction costs included in Selling and administrative expenses. (j) Costs related to reviewing the nature of inappropriate payments and review of compliance in certain other countries. In addition, includes legal costs for related shareholder lawsuits. (k) Represents costs and expenses related to the pending transaction with Nutrition & Biosciences Inc. |
Net Sales by Geographic Area | Net Sales by Geographic Area (DOLLARS IN THOUSANDS) 2019 2018 2017 Europe, Africa and Middle East $ 2,081,758 $ 1,396,316 $ 1,065,596 Greater Asia 1,162,992 991,015 903,546 North America 1,170,497 1,010,126 901,821 Latin America 724,837 580,082 527,756 Consolidated $ 5,140,084 $ 3,977,539 $ 3,398,719 Net Sales by Geographic Area (DOLLARS IN THOUSANDS) 2019 2018 2017 Net sales related to the U.S. $ 1,052,654 $ 952,550 $ 864,050 Net sales attributed to all foreign countries 4,087,430 3,024,989 2,534,669 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Plan Assets and Benefit Obligations of Defined Benefit Pension Plans | The plan assets and benefit obligations of the defined benefit pension plans are measured at December 31 of each year. U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost Service cost for benefits earned (1) $ 1,378 $ 1,971 $ 2,175 $ 19,319 $ 18,738 $ 18,652 Interest cost on projected benefit obligation (2) 21,954 19,393 20,075 17,775 17,704 17,116 Expected return on plan assets (2) (27,927 ) (30,994 ) (35,577 ) (43,480 ) (50,546 ) (50,626 ) Net amortization of deferrals (2) 5,464 6,592 5,424 11,654 11,798 14,403 Settlements and curtailments (2) — — — 189 — 2,746 Net periodic benefit cost 869 (3,038 ) (7,903 ) 5,457 (2,306 ) 2,291 Defined contribution and other retirement plans 9,363 10,527 8,604 9,001 6,859 5,681 Total expense $ 10,232 $ 7,489 $ 701 $ 14,458 $ 4,553 $ 7,972 Changes in plan assets and benefit obligations recognized in OCI Net actuarial (gain) loss $ (3,140 ) $ 21,050 $ 61,865 $ 11,937 Recognized actuarial loss (5,421 ) (6,549 ) (12,479 ) (12,590 ) Prior service cost — — — 2,776 Recognized prior service (cost) credit (43 ) (43 ) 636 792 Currency translation adjustment — — 6,584 (16,978 ) Total (gain) loss recognized in OCI (before tax effects) $ (8,604 ) $ 14,458 $ 56,606 $ (14,063 ) |
Components of Net Periodic Benefit Cost and Changes in Plan Assets and Benefit Obligations Recognized in OCI | |
Amounts Expected to be Recognized in Net Periodic Cost | The amounts expected to be recognized in net periodic cost in 2020 are: (DOLLARS IN THOUSANDS) U.S. Plans Non-U.S. Plans Postretirement Benefits Actuarial loss recognition $ 7,388 $ 15,851 $ 1,367 Prior service cost (credit) recognition 43 (345 ) (5,964 ) |
Weighted-Average Actuarial Assumption Used to Determine Expense | U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Discount rate 4.31 % 3.69 % 4.19 % 2.22 % 2.15 % 2.14 % Expected return on plan assets 5.60 % 6.20 % 7.30 % 4.87 % 5.19 % 5.95 % Rate of compensation increase 3.25 % 3.25 % 3.25 % 1.93 % 1.98 % 1.97 % |
Changes in Postretirement Benefit Obligation and Plan Assets | Changes in the postretirement benefit obligation and plan assets, as applicable, are detailed in the following table: U.S. Plans Non-U.S. Plans Postretirement Benefits (DOLLARS IN THOUSANDS) 2019 2018 2019 2018 2019 2018 Benefit obligation at beginning of year $ 562,043 $ 602,783 $ 957,935 $ 973,061 $ 59,625 $ 82,714 Service cost for benefits earned 1,378 1,971 19,319 18,738 568 755 Interest cost on projected benefit obligation 21,954 19,393 17,775 17,704 2,265 2,460 Actuarial (gain) loss 68,839 (33,284 ) 119,891 (29,433 ) 3,941 (6,677 ) Plan amendments — — — 2,776 — (14,862 ) Adjustments for expense/tax contained in service cost — — (1,333 ) (1,290 ) — — Plan participants’ contributions — — 2,803 2,047 437 435 Benefits paid (33,560 ) (32,093 ) (28,977 ) (33,862 ) (2,662 ) (5,200 ) Curtailments / settlements — — (3,455 ) (2,751 ) — — Translation adjustments — — 13,935 (49,027 ) — — Acquisitions/Transferred Liabilities — 3,273 — 48,356 — — Other — — 1,191 11,616 — — Benefit obligation at end of year $ 620,654 $ 562,043 $ 1,099,084 $ 957,935 $ 64,174 $ 59,625 Fair value of plan assets at beginning of year $ 532,381 $ 581,917 $ 896,782 $ 929,810 Actual return on plan assets 99,904 (23,339 ) 100,163 6,699 Employer contributions 3,683 3,524 20,031 18,238 Participants’ contributions — — 2,803 2,047 Benefits paid (33,560 ) (32,093 ) (28,977 ) (33,862 ) Settlements — — (3,455 ) (1,564 ) Translation adjustments — — 16,982 (47,247 ) Acquisitions/Transferred Assets — 2,372 — 21,672 Other — — 954 989 Fair value of plan assets at end of year $ 602,408 $ 532,381 $ 1,005,283 $ 896,782 Funded status at end of year $ (18,246 ) $ (29,662 ) $ (93,801 ) $ (61,153 ) |
Amounts Recognized in Balance Sheet | U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2019 2018 2019 2018 Other assets $ 35,239 $ 20,949 $ 50,418 $ 54,434 Other current liabilities (4,193 ) (4,092 ) (1,179 ) (882 ) Retirement liabilities (49,292 ) (46,519 ) (143,040 ) (114,705 ) Net amount recognized $ (18,246 ) $ (29,662 ) $ (93,801 ) $ (61,153 ) |
Amounts Recognized in Accumulated Other Comprehensive Income | U.S. Plans Non-U.S. Plans Postretirement Benefits (DOLLARS IN THOUSANDS) 2019 2018 2019 2018 2019 2018 Net actuarial loss $ 142,828 $ 151,389 $ 376,991 $ 321,144 $ 15,436 $ 12,627 Prior service cost (credit) 108 151 (3,087 ) (3,926 ) (27,138 ) (33,189 ) Total AOCI (before tax effects) $ 142,936 $ 151,540 $ 373,904 $ 317,218 $ (11,702 ) $ (20,562 ) |
Accumulated Benefit Obligation | U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2019 2018 2019 2018 Accumulated Benefit Obligation — end of year $ 618,486 $ 559,775 $ 1,062,515 $ 923,586 Information for Pension Plans with an ABO in excess of Plan Assets: Projected benefit obligation $ 55,714 $ 52,714 $ 656,574 $ 582,466 Accumulated benefit obligation 55,671 52,690 620,087 548,116 Fair value of plan assets 2,229 2,103 512,356 466,878 Weighted-average assumptions used to determine obligations at December 31 Discount rate 3.26 % 4.31 % 1.50 % 2.22 % Rate of compensation increase 3.25 % 3.25 % 2.48 % 1.91 % |
Estimated Future Benefit Payments | (DOLLARS IN THOUSANDS) U.S. Plans Non-U.S. Plans Postretirement Benefits Estimated Future Benefit Payments 2020 $ 37,152 $ 27,460 $ 3,808 2021 37,908 27,607 3,845 2022 38,411 28,169 3,805 2023 38,796 28,993 3,797 2024 38,831 30,142 3,891 2025 - 2029 189,425 169,438 19,442 Contributions Required Company Contributions in Following Year (2020) $ 4,387 $ 20,944 $ 3,808 |
Percentage of Assets Invested | U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Cash and cash equivalents 1 % 1 % 1 % 3 % Equities 13 % 25 % 14 % 12 % Fixed income 86 % 74 % 37 % 36 % Property — % — % 8 % 8 % Alternative and other investments — % — % 40 % 41 % |
Fair Value Hierarchy of Plan Assets | The following tables present the Company's plan assets for the U.S. and non-U.S. plans using the fair value hierarchy as of December 31, 2019 and 2018 . The plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 17 . U.S. Plans for the Year Ended December 31, 2019 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash Equivalents $ — $ 4,431 $ — $ 4,431 Fixed Income Securities Government & Government Agency Bonds — 19,427 — 19,427 Corporate Bonds — 112,137 — 112,137 Municipal Bonds — 8,460 — 8,460 Assets measured at net asset value (1) — — — 456,606 Total $ — $ 144,455 $ — $ 601,061 Receivables $ 1,347 Total $ 602,408 U.S. Plans for the Year Ended December 31, 2018 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash Equivalents $ — $ 3,490 $ — $ 3,490 Fixed Income Securities Government & Government Agency Bonds — 17,827 — 17,827 Corporate Bonds — 96,566 — 96,566 Municipal Bonds — 8,138 — 8,138 Assets measured at net asset value (1) — — — 404,895 Total $ — $ 126,021 $ — $ 530,916 Receivables $ 1,465 Total $ 532,381 _______________________ (1) Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheet. The total amount measured at net asset value includes approximately $80.4 million and $133.1 million in pooled equity funds and $376.0 million and $271.8 million in fixed income mutual funds for the years ended December 31, 2019 and 2018 , respectively. Non-U.S. Plans for the Year Ended December 31, 2019 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash $ 5,921 $ — $ — $ 5,921 Equity Securities U.S. Large Cap 58,926 25,616 — 84,542 Non-U.S. Large Cap 24,720 — — 24,720 Non-U.S. Mid Cap 956 — — 956 Non-U.S. Small Cap 738 — — 738 Emerging Markets 27,374 — — 27,374 Fixed Income Securities U.S. Treasuries/Government Bonds 108 — — 108 U.S. Corporate Bonds — 32,013 — 32,013 Non-U.S. Treasuries/Government Bonds 117,890 — — 117,890 Non-U.S. Corporate Bonds 33,320 150,034 — 183,354 Non-U.S. Asset-Backed Securities — 33,654 — 33,654 Non-U.S. Other Fixed Income 2,553 — — 2,553 Alternative Types of Investments Insurance Contracts — 152,025 266 152,291 Derivative Financial Instruments — 65,016 — 65,016 Absolute Return Funds 3,431 154,463 — 157,894 Other — 2,330 30,183 32,513 Real Estate Non-U.S. Real Estate — — 83,746 83,746 Total $ 275,937 $ 615,151 $ 114,195 $ 1,005,283 Non-U.S. Plans for the Year Ended December 31, 2018 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash $ 25,386 $ — $ — $ 25,386 Equity Securities U.S. Large Cap 35,929 11,340 — 47,269 Non-U.S. Large Cap 30,841 8,381 — 39,222 Non-U.S. Mid Cap 905 — — 905 Non-U.S. Small Cap 628 — — 628 Emerging Markets 22,608 — — 22,608 Fixed Income Securities U.S. Treasuries/Government Bonds 131 — — 131 U.S. Corporate Bonds — 29,682 — 29,682 Non-U.S. Treasuries/Government Bonds 137,267 5,494 — 142,761 Non-U.S. Corporate Bonds 30,893 85,841 — 116,734 Non-U.S. Asset-Backed Securities — 32,587 — 32,587 Non-U.S. Other Fixed Income 2,324 — — 2,324 Alternative Types of Investments Insurance Contracts — 152,947 254 153,201 Derivative Financial Instruments — 54,512 — 54,512 Absolute Return Funds 3,584 128,111 — 131,695 Other — 2,374 25,913 28,287 Real Estate Non-U.S. Real Estate — — 68,850 68,850 Total $ 290,496 $ 511,269 $ 95,017 $ 896,782 |
Reconciliation of Level 3 Non-U.S. Plan Assets Held | The following table presents a reconciliation of Level 3 non-U.S. plan assets held during the year ended December 31, 2019 : Non-U.S. Plans (DOLLARS IN THOUSANDS) Real Estate Hedge Funds Total Ending balance as of December 31, 2018 $ 69,104 $ 25,913 $ 95,017 Actual return on plan assets 15,033 5,811 20,844 Purchases, sales and settlements (124 ) (1,542 ) (1,666 ) Ending balance as of December 31, 2019 $ 84,013 $ 30,182 $ 114,195 |
Weighted Average Assumptions Used to Determine Postretirement Benefit Expense and Obligation | The following weighted average assumptions were used to determine the postretirement benefit expense and obligation for the years ended December 31: Expense Liability 2019 2018 2019 2018 Discount rate 4.30 % 3.70 % 3.30 % 4.30 % Current medical cost trend rate 7.50 % 7.75 % 7.25 % 7.50 % Ultimate medical cost trend rate 4.75 % 4.75 % 4.75 % 4.75 % Medical cost trend rate decreases to ultimate rate in year 2030 2030 2030 2030 |
Sensitivity of Disclosures to Changes in Selected Assumptions | The following table presents the sensitivity of disclosures to changes in selected assumptions for the year ended December 31, 2019 : (DOLLARS IN THOUSANDS) U.S. Pension Plans Non-U.S. Pension Plans Postretirement Benefit Plan 25 Basis Point Decrease in Discount Rate Change in PBO 14,613 55,415 N/A Change in ABO 14,534 55,374 1,944 Change in pension expense (102 ) 2,687 40 25 Basis Point Decrease in Long-Term Rate of Return Change in pension expense 1,248 1,935 N/A |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying value and the estimated fair values of financial instruments at December 31 consisted of the following: 2019 2018 (DOLLARS IN THOUSANDS) Carrying Value Fair Value Carrying Value Fair LEVEL 1 Cash and cash equivalents (1) $ 606,823 $ 606,823 $ 634,897 $ 634,897 LEVEL 2 Credit facilities and bank overdrafts (2) 3,131 3,131 4,695 4,695 Derivatives Derivative assets (3) 3,575 3,575 7,229 7,229 Derivative liabilities (3) 7,415 7,415 6,907 6,907 Long-term debt: (4) 2020 Notes 299,381 302,700 298,499 300,356 2021 Euro Notes 334,561 338,244 337,704 341,094 2023 Notes 299,004 305,580 298,698 293,017 2024 Euro Notes 558,124 586,825 564,034 584,129 2026 Euro Notes 890,183 945,306 899,886 909,439 2028 Notes 396,688 441,500 396,377 401,231 2047 Notes 493,571 526,106 493,151 446,725 2048 Notes 785,996 919,040 785,788 783,925 Term Loan (2) 239,621 240,000 349,163 350,000 Amortizing Notes (5) 82,079 84,430 125,007 127,879 _______________________ (1) The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments. (2) The carrying amount approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments. |
Derivative Instruments Notional Amount Outstanding | The following table shows the notional amount of the Company’s derivative instruments outstanding as of December 31, 2019 and December 31, 2018 : December 31, (DOLLARS IN THOUSANDS) 2019 2018 Foreign currency contracts $ 473,600 $ 585,581 Cross currency swaps 600,000 600,000 |
Derivative Instruments Measured at Fair Value | The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy) as reflected in the Consolidated Balance Sheet as of December 31, 2019 and December 31, 2018 : December 31, 2019 (DOLLARS IN THOUSANDS) Fair Value of Derivatives Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value Derivative assets (a) Foreign currency contracts $ 1,310 $ 2,265 $ 3,575 Derivative liabilities (b) Foreign currency contracts 797 2,431 3,228 Cross currency swaps 4,187 — 4,187 Total derivative liabilities $ 4,984 $ 2,431 $ 7,415 December 31, 2018 (DOLLARS IN THOUSANDS) Fair Value of Derivatives Designated as Hedging Instruments Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value Derivative assets (a) Foreign currency contracts $ 4,122 $ 2,020 $ 6,142 Cross currency swaps 1,087 — 1,087 Total derivative assets 5,209 2,020 7,229 Derivative liabilities (b) Foreign currency contracts $ 205 $ 6,702 $ 6,907 _______________________ (a) Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheet. (b) Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheet. |
Derivative Instruments Which Were Not Designated as Hedging Instruments | The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2019 and December 31, 2018 : (DOLLARS IN THOUSANDS) Amount of Gain (Loss) For the year ended December 31, Location of Gain (Loss) Recognized in Income on Derivative 2019 2018 Foreign currency contracts $ 557 $ 1,999 Other (income) expense, net Deal contingent swaps Foreign currency contracts — 12,154 Other income, net Interest rate swaps — 352 Interest expense $ 557 $ 14,505 |
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments | The following table shows the effect of the Company’s derivative instruments designated as cash flow and net investment hedging instruments, net of tax, in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2019 and December 31, 2018 (in thousands): (DOLLARS IN THOUSANDS) Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) For the years ended December 31, For the years ended December 31, 2019 2018 2019 2018 Derivatives in Cash Flow Hedging Relationships: Foreign currency contracts $ (3,535 ) $ 14,220 Cost of goods sold $ 8,504 $ (6,203 ) Interest rate swaps (1) 857 864 Interest expense (857 ) (864 ) Derivatives or debt instruments in Net Investment Hedging Relationships: Foreign currency contracts — (518 ) N/A — — 2024 Euro Notes 5,440 20,539 N/A — — 2021 Euro Notes & 2026 Euro Notes 11,969 30,390 N/A — — Total $ 14,731 $ 65,495 $ 7,647 $ (7,067 ) _______________________ (1) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive loss, net of tax, as of December 31, 2018 $ (396,996 ) $ 4,746 $ (309,977 ) $ (702,227 ) OCI before reclassifications 23,953 4,969 (45,599 ) (16,677 ) Amounts reclassified from AOCI — (7,647 ) 9,657 2,010 Net current period other comprehensive income (loss) 23,953 (2,678 ) (35,942 ) (14,667 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2019 $ (373,043 ) $ 2,068 $ (345,919 ) $ (716,894 ) (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2017 $ (297,416 ) $ (10,332 ) $ (329,734 ) $ (637,482 ) OCI before reclassifications (99,580 ) 8,011 9,717 (81,852 ) Amounts reclassified from AOCI — 7,067 10,040 17,107 Net current period other comprehensive income (loss) (99,580 ) 15,078 19,757 (64,745 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2018 $ (396,996 ) $ 4,746 $ (309,977 ) $ (702,227 ) (DOLLARS IN THOUSANDS) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2016 $ (352,025 ) $ 7,604 $ (335,674 ) $ (680,095 ) OCI before reclassifications 66,826 (14,782 ) (7,941 ) 44,103 Amounts reclassified from AOCI (12,217 ) (a) (3,154 ) 13,881 (1,490 ) Net current period other comprehensive income (loss) 54,609 (17,936 ) 5,940 42,613 Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2017 $ (297,416 ) $ (10,332 ) $ (329,734 ) $ (637,482 ) |
Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income | The following table provides details about reclassifications out of AOCI to the Consolidated Statement of Comprehensive Income: Year Ended December 31, (DOLLARS IN THOUSANDS) 2019 2018 2017 Affected Line Item in the Consolidated Statement of Comprehensive Income (Losses) gains on derivatives qualifying as hedges Foreign currency contracts $ 9,719 $ (7,089 ) $ 4,506 Cost of goods sold Interest rate swaps (857 ) (864 ) (789 ) Interest expense Tax (1,215 ) 886 (563 ) Provision for income taxes Total $ 7,647 $ (7,067 ) $ 3,154 Total, net of income taxes (Losses) gains on pension and postretirement liability adjustments Prior service cost $ 6,644 $ 7,752 $ 7,040 (a) Actuarial losses (19,032 ) (20,645 ) (24,699 ) (a) Tax 2,731 2,853 3,778 Provision for income taxes Total $ (9,657 ) $ (10,040 ) $ (13,881 ) Total, net of income taxes _______________________ (a) The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 16 to the Consolidated Financial Statements for additional information regarding net periodic benefit cost. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule of Redeemable Noncontrolling Interest | The following table sets forth the details of the Company's redeemable noncontrolling interests: (DOLLARS IN THOUSANDS) Redeemable Noncontrolling Interests Balance at December 31, 2017 $ — Acquired through acquisitions during 2018 97,510 Share of profit or loss attributable to noncontrolling interests 2,196 Redemption value mark-up for the current period 2,848 Sale of a subsidiary with redeemable noncontrolling interests (14,673 ) Exercises of redeemable noncontrolling interests (6,075 ) Balance at December 31, 2018 $ 81,806 Acquired through acquisitions during 2019 23,594 Impact of foreign exchange translation (126 ) Share of profit or loss attributable to redeemable noncontrolling interests 666 Redemption value adjustment for the current period 2,097 Measurement period adjustments 5,391 Dividends paid (753 ) Exercises of redeemable noncontrolling interests (13,632 ) Balance at December 31, 2019 $ 99,043 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 29, 2018 | Dec. 31, 2016 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Receivables (included in Trade receivables) | $ 892,625 | $ 946,938 | |||
Operating Lease, Right-of-Use Asset | 287,870 | $ 0 | $ 308,300 | ||
Operating Lease, Liability | $ 291,111 | 313,300 | |||
Cumulative adjustment relating to the adoption of ASC 2016-16 | $ (33,719) | ||||
Minimum percentage chance of tax benefit realization in final settlement | 50.00% | ||||
Prior service costs from plan improvements amortization period, minimum, years | 10 years | ||||
Prior service costs from plan improvements amortization period, maximum, years | 20 years | ||||
Amortization period of internal and external development costs, years | 7 years | ||||
Difference amount between basic and diluted net income per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0 | ||
Inventories | $ 1,123,068 | $ 1,078,537 | |||
Machinery and equipment [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant and equipment, years | 20 years | ||||
Minimum [Member] | Customer Relationships [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Other intangible assets amortized period, years | 11 years | ||||
Minimum [Member] | Patents [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Other intangible assets amortized period, years | 11 years | ||||
Minimum [Member] | Trade Names [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Other intangible assets amortized period, years | 14 years | ||||
Minimum [Member] | Technological Know-how [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Other intangible assets amortized period, years | 5 years | ||||
Minimum [Member] | Buildings And Improvements [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant and equipment, years | 10 years | ||||
Minimum [Member] | Machinery and equipment [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant and equipment, years | 3 years | ||||
Minimum [Member] | Information Technology Hardware And Software [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant and equipment, years | 3 years | ||||
Maximum [Member] | Customer Relationships [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Other intangible assets amortized period, years | 23 years | ||||
Maximum [Member] | Patents [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Other intangible assets amortized period, years | 15 years | ||||
Maximum [Member] | Trade Names [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Other intangible assets amortized period, years | 28 years | ||||
Maximum [Member] | Technological Know-how [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Other intangible assets amortized period, years | 28 years | ||||
Maximum [Member] | Buildings And Improvements [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant and equipment, years | 40 years | ||||
Maximum [Member] | Information Technology Hardware And Software [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant and equipment, years | 7 years | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Cumulative adjustment relating to the adoption of ASC 2016-16 | 23,094 | ||||
Accounting Standards Update 2017-12 [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Cumulative adjustment relating to the adoption of ASC 2016-16 | 0 | ||||
Retained earnings [Member] | Accounting Standards Update 2016-02 [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Cumulative adjustment relating to the adoption of ASC 2016-16 | 23,094 | $ 23,100 | |||
Retained earnings [Member] | Accounting Standards Update 2017-12 [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Cumulative adjustment relating to the adoption of ASC 2016-16 | (981) | ||||
Trade Accounts Receivable With Factoring Agreements [Member] | |||||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Trade Receivables Held-for-sale, Amount | $ 100,000 | ||||
Receivables (included in Trade receivables) | 205,700 | 168,300 | $ 160,100 | ||
Proceeds From Sale Of Accounts Receivable | 37,700 | 13,600 | 15,000 | ||
Payments To Participate In Factoring Receivable Program | $ 7,100 | $ 3,400 | $ 3,000 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 565,071 | $ 568,916 |
Work in process | 44,532 | 48,819 |
Finished goods | 513,465 | 460,802 |
Total | $ 1,123,068 | $ 1,078,537 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)FacilityPosition | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Additional charges, net | $ 29,765 | $ 5,079 | $ 19,711 |
Frutarom Integration Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected number of sites closed | Facility | 35 | ||
Expected Number Of Sites Closed, Period | 2 years | ||
Number Of Sites Closed | Facility | 10 | ||
2017 Productivity Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Additional charges, net | 24,500 | ||
Severance | Frutarom Integration Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Additional charges, net | $ 10,400 | ||
Other Restructuring Costs | 65,000 | ||
Severance | 2019 Severance Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Additional charges, net | 21,300 | ||
Other Restructuring Costs | 25,000 | ||
Severance | 2017 Productivity Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 25,000 | ||
Scent [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Additional charges, net | $ 12,093 | 3,433 | 13,077 |
Scent [Member] | Severance | 2019 Severance Initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected Number of Positions Eliminated | Position | 330 | ||
Shared IT & Corporate Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Additional charges, net | $ 7,627 | $ 0 | $ 2,129 |
Asia [Member] | Frutarom Integration Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number Of Sites Closed | Facility | 1 | ||
EMEA [Member] | Frutarom Integration Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number Of Sites Closed | Facility | 6 | ||
Latin America [Member] | Frutarom Integration Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number Of Sites Closed | Facility | 2 | ||
North America [Member] | Frutarom Integration Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number Of Sites Closed | Facility | 1 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Movements in Restructuring and Related Accruals (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | |||
Balance | $ 5,200 | $ 7,957 | $ 3,277 |
Additional Charges (Reversals), Net | 29,765 | 5,079 | 19,711 |
Non-Cash Charges | (679) | (418) | (528) |
Cash Payments | (13,201) | (7,418) | (14,503) |
Balance | 21,085 | 5,200 | 7,957 |
Additional charges, net | 29,765 | 5,079 | 19,711 |
Taste [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Additional charges, net | 10,045 | 1,646 | 4,505 |
Scent [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Additional charges, net | 12,093 | 3,433 | 13,077 |
Shared IT & Corporate Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Additional charges, net | 7,627 | 0 | 2,129 |
2015 Severance Initiatives [Member] | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | 3,277 | |
Additional Charges (Reversals), Net | (2,311) | ||
Non-Cash Charges | 0 | ||
Cash Payments | (966) | ||
Balance | 0 | ||
Frutarom Integration Initiative [Member] | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Additional Charges (Reversals), Net | 6,110 | ||
Non-Cash Charges | 0 | ||
Cash Payments | (2,072) | ||
Balance | 4,038 | 0 | |
Additional charges, net | 10,400 | ||
Frutarom Integration Initiative [Member] | Fixed asset write down | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Additional Charges (Reversals), Net | 534 | ||
Non-Cash Charges | (534) | ||
Cash Payments | 0 | ||
Balance | 0 | 0 | |
Frutarom Integration Initiative [Member] | Other | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Additional Charges (Reversals), Net | 3,726 | ||
Non-Cash Charges | (145) | ||
Cash Payments | (1,096) | ||
Balance | 2,485 | 0 | |
2019 Severance Initiatives [Member] | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Additional Charges (Reversals), Net | 20,871 | ||
Non-Cash Charges | 0 | ||
Cash Payments | (7,974) | ||
Balance | 12,897 | 0 | |
Additional charges, net | 21,300 | ||
2019 Severance Initiatives [Member] | Other | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | ||
Additional Charges (Reversals), Net | 471 | ||
Non-Cash Charges | 0 | ||
Cash Payments | 0 | ||
Balance | 471 | 0 | |
2017 Productivity Program [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Additional charges, net | 24,500 | ||
2017 Productivity Program [Member] | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 4,125 | 7,539 | 0 |
Additional Charges (Reversals), Net | (1,947) | 3,884 | 20,620 |
Non-Cash Charges | 0 | 0 | 0 |
Cash Payments | (1,072) | (7,298) | (13,081) |
Balance | 1,106 | 4,125 | 7,539 |
2017 Productivity Program [Member] | Other | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 1,075 | 418 | 0 |
Additional Charges (Reversals), Net | 0 | 1,195 | 1,402 |
Non-Cash Charges | 0 | (418) | (528) |
Cash Payments | (987) | (120) | (456) |
Balance | $ 88 | $ 1,075 | $ 418 |
Acquisitions - Pending Transact
Acquisitions - Pending Transaction with Nutrition & Biosciences, Inc (Details) | Dec. 15, 2019USD ($)$ / shares |
Nutrition & Biosciences, Inc [Member] | |
Business Acquisition [Line Items] | |
Business acquisition share price | $ / shares | $ 0.125 |
Cash paid to acquire business | $ 7,300,000,000 |
DuPont de Nemours, Inc [Member] | Nutrition & Biosciences, Inc [Member] | International Flavors & Fragrances Inc [Member] | |
Business Acquisition [Line Items] | |
Percentage of voting interest acquired | 55.40% |
Senior Unsecured Bridge Term Loan [Member] | Unsecured Debt [Member] | Nutrition & Biosciences, Inc [Member] | |
Business Acquisition [Line Items] | |
Debt, face amount | $ 7,500,000,000 |
Senior Unsecured Term Loan Facilities [Member] | Unsecured Debt [Member] | Nutrition & Biosciences, Inc [Member] | |
Business Acquisition [Line Items] | |
Debt, face amount | 1,250,000,000 |
Three Hundred Sixty Four Day Senior Unsecured Bridge Facility [Member] | Unsecured Debt [Member] | Nutrition & Biosciences, Inc [Member] | |
Business Acquisition [Line Items] | |
Debt, face amount | $ 6,250,000,000 |
Acquisitions - 2019 Acquisition
Acquisitions - 2019 Acquisition Activity (Details) $ in Millions | 3 Months Ended | |
Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)entity | |
Mighty and Leagel [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of voting interest acquired | 70.00% | |
Number of Businesses Acquired | entity | 2 | |
Cash paid to acquire business | $ 52 | |
Contingent consideration, liability | 19 | |
Goodwill, expected tax deductible amount | 56 | |
Intangible assets acquired | $ 18 | |
Wiburg Canada [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of voting interest acquired | 50.00% | |
Cash paid to acquire business | $ 37 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 3 | |
Goodwill, expected tax deductible amount | 35 | |
Intangible assets acquired | $ 24 | |
Frutarom Industries Ltd. [Member] | Wiburg Canada [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of voting interest acquired | 100.00% | |
Wiburg Canada [Member] | ||
Business Acquisition [Line Items] | ||
Equity Method Investments | $ 33 | |
Minimum [Member] | Mighty and Leagel [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of voting interest acquired | 49.00% | |
Maximum [Member] | Mighty and Leagel [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of voting interest acquired | 60.00% |
Acquisitions - Frutarom Narrati
Acquisitions - Frutarom Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Oct. 04, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 5,497,596 | $ 5,378,388 | $ 1,156,288 | $ 1,000,123 | ||
Frutarom Industries Ltd. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of voting interest acquired | 100.00% | |||||
Identifiable intangible assets | $ 2,668,300 | $ 2,690,000 | ||||
Other assets | 412,111 | 353,710 | ||||
Redeemable noncontrolling interest | (102,902) | (97,510) | ||||
Goodwill | 4,273,957 | $ 4,243,079 | ||||
Restatement Adjustment [Member] | Frutarom Industries Ltd. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Inventory | 19,000 | |||||
Current assets assumed | (7,400) | |||||
Identifiable intangible assets | (21,700) | |||||
Other assets | 58,401 | |||||
Equity method investment | 10,400 | |||||
Earn out payable | 1,500 | |||||
Deferred tax liabilities | 14,400 | |||||
Uncertain tax position | 18,900 | |||||
Environmental remediation liabilities | 5,000 | |||||
Redeemable noncontrolling interest | (5,392) | |||||
Goodwill | $ 30,878 |
Acquisitions - Schedule of asse
Acquisitions - Schedule of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Oct. 04, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Excess attributable to Goodwill | $ 5,497,596 | $ 5,378,388 | $ 1,156,288 | $ 1,000,123 | ||
Frutarom Industries Ltd. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 140,747 | $ 140,747 | ||||
Other current assets | 673,921 | 699,627 | ||||
Identifiable intangible assets | 2,668,300 | 2,690,000 | ||||
Other assets | 412,111 | 353,710 | ||||
Equity method investments | 36,230 | 25,791 | ||||
Current liabilities | (318,515) | (311,325) | ||||
Debt assumed | (77,037) | (77,037) | ||||
Other liabilities | (672,218) | (632,488) | ||||
Redeemable noncontrolling interest | (102,902) | (97,510) | ||||
Noncontrolling interest | (3,700) | (3,700) | ||||
Excess attributable to Goodwill | 4,273,957 | 4,243,079 | ||||
Total Purchase Consideration | 7,030,894 | $ 7,030,894 | ||||
Restatement Adjustment [Member] | Frutarom Industries Ltd. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | 0 | |||||
Other current assets | (25,706) | |||||
Identifiable intangible assets | (21,700) | |||||
Other assets | 58,401 | |||||
Equity method investments | 10,439 | |||||
Current liabilities | 7,190 | |||||
Debt assumed | 0 | |||||
Other liabilities | (39,730) | |||||
Redeemable noncontrolling interest | (5,392) | |||||
Noncontrolling interest | 0 | |||||
Excess attributable to Goodwill | $ 30,878 |
Acquisitions - Schedule of inta
Acquisitions - Schedule of intangible assets acquired (Details) - Frutarom Industries Ltd. [Member] - USD ($) $ in Thousands | Oct. 04, 2018 | Sep. 30, 2019 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Estimated Amounts | $ 2,668,300 | ||
Product Formula [Member] | |||
Business Acquisition [Line Items] | |||
Estimated Amounts | 290,000 | ||
Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Estimated Amounts | 2,230,000 | ||
Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Estimated Amounts | $ 140,000 | ||
Weighted-Average Useful Life | 23 years | ||
Above Market Leases [Member] | |||
Business Acquisition [Line Items] | |||
Estimated Amounts | $ 8,300 | ||
Minimum [Member] | Product Formula [Member] | |||
Business Acquisition [Line Items] | |||
Weighted-Average Useful Life | 10 years | ||
Minimum [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted-Average Useful Life | 18 years | ||
Minimum [Member] | Above Market Leases [Member] | |||
Business Acquisition [Line Items] | |||
Weighted-Average Useful Life | 5 years | ||
Maximum [Member] | Product Formula [Member] | |||
Business Acquisition [Line Items] | |||
Weighted-Average Useful Life | 12 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Weighted-Average Useful Life | 23 years | ||
Maximum [Member] | Above Market Leases [Member] | |||
Business Acquisition [Line Items] | |||
Weighted-Average Useful Life | 15 years |
Acquisitions - Unaudited pro fo
Acquisitions - Unaudited pro forma information (Details) - Frutarom Industries Ltd. [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Unaudited pro forma net sales | $ 5,135,906 | $ 4,761,115 |
Unaudited pro forma net income attributable to the Company | $ 474,498 | $ 240,784 |
Acquisitions - TAA Narrative (D
Acquisitions - TAA Narrative (Details) - The Additive Advantage, LLC [Member] $ in Millions | Dec. 07, 2018USD ($) |
Business Acquisition [Line Items] | |
Percentage of voting interest acquired | 100.00% |
Cash paid to acquire business | $ 14.5 |
Business combination, consideration transferred | 6.9 |
Contingent consideration, liability | 0.5 |
Identifiable intangible assets | 11.4 |
Goodwill, expected tax deductible amount | 10.4 |
Maximum contingent payment | $ 5.4 |
Acquisitions - PowderPure, Frag
Acquisitions - PowderPure, Fragrance Resources, and David Michael (Details) $ in Thousands, € in Millions | Apr. 07, 2017USD ($) | Jan. 17, 2017EUR (€) | Jan. 17, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Selling and administrative expenses | $ 876,121 | $ 707,461 | $ 570,144 | ||||
Goodwill | 5,497,596 | $ 5,378,388 | $ 1,156,288 | $ 1,000,123 | |||
PowderPure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interest acquired | 100.00% | ||||||
Cash paid to acquire business | $ 54,600 | ||||||
Cash acquired from acquisition | 400 | ||||||
Additional contingent consideration | 1,400 | ||||||
Purchase price exceeds preliminary fair value of net assets | 48,000 | ||||||
Goodwill, expected tax deductible amount | 15,200 | ||||||
Selling and administrative expenses | $ 1,300 | ||||||
PowderPure [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Earn out payable | 10,000 | ||||||
PowderPure [Member] | Proprietary Technology [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 27,500 | ||||||
Weighted-Average Useful Life | 14 years | ||||||
PowderPure [Member] | Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 4,500 | ||||||
Weighted-Average Useful Life | 14 years | ||||||
PowderPure [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 800 | ||||||
Weighted-Average Useful Life | 2 years | ||||||
Fragrance Resources [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interest acquired | 100.00% | ||||||
Cash paid to acquire business | € 143.4 | $ 151,900 | |||||
Cash acquired from acquisition | 13.7 | 14,400 | |||||
Purchase price exceeds preliminary fair value of net assets | 122,000 | ||||||
Business combination, consideration transferred | 142 | 150,500 | |||||
Additional payment for working capital adjustment | € 1.4 | 1,500 | |||||
Goodwill, not expected tax deductible amount | 72,000 | ||||||
Accrued liabilities | $ 15,300 | ||||||
Fragrance Resources [Member] | Proprietary Technology [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Weighted-Average Useful Life | 5 years | 5 years | |||||
Fragrance Resources [Member] | Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Weighted-Average Useful Life | 2 years | 2 years | |||||
Fragrance Resources [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 51,700 | ||||||
Fragrance Resources [Member] | Customer Relationships [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Weighted-Average Useful Life | 12 years | 12 years | |||||
Fragrance Resources [Member] | Customer Relationships [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Weighted-Average Useful Life | 16 years | 16 years | |||||
Fragrance Resources [Member] | Trade Names and Proprietary Technology [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 13,600 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 2,690,768 | $ 2,492,938 | |
Accumulated depreciation | (1,303,848) | (1,251,786) | |
Property, plant and equipment, net | 1,386,920 | 1,241,152 | |
Depreciation expense | 130,200 | 89,100 | $ 83,400 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 73,170 | 75,528 | |
Buildings and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 831,579 | 760,783 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,366,041 | 1,342,881 | |
Information technology [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 231,858 | 179,876 | |
Construction in process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 188,120 | $ 133,870 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net - Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 5,378,388 | $ 1,156,288 | $ 1,000,123 |
Acquisitions | 98,411 | 4,253,541 | 87,865 |
Other | 35,380 | ||
Disposals | (19,069) | ||
Frutarom measurement period adjustment | 30,876 | ||
Foreign exchange | (10,079) | (12,372) | 32,920 |
Goodwill | $ 5,497,596 | $ 5,378,388 | $ 1,156,288 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Schedule of Goodwill by Operating Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Oct. 04, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||||||
Goodwill | $ 5,497,596 | $ 5,378,388 | $ 1,156,288 | $ 1,000,123 | ||
Flavors [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 4,788,988 | 4,663,835 | ||||
Fragrances [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 708,608 | 704,113 | ||||
Unallocated [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 0 | $ 10,440 | ||||
Frutarom Industries Ltd. [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 4,273,957 | $ 4,243,079 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net - Hypothetical Key Assumptions (Details) - Natural Product Solutions | Nov. 30, 2019 |
Goodwill [Line Items] | |
Reporting Unit, Percentage Of Existing Headroom | 8.30% |
Measurement Input, Discount Rate [Member] | |
Goodwill [Line Items] | |
Sensitivity Analysis of Fair Value, Goodwill Impairment Test, Impact of 50 Basis Points Increase Of Measurement Input Assumption To Resulting Headroom | (0.30%) |
Measurement Input, Terminal Growth [Member] | |
Goodwill [Line Items] | |
Sensitivity Analysis of Fair Value, Goodwill Impairment Test, Impact of 50 Basis Points Decrease Of Measurement Input Assumption To Resulting Headroom | (3.40%) |
Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | |
Goodwill [Line Items] | |
Alternative Investment, Measurement Input | 0.075 |
Valuation, Income Approach [Member] | Measurement Input, Terminal Growth [Member] | |
Goodwill [Line Items] | |
Alternative Investment, Measurement Input | 0.030 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets, Net - Trademark and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 3,341,032 | $ 3,331,211 |
Total accumulated amortization | (489,097) | (291,889) |
Other intangible assets, net | 2,851,935 | 3,039,322 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 2,653,446 | 2,658,659 |
Total accumulated amortization | (302,047) | (156,906) |
Trade Names and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 178,968 | 177,770 |
Total accumulated amortization | (27,213) | (19,593) |
Technological Know-how [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 468,256 | 451,016 |
Total accumulated amortization | (135,269) | (93,051) |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 40,362 | 43,766 |
Total accumulated amortization | $ (24,568) | $ (22,339) |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets, Net - Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of acquisition-related intangibles | $ 193,097 | $ 75,879 | $ 34,693 |
Estimated annual amortization, 2019 | 189,896 | ||
Estimated annual amortization, 2020 | 185,510 | ||
Estimated annual amortization, 2021 | 181,698 | ||
Estimated annual amortization, 2022 | 181,586 | ||
Estimated annual amortization, 2023 | $ 181,586 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Nov. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | |||||
Goodwill | $ 5,497,596 | $ 5,378,388 | $ 1,156,288 | $ 1,000,123 | |
Lucas Meyers Cosmetics | |||||
Goodwill [Line Items] | |||||
Reporting unit in excess of carrying amount | 80.00% | ||||
Minimum [Member] | Frutarom Reporting Units | |||||
Goodwill [Line Items] | |||||
Reporting unit in excess of carrying amount | 10.00% |
Other Assets And Liabilities,_3
Other Assets And Liabilities, Current and Noncurrent - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 29, 2018 |
Other Assets [Abstract] | |||
Value Added Tax Receivable, Current | $ 78,526 | $ 62,475 | |
Income Taxes Receivable, Current | 69,284 | 60,139 | |
Prepaid Expense, Current | 110,768 | 90,962 | |
Receivables, Net, Current | 60,756 | 63,460 | |
Other Assets, Current | 319,334 | 277,036 | |
Operating lease right-of-use assets | 287,870 | 0 | $ 308,300 |
Finance lease right-of-use assets | 4,792 | 0 | |
Deferred income taxes | 125,552 | 89,000 | |
Overfunded pension plans | 85,657 | 75,158 | |
Cash surrender value of life insurance contracts | 47,578 | 43,179 | |
Other | 56,967 | 81,336 | |
Total | $ 608,416 | $ 288,673 |
Other Assets And Liabilities,_4
Other Assets And Liabilities, Current and Noncurrent - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||||
Employee-related Liabilities, Current | $ 102,704 | $ 121,080 | ||
Rebates and Incentives Payable, Current | 49,938 | 44,175 | ||
Sales and Excise Tax Payable, Current | 20,729 | 23,253 | ||
Interest Payable, Current | 32,417 | 36,823 | ||
Liability, Pension and Other Postretirement and Postemployment Benefits, Current | 11,972 | 11,528 | ||
Accrued Insurance, Current | 9,960 | 9,447 | ||
Earn Out Liabilities, Other | 12,961 | 29,974 | ||
Restructuring Reserve | 21,085 | 5,200 | $ 7,957 | $ 3,277 |
Operating Lease, Liability, Current | 37,744 | 0 | ||
Finance Lease, Liability, Current | 1,931 | 0 | ||
Accrued Income Taxes, Current | 42,141 | 24,356 | ||
Other Sundry Liabilities, Current | 233,240 | 224,672 | ||
Other current liabilities | $ 576,822 | $ 530,508 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Detail) $ in Thousands, € in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 25, 2018EUR (€) | Sep. 25, 2018USD ($) |
Debt Instrument [Line Items] | ||||
Total debt | $ 4,382,396 | $ 4,553,059 | ||
Less: Short term borrowings | (384,958) | (48,642) | ||
Long-term debt | $ 3,997,438 | 4,504,417 | ||
Senior Notes - 2007 [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 6.40% | |||
Senior Notes - 2007 [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 6.82% | |||
Senior Notes - 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 3.69% | |||
Senior notes | $ 299,381 | 298,499 | ||
Senior Notes, Euro Notes, 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 0.82% | 0.50% | 0.50% | |
Senior notes | $ 334,561 | 337,704 | € 300 | |
Total debt | € 297.7 | $ 349,500 | ||
Senior Notes - 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 3.30% | |||
Senior notes | $ 299,004 | 298,698 | ||
Senior Notes, Euro Notes, 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 1.88% | |||
Senior notes | $ 558,124 | 564,034 | ||
Senior Notes, Euro Notes, 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 1.93% | 1.80% | 1.80% | |
Senior notes | $ 890,183 | 899,886 | € 800 | |
Total debt | € 794.1 | $ 932,200 | ||
Senior Notes - 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 4.57% | |||
Senior notes | $ 396,688 | 396,377 | ||
Senior notes - 2047 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 4.44% | |||
Senior notes | $ 493,571 | 493,151 | ||
Senior Notes - 2048 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 5.12% | |||
Senior notes | $ 785,996 | 785,788 | ||
Amortizing Note | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 6.09% | |||
Senior notes | $ 82,079 | 125,007 | ||
Bank overdrafts and other [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank overdrafts and other | 3,131 | 4,695 | ||
Deferred realized gains on interest rate swaps [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred realized gains on interest rate swaps | $ 57 | 57 | ||
Term Loan Credit Agreement [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 3.65% | |||
Senior notes | $ 239,621 | $ 349,163 | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolver Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 1.125% |
Tangible Equity Units (Details)
Tangible Equity Units (Details) | Sep. 17, 2018USD ($)$ / sharesshares |
Equity [Abstract] | |
Tangible equity units issued | shares | 16,500,000 |
Stated rate | 6.00% |
Price per unit | $ 50 |
Tangible equity units proceeds | $ | $ 800,200,000 |
Less: Issuance costs | $ | 24,800,000 |
Fair Value per TEU | $ | $ 50 |
Quarterly installments | $ 0.75 |
Initial installment | $ 0.73333 |
Interest and partial repayment of principal | 3.79% |
Price for basic share (in dollars per share) | $ 0.3134 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Oct. 04, 2018USD ($) | Sep. 17, 2018USD ($)$ / shares | Jun. 06, 2018USD ($) | May 18, 2017USD ($) | Mar. 14, 2016EUR (€) | Mar. 14, 2016USD ($) | Apr. 04, 2013USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 26, 2018USD ($) | Sep. 25, 2018EUR (€) | Sep. 25, 2018USD ($) | Jun. 06, 2018EUR (€) | Jun. 06, 2018USD ($) | Mar. 14, 2016USD ($) |
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Amount still available for additional borrowings | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||||||||
Debt | 4,382,396,000 | $ 4,382,396,000 | $ 4,553,059,000 | |||||||||||||||
Gross Proceeds | $ 825,000,000 | |||||||||||||||||
Quarterly installments | $ / shares | $ 0.75 | |||||||||||||||||
Initial installment | $ / shares | $ 0.73333 | |||||||||||||||||
Interest and partial repayment of principal | 3.79% | |||||||||||||||||
Gain (loss) on pre-issuance hedges | $ (3,200,000) | |||||||||||||||||
Repurchase price of principal amount of Senior Notes in percentage | 101.00% | |||||||||||||||||
Commercial Paper [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Short term debt, term | 90 days | |||||||||||||||||
Short-term debt | 0 | $ 0 | 0 | |||||||||||||||
Maximum amount outstanding | 85,000,000 | |||||||||||||||||
Loans Payable [Member] | Term Loan Credit Agreement [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Debt, face amount | $ 350,000,000 | |||||||||||||||||
Debt Instrument, Term | 3 years | |||||||||||||||||
Amortization rate | 10.00% | |||||||||||||||||
Maximum ratio of net debt to EBI TDA with step-downs over time | 4.50 | |||||||||||||||||
Repayments of Debt | 43,000,000 | $ 42,000,000 | $ 25,000,000 | |||||||||||||||
Senior notes | $ 239,621,000 | $ 239,621,000 | 349,163,000 | |||||||||||||||
Interest rate of debt | 3.65% | 3.65% | ||||||||||||||||
Senior notes - 2017 [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Debt, face amount | $ 500,000,000 | |||||||||||||||||
Debt Instrument, Term | 30 years | |||||||||||||||||
Interest rate of debt | 4.375% | |||||||||||||||||
Senior notes discount | $ 1,800,000 | |||||||||||||||||
Proceeds related to the issuance of Senior Notes | 493,900,000 | |||||||||||||||||
Underwriting discount | 4,400,000 | |||||||||||||||||
Other deferred costs | 900,000 | |||||||||||||||||
Gain (loss) on pre-issuance hedges | $ (5,300,000) | |||||||||||||||||
Senior Notes - 2016 [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Debt, face amount | € | € 500,000,000 | |||||||||||||||||
Debt Instrument, Term | 8 years | 8 years | ||||||||||||||||
Interest rate of debt | 1.75% | 1.75% | ||||||||||||||||
Senior notes discount | € | € 900,000 | |||||||||||||||||
Proceeds related to the issuance of Senior Notes | € | 496,000,000 | |||||||||||||||||
Underwriting discount | € | € 3,100,000 | |||||||||||||||||
Other deferred costs | $ 1,300,000 | |||||||||||||||||
Senior Notes - 2007 [Member] | Minimum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Interest rate of debt | 6.40% | 6.40% | ||||||||||||||||
Senior Notes - 2007 [Member] | Maximum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Interest rate of debt | 6.82% | 6.82% | ||||||||||||||||
Senior Notes - 2013 [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Interest rate of debt | 3.20% | |||||||||||||||||
Senior notes discount | $ 300,000 | |||||||||||||||||
Proceeds related to the issuance of Senior Notes | 297,800,000 | |||||||||||||||||
Underwriting discount | 1,900,000 | |||||||||||||||||
Senior notes | 300,000,000 | |||||||||||||||||
Other deferred financing costs | $ 900,000 | |||||||||||||||||
Senior Notes, Euro Notes, 2021 [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Senior notes | $ 334,561,000 | $ 334,561,000 | 337,704,000 | € 300,000,000 | ||||||||||||||
Interest rate of debt | 0.82% | 0.82% | 0.50% | 0.50% | ||||||||||||||
Debt | € 297,700,000 | $ 349,500,000 | ||||||||||||||||
Senior Notes, Euro Notes, 2026 [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Senior notes | $ 890,183,000 | $ 890,183,000 | 899,886,000 | € 800,000,000 | ||||||||||||||
Interest rate of debt | 1.93% | 1.93% | 1.80% | 1.80% | ||||||||||||||
Debt | € 794,100,000 | $ 932,200,000 | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Margin on variable rate | 1.125% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Loans Payable [Member] | Term Loan Credit Agreement [Member] | Minimum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Margin on variable rate | 0.75% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Loans Payable [Member] | Term Loan Credit Agreement [Member] | Maximum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Margin on variable rate | 2.00% | |||||||||||||||||
Base Rate [Member] | Loans Payable [Member] | Term Loan Credit Agreement [Member] | Minimum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Margin on variable rate | 0.00% | |||||||||||||||||
Base Rate [Member] | Loans Payable [Member] | Term Loan Credit Agreement [Member] | Maximum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Margin on variable rate | 1.00% | |||||||||||||||||
Citibank, N.A [Member] | Tranche A Revolving Credit Facility [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Revolving credit facility | 585,000,000 | |||||||||||||||||
Line of credit facility, maximum borrowing capacity, sublimit | 25,000,000 | |||||||||||||||||
Citibank, N.A [Member] | Tranche B Revolving Credit Facility [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Revolving credit facility | 415,000,000 | |||||||||||||||||
Line of credit facility, maximum borrowing capacity, sublimit | € 50,000,000 | $ 25,000,000 | ||||||||||||||||
Citibank, N.A [Member] | Revolving Loan Facility [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Debt related commitment fees and debt issuance costs | $ 700,000 | |||||||||||||||||
Line of credit | $ 0 | $ 0 | ||||||||||||||||
Citibank, N.A [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Loan Facility [Member] | Minimum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Margin on variable rate | 0.75% | |||||||||||||||||
Citibank, N.A [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Loan Facility [Member] | Maximum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Margin on variable rate | 1.75% | |||||||||||||||||
Citibank, N.A [Member] | Base Rate [Member] | Revolving Loan Facility [Member] | Minimum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Margin on variable rate | 0.00% | |||||||||||||||||
Citibank, N.A [Member] | Base Rate [Member] | Revolving Loan Facility [Member] | Maximum [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Margin on variable rate | 0.75% | |||||||||||||||||
Carrying Amount [Member] | Senior Notes - 2020 [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Senior notes | 299,381,000 | 299,381,000 | 298,499,000 | |||||||||||||||
Carrying Amount [Member] | Senior Notes - 2020 [Member] | Unsecured Debt [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Senior notes | $ 300,000,000 | |||||||||||||||||
Interest rate of debt | 3.40% | |||||||||||||||||
Debt | $ 298,900,000 | |||||||||||||||||
Carrying Amount [Member] | Senior Notes - 2028 [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Senior notes | 396,688,000 | 396,688,000 | 396,377,000 | $ 400,000,000 | ||||||||||||||
Interest rate of debt | 4.45% | |||||||||||||||||
Debt | $ 397,000,000 | |||||||||||||||||
Carrying Amount [Member] | Senior Notes - 2048 [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Senior notes | $ 785,996,000 | $ 785,996,000 | $ 785,788,000 | $ 800,000,000 | ||||||||||||||
Interest rate of debt | 5.00% | |||||||||||||||||
Debt | $ 787,200,000 | |||||||||||||||||
Amortizing Note | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Gross Proceeds | $ 139,500,000 | |||||||||||||||||
Amortizing Note | Frutarom Industries Ltd. [Member] | ||||||||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||||||||
Gross Proceeds | $ 139,500,000 |
Tangible Equity Units (Allocati
Tangible Equity Units (Allocation of TEU) (Details) | Sep. 17, 2018USD ($) |
Tangible Equity Units [Line Items] | |
Fair Value per TEU | $ 50 |
Gross Proceeds | 825,000,000 |
Less: Issuance costs | 24,800,000 |
Net Proceeds | 800,200,000 |
SPC | |
Tangible Equity Units [Line Items] | |
Fair Value per TEU | 41.5 |
Gross Proceeds | 685,500,000 |
Less: Issuance costs | 20,400,000 |
Net Proceeds | 665,100,000 |
Amortizing Note | |
Tangible Equity Units [Line Items] | |
Fair Value per TEU | 8.45 |
Gross Proceeds | 139,500,000 |
Less: Issuance costs | 4,400,000 |
Net Proceeds | $ 135,100,000 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Total | $ 4,417,353 |
Less than 1 Year | 382,001 |
1-3 Years | 2,596,960 |
3-5 Years | 577,792 |
More than 5 Years | 860,600 |
Senior Notes - 2020 [Member] | |
Debt Instrument [Line Items] | |
Total | 300,000 |
Less than 1 Year | 300,000 |
1-3 Years | 0 |
3-5 Years | 0 |
More than 5 Years | 0 |
Senior Notes, Euro Notes, 2021 [Member] | |
Debt Instrument [Line Items] | |
Total | 336,360 |
Less than 1 Year | 0 |
1-3 Years | 0 |
3-5 Years | 336,360 |
More than 5 Years | 0 |
Senior Notes - 2023 [Member] | |
Debt Instrument [Line Items] | |
Total | 300,000 |
Less than 1 Year | 0 |
1-3 Years | 0 |
3-5 Years | 0 |
More than 5 Years | 300,000 |
Senior Notes, Euro Notes, 2024 [Member] | |
Debt Instrument [Line Items] | |
Total | 560,600 |
Less than 1 Year | 0 |
1-3 Years | 0 |
3-5 Years | 0 |
More than 5 Years | 560,600 |
Senior Notes, Euro Notes, 2026 [Member] | |
Debt Instrument [Line Items] | |
Total | 896,960 |
Less than 1 Year | 0 |
1-3 Years | 896,960 |
3-5 Years | 0 |
More than 5 Years | 0 |
Senior Notes - 2028 [Member] | |
Debt Instrument [Line Items] | |
Total | 400,000 |
Less than 1 Year | 0 |
1-3 Years | 400,000 |
3-5 Years | 0 |
More than 5 Years | 0 |
Senior notes - 2047 [Member] | |
Debt Instrument [Line Items] | |
Total | 500,000 |
Less than 1 Year | 0 |
1-3 Years | 500,000 |
3-5 Years | 0 |
More than 5 Years | 0 |
Senior Notes - 2048 [Member] | |
Debt Instrument [Line Items] | |
Total | 800,000 |
Less than 1 Year | 0 |
1-3 Years | 800,000 |
3-5 Years | 0 |
More than 5 Years | 0 |
Term Loan Credit Agreement [Member] | |
Debt Instrument [Line Items] | |
Total | 240,000 |
Less than 1 Year | 35,000 |
1-3 Years | 0 |
3-5 Years | 205,000 |
More than 5 Years | 0 |
Amortizing Note | |
Debt Instrument [Line Items] | |
Total | 83,433 |
Less than 1 Year | 47,001 |
1-3 Years | 0 |
3-5 Years | 36,432 |
More than 5 Years | $ 0 |
Tangible Equity Units Tangible
Tangible Equity Units Tangible Equity - Settlement of Shares (Details) | Dec. 31, 2019$ / shares |
Condition One [Member] | |
Class of Stock [Line Items] | |
Share Price | $ 159.54 |
Tangible Equity Rate, Settlement Rate | 0.3134 |
Condition Two [Member] | |
Class of Stock [Line Items] | |
Tangible Equity Units, Conditional Value | 50 |
Condition Three [Member] | |
Class of Stock [Line Items] | |
Share Price | 130.25 |
Tangible Equity Rate, Settlement Rate | 0.3839 |
Minimum [Member] | Condition Two [Member] | |
Class of Stock [Line Items] | |
Share Price | 130.25 |
Maximum [Member] | Condition Two [Member] | |
Class of Stock [Line Items] | |
Share Price | $ 159.54 |
Income Taxes - Schedule of Earn
Income Taxes - Schedule of Earnings before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. loss before taxes | $ (110,363) | $ (99,125) | $ (24) |
Foreign income before taxes | 667,815 | 546,882 | 537,069 |
Income before taxes | $ 557,452 | $ 447,757 | $ 537,045 |
Leases (Details)
Leases (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Remaining term lease | 40 years |
Renewal term | 5 years |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax provision | |||
Federal | $ 9,979 | $ (11,568) | $ 68,886 |
State and local | 429 | 1,709 | 137 |
Foreign | 146,055 | 98,433 | 113,468 |
Total current income tax provision | 156,463 | 88,574 | 182,491 |
Deferred tax provision | |||
Federal | (41,126) | (8,287) | 74,446 |
State and local | 7,598 | (7,092) | (11,537) |
Foreign | (25,751) | 34,781 | (4,020) |
Total deferred income tax provision | (59,279) | 19,402 | 58,889 |
Total taxes on income | $ 97,184 | $ 107,976 | $ 241,380 |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 52,213 |
Financing lease cost | $ 2,235 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 21.00% | 21.00% | 35.00% |
Difference in effective tax rate on foreign earnings and remittances | (6.80%) | (6.10%) | (12.60%) |
Tax benefit from supply chain optimization | (1.00%) | (3.00%) | (2.30%) |
Unrecognized tax benefit, net of reversals | 3.40% | 2.90% | 2.30% |
U.S. tax reform | 0 | (0.018) | 0.265 |
Deferred taxes on deemed repatriation | 0.80% | 10.10% | 0.30% |
Global intangible low-taxed income | 0.00% | 1.80% | 0.00% |
Acquisition costs | 0.50% | 1.30% | 0.00% |
Establishment (release) of valuation allowance on state deferred | 1.70% | (1.50%) | (1.70%) |
State and local taxes | (0.80%) | 0.60% | 0.10% |
Other, net | (1.40%) | (1.20%) | (2.70%) |
Effective tax rate | 17.40% | 24.10% | 44.90% |
Leases - Schedule of Rental Exp
Leases - Schedule of Rental Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | ||
Operating Leases, Rent Expense, Net | $ 42,365 | $ 37,785 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation between U.S. Federal Statutory Income Tax Rate to Actual Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 21.00% | 21.00% | 35.00% |
Release of valuation allowance on state deferred | 0.80% | 10.10% | 0.30% |
State and local taxes | (0.80%) | 0.60% | 0.10% |
Other, net | (1.40%) | (1.20%) | (2.70%) |
Effective tax rate | 17.40% | 24.10% | 44.90% |
Leases Cash Flow (Details)
Leases Cash Flow (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flow from operating activities | $ 51,444 |
Operating cash flow from finance leases | 64 |
Financing cash flow from finance leases | 2,204 |
Operating Leases, Additions | 29,823 |
Finance Leases, Additions | $ 2,833 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | |
Income Taxes [Line Items] | ||||
Global Intangible Low-Taxed Income Expense | $ 100 | |||
U.S. federal tax rate | 21.00% | 21.00% | 35.00% | |
Deferred tax assets realized | $ 75,900 | |||
Tax reform, benefit recorded | 9,700 | |||
Valuation allowance | 203,765 | $ 200,280 | ||
Operating loss carryforwards | 220,156 | 225,152 | ||
Deferred tax asset | 226,400 | |||
Valuation allowance for net operating loss carryforwards | 190,600 | |||
Reduction in accrual for interest and penalties | 11,000 | 1,100 | $ 3,000 | |
Accrued interest and penalties | 14,000 | 3,000 | 2,800 | |
Unrecognized tax benefits, including interest | 88,800 | |||
Tax benefits credited to Shareholders' equity | 100 | 100 | ||
Tax Credit Carryforward, Valuation Allowance | 14,100 | |||
Deferred Tax Liabilities, Deemed Repatriation | 46,066 | 88,759 | ||
Other liabilities [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits that would impact effective tax rate | 73,600 | 47,300 | 28,500 | |
Other Current Liabilities [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits that would impact effective tax rate | 1,200 | 3,600 | $ 9,700 | |
2018 to 2037 [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 207,900 | 209,400 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 12,300 | |||
Tax credit carryforwards | 18,500 | $ 17,800 | ||
Indefinite [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 195,600 | |||
Other Liabilities [Member] | ||||
Income Taxes [Line Items] | ||||
Accrued interest and penalties | 1,300 | |||
State and Local Jurisdiction [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | 13,500 | |||
Frutarom Industries Ltd. [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 13,800 | |||
Accrued interest and penalties | 7,800 | 6,600 | ||
Unrecognized tax benefits, including interest | 33,700 | $ 20,400 | ||
Deferred tax liability adjustment | 43,700 | |||
Frutarom Industries Ltd. [Member] | Other liabilities [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits that would impact effective tax rate | 24,700 | |||
Frutarom Industries Ltd. [Member] | Other Current Liabilities [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 1,200 |
Leases - Balance Sheet (Details
Leases - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 29, 2018 |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 287,870 | $ 0 | $ 308,300 |
Operating Lease, Liability, Current | 37,744 | 0 | |
Operating Lease, Liability, Noncurrent | 253,367 | ||
Operating Lease, Liability | 291,111 | $ 313,300 | |
Finance Lease, Right-of-Use Asset | 4,792 | 0 | |
Finance Lease, Liability, Current | 1,931 | $ 0 | |
Finance Lease, Liability, Noncurrent | 2,525 | ||
Finance Lease, Liability | $ 4,456 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Employee and retiree benefits | $ 87,924 | $ 80,382 |
Credit and net operating loss carryforwards | 220,156 | 225,152 |
Intangible assets | 8,477 | 12,489 |
Deferred Tax Assets, in Process Research and Development | 15,477 | 481 |
Gain on foreign currency translation | 3,285 | 0 |
Interest limitation | 39,867 | 19,380 |
Inventory | 14,396 | 13,308 |
Deferred Tax Asset Lease Obligations | 53,751 | 0 |
Other, net | 14,351 | 17,528 |
Gross deferred tax assets | 457,684 | 368,720 |
Property, plant and equipment, net | (49,158) | (22,511) |
Intangible assets | (621,044) | (616,333) |
Deferred Tax Liabilities, Right of Use Assets | (53,555) | 0 |
Loss on foreign currency translation | 0 | (7,717) |
Deferred taxes on deemed repatriation | (46,066) | (88,759) |
Gross deferred tax liabilities | (769,823) | (735,320) |
Valuation allowance | (203,765) | (200,280) |
Total net deferred tax liabilities | $ (515,904) | $ (566,880) |
Leases - Weighted Average (Deta
Leases - Weighted Average (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Operating lease weighted average remaining lease term | 11 years 3 months 18 days |
Finance lease weighted average remaining lease term | 3 years 3 months 18 days |
Operating lease weighted average discount rate | 3.89% |
Finance lease weighted average discount rate | 1.69% |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance of unrecognized tax benefits at beginning of year | $ 50,953 | $ 38,162 | $ 26,428 |
Gross amount of increases in unrecognized tax benefits as a result of positions taken during a prior year | 20,361 | 9,751 | 1,169 |
Gross amount of decreases in unrecognized tax benefits as a result of positions taken during a prior year | (2,241) | (5,362) | (268) |
Gross amount of increases in unrecognized tax benefits as a result of positions taken during the current year | 13,274 | 14,677 | 13,191 |
The amounts of decreases in unrecognized benefits relating to settlements with taxing authorities | (3,575) | (4,550) | 0 |
Reduction in unrecognized tax benefits due to the lapse of applicable statute of limitation | (3,973) | (1,725) | (2,358) |
Balance of unrecognized tax benefits at end of year | $ 74,799 | $ 50,953 | $ 38,162 |
Leases - Schedule of Lease Matu
Leases - Schedule of Lease Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 29, 2018 |
Leases [Abstract] | ||
Operating lease, less than 1 year | $ 49,199 | |
Operating lease, 1-3 years | 81,829 | |
Operating lease, 3-5 years | 60,489 | |
Operating lease, After 5 years | 178,231 | |
Less Imputed Interest | (78,637) | |
Operating Lease, Liability | 291,111 | $ 313,300 |
Financing lease, less than 1 year | 2,036 | |
Financing lease, 1-3 years | 2,073 | |
Financing lease, 3-5 years | 486 | |
Financing lease, After 5 years | 26 | |
Less Imputed Interest | (165) | |
Finance Lease, Liability | $ 4,456 |
Leases - Maturities Prior to Ad
Leases - Maturities Prior to Adoption (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 49,350 |
2020 | 42,156 |
2021 | 36,445 |
2022 | 32,174 |
2023 | 28,499 |
Thereafter | $ 201,078 |
Leases - Leases By Region (Deta
Leases - Leases By Region (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 29, 2018 |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 287,870 | $ 0 | $ 308,300 |
Finance Lease, Right-of-Use Asset | 4,792 | $ 0 | |
North America [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | 143,556 | ||
Finance Lease, Right-of-Use Asset | 246 | ||
EMEA [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | 110,552 | ||
Finance Lease, Right-of-Use Asset | 3,221 | ||
Asia [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | 20,492 | ||
Finance Lease, Right-of-Use Asset | 516 | ||
Latin America [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | 13,270 | ||
Finance Lease, Right-of-Use Asset | $ 809 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 5,140,084 | $ 3,977,539 | $ 3,398,719 |
Flavors [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,850,498 | 1,990,985 | 1,632,166 |
Fragrances [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,543,834 | 1,496,493 | 1,424,612 |
EMEA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,081,758 | 1,396,316 | 1,065,596 |
Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,162,992 | 991,015 | 903,546 |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,170,497 | 1,010,126 | 901,821 |
Latin America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 724,837 | $ 580,082 | $ 527,756 |
Revenue Recognition Contract As
Revenue Recognition Contract Asset and Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Receivables (included in Trade receivables) | $ 892,625 | $ 946,938 |
Contract asset - Short term | 2,736 | 487 |
Contract liabilities - Short term | $ 11,107 | $ 1,006 |
Net Income Per Share - Reconcil
Net Income Per Share - Reconciliation of Shares Used in Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Income | |||
Net income available to IFF stockholders | $ 455,873 | $ 337,302 | $ 295,665 |
Less: Increase in redemption value of redeemable noncontrolling interests in excess of earnings allocated | (2,097) | (2,848) | 0 |
Net income available to IFF stockholders | $ 453,776 | $ 334,454 | $ 295,665 |
Shares | |||
Average number of shares outstanding - basic (in shares) | 111,966 | 87,551 | 79,070 |
Average number of shares outstanding - diluted (in shares) | 113,307 | 88,121 | 79,370 |
Net Income per Share | |||
Net income per share - basic (in dollars per share) | $ 4.05 | $ 3.81 | $ 3.73 |
Net income per share - diluted (in dollars per share) | $ 4 | $ 3.79 | $ 3.72 |
Employee Stock Option And Restricted Stock [Member] | |||
Shares | |||
Adjustment for assumed dilution (in shares) | 356 | 303 | 300 |
SPC | |||
Shares | |||
Adjustment for assumed dilution (in shares) | 985 | 267 | 0 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Difference amount between basic and diluted net income per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net income | $ 1 | $ 1 | $ 1 |
Net Income Per Share - TEU (Det
Net Income Per Share - TEU (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 17, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Earnings Per Share [Abstract] | |||
Tangible equity units issued | 16,500,000 | ||
Tangible equity units proceeds | $ 800.2 | ||
Price for basic share (in dollars per share) | $ 0.3134 | ||
Price for diluted share (usd per share) | $ 0.3839 | $ 0.3711 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 01, 2017 | Oct. 31, 2017 | Aug. 31, 2015 | Dec. 31, 2012 | |
Equity [Abstract] | |||||||
Dividends declared per share (in dollars per share) | $ 2.96 | $ 2.84 | $ 2.66 | ||||
Dividends payable | $ 80,038,000 | $ 77,779,000 | $ 54,400,000 | ||||
Dividend per share declared (in dollars per share) | $ 0.75 | $ 0.73 | $ 0.69 | ||||
Shares authorized under repurchase program | $ 250,000,000 | ||||||
Additional authorized amount | $ 250,000,000 | $ 250,000,000 | |||||
Remaining authorized amended repurchase amount | $ 56,100,000 | ||||||
Remaining authorized repurchase amount | $ 279,700,000 | $ 300,000,000 | |||||
Remaining number of shares authorized to be repurchase | 2,213,425 | ||||||
Stock repurchased during period as percentage of shares outstanding | 2.00% |
Shareholders' Equity - Stock Re
Shareholders' Equity - Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Equity [Abstract] | ||
Shares Repurchased (in shares) | 108,109 | 459,264 |
Weighted- Average Price per Share (in dollars per share) | $ 143.15 | $ 126.44 |
Dollar Amount Repurchased | $ 15,475 | $ 58,069 |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Detail) - shares | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2016 | Dec. 31, 2019 | |
2010 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for issuance (in shares) | 1,500,000 | |||
Shares remaining available for issuance (in shares) | 1,552,694 | |||
Shares subject to outstanding awards (in shares) | 928,326 | |||
Shares remaining available for future awards (in shares) | 1,461,768 | |||
Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, in years | 3 years | |||
Target payout percentage, cash | 50.00% | |||
Target payout percentage, stock | 50.00% | |||
2008-2010 Cycle (Cycle VIII) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target dollar value of the award converted to a number of notional shares | 50.00% | |||
2010-2012 Cycle [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation, shares (in shares) | 25,394 | 46,091 | ||
2014-2016 Cycle [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation, shares (in shares) | 14,579 | |||
RSU's [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, in years | 3 years | |||
Each twelve-month period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Full three-year period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock-Based Compensation Expense Included in Consolidated Statement of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 38,610 | $ 31,918 | $ 32,581 |
Less tax benefit | (7,305) | (6,556) | (5,659) |
Total stock-based compensation, net of tax | 31,305 | 25,362 | 26,922 |
Equity-based awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | 34,482 | 29,401 | 26,567 |
Liability-based awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 4,128 | $ 2,517 | $ 6,014 |
Stock Compensation Plans - SSAR
Stock Compensation Plans - SSAR's and Stock Option - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options/SSAR's exercised | $ 0.2 | $ 0.1 | $ 1.2 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options, granted | 0 | 0 | 0 |
SSAR's [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term, in years | 7 years | ||
Shares granted (in shares) | 0 | 0 | |
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted | $ 0.3 | ||
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted, weighted average period, in years | 1 year 9 months 18 days | ||
SSAR's and Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average exercise price, exercisable (USD per share) | $ 118.10 | $ 64.96 | $ 60.39 |
Stock Compensation Plans - SS_2
Stock Compensation Plans - SSAR's and Stock Option Activity (Detail) - SSAR's and Stock Options [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares Subject to SSARs/Options | ||
Beginning balance (in shares) | 12 | |
Granted (in shares) | 6 | |
Exercised (in shares) | (3) | |
Cancelled (in shares) | 0 | |
Ending balance (in shares) | 15 | 12 |
Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 117.21 | |
Granted (in dollars per share) | 137.82 | |
Exercised (in dollars per share) | 60.39 | |
Cancelled (in dollars per share) | 0 | |
Ending balance (in dollars per share) | $ 138.73 | $ 117.21 |
SSARs/ Options Exercisable (in shares) | 1 | 4 |
Stock Compensation Plans - SS_3
Stock Compensation Plans - SSAR's and Stock Option Outstanding (Detail) - SSAR's and Stock Options [Member] - Over $115 [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Price Range, upper limit | $ 115 |
Number Outstanding (in shares) | shares | 15 |
Weighted Average Remaining Contractual Life (in years) | 5 years 8 months 4 days |
Weighted Average Exercise Price (in dollars per share) | $ 138.73 |
Aggregate Intrinsic Value | $ | $ 0 |
Stock Compensation Plans - SS_4
Stock Compensation Plans - SSAR's and Stock Option Exercisable (Detail) - SSAR's and Stock Options [Member] - Over $115 [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable options, upper range limit | $ 115 |
Number Exercisable (in shares) | shares | 1 |
Weighted Average Remaining Contractual Life (in years) | 2 years 4 months 2 days |
Weighted Average Exercise Price (in dollars per share) | $ 118.10 |
Aggregate Intrinsic Value | $ | $ 2 |
Stock Compensation Plans - Rest
Stock Compensation Plans - Restricted Stock Units Plan - Additional Information (Detail) - RSU's [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 100.00% |
Vesting period, in years | 3 years |
Total fair value of vested | $ 22.4 |
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted | $ 27.8 |
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted, weighted average period, in years | 1 year 9 months 18 days |
Stock Compensation Plans - RSU,
Stock Compensation Plans - RSU, PRS and Cash RSU Activity (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
RSU's [Member] | |
Number of Shares | |
Beginning balance (in shares) | shares | 448 |
Granted (in shares) | shares | 230 |
Vested (in shares) | shares | (164) |
Forfeited (in shares) | shares | (17) |
Ending balance (in shares) | shares | 497 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 125.99 |
Granted (in dollars per share) | $ / shares | 128.98 |
Vested (in dollars per share) | $ / shares | 116.80 |
Forfeited (in dollars per share) | $ / shares | 130.85 |
Ending balance (in dollars per share) | $ / shares | $ 130.24 |
Restricted Stock [Member] | |
Number of Shares | |
Beginning balance (in shares) | shares | 162 |
Granted (in shares) | shares | 62 |
Vested (in shares) | shares | (54) |
Forfeited (in shares) | shares | (2) |
Ending balance (in shares) | shares | 168 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 132.96 |
Granted (in dollars per share) | $ / shares | 137.82 |
Vested (in dollars per share) | $ / shares | 119.81 |
Forfeited (in dollars per share) | $ / shares | 138.97 |
Ending balance (in dollars per share) | $ / shares | $ 138.96 |
Cash RSU's [Member] | |
Number of Shares | |
Beginning balance (in shares) | shares | 92 |
Granted (in shares) | shares | 37 |
Vested (in shares) | shares | (32) |
Forfeited (in shares) | shares | (2) |
Ending balance (in shares) | shares | 95 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 132.23 |
Granted (in dollars per share) | $ / shares | 126.35 |
Vested (in dollars per share) | $ / shares | 134.68 |
Forfeited (in dollars per share) | $ / shares | 132.32 |
Ending balance (in dollars per share) | $ / shares | $ 126.35 |
Stock Compensation Plans - Purc
Stock Compensation Plans - Purchased Restricted Stock Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
PRSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issued Shares (in shares) | 61,991 | 66,674 | 41,801 |
Aggregate Purchase Price | $ 8.5 | $ 9.3 | $ 5.8 |
Total fair value of vested | $ 22.4 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Covered Shares (in shares) | 30,996 | 33,337 | 20,901 |
Total fair value of vested | $ 7.1 | ||
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted | $ 10.7 | ||
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted, weighted average period, in years | 1 year 9 months 18 days |
Stock Compensation Plans - Liab
Stock Compensation Plans - Liability Awards - Additional Information (Detail) - Cash RSU's [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage granted in cash to eligible employees | 100.00% |
Vesting percentage | 100.00% |
Vesting period, in years | 3 years |
Total fair value of vested | $ 4.4 |
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted | $ 5.2 |
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted, weighted average period, in years | 1 year 9 months 18 days |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)segmentcategoryCustomer | Dec. 31, 2018USD ($)Customer | Dec. 31, 2017USD ($)Customer | |
Segment Reporting Information [Line Items] | |||
Number of segments | segment | 2 | ||
Number of fragrance categories | category | 2 | ||
Number of customers that accounted for more than 10% of consolidated net sales | Customer | 0 | 0 | 1 |
Property, plant and equipment | $ 1,386,920 | $ 1,241,152 | |
Concentration risk threshold | 10.00% | ||
U.S Plans [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment | $ 382,659 | 315,320 | |
NETHERLANDS | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment | 91,313 | 103,997 | |
SINGAPORE | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment | 68,751 | 73,544 | |
CHINA | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment | $ 188,194 | 178,502 | |
Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk threshold | 6.00% | ||
Customer Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 336,100 | $ 356,800 | $ 358,500 |
Segment Information - Reportabl
Segment Information - Reportable Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 5,140,084 | $ 3,977,539 | $ 3,398,719 |
Segment assets | 13,287,411 | 12,889,395 | |
Operating profit | 665,270 | 583,882 | 552,630 |
Legal Charges/Credits, net | 0 | 0 | 56,000 |
Restructuring and Other Charges, net | (29,765) | (5,079) | (19,711) |
Gain on Sale of Assets | (2,367) | 1,177 | 184 |
Interest expense | (138,221) | (132,558) | (65,363) |
Loss on extinguishment of debt | 0 | (38,810) | 0 |
Other income (expense), net | 30,403 | 35,243 | 49,778 |
Income before taxes | 557,452 | 447,757 | 537,045 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Operational Improvement Initiatives | (2,267) | (2,169) | (1,802) |
Acquisition Related Costs | 0 | 1,289 | (20,389) |
Integration Related Costs | (55,160) | (7,188) | (4,179) |
Legal Charges/Credits, net | 0 | 0 | (1,000) |
Tax assessment | 0 | 0 | (5,331) |
Restructuring and Other Charges, net | (29,765) | (4,086) | (19,711) |
Gain on Sale of Assets | (2,367) | 1,177 | 184 |
FDA Mandated Product Recall | 11,314 | 0 | 0 |
UK Pension Settlement Charges | $ (5,940) | $ (89,632) | $ 0 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Profit margin | 12.90% | 14.70% | 16.30% |
Operating Segments [Member] | Flavors [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,200,520 | $ 2,091,635 | $ 1,632,166 |
Segment assets | 10,319,779 | 9,677,139 | |
Operating profit | $ 482,394 | $ 419,264 | $ 358,266 |
Profit margin | 15.10% | 20.00% | 22.00% |
Operating Segments [Member] | Fragrances [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,939,564 | $ 1,885,904 | $ 1,766,553 |
Segment assets | 2,757,491 | 2,649,103 | |
Operating profit | $ 349,445 | $ 325,901 | $ 314,899 |
Profit margin | 18.00% | 17.30% | 17.80% |
Global [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment assets | $ 210,141 | $ 563,153 | |
Operating profit | (38,759) | (67,799) | $ (54,538) |
Nutrition & Biosciences, Inc [Member] | |||
Segment Reporting Information [Line Items] | |||
Business Acquisition, Transaction Costs | 75,000 | ||
Nutrition & Biosciences, Inc [Member] | Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Acquisition Related Costs | (20,747) | 0 | 0 |
Frutarom Industries Ltd. [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization | 23,500 | ||
Business Acquisition, Transaction Costs | 66,000 | ||
Acquisition-related Costs [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit | (250) | 7,125 | (11,000) |
UNITED KINGDOM | Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
FDA Mandated Product Recall | $ 0 | $ 0 | $ (2,769) |
Segment Information - Capital E
Segment Information - Capital Expenditure and Depreciation and Amortization by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 235,978 | $ 170,094 | $ 128,973 |
Depreciation and amortization | 323,330 | 173,792 | 117,967 |
Operating Segments [Member] | Flavors [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 135,421 | 82,712 | 68,937 |
Depreciation and amortization | 247,791 | 101,224 | 53,534 |
Operating Segments [Member] | Fragrances [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 92,279 | 82,400 | 53,089 |
Depreciation and amortization | 69,225 | 65,066 | 59,951 |
Unallocated assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 8,278 | 4,982 | 6,947 |
Depreciation and amortization | $ 6,314 | $ 7,502 | $ 4,482 |
Segment Information - Net Sales
Segment Information - Net Sales by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 5,140,084 | $ 3,977,539 | $ 3,398,719 |
Europe, Africa and Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,081,758 | 1,396,316 | 1,065,596 |
Greater Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,162,992 | 991,015 | 903,546 |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,170,497 | 1,010,126 | 901,821 |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 724,837 | 580,082 | 527,756 |
Geographic Distribution, Domestic [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,052,654 | 952,550 | 864,050 |
Geographic Distribution, Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 4,087,430 | $ 3,024,989 | $ 2,534,669 |
Segment Information Segment Inf
Segment Information Segment Information - Schedule of Long Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 1,386,920 | $ 1,241,152 |
U.S. Pension Plans [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 382,659 | 315,320 |
NETHERLANDS | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 91,313 | 103,997 |
SINGAPORE | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 68,751 | 73,544 |
CHINA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 188,194 | 178,502 |
Other Countries [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 656,003 | $ 569,789 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Active Employees with Pension and or Other Retirement Benefit Plans Covered | 20.00% | ||
Percentage of matching contribution if compensation percentage below low range | 100.00% | ||
Matching participant's contribution, percentage on compensation | 4.00% | ||
Percentage of matching contribution if compensation percentage between high range and low range | 75.00% | ||
Matching participant's contribution, percentage on compensation, range low | 4.00% | ||
Matching participant's contribution, percentage on compensation, range high | 8.00% | ||
Percentage of employees eligible to accrue benefits under the defined plan | 50.00% | ||
Matching participant's contribution, average percentage on compensation | 6.00% | ||
Retirement liabilities | $ 265,370,000 | $ 227,172,000 | |
Capital in excess of par value related to Deferred Compensation Plan | 28,200,000 | 22,200,000 | |
Total cash surrender value of life insurance contracts | 47,578,000 | 43,179,000 | |
Deferred Compensation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retirement liabilities | 50,900,000 | 43,600,000 | |
Pension Plan [Member] | U.S Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation | 620,654,000 | 562,043,000 | $ 602,783,000 |
Retirement liabilities | 49,292,000 | 46,519,000 | |
Contribution to the plans | 3,683,000 | $ 3,524,000 | |
Pension Plan [Member] | U.S Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target percentage of investment in equity securities | 20.00% | ||
Pension Plan [Member] | U.S Plans [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target percentage of investment in equity securities | 80.00% | ||
Pension Plan [Member] | U.S Plans [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution to the plans | 0 | ||
Pension Plan [Member] | U.S Plans [Member] | Nonqualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution to the plans | 3,700,000 | ||
Pension Plan [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation | 1,099,084,000 | $ 957,935,000 | 973,061,000 |
Retirement liabilities | 143,040,000 | 114,705,000 | |
Contribution to the plans | $ 20,031,000 | 18,238,000 | |
Pension Plan [Member] | Non-U.S. Plans [Member] | Real Estate [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target percentage of investment in equity securities | 15.00% | ||
Pension Plan [Member] | Non-U.S. Plans [Member] | Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target percentage of investment in equity securities | 15.00% | ||
Pension Plan [Member] | Non-U.S. Plans [Member] | Fixed Income Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target percentage of investment in equity securities | 35.00% | ||
Pension Plan [Member] | Non-U.S. Plans [Member] | Alternative Type of Investments [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target percentage of investment in equity securities | 35.00% | ||
Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation | $ 64,174,000 | $ 59,625,000 | $ 82,714,000 |
Contribution to the plans | $ 2,700,000 |
Employee Benefits - Plan Assets
Employee Benefits - Plan Assets and Benefit Obligations of Defined Benefit Pension Plans (Detail) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned(1) | $ 1,378 | $ 1,971 | $ 2,175 |
Interest cost on projected benefit obligation(2) | 21,954 | 19,393 | 20,075 |
Expected return on plan assets(2) | (27,927) | (30,994) | (35,577) |
Net amortization of deferrals(2) | 5,464 | 6,592 | 5,424 |
Settlements and curtailments(2) | 0 | 0 | 0 |
Net periodic benefit cost | 869 | (3,038) | (7,903) |
Defined contribution and other retirement plans | 9,363 | 10,527 | 8,604 |
Total expense | 10,232 | 7,489 | 701 |
Net actuarial loss (gain) | (3,140) | 21,050 | |
Recognized actuarial loss | (5,421) | (6,549) | |
Prior service cost | 0 | 0 | |
Recognized prior service (cost) credit | (43) | (43) | |
Currency translation adjustment | 0 | 0 | |
Total (gain) loss recognized in OCI (before tax effects) | (8,604) | 14,458 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned(1) | 19,319 | 18,738 | 18,652 |
Interest cost on projected benefit obligation(2) | 17,775 | 17,704 | 17,116 |
Expected return on plan assets(2) | (43,480) | (50,546) | (50,626) |
Net amortization of deferrals(2) | 11,654 | 11,798 | 14,403 |
Settlements and curtailments(2) | 189 | 0 | 2,746 |
Net periodic benefit cost | 5,457 | (2,306) | 2,291 |
Defined contribution and other retirement plans | 9,001 | 6,859 | 5,681 |
Total expense | 14,458 | 4,553 | $ 7,972 |
Net actuarial loss (gain) | 61,865 | 11,937 | |
Recognized actuarial loss | (12,479) | (12,590) | |
Prior service cost | 0 | 2,776 | |
Recognized prior service (cost) credit | 636 | 792 | |
Currency translation adjustment | 6,584 | (16,978) | |
Total (gain) loss recognized in OCI (before tax effects) | $ 56,606 | $ (14,063) |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost and Changes in Plan Assets and Benefit Obligations Recognized in OCI (Detail) - Postretirement Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned(1) | $ 568 | $ 755 | $ 718 |
Interest cost on projected benefit obligation(2) | 2,265 | 2,460 | 2,710 |
Net amortization of deferrals(2) | (4,919) | (5,497) | (4,913) |
Net periodic benefit cost | (2,086) | (2,282) | $ (1,485) |
Net actuarial loss (gain) | 3,941 | (6,677) | |
Recognized actuarial loss | (1,132) | (1,506) | |
Prior service credit | 0 | 14,862 | |
Recognized prior service credit | 6,051 | 7,003 | |
Total (gain) loss recognized in OCI (before tax effects) | $ 8,860 | $ (16,042) |
Employee Benefits - Amounts Exp
Employee Benefits - Amounts Expected to be Recognized in Net Periodic Cost (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | $ 1,367 |
Prior service cost (credit) recognition | (5,964) |
U.S Plans [Member] | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | 7,388 |
Prior service cost (credit) recognition | 43 |
Non-U.S. Plans [Member] | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | 15,851 |
Prior service cost (credit) recognition | $ (345) |
Employee Benefits - Weighted-Av
Employee Benefits - Weighted-Average Actuarial Assumption Used to Determine Expense (Detail) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.31% | 3.69% | 4.19% |
Expected return on plan assets | 5.60% | 6.20% | 7.30% |
Rate of compensation increase | 3.25% | 3.25% | 3.25% |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.22% | 2.15% | 2.14% |
Expected return on plan assets | 4.87% | 5.19% | 5.95% |
Rate of compensation increase | 1.93% | 1.98% | 1.97% |
Employee Benefits - Changes in
Employee Benefits - Changes in Postretirement Benefit Obligation and Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 59,625 | $ 82,714 | |
Service cost for benefits earned(1) | 568 | 755 | $ 718 |
Interest cost on projected benefit obligation(2) | 2,265 | 2,460 | 2,710 |
Actuarial (gain) loss | 3,941 | (6,677) | |
Plan amendments | 0 | (14,862) | |
Adjustments for expense/tax contained in service cost | 0 | 0 | |
Plan participants’ contributions | 437 | 435 | |
Benefits paid | (2,662) | (5,200) | |
Curtailments / settlements | 0 | 0 | |
Translation adjustments | 0 | 0 | |
Acquisitions/Transferred Liabilities | 0 | 0 | |
Other | 0 | 0 | |
Benefit obligation at end of year | 64,174 | 59,625 | 82,714 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | 2,700 | ||
U.S Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at end of year | 602,408 | ||
U.S Plans [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 562,043 | 602,783 | |
Service cost for benefits earned(1) | 1,378 | 1,971 | 2,175 |
Interest cost on projected benefit obligation(2) | 21,954 | 19,393 | 20,075 |
Actuarial (gain) loss | 68,839 | (33,284) | |
Plan amendments | 0 | 0 | |
Adjustments for expense/tax contained in service cost | 0 | 0 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | (33,560) | (32,093) | |
Curtailments / settlements | 0 | 0 | |
Translation adjustments | 0 | 0 | |
Acquisitions/Transferred Liabilities | 0 | 3,273 | |
Other | 0 | 0 | |
Benefit obligation at end of year | 620,654 | 562,043 | 602,783 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 532,381 | 581,917 | |
Actual return on plan assets | 99,904 | (23,339) | |
Employer contributions | 3,683 | 3,524 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | (33,560) | (32,093) | |
Settlements | 0 | 0 | |
Translation adjustments | 0 | 0 | |
Acquisitions/Transferred Assets | 0 | 2,372 | |
Other | 0 | 0 | |
Fair value of plan assets at end of year | 602,408 | 532,381 | 581,917 |
Funded status at end of year | (18,246) | (29,662) | |
Non-U.S. Plans [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 957,935 | 973,061 | |
Service cost for benefits earned(1) | 19,319 | 18,738 | 18,652 |
Interest cost on projected benefit obligation(2) | 17,775 | 17,704 | 17,116 |
Actuarial (gain) loss | 119,891 | (29,433) | |
Plan amendments | 0 | 2,776 | |
Adjustments for expense/tax contained in service cost | (1,333) | (1,290) | |
Plan participants’ contributions | 2,803 | 2,047 | |
Benefits paid | (28,977) | (33,862) | |
Curtailments / settlements | (3,455) | (2,751) | |
Translation adjustments | 13,935 | (49,027) | |
Acquisitions/Transferred Liabilities | 0 | 48,356 | |
Other | 1,191 | 11,616 | |
Benefit obligation at end of year | 1,099,084 | 957,935 | 973,061 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 896,782 | 929,810 | |
Actual return on plan assets | 100,163 | 6,699 | |
Employer contributions | 20,031 | 18,238 | |
Plan participants’ contributions | 2,803 | 2,047 | |
Benefits paid | (28,977) | (33,862) | |
Settlements | (3,455) | (1,564) | |
Translation adjustments | 16,982 | (47,247) | |
Acquisitions/Transferred Assets | 0 | 21,672 | |
Other | 954 | 989 | |
Fair value of plan assets at end of year | 1,005,283 | 896,782 | $ 929,810 |
Funded status at end of year | $ (93,801) | $ (61,153) |
Employee Benefits - Amounts Rec
Employee Benefits - Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | $ 85,657 | $ 75,158 |
Retirement liabilities | (265,370) | (227,172) |
U.S Plans [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 35,239 | 20,949 |
Other current liabilities | (4,193) | (4,092) |
Retirement liabilities | (49,292) | (46,519) |
Net amount recognized | (18,246) | (29,662) |
Non-U.S. Plans [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 50,418 | 54,434 |
Other current liabilities | (1,179) | (882) |
Retirement liabilities | (143,040) | (114,705) |
Net amount recognized | $ (93,801) | $ (61,153) |
Employee Benefits - Amounts R_2
Employee Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 15,436 | $ 12,627 |
Prior service cost (credit) | (27,138) | (33,189) |
Total AOCI (before tax effects) | (11,702) | (20,562) |
U.S Plans [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 142,828 | 151,389 |
Prior service cost (credit) | 108 | 151 |
Total AOCI (before tax effects) | 142,936 | 151,540 |
Non-U.S. Plans [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 376,991 | 321,144 |
Prior service cost (credit) | (3,087) | (3,926) |
Total AOCI (before tax effects) | $ 373,904 | $ 317,218 |
Employee Benefits - Accumulated
Employee Benefits - Accumulated Benefit Obligation (Detail) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
U.S Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation — end of year | $ 618,486 | $ 559,775 |
Projected benefit obligation | 55,714 | 52,714 |
Accumulated benefit obligation | 55,671 | 52,690 |
Fair value of plan assets | $ 2,229 | $ 2,103 |
Discount rate | 3.26% | 4.31% |
Rate of compensation increase | 3.25% | 3.25% |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation — end of year | $ 1,062,515 | $ 923,586 |
Projected benefit obligation | 656,574 | 582,466 |
Accumulated benefit obligation | 620,087 | 548,116 |
Fair value of plan assets | $ 512,356 | $ 466,878 |
Discount rate | 1.50% | 2.22% |
Rate of compensation increase | 2.48% | 1.91% |
Employee Benefits - Estimated F
Employee Benefits - Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | $ 3,808 |
2019 | 3,845 |
2020 | 3,805 |
2021 | 3,797 |
2022 | 3,891 |
2025 - 2029 | 19,442 |
Required Company Contributions in Following Year (2020) | 3,808 |
U.S Plans [Member] | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 37,152 |
2019 | 37,908 |
2020 | 38,411 |
2021 | 38,796 |
2022 | 38,831 |
2025 - 2029 | 189,425 |
Required Company Contributions in Following Year (2020) | 4,387 |
Non-U.S. Plans [Member] | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 27,460 |
2019 | 27,607 |
2020 | 28,169 |
2021 | 28,993 |
2022 | 30,142 |
2025 - 2029 | 169,438 |
Required Company Contributions in Following Year (2020) | $ 20,944 |
Employee Benefits - Percentage
Employee Benefits - Percentage of Assets Invested (Detail) - Pension Plan [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
U.S Plans [Member] | Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 1.00% | 1.00% |
U.S Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 13.00% | 25.00% |
U.S Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 86.00% | 74.00% |
U.S Plans [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 0.00% | 0.00% |
U.S Plans [Member] | Alternative and other investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 0.00% | 0.00% |
Non-U.S. Plans [Member] | Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 1.00% | 3.00% |
Non-U.S. Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 14.00% | 12.00% |
Non-U.S. Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 37.00% | 36.00% |
Non-U.S. Plans [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 8.00% | 8.00% |
Non-U.S. Plans [Member] | Alternative and other investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 40.00% | 41.00% |
Employee Benefits - Fair Value
Employee Benefits - Fair Value Hierarchy of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
U.S Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 602,408 | ||
U.S Plans [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
U.S Plans [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 602,408 | $ 532,381 | $ 581,917 |
U.S Plans [Member] | Pension Plan [Member] | Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,431 | 3,490 | |
U.S Plans [Member] | Pension Plan [Member] | Receivables [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,347 | 1,465 | |
U.S Plans [Member] | Pension Plan [Member] | Level 1 [Member] | Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Level 2 [Member] | Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,431 | 3,490 | |
U.S Plans [Member] | Pension Plan [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
U.S Plans [Member] | Pension Plan [Member] | Level 3 [Member] | Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Government & Government Agency Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,427 | 17,827 | |
U.S Plans [Member] | Pension Plan [Member] | Government & Government Agency Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Government & Government Agency Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,427 | 17,827 | |
U.S Plans [Member] | Pension Plan [Member] | Government & Government Agency Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Corporate Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 112,137 | 96,566 | |
U.S Plans [Member] | Pension Plan [Member] | Corporate Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Corporate Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 112,137 | 96,566 | |
U.S Plans [Member] | Pension Plan [Member] | Corporate Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Municipal Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,460 | 8,138 | |
U.S Plans [Member] | Pension Plan [Member] | Municipal Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Municipal Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,460 | 8,138 | |
U.S Plans [Member] | Pension Plan [Member] | Municipal Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Pooled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 80,400 | 133,100 | |
U.S Plans [Member] | Pension Plan [Member] | Pooled Funds [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 456,606 | 404,895 | |
U.S Plans [Member] | Pension Plan [Member] | Pooled Funds [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Pooled Funds [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Pooled Funds [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Fair Value Of Plan Assets Before Receivables [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 601,061 | 530,916 | |
U.S Plans [Member] | Pension Plan [Member] | Fair Value Of Plan Assets Before Receivables [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S Plans [Member] | Pension Plan [Member] | Fair Value Of Plan Assets Before Receivables [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 144,455 | 126,021 | |
U.S Plans [Member] | Pension Plan [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 376,000 | 271,800 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,005,283 | 896,782 | $ 929,810 |
Non-U.S. Plans [Member] | Pension Plan [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,921 | 25,386 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 275,937 | 290,496 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Level 1 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,921 | 25,386 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 615,151 | 511,269 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Level 2 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 114,195 | 95,017 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Level 3 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Level 3 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 84,013 | 69,104 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U.S. Large Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 84,542 | 47,269 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U.S. Large Cap [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 58,926 | 35,929 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U.S. Large Cap [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25,616 | 11,340 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U.S. Large Cap [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Large Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24,720 | 39,222 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Large Cap [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24,720 | 30,841 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Large Cap [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 8,381 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Large Cap [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Mid Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 956 | 905 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Mid Cap [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 956 | 905 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Mid Cap [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Mid Cap [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Small Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 738 | 628 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Small Cap [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 738 | 628 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Small Cap [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Small Cap [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Emerging Markets [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,374 | ||
Non-U.S. Plans [Member] | Pension Plan [Member] | Emerging Markets [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,608 | ||
Non-U.S. Plans [Member] | Pension Plan [Member] | Emerging Markets [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,374 | ||
Non-U.S. Plans [Member] | Pension Plan [Member] | Emerging Markets [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,608 | ||
Non-U.S. Plans [Member] | Pension Plan [Member] | Emerging Markets [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-U.S. Plans [Member] | Pension Plan [Member] | Emerging Markets [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-U.S. Plans [Member] | Pension Plan [Member] | Emerging Markets [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-U.S. Plans [Member] | Pension Plan [Member] | Emerging Markets [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-U.S. Plans [Member] | Pension Plan [Member] | U.S. Treasuries/Government Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 108 | 131 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U.S. Treasuries/Government Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 108 | 131 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U.S. Treasuries/Government Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U.S. Treasuries/Government Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U S Corporate Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,013 | 29,682 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U S Corporate Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U S Corporate Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,013 | 29,682 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | U S Corporate Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Treasuries/Government Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 117,890 | 142,761 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Treasuries/Government Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 117,890 | 137,267 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Treasuries/Government Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 5,494 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Treasuries/Government Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Corporate Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 183,354 | 116,734 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Corporate Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,320 | 30,893 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Corporate Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 150,034 | 85,841 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Corporate Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Other Fixed Income [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,553 | 2,324 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Other Fixed Income [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,553 | 2,324 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Other Fixed Income [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Other Fixed Income [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Asset-Backed Securities [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,654 | 32,587 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Asset-Backed Securities [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Asset-Backed Securities [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,654 | 32,587 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Asset-Backed Securities [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Insurance Contracts [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 152,291 | 153,201 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Insurance Contracts [Member] | Level 1 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Insurance Contracts [Member] | Level 2 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 152,025 | 152,947 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Insurance Contracts [Member] | Level 3 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 266 | 254 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Derivative [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 65,016 | 54,512 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Derivative [Member] | Level 1 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Derivative [Member] | Level 2 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 65,016 | 54,512 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Derivative [Member] | Level 3 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Other [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,513 | 28,287 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Other [Member] | Level 1 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Other [Member] | Level 2 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,330 | 2,374 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Other [Member] | Level 3 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30,183 | 25,913 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Absolute Return Funds [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 157,894 | 131,695 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Absolute Return Funds [Member] | Level 1 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,431 | 3,584 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Absolute Return Funds [Member] | Level 2 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 154,463 | 128,111 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Absolute Return Funds [Member] | Level 3 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Real Estate [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 83,746 | 68,850 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Real Estate [Member] | Level 1 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Real Estate [Member] | Level 2 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Pension Plan [Member] | Non-U.S. Real Estate [Member] | Level 3 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 83,746 | $ 68,850 |
Employee Benefits - Reconciliat
Employee Benefits - Reconciliation of Level 3 Non-U.S. Plan Assets Held (Detail) - Pension Plan [Member] - Non-U.S. Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 896,782 | $ 929,810 |
Actual return on plan assets | 100,163 | 6,699 |
Fair value of plan assets at end of year | 1,005,283 | 896,782 |
Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 95,017 | |
Actual return on plan assets | 20,844 | |
Purchases, sales and settlements | (1,666) | |
Fair value of plan assets at end of year | 114,195 | 95,017 |
Real Estate [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 69,104 | |
Actual return on plan assets | 15,033 | |
Purchases, sales and settlements | (124) | |
Fair value of plan assets at end of year | 84,013 | 69,104 |
Hedge Funds [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 25,913 | |
Actual return on plan assets | 5,811 | |
Purchases, sales and settlements | (1,542) | |
Fair value of plan assets at end of year | $ 30,182 | $ 25,913 |
Employee Benefits - Weighted Av
Employee Benefits - Weighted Average Assumptions Used to Determine Postretirement Benefit Expense and Obligation (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Liability [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.30% | 4.30% |
Current medical cost trend rate | 7.25% | 7.50% |
Ultimate medical cost trend rate | 4.75% | 4.75% |
Expense [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.30% | 3.70% |
Current medical cost trend rate | 7.50% | 7.75% |
Ultimate medical cost trend rate | 4.75% | 4.75% |
Employee Benefits - Sensitivity
Employee Benefits - Sensitivity of Disclosures to Changes in Selected Assumptions (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
25 BP Decrease in Discount Rate, Change in ABO | $ 1,944 |
25 BP Decrease in Discount Rate, Change in pension expense | 40 |
U.S. Pension Plans [Member] | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
25 BP Decrease in Discount Rate, Change in PBO | 14,613 |
25 BP Decrease in Discount Rate, Change in ABO | 14,534 |
25 BP Decrease in Discount Rate, Change in pension expense | (102) |
25 BP Decrease in Long-Term Rate of Return, Change in pension expense | 1,248 |
Non-U.S. Plans [Member] | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
25 BP Decrease in Discount Rate, Change in PBO | 55,415 |
25 BP Decrease in Discount Rate, Change in ABO | 55,374 |
25 BP Decrease in Discount Rate, Change in pension expense | 2,687 |
25 BP Decrease in Long-Term Rate of Return, Change in pension expense | $ 1,935 |
Financial Instruments - Carryin
Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 26, 2018 |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 606,823 | $ 634,897 | |
Credit facilities and bank overdrafts | 3,131 | 4,695 | |
Derivative assets(3) | 3,575 | 7,229 | |
Derivative liabilities(3) | 7,415 | 6,907 | |
Carrying Amount [Member] | Senior Notes - 2020 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 299,381 | 298,499 | |
Carrying Amount [Member] | Senior Notes, Euro Notes, 2021 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 334,561 | 337,704 | |
Carrying Amount [Member] | Senior Notes - 2023 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 299,004 | 298,698 | |
Carrying Amount [Member] | Senior Notes, Euro Notes, 2024 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 558,124 | 564,034 | |
Carrying Amount [Member] | Senior Notes, Euro Notes, 2026 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 890,183 | 899,886 | |
Carrying Amount [Member] | Senior Notes - 2028 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 396,688 | 396,377 | $ 400,000 |
Carrying Amount [Member] | Senior notes - 2047 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 493,571 | 493,151 | |
Carrying Amount [Member] | Senior Notes - 2048 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 785,996 | 785,788 | $ 800,000 |
Carrying Amount [Member] | Term Loan Credit Agreement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 239,621 | 349,163 | |
Carrying Amount [Member] | Amortizing Note | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 82,079 | 125,007 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 606,823 | 634,897 | |
Credit facilities and bank overdrafts | 3,131 | 4,695 | |
Derivative assets(3) | 3,575 | 7,229 | |
Derivative liabilities(3) | 7,415 | 6,907 | |
Fair Value [Member] | Senior Notes - 2020 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 302,700 | 300,356 | |
Fair Value [Member] | Senior Notes, Euro Notes, 2021 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 338,244 | 341,094 | |
Fair Value [Member] | Senior Notes - 2023 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 305,580 | 293,017 | |
Fair Value [Member] | Senior Notes, Euro Notes, 2024 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 586,825 | 584,129 | |
Fair Value [Member] | Senior Notes, Euro Notes, 2026 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 945,306 | 909,439 | |
Fair Value [Member] | Senior Notes - 2028 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 441,500 | 401,231 | |
Fair Value [Member] | Senior notes - 2047 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 526,106 | 446,725 | |
Fair Value [Member] | Senior Notes - 2048 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 919,040 | 783,925 | |
Fair Value [Member] | Term Loan Credit Agreement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 240,000 | 350,000 | |
Fair Value [Member] | Amortizing Note | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | $ 84,430 | $ 127,879 |
Financial Instruments - Derivat
Financial Instruments - Derivative Instruments Notional Amount Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Forward Currency Contracts [Member] | ||
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items] | ||
Derivative instruments outstanding | $ 473,600 | $ 585,581 |
Currency Swap [Member] | ||
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items] | ||
Derivative instruments outstanding | $ 600,000 | $ 600,000 |
Financial Instruments - Deriv_2
Financial Instruments - Derivative Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | $ 7,229 | |
Total Fair Value, Derivative Liabilities | $ 7,415 | |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 1,087 | |
Total Fair Value, Derivative Liabilities | 4,187 | |
Foreign Currency Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 3,575 | 6,142 |
Total Fair Value, Derivative Liabilities | 3,228 | 6,907 |
Fair Value of Derivatives Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 5,209 | |
Total Fair Value, Derivative Liabilities | 4,984 | |
Fair Value of Derivatives Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 1,087 | |
Total Fair Value, Derivative Liabilities | 4,187 | |
Fair Value of Derivatives Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 1,310 | 4,122 |
Total Fair Value, Derivative Liabilities | 797 | 205 |
Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 2,020 | |
Total Fair Value, Derivative Liabilities | 2,431 | |
Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 0 | |
Total Fair Value, Derivative Liabilities | 0 | |
Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 2,265 | 2,020 |
Total Fair Value, Derivative Liabilities | $ 2,431 | $ 6,702 |
Financial Instruments - Deriv_3
Financial Instruments - Derivative Instruments Which Were Not Designated as Hedging Instruments (Detail) - Fair Value of Derivatives Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Currency Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 557 | $ 14,505 |
Deal Contingent Swaps [Member] | Foreign Currency Contracts [Member] | Other Income Expense Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 12,154 |
Deal Contingent Swaps [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 352 |
Financial Instruments - Deriv_4
Financial Instruments - Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 14,731 | $ 65,495 | |
Interest expense | 138,221 | 132,558 | $ 65,363 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 7,647 | (7,067) | |
Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | (3,535) | 14,220 | |
Forward Currency Contracts [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | (518) | |
Forward Currency Contracts [Member] | Cost of goods sold [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 8,504 | (6,203) | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 857 | 864 | |
Interest Rate Swap [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (864) | ||
Euro Senior Notes 2016 [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 5,440 | 20,539 | |
Senior Notes Maturing 2021 through 2026 [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 11,969 | 30,390 | |
(Losses) Gains on Derivatives Qualifying as Hedges | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | $ 857 | $ 864 | $ 789 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands, € in Millions | May 18, 2017EUR (€) | Dec. 31, 2018USD ($) | Mar. 31, 2017EUR (€)Agreement | Mar. 31, 2017USD ($)Agreement | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019swap |
Derivatives, Fair Value [Line Items] | ||||||||
Gain on deal contingent derivatives | $ 0 | $ 12,505 | $ 0 | |||||
Derivative gains included in AOCI | 4,700 | |||||||
Total fair value, derivative assets | $ 7,229 | 7,229 | ||||||
Proceeds from unwinding of cross currency swap derivative instruments | 25,900 | 0 | $ 0 | |||||
Derivative Liability, Fair Value, Gross Liability | 7,415 | |||||||
Forward Currency Contracts [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative instruments outstanding | 585,581 | 473,600 | 585,581 | |||||
Currency Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative instruments outstanding | 600,000 | 600,000 | 600,000 | |||||
Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Loss incurred on termination of interest rate swaps | € 2.9 | $ 3,200 | ||||||
Gain on deal contingent derivatives | € | € 5.3 | |||||||
Number of interest rate derivatives held | Agreement | 2 | 2 | ||||||
Total fair value, derivative assets | 1,087 | 1,087 | ||||||
Derivative Liability, Fair Value, Gross Liability | 4,187 | |||||||
Foreign Currency Contract And Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative instruments outstanding | 1,900,000 | |||||||
Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Total fair value, derivative assets | 2,020 | 2,020 | ||||||
Derivative Liability, Fair Value, Gross Liability | 2,431 | |||||||
Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Total fair value, derivative assets | 0 | 0 | ||||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||||||
Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 557 | 14,505 | ||||||
Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Total fair value, derivative assets | 5,209 | 5,209 | ||||||
Derivative Liability, Fair Value, Gross Liability | 4,984 | |||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Interest Income (Expense), Net | 7,700 | |||||||
Number of Foreign Currency Derivatives Held | swap | 4 | |||||||
Proceeds from unwinding of cross currency swap derivative instruments | 33,600 | |||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Total fair value, derivative assets | $ 1,087 | 1,087 | ||||||
Derivative Liability, Fair Value, Gross Liability | 4,187 | |||||||
Other Income Expense Net [Member] | Deal Contingent Swaps [Member] | Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 12,154 | ||||||
Interest Expense [Member] | Deal Contingent Swaps [Member] | Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 352 |
- Schedule of Changes in Accumu
- Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, net of tax | $ 6,032,951 | ||
Accumulated other comprehensive loss, net of tax | 6,217,304 | $ 6,032,951 | |
Foreign Currency Translation Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, net of tax | (396,996) | (297,416) | $ (352,025) |
OCI before reclassifications | 23,953 | (99,580) | 66,826 |
Amounts reclassified from AOCI | 0 | 0 | (12,217) |
Net current period other comprehensive income (loss) | 23,953 | (99,580) | 54,609 |
Accumulated other comprehensive loss, net of tax | (373,043) | (396,996) | (297,416) |
(Losses) Gains on Derivatives Qualifying as Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, net of tax | 4,746 | (10,332) | 7,604 |
OCI before reclassifications | 4,969 | 8,011 | (14,782) |
Amounts reclassified from AOCI | (7,647) | 7,067 | (3,154) |
Net current period other comprehensive income (loss) | (2,678) | 15,078 | (17,936) |
Accumulated other comprehensive loss, net of tax | 2,068 | 4,746 | (10,332) |
Pension and Postretirement Liability Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, net of tax | (309,977) | (329,734) | (335,674) |
OCI before reclassifications | (45,599) | 9,717 | (7,941) |
Amounts reclassified from AOCI | 9,657 | 10,040 | 13,881 |
Net current period other comprehensive income (loss) | (35,942) | 19,757 | 5,940 |
Accumulated other comprehensive loss, net of tax | (345,919) | (309,977) | (329,734) |
Total | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, net of tax | (702,227) | (637,482) | (680,095) |
OCI before reclassifications | (16,677) | (81,852) | 44,103 |
Amounts reclassified from AOCI | 2,010 | 17,107 | (1,490) |
Net current period other comprehensive income (loss) | (14,667) | (64,745) | 42,613 |
Accumulated other comprehensive loss, net of tax | $ (716,894) | $ (702,227) | $ (637,482) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | $ 3,027,336 | $ 2,294,832 | $ 1,926,256 |
Interest expense | (138,221) | (132,558) | (65,363) |
Tax | (97,184) | (107,976) | (241,380) |
(Losses) Gains on Derivatives Qualifying as Hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax | (1,215) | 886 | (563) |
(Losses) Gains on Derivatives Qualifying as Hedges | Foreign Currency Contracts [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | 9,719 | (7,089) | 4,506 |
(Losses) Gains on Derivatives Qualifying as Hedges | Interest Rate Swap [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | (857) | (864) | (789) |
(Losses) Gains on Derivatives Qualifying as Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total | 7,647 | (7,067) | 3,154 |
(Losses) gains on pension and postretirement liability adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax | (2,731) | (2,853) | (3,778) |
(Losses) gains on pension and postretirement liability adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total | (9,657) | (10,040) | (13,881) |
Prior service cost | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
(Losses) gains on pension and postretirement liability adjustments | 6,644 | 7,752 | 7,040 |
Actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
(Losses) gains on pension and postretirement liability adjustments | $ (19,032) | $ (20,645) | $ (24,699) |
Concentrations Of Credit Risk -
Concentrations Of Credit Risk - Additional Information (Detail) - Customer | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |||
Number of customers that accounted for more than 10% of consolidated net sales | 0 | 0 | 1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)Facility | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)Facility | Dec. 15, 2019USD ($) |
Commitments And Contingencies [Line Items] | |||||||
Amount still available for additional borrowings | $ 1,000,000,000 | $ 1,000,000,000 | |||||
Available lines of credit | 105,300,000 | 105,300,000 | |||||
Property, plant and equipment, gross | 2,690,768,000 | $ 2,492,938,000 | 2,690,768,000 | ||||
Bank guarantees and pledged assets to pursue defenses related to other contingencies | 27,700,000 | ||||||
Product liability accrual period expense | 5,000,000 | ||||||
Aggregate amount paid | 3,000,000 | 16,000,000 | |||||
Amount paid | $ 13,000,000 | ||||||
Reimbursement to supplier for product recall | 13,100,000 | ||||||
Property, plant and equipment | 1,386,920,000 | 1,241,152,000 | 1,386,920,000 | ||||
Minimum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Estimated maximum future costs of environmental liabilities for identified sites (less than $5 million) | 0 | 0 | |||||
Maximum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Estimated maximum future costs of environmental liabilities for identified sites (less than $5 million) | 10,000,000 | 10,000,000 | |||||
Hangzhou, China [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Proceeds from Sale of Land Held-for-use | 4,400,000 | ||||||
CHINA | |||||||
Commitments And Contingencies [Line Items] | |||||||
Property, plant and equipment, gross | $ 201,000,000 | $ 201,000,000 | |||||
Number of plants | Facility | 8 | 8 | |||||
Property, plant and equipment | $ 188,194,000 | $ 178,502,000 | $ 188,194,000 | ||||
Zhejiang Ingredients Plant [Member] | Zhejiang, China [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Possible compensation payments for relocation | 50,000,000 | 50,000,000 | |||||
Pledged assets [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
The amount of pledged assets, principally PP&E to cover income tax and indirect tax assessments | 10,000,000 | ||||||
Bank guarantees and standby letters of credit [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Bank guarantees and letters of credit outstanding | 53,600,000 | ||||||
Bank guarantees [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Bank guarantees related to appeals on income tax and indirect tax cases | 16,700,000 | ||||||
Damages from Product Defects [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Reversal of previously recorded provision | (17,500,000) | (17,500,000) | |||||
Unsecured Debt [Member] | Nutrition & Biosciences, Inc [Member] | Senior Unsecured Bridge Term Loan [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Debt, face amount | $ 7,500,000,000 | ||||||
Unsecured Debt [Member] | Nutrition & Biosciences, Inc [Member] | Senior Unsecured Term Loan Facilities [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Debt, face amount | 1,250,000,000 | ||||||
Unsecured Debt [Member] | Nutrition & Biosciences, Inc [Member] | Three Hundred Sixty Four Day Senior Unsecured Bridge Facility [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Debt, face amount | $ 6,250,000,000 | ||||||
Taste [Member] | Guangzhou, China [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Property, plant and equipment | 61,000,000 | 61,000,000 | |||||
Scent [Member] | Guangzhou, China [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Property, plant and equipment | 9,000,000 | 9,000,000 | |||||
Nutrition & Biosciences, Inc [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Liabilities Subject to Compromise, Early Contract Termination Fees | 521,500,000 | 521,500,000 | |||||
Business Acquisition, Transaction Costs | 75,000,000 | 75,000,000 | |||||
BRAZIL | Foreign Tax Authority [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Proceeds from Income Tax Refunds | 8,000,000 | ||||||
Zhejiang Ingredients Plant [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Gain Contingency, Relocation Payments Received | $ 15,000,000 | $ 15,000,000 | |||||
Property, plant and equipment | $ 10,000,000 | $ 10,000,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 9,173 | $ 13,392 | $ 9,995 |
Additions charged to costs and expenses | 1,262 | 1,286 | 3,798 |
Accounts written off | (2,024) | (4,642) | (1,496) |
Translation adjustments | (180) | (863) | 1,095 |
Balance at end of period | 8,231 | 9,173 | 13,392 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 200,280 | 207,483 | 152,752 |
Additions charged to costs and expenses | 5,659 | (1,821) | 35,646 |
Accounts written off | 0 | 0 | 0 |
Translation adjustments | (2,174) | (9,269) | 19,085 |
Balance at end of period | $ 203,765 | 200,280 | 207,483 |
Scenario, Adjustment [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Adjustment to foreign net operating loss carryforwards | $ (5,900) | $ (58,800) |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | $ 10,423 | ||
Sale of a subsidiary with redeemable noncontrolling interests | 4,395 | $ 2,479 | $ 0 |
Exercises of redeemable noncontrolling interests | 2,541 | 966 | |
Ending balance | 12,244 | 10,423 | |
Redeemable Noncontrolling Interest [Member] | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | 81,806 | 0 | |
Acquired through acquisitions | 23,594 | 97,510 | |
Sale of a subsidiary with redeemable noncontrolling interests | 666 | 2,196 | |
Redemption value mark-up for the current period | 2,097 | 2,848 | |
Exercises of redeemable noncontrolling interests | (13,632) | (14,673) | |
Exercises of redeemable noncontrolling interests | (753) | (6,075) | |
Impact of foreign exchange translation | (126) | ||
Measurement period adjustments | 5,391 | ||
Ending balance | $ 99,043 | $ 81,806 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - Unsecured Debt [Member] - Subsequent Event [Member] | Jan. 17, 2020 |
Maximum [Member] | Three Hundred Sixty Four Day Senior Unsecured Bridge Facility [Member] | |
Subsequent Event [Line Items] | |
Maximum ratio of net debt to EBI TDA with step-downs over time | 4.50 |
Maximum [Member] | Senior Unsecured Term Loan Facilities [Member] | |
Subsequent Event [Line Items] | |
Maximum ratio of net debt to EBI TDA with step-downs over time | 4.50 |
Minimum [Member] | Three Hundred Sixty Four Day Senior Unsecured Bridge Facility [Member] | |
Subsequent Event [Line Items] | |
Maximum ratio of net debt to EBI TDA with step-downs over time | 3.50 |
Minimum [Member] | Senior Unsecured Term Loan Facilities [Member] | |
Subsequent Event [Line Items] | |
Maximum ratio of net debt to EBI TDA with step-downs over time | 3.50 |