$IFF
INTERNATIONAL FLAVORS & FRAGRANCES INC

2016 Q1 Form 10-Q Financial Statement

#000005125316000035 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $783.3M $774.9M
YoY Change 1.08% 0.61%
Cost Of Revenue $423.1M $428.6M
YoY Change -1.29% -0.04%
Gross Profit $360.2M $346.3M
YoY Change 4.02% 1.42%
Gross Profit Margin 45.99% 44.69%
Selling, General & Admin $123.5M $119.0M
YoY Change 3.82% -3.83%
% of Gross Profit 34.3% 34.36%
Research & Development $63.39M $63.46M
YoY Change -0.12% 3.18%
% of Gross Profit 17.6% 18.33%
Depreciation & Amortization $26.70M $19.99M
YoY Change 33.59% -12.46%
% of Gross Profit 7.41% 5.77%
Operating Expenses $186.9M $182.5M
YoY Change 2.45% -1.5%
Operating Profit $169.9M $161.8M
YoY Change 5.03% 3.68%
Interest Expense $12.48M $11.10M
YoY Change 12.47% -4.98%
% of Operating Profit 7.34% 6.86%
Other Income/Expense, Net -$2.559M $5.710M
YoY Change -144.82% -495.7%
Pretax Income $154.9M $156.4M
YoY Change -0.97% 9.43%
Income Tax $36.29M $28.15M
% Of Pretax Income 23.43% 18.0%
Net Earnings $118.6M $128.3M
YoY Change -7.53% 20.2%
Net Earnings / Revenue 15.14% 16.55%
Basic Earnings Per Share $1.48 $1.58
Diluted Earnings Per Share $1.47 $1.57
COMMON SHARES
Basic Shares Outstanding 79.67M shares 80.65M shares
Diluted Shares Outstanding 80.06M shares 81.20M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $529.0M $444.0M
YoY Change 19.14% 65.06%
Cash & Equivalents $528.9M $443.7M
Short-Term Investments
Other Short-Term Assets $152.4M $232.6M
YoY Change -34.48% 61.42%
Inventory $600.7M $536.5M
Prepaid Expenses
Receivables $610.0M $525.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.892B $1.755B
YoY Change 7.77% 11.8%
LONG-TERM ASSETS
Property, Plant & Equipment $733.9M $692.0M
YoY Change 6.06% -0.61%
Goodwill $951.2M $675.5M
YoY Change 40.81% 6654.84%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $122.7M $130.9M
YoY Change -6.24% -7.21%
Total Long-Term Assets $2.271B $1.752B
YoY Change 29.61% 0.03%
TOTAL ASSETS
Total Short-Term Assets $1.892B $1.755B
Total Long-Term Assets $2.271B $1.752B
Total Assets $4.162B $3.507B
YoY Change 18.68% 5.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $276.9M $215.9M
YoY Change 28.26% 3.31%
Accrued Expenses $40.00M $41.00M
YoY Change -2.44% -10.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $133.7M $8.379M
YoY Change 1495.56% 265.74%
Total Short-Term Liabilities $712.7M $487.3M
YoY Change 46.26% 0.57%
LONG-TERM LIABILITIES
Long-Term Debt $1.370B $935.2M
YoY Change 46.49% 0.38%
Other Long-Term Liabilities $158.0M $113.0M
YoY Change 39.75% 7.31%
Total Long-Term Liabilities $1.814B $1.448B
YoY Change 25.31% 10.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $712.7M $487.3M
Total Long-Term Liabilities $1.814B $1.448B
Total Liabilities $2.527B $1.935B
YoY Change 30.58% 7.48%
SHAREHOLDERS EQUITY
Retained Earnings $3.678B $3.441B
YoY Change 6.89% 9.22%
Common Stock $158.1M $150.1M
YoY Change 5.35% 2.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.599B $1.450B
YoY Change 10.24% 4.85%
Treasury Stock Shares
Shareholders Equity $1.630B $1.567B
YoY Change
Total Liabilities & Shareholders Equity $4.162B $3.507B
YoY Change 18.68% 5.59%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $118.6M $128.3M
YoY Change -7.53% 20.2%
Depreciation, Depletion And Amortization $26.70M $19.99M
YoY Change 33.59% -12.46%
Cash From Operating Activities $39.94M $31.48M
YoY Change 26.9% -10.05%
INVESTING ACTIVITIES
Capital Expenditures $22.51M $19.38M
YoY Change 16.15% -42.72%
Acquisitions $0.00 $0.00
YoY Change -100.0%
Other Investing Activities $1.400M $1.500M
YoY Change -6.67% -101.69%
Cash From Investing Activities -$21.15M -$17.93M
YoY Change 17.93% -85.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $40.01M $10.66M
YoY Change 275.3% -47.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $331.0M -$39.54M
YoY Change -936.96% -19.84%
NET CHANGE
Cash From Operating Activities $39.94M $31.48M
Cash From Investing Activities -$21.15M -$17.93M
Cash From Financing Activities $331.0M -$39.54M
Net Change In Cash $349.7M -$26.00M
YoY Change -1445.34% -80.98%
FREE CASH FLOW
Cash From Operating Activities $39.94M $31.48M
Capital Expenditures $22.51M $19.38M
Free Cash Flow $17.43M $12.10M
YoY Change 44.12% 945.38%

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161793000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
167220000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
146981000 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
152369000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
119060000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
122737000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
1166000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
1864000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-37478000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
6415000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
12083000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-10192000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-50515000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
14077000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-32885000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6440000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-5547000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2555000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
954000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
2530000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
9144000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
5160000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
213639000 USD
CY2016Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
217884000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
160849000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
157950000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5710000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
154000 USD
CY2015Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
600000 USD
CY2016Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
600000 USD
CY2015Q1 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
0 USD
CY2016Q1 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
3244000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10660000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
40007000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
37971000 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
44826000 USD
CY2015Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4796000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19381000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22512000 USD
CY2015Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
242383000 USD
CY2016Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
243690000 USD
CY2015Q1 us-gaap Pension Contributions
PensionContributions
54048000 USD
CY2016Q1 us-gaap Pension Contributions
PensionContributions
7410000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
555559000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
227000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
163000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
265000 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-124602000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Finance Receivables
ProceedsFromSaleOfFinanceReceivables
6500000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Finance Receivables
ProceedsFromSaleOfFinanceReceivables
4700000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1450000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1366000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1812283000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1839244000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
732794000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
733939000 USD
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
537896000 USD
CY2016Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
609587000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4593000 USD
CY2016Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-25000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
63462000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
63385000 USD
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
187000 USD
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3604254000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3678219000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
774907000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
783312000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
118995000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
123543000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5387000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5930000 USD
CY2015Q4 us-gaap Shares Outstanding
SharesOutstanding
35835899 shares
CY2016Q1 us-gaap Shares Outstanding
SharesOutstanding
36080431 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1590318000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
1630364000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1594990000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1635560000 USD
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1555769000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1598968000 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
541000 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
389000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81195000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80055000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80654000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79666000 shares
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications and Revisions</font></div><div style="line-height:120%;padding-top:18px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified to conform with current year presentation. In addition, an adjustment has been made to two line items within net cash provided by operating activities for 2015 to reflect the previously recorded correction of a balance sheet classification associated with accounts payable and accruals. The adjustment was not material to the consolidated statement of cash flows.</font></div></div>

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