UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------
FORM 11-K
Annual Report Pursuant to Section 15 (d)
of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2005 Commission file number 1-4858
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
Plan Address: 521 West 57th Street
New York, New York 10019
Issuer of Registered Securities: International Flavors & Fragrances Inc.
521 West 57th Street
New York, New York 10019
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
FINANCIAL STATEMENTS
AND
SUPPLEMENTAL SCHEDULE
* * * * * * * * * * * * * * * * * * * * * *
DECEMBER 31, 2005 AND 2004
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
TABLE OF CONTENTS TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
DECEMBER 31, 2005
Page
----
Report of Independent Registered Public Accounting Firm 1
Financial Statements:
Statement of Net Assets Available for Plan
Benefits at December 31, 2005 and 2004 2
Statement of Changes in Net Assets Available for Plan
Benefits for the Years Ended December 31, 2005 and 2004 3
Notes to Financial Statements 4-11
Supplemental Schedules:
Part 1 - Schedule H, line 4i - Schedule of Assets (Held at End of Year) 12
Signatures 13
Exhibit 23.1 - Consent of Independent Registered Public Accounting
Firm
(*) Other supplemental schedules required by 29 CFR2520.103-10 of
the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security
Act of 1974 have not been included as they are not applicable.
Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of
International Flavors & Fragrances Inc.
Retirement Investment Fund Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the International Flavors & Fragrances Inc. Retirement Investment Fund Plan
(the "Plan") at December 31, 2005 and December 31, 2004, and the changes in net
assets available for benefits for the years then ended in conformity with
accounting principles generally accepted in the United States of America. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule of Assets (Held
at End of Year) is presented for the purpose of additional analysis and is not a
required part of the basic financial statements but is supplementary information
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. This
supplemental schedule is the responsibility of the Plan's management. The
supplemental schedule has been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ PricewaterhouseCoopers LLP
- -------------------------------
New York, New York
June 23, 2006
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31,
Assets 2005 2004
- -------------------------------------------------------- ---------------- ----------------
Investments at Fair Value:
International Flavors & Fragrances Inc.
Common Stock Fund $ 7,547,171 $ 10,387,908
Vanguard Long-Term Investment Grade Fund 8,188,417 7,444,080
Vanguard Prime Money Market Fund 40,533,089 47,184,744
Vanguard 500 Index Fund 47,180,948 48,465,601
Vanguard U.S. Growth Fund 12,084,374 11,968,108
Vanguard International Growth Fund 12,707,392 10,790,334
Vanguard Total Bond Market Index Fund 9,241,034 8,834,759
Vanguard Explorer Fund 6,969,631 6,559,123
Vanguard PRIMECAP Fund 8,672,368 8,512,143
Vanguard Asset Allocation Fund 3,954,536 3,660,302
Vanguard Mid-Cap Index Fund 9,130,279 6,752,133
Vanguard Equity Income Fund 2,571,222 1,246,664
Vanguard Retirement Savings Trust 6,728,980 -
Participant Loans 4,016,664 3,721,094
---------------- ----------------
Total Investments 179,526,105 175,526,993
Accrued Dividends and Interest Receivable 42,659 58,409
----------------- ----------------
Net Assets Available for Plan Benefits $ 179,568,764 $ 175,585,402
================= ================
The accompanying Notes are an integral part of these financial statements
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31,
2005 2004
---------------- -----------------
Contributions:
Company contributions $ 2,667,012 $ 2,668,920
Participant contributions 9,704,478 9,388,013
---------------- -----------------
TOTAL CONTRIBUTIONS 12,371,490 12,056,933
---------------- -----------------
Investment Income:
Dividends and Interest 5,087,251 2,977,051
Net Appreciation (Depreciation) of Investments 2,626,317 11,414,106
---------------- -----------------
TOTAL INVESTMENT INCOME 7,713,568 14,391,157
Other asset transfers - 95,432
---------------- -----------------
TOTAL ADDITIONS 20,085,058 26,543,522
---------------- -----------------
Benefits Distributed (16,097,366) (8,995,880)
Administrative Fees (4,330) (4,390)
---------------- -----------------
TOTAL DISBURSEMENTS (16,101,696) (9,000,270)
---------------- -----------------
Net Increase in Participants' Balances During Year 3,983,362 17,543,252
Net Assets Available for Plan Benefits at Beginning of Year 175,585,402 158,042,150
---------------- -----------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS AT END OF YEAR $ 179,568,764 $ 175,585,402
================ =================
The accompanying Notes are an integral part of these financial statements
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004
NOTE 1 - DESCRIPTION OF THE PLAN:
- ---------------------------------
The following description of the International Flavors & Fragrances Inc.
Retirement Investment Fund Plan (the "Plan") is provided for general information
purposes only. Participants should refer to the Plan documents for complete
information.
A. General:
The Plan is a defined contribution plan covering all U.S. based employees
of International Flavors & Fragrances Inc. and its domestic subsidiaries (the
"Company"), with the exception of the unionized employees located in
Jacksonville, Florida. The Plan will be amended as of January 1, 2006 to
preclude employees hired on or after that date from participating in the same
manner as existing employees. The Plan also covers certain U.S. citizens
temporarily assigned to subsidiaries abroad. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").
Employees become eligible to participate in the Plan 30 days from the first date
of employment.
B. Administration of the Plan:
The Vanguard Fiduciary Trust Co. is the Trustee of the Plan. The
Administrative Committee, appointed by the Company's Board of Directors, is
responsible for administration of the Plan; the Administrative Committee has
appointed the Vanguard Group ("Vanguard") to carry out most of the day-to-day
activities of administration.
C. Investments:
The Plan offers participants twelve investment funds and a tax-exempt
collective trust. Participants have the option to invest in, and direct their
matching contribution towards any of the following funds:
IFF Common Stock Fund: This fund consists principally of common stock of the
Company and cash or cash equivalents deemed necessary for orderly investment in
such stock and for anticipated cash requirements.
Vanguard Long-Term Investment Grade Fund: This fund seeks a high and sustainable
level of current income consistent with the maintenance of principal and
liquidity by investing in a diversified portfolio of long-term investment-grade
bonds.
Vanguard Prime Money Market Fund: This fund seeks to add value by emphasizing
specific issues and sectors of the money market that appear to be attractively
priced based upon historical yield-spread relationships. The portfolio is
designed to maintain a constant $1.00 share value. An investment in the money
market fund is neither insured nor guaranteed by the U.S. Government, and there
is no assurance that the fund will be able to maintain a stable net asset value
of $1.00 per share.
Vanguard 500 Index Fund: This fund seeks investment results that parallel the
performance of the Standard & Poor's 500 Composite Stock Index. The level of
current income produced generally ranges from moderate to very low.
Vanguard U.S. Growth Fund: This fund seeks long-term capital appreciation by
investing in common stocks of companies with above-average growth potential.
Current income is incidental.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004
Vanguard International Growth Fund: This fund seeks long-term capital growth by
investing in common stocks of companies based outside the United States that
have above-average growth potential. Effective December 31, 2005, a 2%
redemption fee will be charged for any shares transferred out of this fund prior
to the end of the two-month holding period.
Vanguard Total Bond Market Index Fund: This fund seeks investment results that
parallel the performance of the Lehman Aggregate Bond Index.
Vanguard Explorer Fund: This fund seeks to provide long-term capital growth by
investing in a diversified portfolio of small-company stocks with prospects for
above-average growth.
Vanguard PRIMECAP Fund: This fund seeks to provide long-term capital growth by
investing in stocks of companies with above-average prospects for continued
earnings growth, strong industry positions and skilled management teams. This
fund also may invest in companies with below-average earnings but bright
prospects for earnings growth. Effective December 31, 2005, any shares within a
participant's plan exchanged into this fund are subject to a 1-year holding
period. A 1% redemption fee will be charged for any shares transferred out of
this fund prior to the end of the holding period.
Vanguard Asset Allocation Fund: This fund seeks long-term growth of capital and
income by investing in common stocks, long-term U.S. Treasury bonds and money
market instruments. The mix, or allocation, of the three types of assets changes
from time to time depending on which mix appears to offer the best combination
of expected returns and risk.
Vanguard Mid-Cap Index Fund: This fund seeks to parallel the performance of the
Standard & Poor's MidCap 400 index, which comprises a market-weighted group of
medium-sized U.S. companies.
Vanguard Equity Income Fund: This fund seeks to provide an above average level
of current income and reasonable long-term capital appreciation by mainly
investing in dividend-paying common stocks of established medium-size and large
U.S. companies.
Vanguard Retirement Savings Trust: This tax-exempt collective trust seeks a
stable share value of $1.00 and a high level of current income consistent with a
2-3 year average maturity by investing primarily in investment contracts issued
by insurance companies and commercial banks, and similar types of
fixed-principal investments.
D. Cash or Deferred Wage and Salary Conversion Agreements:
Each participant enters into a Cash or Deferred Wage and Salary Conversion
Agreement ("CODA") with the Company, pursuant to which his or her Plan
contributions are made. Such agreement specifies the portion of the
participant's compensation, as defined in the Plan, during each Plan year that
the participant elects to forego and have contributed by the Company to the
participant's account with the Plan. Any such election remains in effect until
changed by the participant. The Administrative Committee may limit the amounts
specified in such agreements to ensure compliance with the antidiscrimination
standards of Section 401(k) of the Internal Revenue Code (the "Code"). Subject
to these limitations, participants may contribute up to 30% of their annual base
wages, before bonuses and overtime, up to the maximum amount permitted under the
Code. The maximum amount permitted per participant was limited to $14,000 in
2005, and $13,000 in 2004. Participants who will be age 50 or older by the end
of the Plan year are eligible to make before-tax catch-up contributions.
Catch-up contributions are limited to $4,000 and $3,000 for eligible employees
for 2005 and 2004, respectively. Amounts in excess of Code limits may, at the
election of the participant, either be contributed to the Plan on an after-tax
basis or treated as contributions to the Company's Deferred Compensation Plan
("DCP") if an employee is eligible to participate in the DCP.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004
E. Company Contributions:
The Company matches 50% of the first 6% of the participant's compensation,
as defined, that a participant contributes to the Plan, whether on a deferred or
after-tax basis, or that is treated as a contribution to the DCP, as described
in Section D above.
F. Vested Benefits:
All participants who were employed by the Company on December 31, 2000
continue to vest immediately in their contributions and the Company's matching
contributions, plus earnings on all contributions. A participant whose
employment with the Company commenced on or after January 1, 2001 vests
immediately in his or her contributions to the Plan plus earnings thereon. He or
she vests in the Company's matching contributions and the earnings thereon after
three years of continuous credited service. At December 31, 2005 and 2004,
forfeited nonvested amounts approximated $26,000 and $31,000, respectively. For
the year ended December 31, 2005 there were forfeitures of $54,000 and
forfeiture usages of $59,000. Forfeitures are used to reduce future employer
contributions.
G. Individual Accounts:
A separate account is established and maintained for each active and former
participant. Former participants are those who have terminated employment and
have not yet received final payment of their account. The participant's
contributions and the Company's matching contribution are credited to the
specific participant's account. The participant's contributions and the
Company's matching contributions are invested in one or more of the Plan's funds
as directed by the participant.
Participants' accounts are maintained on a unit basis for the IFF Common
Stock Fund, and on a share basis for all other funds.
Interest earned and dividends paid are credited to each participant's
account based on accumulated daily account balances and reinvested in the
respective fund.
H. Transfers Between Funds:
Participants may transfer all or a portion of their balance in any fund of
the Plan to an alternative fund of the Plan. Exchanges must be in increments of
1%. Participants may make these transfers as frequently as on a daily basis by
contacting Vanguard. However, participants will not be able to move money back
into the same fund within 60 days. This policy applies to all funds except for
Vanguard Prime Money Market Fund and Vanguard PRIMECAP Fund.
I. Loans and In-service Withdrawals:
Participants may borrow from the Plan as described in Note 4. A participant
may withdraw all or a portion of his or her balances if bona fide financial
necessity can be demonstrated to the Plan's Administrative Committee ("hardship
withdrawal"). A participant who makes a hardship withdrawal is limited by the
Internal Revenue Code as to the amount of CODA contribution he or she may make
for the taxable year following the year of the withdrawal. The amounts of
in-service withdrawals are limited by government regulation to amounts
contributed under CODA agreements and earnings on such contributions.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004
J. Rollover Contributions:
Participants who receive eligible rollover distributions from another
qualified plan may roll that distribution over into the Plan. Eligible rollover
distributions are those that come directly from either another qualified
retirement plan or an Individual Retirement Account ("IRA") which was set up to
hold a distribution from another qualified retirement plan on a temporary basis.
Rollover amounts can only include pretax contributions, plus any untaxed
earnings thereon. All rollovers from the IRA must be made within one year of
original distribution from the qualified retirement plan.
K. Benefit Payments:
On termination of service due to death, disability, or retirement, a
participant or beneficiary may elect to receive benefits based on one of the
following options:
- A lump-sum payment;
- Periodic payments;
- A 50% joint and survivor annuity to a married participant; or
- A single life annuity.
Lump sum or installment payments may be made in cash or securities at the
direction of the Plan's Trustee. When periodic payments are elected, a
participant's interest remains in the Plan and continues to receive allocations
of earnings and losses until distribution.
L. Termination of Plan:
The Company may terminate the Plan at any time. In such event, the total
amounts in participants' accounts shall continue in the trust for their benefit
and continue to vest in accordance with Note 1F above, and shall be paid to them
or their designated beneficiaries, as described in Note 1K above, upon
retirement, death, disability or termination of employment. At the present time,
the Company has no intention to terminate the Plan.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:
- -----------------------------------------
The following is a summary of the significant accounting policies followed
by the Plan:
A. Method of Accounting:
The Plan's financial statements are prepared on the accrual basis of
accounting in conformity with accounting standards generally accepted in the
United States of America.
B. Valuation of Investments:
The IFF Common Stock Fund is valued on the closing price of the underlying
stock at the valuation date. Mutual funds are valued at net asset value of the
underlying stock at the valuation date. Money market funds are stated at cost at
the valuation date and participants' loans are stated at cost, which
approximates fair value.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004
C. Security Transactions and Related Investment Income:
Security transactions are recorded on the trade date; interest income is
recorded on the accrual basis; dividend income is recorded on the ex-dividend
date. Capital gain distributions from mutual funds are recorded as dividend
income.
The Plan presents in the Statement of Changes in Net Assets Available for
Plan Benefits the net appreciation (depreciation) in the fair value of its
investments, which consists of the realized gains and losses and the unrealized
appreciation (depreciation) on those investments.
D. Administrative Expenses:
All expenses that arise in connection with the administration of the Plan
are paid by the Company except for loan administration fees (see Note 4).
Brokerage fees are included in the cost of investments when purchased and are
deducted from proceeds received in determining realized gains and losses on
investments sold. Investment advisory fees for the management of the Vanguard
funds are expenses of the funds.
E. Contribution Income:
Company contributions are recognized during the same period in which the
Company makes payroll deductions from the participants' earnings for the
participant contributions. Contributions made in accordance with participants'
CODA agreements (see Note 1D) are recognized during the period in which the
Company makes payroll deductions from the participants' earnings.
F. Benefit Obligations:
Benefits are recorded when paid.
G. Risks and Uncertainties:
The Plan provides for various investment options in any combination of
investment funds described in Note 1C. Investment securities are exposed to
various risks, such as interest rate, market and credit. Due to the level of
risk associated with certain investment securities and the level of uncertainty
related to changes in the value of investment securities, it is at least
reasonably possible that changes in market value could materially affect
participants' account balances and the amounts reported in the financial
statements.
H. Use of Estimates:
The preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts reported in
the financial statements and accompanying disclosures. Actual results could
differ from those estimates.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004
NOTE 3 - TAX STATUS:
- --------------------
The Internal Revenue Service has determined and informed the Company via a
favorable determination letter dated August 22, 2001 that the Plan is designed
in accordance with applicable sections of the Code. Since the date of the most
recent request for determination to the Internal Revenue Service, the Company
has made certain amendments to the Plan. However, the Company believes the Plan
is designed and is currently being operated in compliance with the applicable
requirements of the Code. Therefore, no provision for income taxes has been
included in the Plan's financial statements.
NOTE 4 - PARTICIPANT LOANS:
- ---------------------------
Upon application, the Trustees may make a loan to a participant in an
amount not exceeding 50% of the balance in the participant's account, or
$50,000, with a minimum loan of $1,000. Loan withdrawals are allocated, as
applicable, to the participant's balance in each of their investment funds. The
loans are collateralized by the balance in the participants' accounts and bear
interest at a fixed rate equal to the Citibank, N.A. prime rate, plus 1/2
percent, at date of withdrawal, but in no case in excess of the legal rate of
interest. Loans are subject to a loan origination fee of $30, which is deducted
from the loan proceeds. In addition, participants with outstanding loans are
subject to an annual administrative fee of $10, which is deducted from their
respective accounts each July, except for the first year of the loan.
Interest rates on outstanding participant loans at December 31, 2005 and
2004 range from approximately 4.5% to approximately 10.0%.
NOTE 5 - RELATED PARTY TRANSACTIONS:
- ------------------------------------
The IFF Common Stock Fund invests in shares of the Company's stock. The
fund is designed as a means for employees to participate in the potential
long-term growth of the Company. Investments in the Company stock is a party in
interest transaction.
Certain Plan investments consist of units in investment funds managed by
Vanguard. Vanguard is a party-in-interest as defined by ERISA.
In the opinion of the Plan administrator, fees paid during the year for
services rendered by parties-in-interest were based on customary and reasonable
rates for such services.
NOTE 6 - TRANSFER OF ASSETS:
- ---------------------------
Other asset transfers in 2004 in the amount of $95,432 include transfers
from the International Flavors Retirement Investment Fund Plan/Union Employees,
an affiliated plan.
NOTE 7 - NET APPRECIATION/(DEPRECIATION) ON INVESTMENTS:
- --------------------------------------------------------
The net appreciation/(depreciation) in the fair value of investments
(including gains and losses on investments sold during the year) was as follows:
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004
YEAR ENDED DECEMBER 31, 2005
International
Flavors & Net
Fragrances Inc. Appreciation/
Common Stock Fund Mutual Funds (Depreciation)
---------------------- ------------------ -------------------
IFF Common Stock Fund $ (2,252,746) $ - $ (2,252,746)
Vanguard Long-Term Investment Grade Fund (38,863) (38,863)
Vanguard 500 Index Fund 1,372,812 1,372,812
Vanguard U.S. Growth Fund 1,160,284 1,160,284
Vanguard International Growth Fund 1,221,026 1,221,026
Vanguard Total Bond Market Index Fund (184,347) (184,347)
Vanguard Explorer Fund 18,208 18,208
Vanguard PRIMECAP Fund 352,550 352,550
Vanguard Asset Allocation Fund 117,274 117,274
Vanguard Mid-Cap Index Fund 934,189 934,189
Vanguard Equity Income Fund (74,070) (74,070)
---------------------- ------------------ -------------------
Total $ (2,252,746) $ 4,879,063 $ 2,626,317
====================== ================== ===================
YEAR ENDED DECEMBER 31, 2004
International
Flavors & Net
Fragrances Inc. Appreciation/
Common Stock Fund Mutual Funds (Depreciation)
----------------------- ------------------- -------------------
IFF Common Stock Fund $ 2,060,909 $ - $ 2,060,909
Vanguard Long-Term Investment Grade Fund 177,086 177,086
Vanguard 500 Index Fund 3,883,205 3,883,205
Vanguard U.S. Growth Fund 753,610 753,610
Vanguard International Growth Fund 1,498,417 1,498,417
Vanguard Total Bond Market Index Fund (41,729) (41,729)
Vanguard Explorer Fund 718,940 718,940
Vanguard PRIMECAP Fund 1,057,142 1,057,142
Vanguard Asset Allocation Fund 259,494 259,494
Vanguard Mid-Cap Index Fund 994,945 994,945
Vanguard Equity Income Fund 52,087 52,087
----------------------- ------------------ -------------------
Total $ 2,060,909 $ 9,353,197 $11,414,106
======================= ================== ===================
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2005 AND 2004
NOTE 8 - PLAN INVESTMENTS REPRESENTING 5% OR MORE OF THE PLAN'S NET ASSETS:
- ---------------------------------------------------------------------------
Investments at fair value that represent 5% or more of the Plan's net
assets at December 31, 2005 and 2004 were as follows:
2005 2004
---- -----
Common Stock Fund:
International Flavors & Fragrances Inc. Common Stock Fund $ - $10,387,908
Mutual Funds:
Vanguard Prime Money Market Fund 40,533,089 47,184,744
Vanguard 500 Index Fund 47,180,948 48,465,601
Vanguard U.S. Growth Fund 12,084,374 11,968,108
Vanguard Mid-Cap Index Fund 9,130,279 -
Vanguard International Growth Fund 12,707,392 10,790,334
Vanguard Total Bond Market Index Fund 9,241,034 8,834,759
SUPPLEMENTAL SCHEDULE
----------------------
INTERNATIONAL FLAVORS & FRAGRANCES INC.
---------------------------------------
RETIREMENT INVESTMENT FUND PLAN
-------------------------------
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
--------------------------------------------------------------
DECEMBER 31, 2005
-----------------
(a) (b) (c) (d) (e)
Desciption of Investment, including
Identity of Issue, Borrower, Lessor, Maturity Date, Rate of Interest, Current
or Similar Party Collateral, Par or Maturity Value Cost Value
- ---- ----------------------------------------- -------------------------------------------------------- -----------
* International Flavors & Fragrances Inc. Common stock $ 7,141,324 $ 7,547,171
* Vanguard Retirement Savings Trust Common/Collective Trust 6,728,980 6,728,980
* Vanguard Long-Term Investment Grade Fund Mutual Fund 7,877,445 8,188,417
* Vanguard Prime Money Market Fund Mutual Fund 40,533,089 40,533,089
* Vanguard 500 Index Fund Mutual Fund 38,544,794 47,180,948
* Vanguard U.S. Growth Fund Mutual Fund 14,450,334 12,084,374
* Vanguard International Growth Fund Mutual Fund 10,309,314 12,707,392
* Vanguard Total Bond Market Index Fund Mutual Fund 9,345,573 9,241,034
* Vanguard Explorer Fund Mutual Fund 6,030,556 6,969,631
* Vanguard PRIMECAP Fund Mutual Fund 7,171,852 8,672,368
* Vanguard Asset Allocation Fund Mutual Fund 3,516,268 3,954,536
* Vanguard Mid-Cap Index Fund Mutual Fund 7,094,632 9,130,279
* Vanguard Equity Income Fund Mutual Fund 2,587,791 2,571,222
* Participant Loans Varying maturity dates through
12/31/2015, interest ranging
from 4.5% to 10.0%, per annum 4,016,664 4,016,664
------------- -------------
TOTAL INVESTMENTS $165,348,616 $179,526,105
============= =============
* denotes party-in-interest to the Plan
See accompanying independent auditor's report
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed by the
undersigned hereunto duly authorized.
International Flavors & Fragrances Inc.
Retirement Investment Fund Plan
Date: June 23, 2006
By: /s/ Steven J. Heaslip
------------------------
Steven J. Heaslip
Member, Management Committee for Savings Plans
By: /s/ Charles D. Weller
-------------------------
Charles D. Weller
Member, Management Committee for Savings Plans
EXHIBIT INDEX
Exhibit No. Description
23.1 Consent of PricewaterhouseCoopers LLP
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-54423) of International Flavors &
Fragrances Inc. of our report dated June 23, 2006 relating to the
financial statements of the International Flavors & Fragrances Inc.
Retirement Investment Fund Plan, which appears in this Form 11-K.
/s/ PricewaterhouseCoopers LLP
------------------------------
New York, New York
June 26, 2006