View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 26, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	INTERNATIONAL FLAVORS & FRAGRANCES INC
Entity Central Index Key	0000051253
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		80,250,212

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 272,276	$ 478,573
Trade receivables (net of allowances of $8,217 and $9,147, respectively)	569,608	493,768
Inventories:
Raw materials	284,503	275,161
Work in process	19,338	17,705
Finished goods	285,622	275,863
Total Inventories	589,463	568,729
Deferred income taxes	12,586	27,709
Prepaid expenses and other current assets	194,818	141,248
Total Current Assets	1,638,751	1,710,027
Property, plant and equipment, at cost	1,779,422	1,766,746
Accumulated depreciation	(1,070,520)	(1,046,478)
Total Property Plant and Equipment	708,902	720,268
Goodwill	932,307	675,484
Other intangible assets, net	323,054	76,557
Deferred income taxes	179,447	183,047
Other assets	129,224	129,238
Total Assets	3,911,685	3,494,621
Current Liabilities:
Bank borrowings and overdrafts and current portion of long-term debt	133,056	8,090
Accounts payable	254,344	216,038
Accrued payroll and bonus	55,228	71,264
Dividends payable	44,995	37,968
Other current liabilities	199,697	185,448
Total Current Liabilities	687,320	518,808
Long-term debt	1,057,992	934,232
DEFERRED GAIN	44,154	46,535
Retirement liabilities	354,507	354,333
Other liabilities	171,563	118,024
Total Other Liabilities	1,628,216	1,453,124
Commitments and Contingencies
Shareholders' Equity:
Common stock 12 1/2¢ par value; authorized 500,000,000 shares; issued 115,858,190 shares as of September 30, 2015 and December 31, 2014 and outstanding 80,356,014 and 80,777,590 shares as of September 30, 2015 and December 31, 2014	14,470	14,470
Capital in excess of par value	136,786	140,008
Retained earnings	3,569,911	3,350,734
Accumulated other comprehensive loss	(611,636)	(540,430)
Treasury stock, at cost - 35,502,176 shares as of September 30, 2015 and 35,080,600 shares as of December 31, 2014	(1,517,659)	(1,446,221)
Total Shareholders' Equity	1,591,872	1,518,561
Noncontrolling interest	4,277	4,128
Total Shareholders' Equity including noncontrolling interest	1,596,149	1,522,689
Total Liabilities and Shareholders' Equity	$ 3,911,685	$ 3,494,621

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Trade receivables allowances	$ 8,217	$ 9,147
Common stock, par value, in dollars per share	$ 0.125	$ 0.125
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	115,858,190	115,858,190
Common stock, shares outstanding	80,356,014	80,777,590
Treasury stock, shares at cost	35,502,176	35,080,600

Consolidated Statement Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 765,092	$ 773,813	$ 2,307,540	$ 2,332,451
Cost of goods sold	417,966	433,702	1,269,097	1,298,281
Gross profit	347,126	340,111	1,038,443	1,034,170
Research and development expenses	62,750	63,701	188,725	191,635
Selling and administrative expenses	127,663	123,212	382,560	379,864
Restructuring and other charges, net	0	608	(170)	912
Operating profit	156,713	152,590	467,328	461,759
Interest expense	11,855	10,968	34,357	34,048
Other expense (income), net	1,959	(563)	(3,315)	(3,761)
Income before taxes	142,899	142,185	436,286	431,472
Taxes on income	36,452	34,770	96,206	107,064
Net income	106,447	107,415	340,080	324,408
Other comprehensive income, after tax:
Foreign currency translation adjustments	(48,368)	(25,046)	(81,326)	(26,872)
(Losses) gains on derivatives qualifying as hedges	(12,498)	5,748	(6,381)	7,806
Pension and postretirement net liability	5,478	3,951	16,501	12,716
Net current period other comprehensive income (loss)	(55,388)	(15,347)	(71,206)	(6,350)
Total comprehensive income	$ 51,059	$ 92,068	$ 268,874	$ 318,058
Net income per share - basic, in dollars per share	$ 1.32	$ 1.32	$ 4.20	$ 3.98
Net income per share - diluted, in dollars per share	$ 1.31	$ 1.31	$ 4.18	$ 3.95
Average number of shares outstanding - basic	80,330	80,942	80,602	80,981
Average number of shares outstanding - diluted	80,737	81,508	81,052	81,556
Dividends declared per share, in dollars per share	$ 0.56	$ 0.47	$ 1.5	$ 1.25

Consolidated Statement Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 340,080	$ 324,408
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	65,099	68,678
Deferred income taxes	13,134	7,496
Gain on disposal of assets	(341)	(2,351)
Stock-based compensation	18,355	19,627
Pension contributions	(61,125)	(34,493)
Changes in assets and liabilities, net of acquisitions:
Trade receivables	(108,563)	(47,929)
Inventories	(31,655)	(21,609)
Accounts payable	54,482	(2,459)
Accruals for incentive compensation	(13,781)	(45,482)
Other current payables and accrued expenses	34,585	(977)
Other assets/liabilities, net	(15,575)	52,594
Net cash provided by operating activities	294,695	317,503
Cash flows from investing activities:
Cash paid for acquisitions, net of cash received (including $15 million of contingent consideration related to the Aromor acquisition in 2014)	(493,469)	(102,500)
Additions to property, plant and equipment	(66,632)	(97,820)
Proceeds from life insurance contracts	868	17,750
Maturity of net investment hedges	9,735	(472)
Proceeds from disposal of assets	3,431	2,506
Net cash used in investing activities	(546,067)	(180,536)
Cash flows from financing activities:
Cash dividends paid to shareholders	(113,875)	(95,113)
Net change in bank borrowings and overdrafts	0	8,926
Deferred financing costs	0	(1,023)
Repayments of debt	(30,000)	0
Proceeds from issuance or drawdown of long-term debt	279,998	4,100
Proceeds from issuance of stock under stock plans	288	1,361
Excess tax benefits on stock-based payments	11,704	6,080
Purchase of treasury stock	(81,237)	(52,453)
Net cash provided by (used in) financing activities	66,878	(128,122)
Proceeds from sale of finance receivables	200	19,400
Effect of exchange rate changes on cash and cash equivalents	(21,803)	(9,514)
Net change in cash and cash equivalents	(206,297)	(669)
Cash and cash equivalents at beginning of year	478,573	405,505
Cash and cash equivalents at end of period	272,276	404,836
Interest paid, net of amounts capitalized	42,871	26,407
Income taxes paid	$ 71,167	$ 63,007

Consolidated Statement Of Cash Flows (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2014 USD ($)
Statement of Cash Flows [Abstract]
Business acquisition contingent consideration	$ 15

Consolidated Financial Statements	9 Months Ended
Consolidated Financial Statements	Sep. 30, 2015
Accounting Policies [Abstract]
Consolidated Financial Statements	Consolidated Financial Statements: Basis of Presentation These interim statements and related management’s discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the related notes and management’s discussion and analysis of results of operations, liquidity and capital resources included in our 2014 Annual Report on Form 10-K (“2014 Form 10-K”). These interim statements are unaudited. The year-end balance sheet data included in this Form 10-Q filing was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America. We have historically operated and continue to operate on a 52/53 week fiscal year ending on the Friday closest to the last day of the quarter. For ease of presentation, September 30 and December 31 are used consistently throughout this Form 10-Q and these interim financial statements and related notes to represent the period-end dates. For the 2015 and 2014 quarters, the actual closing dates were October 2, and September 26, respectively. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. When used herein, the terms “IFF,” the “Company,” “we,” “us” and “our” mean International Flavors & Fragrances Inc. and its consolidated subsidiaries. Reclassifications and Revisions Certain prior year amounts have been reclassified to conform with current year presentation. Additionally, an adjustment has been made to accounts payable and accrued liabilities to correct the classification of certain amounts included in the accompanying December 31, 2014 consolidated balance sheet and a corresponding adjustment has been made to the September 30, 2014 consolidated statement of cash flows. These revisions are not considered material to the previously issued financial statements. Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued authoritative guidance relating to the adjustments made during the measurement period for items in a business combination. Specifically, the new guidance would require adjustments related to the finalization of estimates to be recorded in the period when they are determined and to provide certain additional disclosures. This guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In July 2015, the FASB issued authoritative guidance relating to the measurement of inventory costs, which more closely aligns the measurement of inventory in Generally Accepted Accounting Principles with the measurement of inventory in International Financial Reporting Standards. This guidance is effective for years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a significant impact on its consolidated financial statements. In April 2015, the FASB issued authoritative guidance which provides a practical expedient related to the measurement date of defined benefit plan assets and obligations. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company does not expect that the adoption of this guidance will have a significant impact on its consolidated financial statements. In April 2015, the FASB issued authoritative guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In February 2015, the FASB issued authoritative guidance related to accounting for consolidation of certain legal entities. The guidance will change the analysis that a reporting entity must perform to determine the criteria for consolidating certain types of entities. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In May 2014, the FASB issued authoritative guidance to clarify the principles to be used to recognize revenue and, in August 2015, issued authoritative guidance delaying the effective adoption date of that guidance by one year. The guidance is applicable to all entities and, based on the revised adoption date, is effective for annual and interim periods beginning after December 15, 2017. Adoption as of the original effective date is permitted. The Company is currently evaluating the impact that this new standard will have on its consolidated financial statements. Accounts Receivable The Company sells certain accounts receivable on a non-recourse basis to unrelated financial institutions under “factoring” agreements that are sponsored, solely and individually, by certain customers. The Company accounts for these transactions as sales of receivables, removes the receivables sold from its financial statements, and records cash proceeds when received by the Company. The beneficial impact on cash from operations from participating in these programs increased approximately $0.2 million for the nine months ended September 30, 2015 compared to an increase of approximately $19.4 million for the nine months ended September 30, 2014. The cost of participating in these programs was immaterial to our results in all periods.

Net Income Per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share:

Net income per share is based on the weighted average number of shares outstanding. A reconciliation of the shares used in the computation of basic and diluted net income per share is as follows:



	Three Months Ended September 30,		Nine Months Ended September 30,
(SHARES IN THOUSANDS)	2015	2014	2015	2014
Basic	80,330	80,942	80,602	80,981
Assumed dilution under stock plans	407	566	450	575
Diluted	80,737	81,508	81,052	81,556

There were no stock options or stock-settled appreciation rights (“SSARs”) excluded from the computation of diluted net income per share for the three and nine months ended September 30, 2015 and 2014.

The Company has issued shares of purchased restricted common stock (“PRS”) which contain rights to nonforfeitable dividends while these shares are outstanding and thus are considered participating securities. Such securities are required to be included in the computation of basic and diluted earnings per share pursuant to the two-class method. The Company did not present the two-class method since the difference between basic and diluted net income per share for both unrestricted common shareholders and PRS shareholders was less than $0.01 per share for each period presented, and the number of PRS outstanding as of September 30, 2015 and 2014 was immaterial. Net income allocated to such PRS was $0.5 million and $0.6 million during the three months ended September 30, 2015 and 2014, respectively and $1.6 million and $1.9 million during the nine months ended September 30, 2015 and 2014, respectively.

Restructuring and Other Charges, Net

9 Months Ended

Sep. 30, 2015

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges, Net

Restructuring and Other Charges, Net:

In 2014, the Company closed its fragrance ingredients manufacturing facility in Augusta, Georgia and consolidated production into other Company facilities. In connection with this closure, during 2014, the Company recorded total charges of $13.8 million, consisting of $2.2 million related to severance, $10.3 million related to accelerated depreciation, and $1.3 million in plant shutdown and other related costs. During the nine months ended September 30, 2015, the Company recorded a net credit of $0.2 million principally related to the reversal of severance accruals.

Changes in employee-related restructuring liabilities during the nine months ended September 30, 2015, were as follows:



(DOLLARS IN THOUSANDS)	Employee-Related Costs			Other			Total
December 31, 2014	$	759		$	—		$	759
Additional charges (reversals), net	(357		)	187			(170		)
Payments and other costs	(282		)	(187		)	(469		)
September 30, 2015	$	120		$	—		$	120

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions: 2015 Activity Lucas Meyer During the third quarter of 2015, the Company completed the acquisition of 100% of the outstanding shares of Lucas Meyer Cosmetics, a business of Unipex Group ("Lucas Meyer"). (The total shares acquired include shares effectively acquired pursuant to put and call option agreements). Lucas Meyer was acquired in order to strengthen and expand Fragrance Ingredients. Total consideration was approximately Euro 284 million ($312 million), including approximately $4.8 million of cash acquired. The Company paid Euro 282 million (approximately $310 million) for this acquisition, which was funded from existing resources, and recorded a liability of approximately Euro 2 million (approximately $2 million). The purchase price exceeded the fair value of existing net assets by approximately $289 million. The excess was allocated principally to identifiable intangible assets (approximately $169 million), goodwill (approximately $174 million) and approximately $54 million to deferred taxes. Separately identifiable intangible assets are principally related to customer relationships and proprietary technology. The intangible assets are being amortized using lives ranging from 10-20 years. The purchase price allocation is preliminary pending final valuations and is expected to be completed by the fourth quarter of 2015, with the assignment of final values and applicable useful lives of intangible assets. No pro forma financial information for 2015 is presented as the impact of the acquisition was immaterial to the Consolidated Statement of Comprehensive Income. Ottens Flavors During the second quarter of 2015, the Company completed the acquisition of 100% of the outstanding shares of Henry H. Ottens Manufacturing Co., Inc. ("Ottens Flavors"). Ottens Flavors was acquired in order to strengthen the IFF Flavors business in North America. The Company paid approximately $198.9 million (including approximately $10.4 million of cash acquired) for this acquisition, which was funded from existing resources. The purchase price exceeded the fair value of existing net assets by approximately $162 million. The excess was allocated principally to identifiable intangible assets (approximately $85 million) and goodwill (approximately $78 million). Separately identifiable intangible assets are principally related to customer relationships and proprietary flavors technology. The intangible assets are being amortized using lives ranging from 5-17 years. The purchase price allocation is preliminary pending finalization of the purchase price and is expected to be completed by the fourth quarter of 2015. No pro forma financial information for 2015 is presented as the impact of the acquisition is immaterial. 2014 Activity Aromor During the first quarter of 2014, the Company completed the acquisition of 100% of the equity of Aromor Flavors and Fragrances Ltd. ("Aromor"). Aromor is part of the IFF Fragrances Ingredients business. The Company paid $102.6 million (including $0.1 million of cash acquired) for this acquisition, which was funded from existing resources. The purchase price exceeded the carrying value of existing net assets by approximately $56 million. The excess was allocated principally to identifiable intangible assets (approximately $53 million), goodwill (approximately $10 million) and approximately $9 million to deferred tax liabilities. Separately identifiable intangible assets are principally related to technological know-how. The intangible assets are being amortized using lives ranging from 13-19 years. Additionally, the consideration included $15 million related to post-combination contingent consideration, held in escrow, which is being expensed by the Company as it is earned by the selling shareholders.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets, Net

Other Intangible Assets, Net:

Other intangible assets, net consist of the following amounts:



	September 30,			December 31,
(DOLLARS IN THOUSANDS)	2015			2014
Gross carrying value ⁽¹⁾	$	475,473		$	218,676
Accumulated amortization	(152,419		)	(142,119		)
Total	$	323,054		$	76,557


⁽¹⁾	Includes patents, trademarks, technological know-how and other intellectual property, valued at acquisition.

The increase in intangible assets for the nine months ended September 30, 2015 relates to the acquisitions of Ottens Flavors and Lucas Meyer, as discussed in Note 3.

Amortization

Amortization expense was $5.4 million and $1.9 million for the three months ended September 30, 2015 and 2014, respectively and $10.3 million and $5.9 million for the nine months ended September 30, 2015 and 2014, respectively. Annual amortization is expected to be $15.9 million for the full year 2015, $23.9 million for the years 2016 through 2018, and $23.2 million for the years 2019 through 2020.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Borrowings

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Borrowings

Borrowings:

Debt consists of the following:



(DOLLARS IN THOUSANDS)	Rate		Maturities	September 30, 2015			December 31, 2014
Senior notes - 2007	6.40	%	2017-27	$	500,000		$	500,000
Senior notes - 2006	6.14	%	2016	125,000			125,000
Senior notes - 2013	3.20	%	2023	299,802			299,782
Credit facility	1.31	%	2019	247,655			—
Bank overdrafts and other				14,866			12,335
Deferred realized gains on interest rate swaps				3,725			5,205
				1,191,048			942,322
Less: Current portion of long-term debt				(133,056		)	(8,090		)
				$	1,057,992		$	934,232

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: Uncertain Tax Positions At September 30, 2015, the Company had $15.5 million of unrecognized tax benefits recorded in Other liabilities and $0.5 million recorded in Other current liabilities. If these unrecognized tax benefits were recognized, the effective tax rate would be affected. At September 30, 2015, the Company had accrued interest and penalties of $0.7 million classified in Other liabilities. As of September 30, 2015, the Company’s aggregate provisions for uncertain tax positions, including interest and penalties, was $16.7 million associated with various tax positions asserted in foreign jurisdictions, none of which is individually material. The Company regularly repatriates a portion of current year earnings from select non–U.S. subsidiaries. No provision is made for additional taxes on undistributed earnings of subsidiary companies that are intended and planned to be indefinitely invested in such subsidiaries. We intend to, and have plans to, reinvest these earnings indefinitely in our foreign 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 most significant items are discussed below. In addition, the Company has open tax years with various taxing jurisdictions that range primarily from 2005 to 2014. Based on currently available information, we do 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 our financial position. The Company also has other ongoing tax audits and legal proceedings that relate to indirect taxes, such as value-added taxes, capital tax, sales and use taxes and property taxes, which are discussed in Note 13. Spanish Tax As of December 31, 2014, the Company had one outstanding income tax case in Spain relating to fiscal year 2002, which had been previously appealed by the Company. As of December 31, 2014, the Company had fully reserved the original assessment asserted by the Spanish Tax Authority. During the first quarter of 2015, the Company received a favorable ruling on this appeal and accordingly, reversed the total reserve related to the 2002 fiscal year (with a value of Euro 1.9 million or $2.3 million). As of September 30, 2015, the three dividend withholding tax controversies in Spain have now been resolved. The Company made total payments of Euro 4.5 million ($4.9 million) during the second quarter of 2015 related to the resolution of these three controversies. Effective Tax Rate The effective tax rate for the three months ended September 30, 2015 was 25.5% compared with 24.5% for the three months ended September 30, 2014. The quarter-over-quarter increase is largely due to mix of earnings partially offset by lower loss provisions and lower expected repatriation costs in 2015. The effective tax rate for the nine months ended September 30, 2015 was 22.1% compared with 24.8% for the nine months ended September 30, 2014. The year-over-year decrease is primarily due to a benefit of $10.5 million recorded in the first quarter of 2015, as a result of favorable tax rulings in Spain and another jurisdiction for which reserves were previously recorded.

Stock Compensation Plans

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation Plans

Stock Compensation Plans:

The Company has various plans under which its officers, senior management, other key employees and directors may be granted equity-based awards. Equity awards outstanding under the plans include PRS, purchased restricted stock units, restricted stock units ("RSUs"), stock options, SSARs and Long-Term Incentive Plan awards; liability-based awards outstanding under the plans are cash-settled RSUs.

Stock-based compensation expense and related tax benefits were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Equity-based awards	$	5,495		$	5,593		$	18,355		$	19,627
Liability-based awards	782			452			3,355			3,216
Total stock-based compensation expense	6,277			6,045			21,710			22,843
Less: tax benefit	(1,914		)	(1,899		)	(6,326		)	(6,970		)
Total stock-based compensation expense, after tax	$	4,363		$	4,146		$	15,384		$	15,873

On May 6, 2015, the shareholders of the Company approved the 2015 Stock Award and Incentive Plan (the "2015 Plan"). The 2015 Plan replaces the 2010 Stock Award and Incentive Plan (the “2010 Plan”). The total number of shares authorized for issuance under the Plan is 1,500,000 shares plus shares that remained available for issuance under the 2010 Plan as of May 6, 2015 and any shares subject to outstanding awards under the 2010 Plan that are cancelled, forfeited or expire.

Segment Information

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information:

The Company is organized into two operating segments: Flavors and Fragrances. These segments align with the internal structure of the Company used to manage these businesses. Performance of these operating segments is evaluated based on segment profit which is defined as operating profit before Restructuring and other charges, net, Global expenses (as discussed below) and certain non-recurring items, Interest expense, Other income (expense), net and Taxes on income.

The Global expenses caption below represents corporate and headquarters-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 operating segments.

Reportable segment information is as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Net sales:
Flavors	$	359,103		$	358,708		$	1,108,689		$	1,100,726
Fragrances	405,989			415,105			1,198,851			1,231,725
Consolidated	$	765,092		$	773,813		$	2,307,540		$	2,332,451
Segment profit:
Flavors	$	79,803		$	79,747		$	256,546		$	258,614
Fragrances	90,893			86,615			252,416			259,253
Global expenses	(6,874		)	(12,882		)	(27,067		)	(49,182		)
Restructuring and other charges, net	—			(608		)	170			(912		)
Acquisition and related costs (1)	(6,830		)	—			(13,896		)	—
Operational improvement initiative costs (2)	(279		)	(282		)	(841		)	(6,014		)
Operating profit	156,713			152,590			467,328			461,759
Interest expense	(11,855		)	(10,968		)	(34,357		)	(34,048		)
Other (expense) income, net	(1,959		)	563			3,315			3,761
Income before taxes	$	142,899		$	142,185		$	436,286		$	431,472


(1)	Acquisition and related costs are associated with the acquisitions of Ottens Flavors and Lucas Meyer as discussed in Note 3, including inventory step-up charges related to the inventory acquired.


(2)	Operational improvement initiative costs relate to the closing of a smaller facility in Europe in the 2014 period and certain manufacturing activities in Asia in both the 2015 and 2014 periods, while transferring production to larger facilities in each respective region.

Net sales are attributed to individual regions based upon the destination of product delivery. Net sales related to the U.S. for the three months ended September 30, 2015 and 2014 were $182 million and $162 million, respectively and for the nine months ended September 30, 2015 and 2014 were $520 million and $495 million, respectively. Net sales attributed to all foreign countries in total for the three months ended September 30, 2015 and 2014 were $583 million and $612 million, respectively and for the nine months ended September 30, 2015 and 2014 were $1,788 million and $1,837 million, respectively. No country other than the U.S. had net sales in any period presented greater than 9.0% of total consolidated net sales.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Employee Benefits

9 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

Employee Benefits:

Pension and other defined contribution retirement plan expenses included the following components:



U.S. Plans	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	984		$	530		$	2,952		$	2,299
Interest cost on projected benefit obligation	5,954			6,349			17,860			18,812
Expected return on plan assets	(8,083		)	(6,906		)	(24,248		)	(20,732		)
Net amortization and deferrals	5,203			4,720			15,607			13,229
Net periodic benefit cost	4,058			4,693			12,171			13,608
Defined contribution and other retirement plans	1,847			1,964			6,075			5,866
Total expense	$	5,905		$	6,657		$	18,246		$	19,474

Non-U.S. Plans	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	4,220		$	2,772		$	12,659		$	10,722
Interest cost on projected benefit obligation	6,283			8,298			18,848			25,250
Expected return on plan assets	(12,712		)	(12,576		)	(38,137		)	(37,731		)
Net amortization and deferrals	3,397			2,058			10,189			8,012
Loss due to settlements and special terminations	—			32			—			32
Net periodic benefit cost	1,188			584			3,559			6,285
Defined contribution and other retirement plans	1,923			1,886			5,211			4,508
Total expense	$	3,111		$	2,470		$	8,770		$	10,793

The Company expects to contribute a total of approximately $30 million to its non-U.S. pension plans during 2015. During the three months ended September 30, 2015, there were no contributions made to the qualified U.S. pension plans, but during the nine months ended September 30, 2015, $35.0 million of contributions were made. In the three and nine months ended September 30, 2015, $3.6 million and $26.1 million of contributions were made to the non-U.S. plans, respectively. In the three and nine months ended September 30, 2015, $1.1 million and $3.2 million of benefit payments were made with respect to the Company’s non-qualified U.S. pension plan, respectively.

Expense recognized for postretirement benefits other than pensions included the following components:



	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	301		$	326		$	901		$	971
Interest cost on projected benefit obligation	1,082			1,197			3,246			3,672
Net amortization and deferrals	(712		)	(1,124		)	(2,134		)	(3,082		)
Total postretirement benefit expense	$	671		$	399		$	2,013		$	1,561

The Company expects to contribute approximately $5 million to its postretirement benefits other than pension plans during 2015. In the three and nine months ended September 30, 2015, $1.4 million and $4.8 million of contributions were made.

Financial Instruments

9 Months Ended

Sep. 30, 2015

Investments, All Other Investments [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 our 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 us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. We determine the fair value of structured liabilities (where performance is linked to structured interest rates, inflation or currency risks) using the 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. We do not have any instruments classified as Level 1 or Level 3, other than those included in pension asset trusts as discussed in Note 13 of our 2014 Form 10-K.

These valuations take into consideration our credit risk and our counterparties’ credit risk. The estimated change in the fair value of these instruments due to such changes in our own credit risk (or instrument-specific credit risk) was immaterial as of September 30, 2015.

The amounts recorded in the balance sheet (carrying amount) and the estimated fair values of financial instruments at September 30, 2015 and December 31, 2014 consisted of the following:



	September 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
(DOLLARS IN THOUSANDS)
Cash and cash equivalents ⁽¹⁾	$	272,276	$	272,276	$	478,573	$	478,573
Credit facilities and bank overdrafts ⁽²⁾	262,521		262,521		12,335		12,335
Long-term debt: ⁽³⁾
Senior notes - 2007	500,000		576,155		500,000		587,650
Senior notes - 2006	125,000		129,110		125,000		133,137
Senior notes - 2013	299,802		299,577		299,782		296,290


(1)	The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.


(2)	The carrying amount of our credit facilities and bank overdrafts 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 fair value of our long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on our own credit risk.

Derivatives

The Company periodically enters into foreign currency forward contracts with the objective of reducing exposure to cash flow volatility associated with our 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.

During the nine months ended September 30, 2015 and the year ended December 31, 2014, the Company entered into several forward currency contracts which qualified as net investment hedges, in order to mitigate a portion of our net European investments from foreign currency risk. The effective portions of net investment hedges are recorded in Other comprehensive income (“OCI”) as a component of Foreign currency translation adjustments in the accompanying Consolidated Statement of Comprehensive Income. Realized gains (losses) are deferred in accumulated other comprehensive income ("AOCI") where they will remain until the net investments in our European subsidiaries are divested. The outstanding forward currency contracts have remaining maturities of approximately one year. Four of these forward currency contracts matured during the nine months ended September 30, 2015.

During the nine months ended September 30, 2015 and the year ended December 31, 2014, 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 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 Comprehensive Income in the same period as the related costs are recognized.

During 2015 and 2014, the Company entered into interest rate swap agreements that effectively converted the fixed rate on a portion of our long-term borrowings to a variable short-term rate based on the LIBOR plus an interest markup. These swaps are designated as fair value hedges. Amounts recognized in Interest expense were immaterial for the three and nine months ended September 30, 2015.

The following table shows the notional amount of the Company’s derivative instruments outstanding as of September 30, 2015 and December 31, 2014:



(DOLLARS IN THOUSANDS)	September 30, 2015		December 31, 2014
Foreign currency contracts	$	283,550	$	191,150
Interest rate swaps	$	775,000	$	425,000

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 Sheets as of September 30, 2015 and December 31, 2014:



	September 30, 2015
(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	$	6,690	$	2,149	$	8,839
Interest rate swaps	4,409		—		4,409
	$	11,099	$	2,149	$	13,248
Derivative liabilities ^(b)
Foreign currency contracts	$	3,725	$	2,263	$	5,988
Interest rate swaps	4,772		—		4,772
	$	8,497	$	2,263	$	10,760



	December 31, 2014
(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	$	16,637	$	4,398	$	21,035
Interest rate swaps	683		—		683
	$	17,320	$	4,398	$	21,718
Derivative liabilities ^(b)
Foreign currency contracts	$	6	$	1,055	$	1,061


(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 Comprehensive Income for the three and nine months ended September 30, 2015 and 2014 (in thousands):



Derivatives Not Designated as Hedging Instruments	Amount of Gain (Loss) Recognized in Income on Derivative					Location of Gain (Loss) Recognized in Income on Derivative
	Three Months Ended September 30,
	2015			2014
Foreign currency contracts	$	(1,979	)	$	17,517	Other expense (income), net
Derivatives Not Designated as Hedging Instruments	Amount of Gain (Loss) Recognized in Income on Derivative					Location of Gain (Loss) Recognized in Income on Derivative
	Nine Months Ended September 30,
	2015			2014
Foreign currency contracts	$	8,097		$	18,942	Other expense (income), net

Most of these net gains (losses) 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 in the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2015 and 2014 (in thousands):



	Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)					Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)
	Three Months Ended September 30,						Three Months Ended September 30,
	2015			2014			2015			2014
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	(7,794		)	5,680		Cost of goods sold	6,956			(1,221		)
Interest rate swaps ⁽¹⁾	(4,703		)	69		Interest expense	(69		)	(69		)
Derivatives in Net Investment Hedging Relationships:
Foreign currency contracts	(547		)	5,097		N/A	—			—
Total	$	(13,044	)	$	10,846		$	6,887		$	(1,290	)

	Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)					Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	(1,815		)	7,601		Cost of goods sold	11,540			(2,699		)
Interest rate swaps ⁽¹⁾	(4,565		)	207		Interest expense	(207		)	$	(207	)
Derivatives in Net Investment Hedging Relationships:
Foreign currency contracts	2,984			5,395		N/A	—			—
Total	$	(3,396	)	$	13,203		$	11,333		$	(2,906	)

(1) Interest rate swaps were entered into as pre-issuance hedges.

No ineffectiveness was experienced in the above noted cash flow hedges during the three and nine months ended September 30, 2015 and 2014. The ineffective portion of the net investment hedges was not material during the three and nine months ended September 30, 2015 and 2014.

The Company expects that approximately $8.7 million (net of tax) of derivative gains included in AOCI at September 30, 2015, based on current market rates, will be reclassified into earnings within the next 12 months. The majority of this amount will vary due to fluctuations in foreign currency exchange rates.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

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:



	Foreign Currency Translation Adjustments			(Losses) Gains on Derivatives Qualifying as Hedges			Pension and Postretirement Liability Adjustment			Total
(DOLLARS IN THOUSANDS)
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2014	$	(173,342	)	$	12,371		$	(379,459	)	$	(540,430	)
OCI before reclassifications	(81,326		)	4,952			—			(76,374		)
Amounts reclassified from AOCI	—			(11,333		)	16,501			5,168
Net current period other comprehensive income (loss)	(81,326		)	(6,381		)	16,501			(71,206		)
Accumulated other comprehensive (loss) income, net of tax, as of September 30, 2015	$	(254,668	)	$	5,990		$	(362,958	)	$	(611,636	)



	Foreign Currency Translation Adjustments			(Losses) Gains on Derivatives Qualifying as Hedges			Pension and Postretirement Liability Adjustment			Total
(DOLLARS IN THOUSANDS)
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2013	$	(104,278	)	$	(4,012	)	$	(284,421	)	$	(392,711	)
OCI before reclassifications	(26,872		)	4,900			—			(21,972		)
Amounts reclassified from AOCI	—			2,906			12,716			15,622
Net current period other comprehensive income (loss)	(26,872		)	7,806			12,716			(6,350		)
Accumulated other comprehensive (loss) income, net of tax, as of September 30, 2014	$	(131,150	)	$	3,794		$	(271,705	)	$	(399,061	)

The following table provides details about reclassifications out of accumulated other comprehensive income to the Consolidated Statement of Comprehensive Income:



	Nine Months Ended September 30, 2015			Nine Months Ended September 30, 2014			Affected Line Item in the Consolidated Statement of Comprehensive Income
(DOLLARS IN THOUSANDS)
(Losses) gains on derivatives qualifying as hedges
Foreign currency contracts	13,189			(3,723		)	Cost of goods sold
Interest rate swaps	(207		)	(207		)	Interest expense
	(1,649		)	1,024			Provision for income taxes
	$	11,333		$	(2,906	)	Total, net of income taxes
(Losses) gains on pension and postretirement liability adjustments
Settlements / Curtailments	$	—		$	(32	)	^(a)
Prior service cost	3,472			3,489			^(a)
Actuarial losses	(27,134		)	(21,648		)	^(a)
	7,161			5,475			Provision for income taxes
	$	(16,501	)	$	(12,716	)	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 13 of our 2014 Form 10-K for additional information regarding net periodic benefit cost.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2015
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 September 30, 2015, we had total bank guarantees and standby letters of credit of approximately $31.3 million with various financial institutions. Included in the above aggregate amount is a total of $13.2 million in bank guarantees which the Company has posted for certain assessments in Brazil for other diverse 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 September 30, 2015. 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 $12.0 million as of September 30, 2015. Lines of Credit The Company has various lines of credit which are available to support its ongoing business operations. At September 30, 2015, we had available lines of credit (in addition to the Credit Facility discussed in Note 8 of our 2014 Form 10-K) of approximately $68.0 million with various financial institutions. There were no significant amounts drawn down pursuant to these lines of credit as of September 30, 2015. 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, we assess our 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 our 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. We record the expected liability with respect to claims in Other liabilities and expected recoveries from our insurance carriers in Other assets. We recognize a receivable when we believe that realization of the insurance receivable is probable under the terms of the insurance policies and our payment experience to date. Environmental Over the past 20 years, various federal and state authorities and private parties have claimed that we are a Potentially Responsible Party (“PRP”) as a generator of waste materials for alleged pollution at a number of waste sites operated by third parties located principally in New Jersey and have sought to recover costs incurred and to be incurred to clean up the sites. We have been identified as a PRP at eight facilities operated by third parties at which investigation and/or remediation activities may be ongoing. We analyze our potential liability on at least a quarterly basis. We accrue for environmental liabilities when they are probable and estimable. We estimate our share of the total future cost for these sites to be less than $5 million. While joint and several liability is authorized under federal and state environmental laws, we believe the amounts we have paid and anticipate paying in the future for clean-up costs and damages at all sites are not material and will not have a material adverse effect on our financial condition, results of operations or liquidity. This assessment is based upon, among other things, the involvement of other PRPs at most of the sites, the status of the proceedings, including various settlement agreements and consent decrees, and the extended time period over which payments will likely be made. There can be no assurance, however, that future events will not require us to materially increase the amounts we anticipate paying for clean-up costs and damages at these sites, and that such increased amounts will not have a material adverse effect on our financial condition, results of operations or cash flows. China Odor Matter The Company has been notified by Chinese authorities of compliance issues pertaining to the emission of odors from several of its plants in China. The Company has been addressing these issues by making investments in additional odor-abatement equipment. The Company’s Flavors facility in China was temporarily idled and another facility is currently operating at a reduced workload. The Company has been making and will continue to make additional odor-abatement investments across all of its China facilities while it continues to work with the various authorities in China. To meet production requirements, the Company has moved a portion of its Chinese Flavors production to other IFF and third party facilities. 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 we operate 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, we believe we have valid defenses for the underlying positions under dispute; however, in order to pursue these defenses, we are required to, and have provided, bank guarantees and pledged assets in the aggregate amount of $25.2 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. In March 2012, ZoomEssence, Inc. filed a complaint against the Company in the U.S. District Court of New Jersey alleging trade secret misappropriation, breach of contract and unjust enrichment in connection with certain spray dry technology disclosed to the Company. In connection with the claims, ZoomEssence is seeking an injunction and monetary damages. ZoomEssence initially sought a temporary restraining order and preliminary injunction, but the Court denied these applications in an order entered on September 27, 2013, finding that ZoomEssence had not demonstrated a likelihood of success on the merits of its claims. The Court subsequently referred the matter to mediation, however the private mediation session did not result in a resolution of the dispute. On November 3, 2014, ZoomEssence amended its complaint against the Company to include allegations of breach of the duty of good faith and fair dealing, fraud in the inducement, and misappropriation of confidential and proprietary information. On November 13, 2014, the Company filed a counterclaim against ZoomEssence alleging trade secret misappropriation, breach of contract, breach of the implied covenant of good faith and fair dealing, unjust enrichment, misappropriation of confidential and proprietary information, common law unfair competition, tortious interference with contractual relations, and conversion. The case is currently proceeding through discovery with a trial on the merits anticipated in mid-2016. The Company denies the allegations and will vigorously defend and pursue its position in Court. At this stage of the litigation, based on the information currently available to the Company, management does not believe that this matter represents a material loss contingency. Based on the information available as of September 30, 2015, we estimate a range of reasonably possible loss related to the matters above, collectively, is $0-$31 million.

Consolidated Financial Statements (Policies)	9 Months Ended
Consolidated Financial Statements (Policies)	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These interim statements and related management’s discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the related notes and management’s discussion and analysis of results of operations, liquidity and capital resources included in our 2014 Annual Report on Form 10-K (“2014 Form 10-K”). These interim statements are unaudited. The year-end balance sheet data included in this Form 10-Q filing was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America. We have historically operated and continue to operate on a 52/53 week fiscal year ending on the Friday closest to the last day of the quarter. For ease of presentation, September 30 and December 31 are used consistently throughout this Form 10-Q and these interim financial statements and related notes to represent the period-end dates. For the 2015 and 2014 quarters, the actual closing dates were October 2, and September 26, respectively. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. When used herein, the terms “IFF,” the “Company,” “we,” “us” and “our” mean International Flavors & Fragrances Inc. and its consolidated subsidiaries.
Reclassifications and Revisions	Reclassifications and Revisions Certain prior year amounts have been reclassified to conform with current year presentation. Additionally, an adjustment has been made to accounts payable and accrued liabilities to correct the classification of certain amounts included in the accompanying December 31, 2014 consolidated balance sheet and a corresponding adjustment has been made to the September 30, 2014 consolidated statement of cash flows. These revisions are not considered material to the previously issued financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued authoritative guidance relating to the adjustments made during the measurement period for items in a business combination. Specifically, the new guidance would require adjustments related to the finalization of estimates to be recorded in the period when they are determined and to provide certain additional disclosures. This guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In July 2015, the FASB issued authoritative guidance relating to the measurement of inventory costs, which more closely aligns the measurement of inventory in Generally Accepted Accounting Principles with the measurement of inventory in International Financial Reporting Standards. This guidance is effective for years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a significant impact on its consolidated financial statements. In April 2015, the FASB issued authoritative guidance which provides a practical expedient related to the measurement date of defined benefit plan assets and obligations. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company does not expect that the adoption of this guidance will have a significant impact on its consolidated financial statements. In April 2015, the FASB issued authoritative guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In February 2015, the FASB issued authoritative guidance related to accounting for consolidation of certain legal entities. The guidance will change the analysis that a reporting entity must perform to determine the criteria for consolidating certain types of entities. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In May 2014, the FASB issued authoritative guidance to clarify the principles to be used to recognize revenue and, in August 2015, issued authoritative guidance delaying the effective adoption date of that guidance by one year. The guidance is applicable to all entities and, based on the revised adoption date, is effective for annual and interim periods beginning after December 15, 2017. Adoption as of the original effective date is permitted. The Company is currently evaluating the impact that this new standard will have on its consolidated financial statements.
Accounts Receivable	Accounts Receivable The Company sells certain accounts receivable on a non-recourse basis to unrelated financial institutions under “factoring” agreements that are sponsored, solely and individually, by certain customers. The Company accounts for these transactions as sales of receivables, removes the receivables sold from its financial statements, and records cash proceeds when received by the Company.

- Definition

Disclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables. If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs.

+ References + Details

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Reconciliation of Shares Used in Computation of Basic and Diluted Net Income Per Share

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



	Three Months Ended September 30,		Nine Months Ended September 30,
(SHARES IN THOUSANDS)	2015	2014	2015	2014
Basic	80,330	80,942	80,602	80,981
Assumed dilution under stock plans	407	566	450	575
Diluted	80,737	81,508	81,052	81,556

Restructuring and Other Charges, Net (Tables)

9 Months Ended

Sep. 30, 2015

Restructuring and Related Activities [Abstract]

Changes in Employee-Related Restructuring Liabilities

Changes in employee-related restructuring liabilities during the nine months ended September 30, 2015, were as follows:



(DOLLARS IN THOUSANDS)	Employee-Related Costs			Other			Total
December 31, 2014	$	759		$	—		$	759
Additional charges (reversals), net	(357		)	187			(170		)
Payments and other costs	(282		)	(187		)	(469		)
September 30, 2015	$	120		$	—		$	120

Other Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Other Intangible Assets, Net

Other intangible assets, net consist of the following amounts:



	September 30,			December 31,
(DOLLARS IN THOUSANDS)	2015			2014
Gross carrying value ⁽¹⁾	$	475,473		$	218,676
Accumulated amortization	(152,419		)	(142,119		)
Total	$	323,054		$	76,557


⁽¹⁾	Includes patents, trademarks, technological know-how and other intellectual property, valued at acquisition.

Borrowings (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Components of Debt

Debt consists of the following:



(DOLLARS IN THOUSANDS)	Rate		Maturities	September 30, 2015			December 31, 2014
Senior notes - 2007	6.40	%	2017-27	$	500,000		$	500,000
Senior notes - 2006	6.14	%	2016	125,000			125,000
Senior notes - 2013	3.20	%	2023	299,802			299,782
Credit facility	1.31	%	2019	247,655			—
Bank overdrafts and other				14,866			12,335
Deferred realized gains on interest rate swaps				3,725			5,205
				1,191,048			942,322
Less: Current portion of long-term debt				(133,056		)	(8,090		)
				$	1,057,992		$	934,232

Stock Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Expense and Related Tax Benefits

Stock-based compensation expense and related tax benefits were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Equity-based awards	$	5,495		$	5,593		$	18,355		$	19,627
Liability-based awards	782			452			3,355			3,216
Total stock-based compensation expense	6,277			6,045			21,710			22,843
Less: tax benefit	(1,914		)	(1,899		)	(6,326		)	(6,970		)
Total stock-based compensation expense, after tax	$	4,363		$	4,146		$	15,384		$	15,873

Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Net sales:
Flavors	$	359,103		$	358,708		$	1,108,689		$	1,100,726
Fragrances	405,989			415,105			1,198,851			1,231,725
Consolidated	$	765,092		$	773,813		$	2,307,540		$	2,332,451
Segment profit:
Flavors	$	79,803		$	79,747		$	256,546		$	258,614
Fragrances	90,893			86,615			252,416			259,253
Global expenses	(6,874		)	(12,882		)	(27,067		)	(49,182		)
Restructuring and other charges, net	—			(608		)	170			(912		)
Acquisition and related costs (1)	(6,830		)	—			(13,896		)	—
Operational improvement initiative costs (2)	(279		)	(282		)	(841		)	(6,014		)
Operating profit	156,713			152,590			467,328			461,759
Interest expense	(11,855		)	(10,968		)	(34,357		)	(34,048		)
Other (expense) income, net	(1,959		)	563			3,315			3,761
Income before taxes	$	142,899		$	142,185		$	436,286		$	431,472


(1)	Acquisition and related costs are associated with the acquisitions of Ottens Flavors and Lucas Meyer as discussed in Note 3, including inventory step-up charges related to the inventory acquired.


(2)	Operational improvement initiative costs relate to the closing of a smaller facility in Europe in the 2014 period and certain manufacturing activities in Asia in both the 2015 and 2014 periods, while transferring production to larger facilities in each respective region.

Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Pension and Other Defined Contribution Retirement Plan Expenses

Pension and other defined contribution retirement plan expenses included the following components:



U.S. Plans	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	984		$	530		$	2,952		$	2,299
Interest cost on projected benefit obligation	5,954			6,349			17,860			18,812
Expected return on plan assets	(8,083		)	(6,906		)	(24,248		)	(20,732		)
Net amortization and deferrals	5,203			4,720			15,607			13,229
Net periodic benefit cost	4,058			4,693			12,171			13,608
Defined contribution and other retirement plans	1,847			1,964			6,075			5,866
Total expense	$	5,905		$	6,657		$	18,246		$	19,474

Non-U.S. Plans	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	4,220		$	2,772		$	12,659		$	10,722
Interest cost on projected benefit obligation	6,283			8,298			18,848			25,250
Expected return on plan assets	(12,712		)	(12,576		)	(38,137		)	(37,731		)
Net amortization and deferrals	3,397			2,058			10,189			8,012
Loss due to settlements and special terminations	—			32			—			32
Net periodic benefit cost	1,188			584			3,559			6,285
Defined contribution and other retirement plans	1,923			1,886			5,211			4,508
Total expense	$	3,111		$	2,470		$	8,770		$	10,793

Postretirement Benefits Other Than Pension Expenses

Expense recognized for postretirement benefits other than pensions included the following components:



	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	301		$	326		$	901		$	971
Interest cost on projected benefit obligation	1,082			1,197			3,246			3,672
Net amortization and deferrals	(712		)	(1,124		)	(2,134		)	(3,082		)
Total postretirement benefit expense	$	671		$	399		$	2,013		$	1,561

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Investments, All Other Investments [Abstract]

Carrying Amount and Estimated Fair Values of Financial Instruments

The amounts recorded in the balance sheet (carrying amount) and the estimated fair values of financial instruments at September 30, 2015 and December 31, 2014 consisted of the following:



	September 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
(DOLLARS IN THOUSANDS)
Cash and cash equivalents ⁽¹⁾	$	272,276	$	272,276	$	478,573	$	478,573
Credit facilities and bank overdrafts ⁽²⁾	262,521		262,521		12,335		12,335
Long-term debt: ⁽³⁾
Senior notes - 2007	500,000		576,155		500,000		587,650
Senior notes - 2006	125,000		129,110		125,000		133,137
Senior notes - 2013	299,802		299,577		299,782		296,290


(1)	The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.


(2)	The carrying amount of our credit facilities and bank overdrafts 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 fair value of our long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on our own credit risk.

Derivative Instruments Notional Amount Outstanding

The following table shows the notional amount of the Company’s derivative instruments outstanding as of September 30, 2015 and December 31, 2014:



(DOLLARS IN THOUSANDS)	September 30, 2015		December 31, 2014
Foreign currency contracts	$	283,550	$	191,150
Interest rate swaps	$	775,000	$	425,000

Derivative Instruments Measured at Fair Value



	September 30, 2015
(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	$	6,690	$	2,149	$	8,839
Interest rate swaps	4,409		—		4,409
	$	11,099	$	2,149	$	13,248
Derivative liabilities ^(b)
Foreign currency contracts	$	3,725	$	2,263	$	5,988
Interest rate swaps	4,772		—		4,772
	$	8,497	$	2,263	$	10,760



	December 31, 2014
(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	$	16,637	$	4,398	$	21,035
Interest rate swaps	683		—		683
	$	17,320	$	4,398	$	21,718
Derivative liabilities ^(b)
Foreign currency contracts	$	6	$	1,055	$	1,061


(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



Derivatives Not Designated as Hedging Instruments	Amount of Gain (Loss) Recognized in Income on Derivative					Location of Gain (Loss) Recognized in Income on Derivative
	Three Months Ended September 30,
	2015			2014
Foreign currency contracts	$	(1,979	)	$	17,517	Other expense (income), net
Derivatives Not Designated as Hedging Instruments	Amount of Gain (Loss) Recognized in Income on Derivative					Location of Gain (Loss) Recognized in Income on Derivative
	Nine Months Ended September 30,
	2015			2014
Foreign currency contracts	$	8,097		$	18,942	Other expense (income), net

Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments



	Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)					Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)
	Three Months Ended September 30,						Three Months Ended September 30,
	2015			2014			2015			2014
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	(7,794		)	5,680		Cost of goods sold	6,956			(1,221		)
Interest rate swaps ⁽¹⁾	(4,703		)	69		Interest expense	(69		)	(69		)
Derivatives in Net Investment Hedging Relationships:
Foreign currency contracts	(547		)	5,097		N/A	—			—
Total	$	(13,044	)	$	10,846		$	6,887		$	(1,290	)

	Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)					Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts	(1,815		)	7,601		Cost of goods sold	11,540			(2,699		)
Interest rate swaps ⁽¹⁾	(4,565		)	207		Interest expense	(207		)	$	(207	)
Derivatives in Net Investment Hedging Relationships:
Foreign currency contracts	2,984			5,395		N/A	—			—
Total	$	(3,396	)	$	13,203		$	11,333		$	(2,906	)

(1) Interest rate swaps were entered into as pre-issuance hedges.

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)



	Foreign Currency Translation Adjustments			(Losses) Gains on Derivatives Qualifying as Hedges			Pension and Postretirement Liability Adjustment			Total
(DOLLARS IN THOUSANDS)
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2014	$	(173,342	)	$	12,371		$	(379,459	)	$	(540,430	)
OCI before reclassifications	(81,326		)	4,952			—			(76,374		)
Amounts reclassified from AOCI	—			(11,333		)	16,501			5,168
Net current period other comprehensive income (loss)	(81,326		)	(6,381		)	16,501			(71,206		)
Accumulated other comprehensive (loss) income, net of tax, as of September 30, 2015	$	(254,668	)	$	5,990		$	(362,958	)	$	(611,636	)



	Foreign Currency Translation Adjustments			(Losses) Gains on Derivatives Qualifying as Hedges			Pension and Postretirement Liability Adjustment			Total
(DOLLARS IN THOUSANDS)
Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2013	$	(104,278	)	$	(4,012	)	$	(284,421	)	$	(392,711	)
OCI before reclassifications	(26,872		)	4,900			—			(21,972		)
Amounts reclassified from AOCI	—			2,906			12,716			15,622
Net current period other comprehensive income (loss)	(26,872		)	7,806			12,716			(6,350		)
Accumulated other comprehensive (loss) income, net of tax, as of September 30, 2014	$	(131,150	)	$	3,794		$	(271,705	)	$	(399,061	)

Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income

The following table provides details about reclassifications out of accumulated other comprehensive income to the Consolidated Statement of Comprehensive Income:



	Nine Months Ended September 30, 2015			Nine Months Ended September 30, 2014			Affected Line Item in the Consolidated Statement of Comprehensive Income
(DOLLARS IN THOUSANDS)
(Losses) gains on derivatives qualifying as hedges
Foreign currency contracts	13,189			(3,723		)	Cost of goods sold
Interest rate swaps	(207		)	(207		)	Interest expense
	(1,649		)	1,024			Provision for income taxes
	$	11,333		$	(2,906	)	Total, net of income taxes
(Losses) gains on pension and postretirement liability adjustments
Settlements / Curtailments	$	—		$	(32	)	^(a)
Prior service cost	3,472			3,489			^(a)
Actuarial losses	(27,134		)	(21,648		)	^(a)
	7,161			5,475			Provision for income taxes
	$	(16,501	)	$	(12,716	)	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 13 of our 2014 Form 10-K for additional information regarding net periodic benefit cost.

Consolidated Financial Statements Consolidated Financial Statements (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Proceeds from sale of finance receivables	$ 0.2	$ 19.4

Net Income Per Share - Reconciliation of Shares Used in Computation of Basic and Diluted Net Income Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Basic (shares)	80,330	80,942	80,602	80,981
Assumed dilution under stock plans (shares)	407	566	450	575
Diluted (shares)	80,737	81,508	81,052	81,556

Net Income Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income allocated to PRS	$ 0.5	$ 0.6	$ 1.6	$ 1.9
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Difference amount between basic and diluted net income per share			$ 0.01	$ 0.01

Restructuring and Other Charges, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring charge	$ 0	$ 608	$ (170)	$ 912
Fragrance Ingredients Rationalization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charge			(170)		$ 13,800
Restructuring, personnel-related costs					2,200
Restructuring, accelerated depreciation of fixed assets					10,300
Restructuring, plant shutdown and other related costs			$ 200
Facility Closing [Member] \| Fragrance Ingredients Rationalization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Costs					$ 1,300

Restructuring and Other Charges, Net - Changes in Employee-Related Restructuring Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Restructuring Reserve [Roll Forward]
Additional charges, net	$ 0	$ 608	$ (170)	$ 912
Fragrance Ingredients Rationalization [Member]
Restructuring Reserve [Roll Forward]
Beginning Balance			759
Additional charges, net			(170)		$ 13,800
Payments and other costs			(469)
Ending Balance	120		120		759
Fragrance Ingredients Rationalization [Member] \| Employee -Related Costs [Member]
Restructuring Reserve [Roll Forward]
Beginning Balance			759
Additional charges, net			(357)
Payments and other costs			(282)
Ending Balance	120		120		759
Fragrance Ingredients Rationalization [Member] \| Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Beginning Balance			0
Additional charges, net			187
Payments and other costs			(187)
Ending Balance	$ 0		$ 0		$ 0

Acquisitions (Details) $ in Thousands, € in Millions	3 Months Ended				9 Months Ended
Acquisitions (Details) $ in Thousands, € in Millions	Sep. 30, 2015 EUR (€)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Cash paid for acquisition, net of cash received					$ 493,469	$ 102,500
Goodwill		$ 932,307			$ 932,307		$ 675,484
Business acquisition contingent consideration						$ 15,000
Henry H Ottens Manufacturing Co [Member]
Business Acquisition [Line Items]
Percentage of interests acquired			100.00%
Cash Acquired from Acquisition			$ 10,400
Cash paid for acquisition, net of cash received			198,900
Purchase price over carrying value of net assets			162,000
Intangible assets acquired			85,000
Goodwill			$ 78,000
Lucas Meyer [Member]
Business Acquisition [Line Items]
Percentage of interests acquired		10000.00%			10000.00%
Total consideration for acquisition	€ 284	$ 312,000
Cash Acquired from Acquisition		4,800
Cash paid for acquisition, net of cash received	€ 282	310,000
Liability recorded for acquisition consideration		2,000
Purchase price over carrying value of net assets		289,000			$ 289,000
Intangible assets acquired		169,000			169,000
Goodwill		174,000			174,000
Deferred tax liabilities		$ 54,000			$ 54,000
Aromor [Member]
Business Acquisition [Line Items]
Percentage of interests acquired				100.00%
Cash Acquired from Acquisition				$ 100
Cash paid for acquisition, net of cash received				102,600
Purchase price over carrying value of net assets				56,000
Intangible assets acquired				53,000
Goodwill				10,000
Deferred tax liabilities				9,000
Business acquisition contingent consideration				$ 15,000
Minimum [Member] \| Henry H Ottens Manufacturing Co [Member]
Business Acquisition [Line Items]
Acquired intangible assets useful life			5 years
Minimum [Member] \| Lucas Meyer [Member]
Business Acquisition [Line Items]
Acquired intangible assets useful life	10 years	10 years
Minimum [Member] \| Aromor [Member]
Business Acquisition [Line Items]
Acquired intangible assets useful life				13 years
Maximum [Member] \| Henry H Ottens Manufacturing Co [Member]
Business Acquisition [Line Items]
Acquired intangible assets useful life			17 years
Maximum [Member] \| Lucas Meyer [Member]
Business Acquisition [Line Items]
Acquired intangible assets useful life	20 years	20 years
Maximum [Member] \| Aromor [Member]
Business Acquisition [Line Items]
Acquired intangible assets useful life				19 years

Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Detail) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Gross carrying value

^[1]

$ 475,473

$ 218,676

Accumulated amortization

(152,419)

(142,119)

Total

$ 323,054

$ 76,557

[1]	Includes patents, trademarks, technological know-how and other intellectual property, valued at acquisition.

Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 5.4	$ 1.9	$ 10.3	$ 5.9
Estimated annual amortization, 2015	15.9		15.9
Estimated annual amortization, 2016	23.9		23.9
Estimated annual amortization, 2017	23.9		23.9
Estimated annual amortization, 2018	23.9		23.9
Estimated annual amortization, 2019	23.2		23.2
Estimated annual amortization, 2020	$ 23.2		$ 23.2

Borrowings - Components of Debt (Detail) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2015

Dec. 31, 2014

Debt Instrument [Line Items]

Total debt

$ 1,191,048

$ 942,322

Less: Current portion of long-term debt

(133,056)

(8,090)

Total long-term debt

$ 1,057,992

934,232

Senior Notes 2007 [Member]

Debt Instrument [Line Items]

Rate

6.40%

Credit facilities

$ 500,000

500,000

Senior Notes 2007 [Member] | Minimum [Member]

Debt Instrument [Line Items]

Maturities

2017

Senior Notes 2007 [Member] | Maximum [Member]

Debt Instrument [Line Items]

Maturities

2027

Senior Notes 2006 [Member]

Debt Instrument [Line Items]

Rate

6.14%

Maturities

2016

Credit facilities

$ 125,000

125,000

Senior Notes 2013 [Member]

Debt Instrument [Line Items]

Rate

3.20%

Maturities

2023

Credit facilities

$ 299,802

299,782

Revolver Borrowings [Member]

Debt Instrument [Line Items]

Rate

1.31%

Maturities

2019

Credit facilities

$ 247,655

Bank overdrafts and other [Member]

Debt Instrument [Line Items]

Bank overdrafts and other

14,866

12,335

Deferred realized gains on interest rate swaps [Member]

Debt Instrument [Line Items]

Deferred realized gains on interest rate swaps

$ 3,725

5,205

Reported Value Measurement [Member]

Debt Instrument [Line Items]

Credit facilities

^[1]

$ 299,782

[1]	The fair value of our long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on our own credit risk.

Income Taxes - Additional Information (Detail) € in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Sep. 30, 2014	Sep. 30, 2015 EUR (€)	Sep. 30, 2015 USD ($)	Sep. 30, 2014	Dec. 31, 2014 EUR (€)	Dec. 31, 2014 USD ($)
Income Taxes [Line Items]
Settlements				€ 4.5	$ 4.9
Effective tax rate				22.10%	22.10%	24.80%
Tax settlement		$ 10.5
Spanish tax settlement [Member]
Income Taxes [Line Items]
Effective tax rate	25.50%		24.50%
Foreign Tax Authority [Member]
Income Taxes [Line Items]
Provision for uncertain tax positions	$ 16.7				$ 16.7
Reversal of reserve due to settlement with taxing authority							€ 1.9	$ 2.3
2007-2012 [Member] \| Minimum [Member]
Income Taxes [Line Items]
Income tax examination, years under examination				2005	2005
2007-2012 [Member] \| Maximum [Member]
Income Taxes [Line Items]
Income tax examination, years under examination				2014	2014
Other Liabilities [Member]
Income Taxes [Line Items]
Unrecognized tax benefits that would impact effective tax rate	15.5				$ 15.5
Accrued interest and penalties	$ 0.7				$ 0.7

Stock Compensation Plans - Stock-Based Compensation Expense and Related Tax Benefits (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	May 06, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,277	$ 6,045	$ 21,710	$ 22,843
Less: tax benefit	(1,914)	(1,899)	(6,326)	(6,970)
Total stock-based compensation expense, after tax	4,363	4,146	15,384	15,873
Number of shares authorized (shares)					1,500,000
Equity-based awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5,495	5,593	18,355	19,627
Liability-based awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 782	$ 452	$ 3,355	$ 3,216

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) segment	Sep. 30, 2014 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of segments \| segment			2
US
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 182	$ 162	$ 520	$ 495
Foreign Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 583	$ 612	$ 1,788	$ 1,837
Sales [Member] \| Foreign Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Maximum percentage of total consolidated net sales attributed to any non-U.S. country			9.00%

Segment Information - Reportable Segment Information (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Net sales:

Net sales

$ 765,092

$ 773,813

$ 2,307,540

$ 2,332,451

Segment profit:

Operating profit

156,713

152,590

467,328

461,759

Restructuring and other charges, net

(608)

170

(912)

Acquisition and related costs

^[1]

(6,830)

(13,896)

Operational improvement initiative costs

^[2]

(279)

(282)

(841)

(6,014)

Interest expense

(11,855)

(10,968)

(34,357)

(34,048)

Other income, net

(1,959)

563

3,315

3,761

Income before taxes

142,899

142,185

436,286

431,472

Flavors [Member]

Net sales:

Net sales

359,103

358,708

1,108,689

1,100,726

Segment profit:

Operating profit

79,803

79,747

256,546

258,614

Fragrances [Member]

Net sales:

Net sales

405,989

415,105

1,198,851

1,231,725

Segment profit:

Operating profit

90,893

86,615

252,416

259,253

Global expenses [Member]

Segment profit:

Operating profit

$ (6,874)

$ (12,882)

$ (27,067)

$ (49,182)

[1]	Acquisition and related costs are associated with the acquisitions of Ottens Flavors and Lucas Meyer as discussed in Note 3, including inventory step-up charges related to the inventory acquired.
[2]	Operational improvement initiative costs relate to the closing of a smaller facility in Europe in the 2014 period and certain manufacturing activities in Asia in both the 2015 and 2014 periods, while transferring production to larger facilities in each respective region.

Employee Benefits - Pension and Other Defined Contribution Retirement Plan Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	$ 984	$ 530	$ 2,952	$ 2,299
Interest cost on projected benefit obligation	5,954	6,349	17,860	18,812
Expected return on plan assets	(8,083)	(6,906)	(24,248)	(20,732)
Net amortization and deferrals	5,203	4,720	15,607	13,229
Total postretirement benefit expense	4,058	4,693	12,171	13,608
Total expense	5,905	6,657	18,246	19,474
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	4,220	2,772	12,659	10,722
Interest cost on projected benefit obligation	6,283	8,298	18,848	25,250
Expected return on plan assets	(12,712)	(12,576)	(38,137)	(37,731)
Net amortization and deferrals	3,397	2,058	10,189	8,012
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	0	32	0	32
Total postretirement benefit expense	1,188	584	3,559	6,285
Total expense	3,111	2,470	8,770	10,793
United States Postretirement Benefit Plan of US Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution and other retirement plans	1,847	1,964	6,075	5,866
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution and other retirement plans	$ 1,923	$ 1,886	$ 5,211	$ 4,508

Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Non-Qualified U.S. Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution to the plans	$ 1.1	$ 3.2
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution to the plans	3.6	26.1
Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan		5.0
Contribution to other postretirement plans	$ 1.0	5.0
Maximum [Member] \| Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan		30.0
Contribution to the plans		$ 35.0

Employee Benefits - Postretirement Benefits Other Than Pension Expenses (Detail) - Postretirement Benefit Plan [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	$ 301	$ 326	$ 901	$ 971
Interest cost on projected benefit obligation	1,082	1,197	3,246	3,672
Net amortization and deferrals	(712)	(1,124)	(2,134)	(3,082)
Total postretirement benefit expense	$ 671	$ 399	$ 2,013	$ 1,561

Financial Instruments - Carrying Amount and Estimated Fair Values of Financial Instruments (Detail) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Reported Value Measurement [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents, at fair value

^[1]

$ 272,276

$ 478,573

Credit facilities and bank overdrafts

^[2]

262,521

12,335

Senior Notes, Noncurrent

^[3]

299,782

Reported Value Measurement [Member] | Senior Notes 2007 [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Senior Notes, Noncurrent

^[3]

500,000

Reported Value Measurement [Member] | Senior Notes 2006 [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Senior Notes, Noncurrent

^[3]

125,000

Reported Value Measurement [Member] | Senior Notes 2013 [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Senior Notes, Noncurrent

^[3]

299,802

Estimate of Fair Value Measurement [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents, at fair value

^[1]

272,276

478,573

Credit facilities and bank overdrafts

^[2]

262,521

12,335

Estimate of Fair Value Measurement [Member] | Senior Notes 2007 [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Senior Notes, Noncurrent

^[3]

576,155

587,650

Estimate of Fair Value Measurement [Member] | Senior Notes 2006 [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Senior Notes, Noncurrent

^[3]

129,110

133,137

Estimate of Fair Value Measurement [Member] | Senior Notes 2013 [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Senior Notes, Noncurrent

^[3]

$ 299,577

$ 296,290

[1]	The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.
[2]	The carrying amount of our credit facilities and bank overdrafts 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 fair value of our long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on our own credit risk.

Financial Instruments - Additional Information (Detail) $ in Millions	3 Months Ended
	Sep. 30, 2015 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative losses included in AOCI	$ 8.7

Financial Instruments - Derivative Instruments Notional Amount Outstanding (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Foreign currency contracts [Member]
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding	$ 283,550	$ 191,150
Interest rate swaps [Member]
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding	$ 775,000	$ 425,000

Financial Instruments - Derivative Instruments Measured at Fair Value (Detail) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Derivatives, Fair Value [Line Items]

Total Fair Value, Derivative Assets

^[1]

$ 13,248

$ 21,718

Total Fair Value, Derivative Liabilities

^[2]

10,760

Foreign currency contracts [Member]

Derivatives, Fair Value [Line Items]

Total Fair Value, Derivative Assets

^[1]

8,839

21,035

Total Fair Value, Derivative Liabilities

^[2]

5,988

1,061

Interest rate swaps [Member]

Derivatives, Fair Value [Line Items]

Total Fair Value, Derivative Assets

^[1]

4,409

683

Total Fair Value, Derivative Liabilities

4,772

Fair Value of Derivatives Designated as Hedging Instruments [Member]

Derivatives, Fair Value [Line Items]

Total Fair Value, Derivative Assets

^[1]

11,099

17,320

Total Fair Value, Derivative Liabilities

^[2]

8,497

Fair Value of Derivatives Designated as Hedging Instruments [Member] | Foreign currency contracts [Member]

Derivatives, Fair Value [Line Items]

Total Fair Value, Derivative Assets

^[1]

6,690

16,637

Total Fair Value, Derivative Liabilities

^[2]

3,725

Fair Value of Derivatives Designated as Hedging Instruments [Member] | Interest rate swaps [Member]

Derivatives, Fair Value [Line Items]

Total Fair Value, Derivative Assets

^[1]

4,409

683

Total Fair Value, Derivative Liabilities

4,772

Fair Value of Derivatives Not Designated as Hedging Instruments [Member]

Derivatives, Fair Value [Line Items]

Total Fair Value, Derivative Assets

^[1]

2,149

4,398

Total Fair Value, Derivative Liabilities

^[2]

2,263

Fair Value of Derivatives Not Designated as Hedging Instruments [Member] | Foreign currency contracts [Member]

Derivatives, Fair Value [Line Items]

Total Fair Value, Derivative Assets

^[1]

2,149

4,398

Total Fair Value, Derivative Liabilities

^[2]

2,263

1,055

Fair Value of Derivatives Not Designated as Hedging Instruments [Member] | Interest rate swaps [Member]

Derivatives, Fair Value [Line Items]

Total Fair Value, Derivative Assets

^[1]

$ 0

[1]	Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheet.
[2]	Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheet.

Financial Instruments - Derivative Instruments Which Were Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts [Member] \| Other income (expense), net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in Income on Derivative	$ (1,979)	$ 17,517	$ 8,097	$ 18,942

Financial Instruments - Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)

$ (13,044)

$ 10,846

$ (3,396)

$ 13,203

Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)

6,887

(1,290)

11,333

(2,906)

Foreign currency contracts [Member] | Derivatives in Cash Flow Hedging Relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)

(7,794)

5,680

(1,815)

7,601

Foreign currency contracts [Member] | Derivatives in Net Investment Hedging Relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)

(547)

5,097

2,984

5,395

Foreign currency contracts [Member] | Cost of goods sold [Member] | Derivatives in Cash Flow Hedging Relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)

6,956

(1,221)

11,540

(2,699)

Interest rate swaps [Member] | Derivatives in Cash Flow Hedging Relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)

^[1]

(4,703)

(4,565)

207

Interest rate swaps [Member] | Interest expense [Member] | Derivatives in Cash Flow Hedging Relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)

^[1]

$ (69)

$ (207)

[1]	Interest rate swaps were entered into as pre-issuance hedges.

Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss (income), net of tax, beginning balance			$ (540,430)	$ (392,711)
OCI before reclassifications			(76,374)	(21,972)
Amounts reclassified from AOCI			5,168	15,622
Net current period other comprehensive income (loss)	$ (55,388)	$ (15,347)	(71,206)	(6,350)
Accumulated other comprehensive loss (income), net of tax, ending balance	(611,636)	(399,061)	(611,636)	(399,061)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss (income), net of tax, beginning balance			(173,342)	(104,278)
OCI before reclassifications			(81,326)	(26,872)
Amounts reclassified from AOCI			0	0
Net current period other comprehensive income (loss)			(81,326)	(26,872)
Accumulated other comprehensive loss (income), net of tax, ending balance	(254,668)	(131,150)	(254,668)	(131,150)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss (income), net of tax, beginning balance			12,371	(4,012)
OCI before reclassifications			4,952	4,900
Amounts reclassified from AOCI			(11,333)	2,906
Net current period other comprehensive income (loss)			(6,381)	7,806
Accumulated other comprehensive loss (income), net of tax, ending balance	5,990	3,794	5,990	3,794
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss (income), net of tax, beginning balance			(379,459)	(284,421)
OCI before reclassifications			0	0
Amounts reclassified from AOCI			16,501	12,716
Net current period other comprehensive income (loss)			16,501	12,716
Accumulated other comprehensive loss (income), net of tax, ending balance	$ (362,958)	$ (271,705)	$ (362,958)	$ (271,705)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]

(Losses) gains on derivatives qualifying as hedges, net of tax

$ 11,333

$ (2,906)

Settlements / curtailments

Prior service cost

^[1]

3,472

3,489

Actuarial losses

^[1]

(27,134)

(21,648)

(Losses) gains on pension and postretirement liability adjustments, net of tax

$ (5,478)

$ (3,951)

(16,501)

(12,716)

Cost of goods sold [Member] | Foreign currency contracts [Member]

Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]

(Losses) gains on derivatives qualifying as hedges

13,189

(3,723)

Interest expense [Member] | Interest rate swaps [Member]

Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]

(Losses) gains on derivatives qualifying as hedges

(207)

Provision for income taxes [Member]

Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]

Provision for income taxes for (Losses) gains on derivatives qualifying as hedges

(1,649)

1,024

Provision for income taxes for gains (Losses) on pension and postretirement liability adjustments

$ 7,161

$ 5,475

[1]	The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 13 of our 2014 Form 10-K for additional information regarding net periodic benefit cost.

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015 USD ($) property
Commitments And Contingencies [Line Items]
Bank guarantees related to appeals on income tax and indirect tax cases	$ 13,200,000
Available lines of credit	$ 68,000,000
Duration as potentially responsible party, years	20 years
Number of facilities under potentially responsible party investigation \| property	8
Estimation of possible loss	$ 5,000,000
Bank guarantees and pledged assets to pursue defenses related to other contingencies	25,200,000
Estimate range of possible loss from other contingencies, minimum	0
Estimate range of possible loss from other contingencies, maximum	31,000,000
Bank guarantees and standby letters of credit [Member]
Commitments And Contingencies [Line Items]
Bank guarantees and letters of credit outstanding	31,300,000
Pledged assets [Member]
Commitments And Contingencies [Line Items]
The amount of pledged assets, principally PP&E to cover income tax and indirect tax assessments	$ 12,000,000