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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                         
Commission file number 1-4858
 INTERNATIONAL FLAVORS & FRAGRANCES INC.
(Exact name of registrant as specified in its charter)
 
 
 
New York
 
13-1432060
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
521 West 57th Street, New York, NY 10019-2960
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (212765-5500
 Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange
on which registered
Common Stock, par value 12 1/2¢ per share
 
IFF
 
New York Stock Exchange
6.00% Tangible Equity Units
 
IFFT
 
New York Stock Exchange
0.500% Senior Notes due 2021
 
IFF 21
 
New York Stock Exchange
1.750% Senior Notes due 2024
 
IFF 24
 
New York Stock Exchange
1.800% Senior Notes due 2026
 
IFF 26
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer

Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    No   
Number of shares outstanding as of July 24, 2019: 106,774,947





PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(DOLLARS IN THOUSANDS)
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
426,717

 
$
634,897

Restricted cash
28,103

 
13,625

Trade receivables (net of allowances of $9,105 and $9,173, respectively)
1,046,028

 
937,765

Inventories: Raw materials
615,301

 
568,916

Work in process
54,849

 
48,819

Finished goods
493,503

 
460,802

Total Inventories
1,163,653

 
1,078,537

Prepaid expenses and other current assets
325,525

 
277,036

Total Current Assets
2,990,026

 
2,941,860

Property, plant and equipment, at cost
2,631,638

 
2,492,938

Accumulated depreciation
(1,315,333
)
 
(1,251,786
)
 
1,316,305

 
1,241,152

Goodwill
5,506,317

 
5,378,388

Other intangible assets, net
2,944,667

 
3,039,322

Other assets
590,767

 
288,673

Total Assets
$
13,348,082

 
$
12,889,395

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current Liabilities:
 
 
 
Bank borrowings, overdrafts, and current portion of long-term debt
$
84,231

 
$
48,642

Accounts payable
463,555

 
471,382

Accrued payroll and bonus
93,910

 
121,080

Dividends payable
77,898

 
77,779

Other current liabilities
429,939

 
409,428

Total Current Liabilities
1,149,533

 
1,128,311

Long-term debt
4,428,675

 
4,504,417

Retirement liabilities
222,186

 
227,172

Deferred income taxes
707,359

 
655,879

Other liabilities
514,802

 
248,436

Total Other Liabilities
5,873,022

 
5,635,904

Commitments and Contingencies (Note 15)

 

Redeemable noncontrolling interests
115,540

 
81,806

Shareholders’ Equity:
 
 
 
Common stock 12 1/2¢ par value; 500,000,000 shares authorized; 128,526,137 shares issued as of June 30, 2019 and December 31, 2018; and 106,774,300 and 106,619,202 shares outstanding as of June 30, 2019 and December 31, 2018, respectively
16,066

 
16,066

Capital in excess of par value
3,805,883

 
3,793,609

Retained earnings
4,069,211

 
3,956,221

Accumulated other comprehensive loss
(668,359
)
 
(702,227
)
Treasury stock, at cost (21,751,837 and 21,906,935 shares as of June 30, 2019 and December 31, 2018, respectively)
(1,023,422
)
 
(1,030,718
)
Total Shareholders’ Equity
6,199,379

 
6,032,951

Noncontrolling interest
10,608

 
10,423

Total Shareholders’ Equity including noncontrolling interest
6,209,987

 
6,043,374

Total Liabilities and Shareholders’ Equity
$
13,348,082

 
$
12,889,395


See Notes to Consolidated Financial Statements
1



INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
2019
 
2018
 
2019
 
2018
Net sales
$
1,291,568

 
$
920,016

 
$
2,588,970

 
$
1,850,944

Cost of goods sold
745,329

 
521,299

 
1,511,472

 
1,046,419

Gross profit
546,239

 
398,717

 
1,077,498

 
804,525

Research and development expenses
84,816

 
74,767

 
175,412

 
153,244

Selling and administrative expenses
210,100

 
157,407

 
423,282

 
300,051

Amortization of acquisition-related intangibles
47,909

 
9,584

 
95,534

 
18,769

Restructuring and other charges, net
2,525

 
1,186

 
18,699

 
1,903

Losses on sales of fixed assets
952

 
1,264

 
764

 
1,195

Operating profit
199,937

 
154,509

 
363,807

 
329,363

Interest expense
32,593

 
53,246

 
69,165

 
69,841

Other income, net
(2,137
)
 
(20,655
)
 
(9,415
)
 
(21,232
)
Income before taxes
169,481

 
121,918

 
304,057

 
280,754

Taxes on income
30,612

 
22,769

 
53,974

 
52,190

Net income
138,869

 
99,149

 
250,083

 
228,564

Net income attributable to noncontrolling interests
2,492

 

 
4,877

 

Net income attributable to IFF stockholders
136,377

 
99,149

 
245,206

 
228,564

Other comprehensive (loss) income, after tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(14,014
)
 
(85,264
)
 
28,363

 
(70,461
)
Gains on derivatives qualifying as hedges
415

 
10,455

 
318

 
9,926

Pension and postretirement net liability
2,594

 
2,890

 
5,187

 
5,519

Other comprehensive (loss) income
(11,005
)
 
(71,919
)
 
33,868

 
(55,016
)
Comprehensive income attributable to IFF stockholders
$
125,372

 
$
27,230

 
$
279,074

 
$
173,548

 
 
 
 
 
 
 
 
Net income per share - basic
$
1.21

 
$
1.25

 
$
2.19

 
$
2.89

Net income per share - diluted
$
1.20

 
$
1.25

 
$
2.16

 
$
2.87

Average number of shares outstanding - basic
111,996

 
79,065

 
111,930

 
79,041

Average number of shares outstanding - diluted
112,872

 
79,303

 
113,131

 
79,347


See Notes to Consolidated Financial Statements
2



INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
 
Six Months Ended June 30,
(DOLLARS IN THOUSANDS)
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
250,083

 
$
228,564

Adjustments to reconcile to net cash provided by operating activities
 
 
 
Depreciation and amortization
154,814

 
64,968

Deferred income taxes
(27,214
)
 
14,342

Losses on sale of assets
764

 
1,195

Stock-based compensation
18,300

 
15,173

Pension contributions
(10,681
)
 
(9,963
)
Product recall claim settlement, net of insurance proceeds received

 
(12,969
)
Changes in assets and liabilities, net of acquisitions:
 
 
 
Trade receivables
(87,111
)
 
(99,963
)
Inventories
(71,545
)
 
(67,940
)
Accounts payable
(7,645
)
 
(7,139
)
Accruals for incentive compensation
(29,338
)
 
(25,158
)
Other current payables and accrued expenses
(11,934
)
 
11,028

Other assets
(29,989
)
 
(65,620
)
Other liabilities
36,412

 
8,651

Net cash provided by operating activities
184,916

 
55,169

Cash flows from investing activities:
 
 
 
Cash paid for acquisitions, net of cash received
(49,064
)
 
(22
)
Additions to property, plant and equipment
(119,094
)
 
(67,421
)
Proceeds from life insurance contracts
1,890

 

Maturity of net investment hedges

 
(2,642
)
Proceeds from disposal of assets
24,685

 
618

Contingent consideration paid
(4,655
)
 

Net cash used in investing activities
(146,238
)
 
(69,467
)
Cash flows from financing activities:
 
 
 
Cash dividends paid to shareholders
(155,578
)
 
(108,824
)
Increase in revolving credit facility and short term borrowings
8

 
110,259

Deferred financing costs

 
(1,401
)
Repayments on debt
(47,417
)
 

Contingent consideration paid
(21,791
)
 

Proceeds from issuance of stock in connection with stock options
200

 

Employee withholding taxes paid
(9,855
)
 
(9,096
)
Purchase of treasury stock

 
(15,475
)
Net cash used in financing activities
(234,433
)
 
(24,537
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
2,053

 
(6,788
)
Net change in cash, cash equivalents and restricted cash
(193,702
)
 
(45,623
)
Cash, cash equivalents and restricted cash at beginning of year
648,522

 
368,046

Cash, cash equivalents and restricted cash at end of period
$
454,820

 
$
322,423

Supplemental Disclosures:
 
 
 
Interest paid, net of amounts capitalized
$
70,479

 
$
74,422

Income taxes paid
73,911

 
57,809

Accrued capital expenditures
18,780

 
19,160


See Notes to Consolidated Financial Statements
3



INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited)
(DOLLARS IN THOUSANDS)
Common
stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated  other
comprehensive
(loss) income
 
Treasury stock
 
Non-controlling
interest
 
Total
Shares
 
Cost
 
Balance at March 31, 2018
$
14,470

 
$
166,517

 
$
3,947,791

 
$
(620,579
)
 
(36,937,991
)
 
$
(1,735,049
)
 
$
5,812

 
$
1,778,962

Net income


 


 
99,149

 


 


 


 
536

 
99,685

Cumulative translation adjustment


 


 


 
(85,264
)
 


 


 


 
(85,264
)
Losses on derivatives qualifying as hedges; net of tax $(1,463)


 


 


 
10,455

 


 


 


 
10,455

Pension liability and postretirement adjustment; net of tax $(4,499)


 


 


 
2,890

 


 


 


 
2,890

Cash dividends declared ($0.69 per share)


 


 
(54,488
)
 


 


 


 


 
(54,488
)
Stock options/SSARs


 
349

 


 


 
30,340

 
1,430

 


 
1,779

Treasury share repurchases


 


 


 


 
(34,955
)
 
(4,498
)
 


 
(4,498
)
Vested restricted stock units and awards


 
(6,988
)
 


 


 
130,633

 
6,116

 


 
(872
)
Stock-based compensation


 
7,554

 


 


 


 


 


 
7,554

Balance at June 30, 2018
$
14,470

 
$
167,432

 
$
3,992,452

 
$
(692,498
)
 
(36,811,973
)
 
$
(1,732,001
)
 
$
6,348

 
$
1,756,203

(DOLLARS IN THOUSANDS)
Common
stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated  other
comprehensive
(loss) income
 
Treasury stock
 
Non-controlling
interest
 
Total
Shares
 
Cost
 
Balance at March 31, 2019
$
16,066

 
$
3,802,602

 
$
4,011,326

 
$
(657,354
)
 
(21,879,556
)
 
$
(1,029,429
)
 
$
11,267

 
$
6,154,478

Net income


 


 
136,377

 


 


 


 
662

 
137,039

Cumulative translation adjustment


 


 


 
(14,014
)
 


 


 


 
(14,014
)
Gains on derivatives qualifying as hedges; net of tax $342


 


 


 
415

 


 


 


 
415

Pension liability and postretirement adjustment; net of tax $(1,937)


 


 


 
2,594

 


 


 


 
2,594

Cash dividends declared ($0.73 per share)


 


 
(77,904
)
 


 


 


 


 
(77,904
)
Stock options/SSARs


 
1,661

 


 


 
24

 
1

 


 
1,662

Vested restricted stock units and awards


 
(8,563
)
 


 


 
127,695

 
6,006

 


 
(2,557
)
Stock-based compensation


 
10,696

 


 


 


 


 


 
10,696

Redeemable NCI


 
(513
)
 


 


 


 


 


 
(513
)
Dividends paid on noncontrolling interest
and other


 


 
(588
)
 


 


 


 
(1,321
)
 
(1,909
)
Balance at June 30, 2019
$
16,066

 
$
3,805,883

 
$
4,069,211

 
$
(668,359
)
 
(21,751,837
)
 
$
(1,023,422
)
 
$
10,608

 
$
6,209,987



See Notes to Consolidated Financial Statements
4



INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited)
(DOLLARS IN THOUSANDS)
Common
stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated  other
comprehensive
(loss) income
 
Treasury stock
 
Non-controlling
interest
 
Total
Shares
 
Cost
 
Balance at January 1, 2018
$
14,470

 
$
162,827

 
$
3,870,621

 
$
(637,482
)
 
(36,910,809
)
 
$
(1,726,234
)
 
$
5,092

 
$
1,689,294

Net income


 


 
228,564

 


 


 


 
1,256

 
229,820

Adoption of ASU 2014-09


 


 
2,158

 


 


 


 


 
2,158

Cumulative translation adjustment


 


 


 
(70,461
)
 


 


 


 
(70,461
)
Gains on derivatives qualifying as hedges; net of tax $(1,357)


 


 


 
9,926

 


 


 


 
9,926

Pension liability and postretirement adjustment; net of tax $(2,605)


 


 


 
5,519

 


 


 


 
5,519

Cash dividends declared ($1.38 per share)


 


 
(108,891
)
 


 


 


 


 
(108,891
)
Stock options/SSARs


 
123

 


 


 
46,018

 
2,166

 


 
2,289

Treasury share repurchases


 


 


 


 
(108,109
)
 
(15,475
)
 


 
(15,475
)
Vested restricted stock units and awards


 
(10,691
)
 


 


 
160,927

 
7,542

 


 
(3,149
)
Stock-based compensation


 
15,173

 


 


 


 


 


 
15,173

Balance at June 30, 2018
$
14,470

 
$
167,432

 
$
3,992,452

 
$
(692,498
)
 
(36,811,973
)
 
$
(1,732,001
)
 
$
6,348

 
$
1,756,203


(DOLLARS IN THOUSANDS)
Common
stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated  other
comprehensive
(loss) income
 
Treasury stock
 
Non-controlling
interest
 
Total
Shares
 
Cost
 
Balance at January 1, 2019
$
16,066

 
$
3,793,609

 
$
3,956,221

 
$
(702,227
)
 
(21,906,935
)
 
$
(1,030,718
)
 
$
10,423

 
$
6,043,374

Net income


 


 
245,206

 


 


 


 
1,506

 
246,712

Adoption of ASU 2016-02


 


 
23,094

 


 


 


 


 
23,094

Adoption of ASU 2017-12

 


 
981

 


 


 


 


 
981

Cumulative translation adjustment


 


 


 
28,363

 


 


 


 
28,363

Gains on derivatives qualifying as hedges; net of tax $387


 


 


 
318

 


 


 


 
318

Pension liability and postretirement adjustment; net of tax $(1,101)


 


 


 
5,187

 


 


 


 
5,187

Cash dividends declared ($1.46 per share)


 


 
(155,703
)
 


 


 


 


 
(155,703
)
Stock options/SSARs


 
5,085

 


 


 
14,002

 
661

 


 
5,746

Vested restricted stock units and awards


 
(10,968
)
 


 


 
141,096

 
6,635

 


 
(4,333
)
Stock-based compensation


 
18,300

 


 


 


 


 


 
18,300

Redeemable NCI


 
(143
)
 


 


 


 


 


 
(143
)
Dividends paid on noncontrolling interest
and other


 


 
(588
)
 


 


 


 
(1,321
)
 
(1,909
)
Balance at June 30, 2019
$
16,066

 
$
3,805,883

 
$
4,069,211

 
$
(668,359
)
 
(21,751,837
)
 
$
(1,023,422
)
 
$
10,608

 
$
6,209,987


See Notes to Consolidated Financial Statements
5



INTERNATIONAL FLAVORS & FRAGRANCES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1.    NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 2018 Annual Report on Form 10-K (“2018 Form 10-K”). These interim statements are unaudited. The year-end balance sheet data included in this Form 10-Q 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, June 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 2019 and 2018 quarters, the actual closing dates were June 28 and June 29, 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.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
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 provided by operations from participating in these programs increased $24.0 million for the six months ended June 30, 2019 compared to a decrease of $25.5 million for the six months ended June 30, 2018. The cost of participating in these programs was immaterial to our results in all periods.
Contract Assets
With respect to a small number of contracts for the sale of Compounds, the Company has an “enforceable right to payment for performance to date” and as the products do not have an alternative use, the Company recognizes revenue for these contracts over time and records a contract asset using the output method. The output method recognizes revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract.
The following table reflects the balances in our contract assets and accounts receivable for the periods ended June 30, 2019 and December 31, 2018:
(DOLLARS IN THOUSANDS)
June 30, 2019
 
December 31, 2018
Receivables (included in Trade receivables)
$
1,055,133

 
$
946,938

Contract asset - Short term
1,095

 
487


Revenue Recognition
The Company recognizes revenue when control of the promised goods is transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods. Sales, value add, and other taxes the Company collects are excluded from revenues. The Company receives payment in accordance with standard customer terms.

6



The following table presents the Company's revenues disaggregated by product categories:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(DOLLARS IN THOUSANDS)
2019
 
2018
 
2019
 
2018
Flavor Compounds
$
729,279

 
$
450,540

 
$
1,449,481

 
$
899,559

Fragrance Compounds
375,696

 
372,034

 
764,807

 
750,666

Ingredients
186,593

 
97,442

 
374,682

 
200,719

Total revenues
$
1,291,568

 
$
920,016

 
$
2,588,970

 
$
1,850,944


Recent Accounting Pronouncements
In October 2018, the FASB issued Accounting Standards Update ("ASU") 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes." The ASU allows for the use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for purposes of applying hedge accounting under ASC 815, Derivatives and Hedging. The Company applied this new guidance as of December 29, 2018, the first day of the Company’s 2019 fiscal year. The adoption of the guidance did not have a material impact on the Consolidated Financial Statements.
In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force).” The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its Consolidated Financial Statements.
In August 2018, the FASB issued ASU 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans (Subtopic 715-20)", which modifies the disclosure requirements on company-sponsored defined benefit plans. The ASU is effective for fiscal years beginning after December 15, 2020 on a retrospective basis to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its Consolidated Financial Statements.
In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)", which modifies, removes and adds certain disclosure requirements on fair value measurements. The ASU is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company has determined that this guidance does not have an impact on its Consolidated Financial Statements, as the Company has no applicable fair value measurements that are affected by the guidance.
In June 2018, the FASB issued ASU 2018-07, "Compensation - Stock Compensation (Topic 718)" intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. This guidance expands the scope of Topic 718, Compensation-Stock Compensation which currently only includes share-based payments to employees to include share-based payments issued to nonemployees for goods or services. The Company applied this new guidance as of December 29, 2018, the first day of the Company’s 2019 fiscal year. The adoption of the guidance did not have a material impact on the Consolidated Financial Statements.
In February 2018, FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" which allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act, in addition to requiring certain disclosures about stranded tax effects. The guidance was effective as of December 29, 2018, the first day of the Company's fiscal year. The Company has elected to not reclassify any stranded tax effects to retained earnings.
In August 2017, FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" which eliminates the requirement to separately measure and present hedge ineffectiveness and aligns the presentation of hedge gains and losses with the underlying hedge item. This guidance is effective, and as required, has been applied on a modified retrospective basis. The impact of the adoption of this standard on December 29, 2018

7



was a decrease in the beginning balance of the currency translation adjustment component of Accumulated other comprehensive loss of $1.0 million, and an increase in Retained Earnings, as presented in the Company's Consolidated Balance Sheet. See Note 13 of the Consolidated Financial Statements for further details.
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", with subsequent amendments, which requires issuers to measure expected credit losses for financial assets based on historical experience, current conditions and reasonable and supportable forecasts. As such, an entity will use forward-looking information to estimate credit losses. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its Consolidated Financial Statements.
In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)", with subsequent amendments, which requires changes to the accounting for leases and supersedes existing lease guidance, including ASC 840 - Leases. See Note 8 for further details.
NOTE 2. 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 June 30,
 
Six Months Ended June 30,
(SHARES IN THOUSANDS)
2019
 
2018
 
2019
 
2018
Net Income
 
 
 
 
 
 
 
Net income attributable to IFF stockholders
$
136,377

 
$
99,149

 
$
245,206

 
$
228,564

Less: Increase in redemption value of redeemable noncontrolling interests in excess of earnings allocated
(513
)
 

 
(143
)
 

Net income available to IFF stockholders
$
135,864

 
$
99,149

 
$
245,063

 
$
228,564

Shares
 
 
 
 
 
 
 
Weighted average common shares outstanding (basic)(1)
111,996

 
79,065

 
111,930

 
79,041

Adjustment for assumed dilution(2):
 
 
 
 
 
 
 
Stock options and restricted stock awards
424

 
238

 
393

 
306

SPC portion of TEUs
452

 

 
808