International Flavors & Fragrances (IFF) 10-Q10 Aug 152015 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 28, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	INTERNATIONAL FLAVORS & FRAGRANCES INC
Entity Central Index Key	51,253
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		80,585,508

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 377,254	$ 478,573
Trade receivables (net of allowances of $8,128 and $9,147, respectively)	566,414	493,768
Inventories:
Raw materials	268,015	275,161
Work in process	19,075	17,705
Finished goods	274,625	275,863
Total Inventories	561,715	568,729
Deferred income taxes	14,923	27,709
Prepaid expenses and other current assets	201,948	141,248
Total Current Assets	1,722,254	1,710,027
Property, plant and equipment, at cost	1,778,469	1,766,746
Accumulated depreciation	(1,063,660)	(1,046,478)
Total Property Plant and Equipment	714,809	720,268
Goodwill	752,726	675,484
Other intangible assets, net	156,248	76,557
Deferred income taxes	175,447	183,047
Other assets	132,144	129,238
Total Assets	3,653,628	3,494,621
Current Liabilities:
Bank borrowings and overdrafts and current portion of long-term debt	8,793	8,090
Accounts payable	241,532	229,866
Accrued payroll and bonus	47,664	71,264
Dividends payable	38,060	37,968
Other current liabilities	187,472	171,620
Total Current Liabilities	523,521	518,808
Long-term debt	989,196	934,232
DEFERRED GAIN	45,081	46,535
Retirement liabilities	353,914	354,333
Other liabilities	115,242	118,024
Total Other Liabilities	$ 1,503,433	$ 1,453,124
Commitments and Contingencies (Note 13)
Shareholders' Equity:
Common stock 12 1/2¢ par value; authorized 500,000,000 shares; issued 115,995,113 and 115,858,190 shares as of June 30, 2015 and December 31, 2014, respectively; and outstanding 80,862,556 and 80,777,590 shares as of June 30, 2015 and December 31, 2014	$ 14,470	$ 14,470
Capital in excess of par value	133,051	140,008
Retained earnings	3,508,347	3,350,734
Accumulated other comprehensive loss	(556,248)	(540,430)
Treasury stock, at cost - 35,132,557 shares as of June 30, 2015 and 35,080,600 shares as of December 31, 2014	(1,476,620)	(1,446,221)
Total Shareholders' Equity	1,623,000	1,518,561
Noncontrolling interest	3,674	4,128
Total Shareholders' Equity including noncontrolling interest	1,626,674	1,522,689
Total Liabilities and Shareholders' Equity	$ 3,653,628	$ 3,494,621

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Trade receivables allowances	$ 8,128	$ 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	115,995,113	115,858,190
Common stock, shares outstanding	80,862,556	80,777,590
Treasury stock, shares at cost	35,132,557	35,080,600

Consolidated Statement Of Compr

Consolidated Statement Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 767,541	$ 788,414	$ 1,542,448	$ 1,558,638
Cost of goods sold	422,501	435,767	851,131	864,579
Gross profit	345,040	352,647	691,317	694,059
Research and development expenses	62,514	66,431	125,976	127,934
Selling and administrative expenses	134,063	132,919	254,898	256,653
Restructuring and other charges, net	(358)	182	(170)	304
Operating profit	148,821	153,115	310,613	309,168
Interest expense	11,407	11,403	22,502	23,080
Other expense (income), net	436	(4,641)	(5,275)	(3,198)
Income before taxes	136,978	146,353	293,386	289,286
Taxes on income	31,604	36,068	59,754	72,294
Net income	105,374	110,285	233,632	216,992
Other comprehensive income, after tax:
Foreign currency translation adjustments	17,557	7,570	(32,958)	(1,826)
(Losses) gains on derivatives qualifying as hedges	(5,966)	1,598	6,117	2,058
Pension and postretirement net liability	5,476	4,400	11,023	8,765
Net current period other comprehensive income (loss)	17,067	13,568	(15,818)	8,997
Total comprehensive income	$ 122,441	$ 123,853	$ 217,814	$ 225,989
Net income per share - basic, in dollars per share	$ 1.30	$ 1.35	$ 2.88	$ 2.66
Net income per share - diluted, in dollars per share	$ 1.29	$ 1.35	$ 2.86	$ 2.64
Average number of shares outstanding - basic	80,790	80,949	80,729	81,003
Average number of shares outstanding - diluted	81,192	81,430	81,201	81,583
Dividends declared per share, in dollars per share	$ 0.47	$ 0.39	$ 0.94	$ 0.78

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 233,632	$ 216,992
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	41,041	49,131
Deferred income taxes	17,891	10,228
Gain on disposal of assets	14	(1,569)
Stock-based compensation	12,860	14,034
Pension contributions	(57,493)	(9,812)
Changes in assets and liabilities, net of acquisitions:
Trade receivables	(92,329)	(50,236)
Inventories	(9,834)	1,850
Accounts payable	28,435	(30,831)
Accruals for incentive compensation	(21,191)	(54,970)
Other current payables and accrued expenses	20,204	(12,382)
Other assets/liabilities, net	(6,912)	21,595
Net cash provided by operating activities	166,318	154,030
Cash flows from investing activities:
Cash paid for acquisition, net of cash received (including $15 million of contingent consideration related to the Aromor acquisition in 2014)	(188,835)	(102,500)
Additions to property, plant and equipment	(37,937)	(60,244)
Proceeds from life insurance contracts	548	17,750
Maturity of net investment hedges	9,735	(472)
Proceeds from disposal of assets	1,515	2,074
Net cash used in investing activities	(214,974)	(143,392)
Cash flows from financing activities:
Cash dividends paid to shareholders	(75,927)	(63,417)
Net change in revolving credit facility borrowings and overdrafts	(283)	2,106
Deferred financing costs	0	(1,023)
Repayments of debt	(30,000)	0
Proceeds from issuance or drawdown of long-term debt	86,162	0
Proceeds from issuance of stock under stock plans	286	1,024
Excess tax benefits on stock-based payments	11,608	5,788
Purchase of treasury stock	(38,813)	(34,103)
Net cash used in financing activities	(46,967)	(89,625)
Proceeds from sale of finance receivables	1,300	22,300
Effect of exchange rate changes on cash and cash equivalents	(5,696)	335
Net change in cash and cash equivalents	(101,319)	(78,652)
Cash and cash equivalents at beginning of year	478,573	405,505
Cash and cash equivalents at end of period	377,254	326,853
Interest paid, net of amounts capitalized	23,827	23,709
Income taxes paid	$ 46,071	$ 45,484

Consolidated Statement Of Cash6

Consolidated Statement Of Cash Flows (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2014USD ($)
Statement of Cash Flows [Abstract]
Business acquisition contingent consideration	$ 15

Consolidated Financial Statemen

Consolidated Financial Statements	6 Months Ended
Consolidated Financial Statements	Jun. 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, 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 2015 and 2014 quarters, the actual closing dates were July 3, and June 27, 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 Certain prior year amounts have been reclassified to conform with current year presentation. Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board ("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 is currently evaluating the impact that this new standard will have 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 does not expect that the adoption of this guidance will 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 July 2015, delayed 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 $1.3 million for the six months ended June 30, 2015 compared to an increase of approximately $22.3 million for the six months ended June 30, 2014 . The cost of participating in these programs was immaterial to our results in all periods.

Net Income Per Share

Net Income Per Share	6 Months Ended
Net Income Per Share	Jun. 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 June 30, Six Months Ended June 30, (SHARES IN THOUSANDS) 2015 2014 2015 2014 Basic 80,790 80,949 80,729 81,003 Assumed dilution under stock plans 402 481 472 580 Diluted 81,192 81,430 81,201 81,583 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 six months ended June 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 June 30, 2015 and 2014 was immaterial. Net income allocated to such PRS was $0.5 million and $0.7 million during the three months ended June 30, 2015 and 2014 , respectively and $1.1 million and $1.4 million during the six months ended June 30, 2015 and 2014 , respectively.

Restructuring and Other Charges

Restructuring and Other Charges, Net	6 Months Ended
Restructuring and Other Charges, Net	Jun. 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 six months ended June 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 six months ended June 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 ) June 30, 2015 $ 120 $ — $ 120

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions: 2015 Activity 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 $199.2 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 $77 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 final valuations and is expected to be completed by the third 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 is immaterial. Lucas Meyer On July 30, 2015, the Company completed the acquisition of 100% of the outstanding shares of Lucas Meyer Cosmetics, a business of Unipex Group, ("Lucas Meyer") for approximately Euro 283 million ( $311 million ). (The total shares acquired include shares effectively acquired pursuant to put and call option agreements). The purchase price was funded from existing resources. Lucas Meyer was acquired in order to strengthen and expand our product portfolio. This acquisition will be accounted for as a business combination and is not expected to have a material impact on the consolidated financial statements. 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 out of existing cash 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.

Other Intangible Assets, Net

Other Intangible Assets, Net	6 Months Ended
Other Intangible Assets, Net	Jun. 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: June 30, December 31, (DOLLARS IN THOUSANDS) 2015 2014 Gross carrying value (1) $ 303,246 $ 218,676 Accumulated amortization (146,998 ) (142,119 ) Total $ 156,248 $ 76,557 (1) Includes patents, trademarks, technological know-how and other intellectual property, valued at acquisition. The increase in intangible assets for the six months ended June 30, 2015 relates to the acquisition of Ottens Flavors, as discussed in Note 3. Amortization Amortization expense was $3.0 million and $2.8 million for the three months ended June 30, 2015 and 2014 , respectively and $4.9 million and $3.9 million for the six months ended June 30, 2015 and 2014 , respectively. Annual amortization is expected to be $14.5 million for the full year 2015 , $14.2 million for the years 2016 through 2018 , and $13.5 million for the years 2019 through 2020 .

Borrowings

Borrowings	6 Months Ended
Borrowings	Jun. 30, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings: Debt consists of the following: (DOLLARS IN THOUSANDS) Rate Maturities June 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 299,795 299,782 Credit facility 1.31 % 2019 55,000 — Bank overdrafts and other 13,948 12,335 Deferred realized gains on interest rate swaps 4,246 5,205 997,989 942,322 Less: Current portion of long-term debt (8,793 ) (8,090 ) $ 989,196 $ 934,232

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: Uncertain Tax Positions At June 30, 2015 , the Company had $15 million of unrecognized tax benefits recorded in Other liabilities. If these unrecognized tax benefits were recognized, the effective tax rate would be affected. At June 30, 2015 , the Company had accrued interest and penalties of $0.7 million classified in Other liabilities. As of June 30, 2015 , the Company’s aggregate provisions for uncertain tax positions, including interest and penalties, was $15.7 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 June 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 June 30, 2015 was 23.1% compared with 24.6% for the three months ended June 30, 2014 . The quarter-over-quarter decrease is largely due to higher earnings from lower tax jurisdictions, lower loss provisions and lower expected repatriation costs in 2015. The effective tax rate for the six months ended June 30, 2015 was 20.4% compared with 25.0% for the six months ended June 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

Stock Compensation Plans	6 Months Ended
Stock Compensation Plans	Jun. 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, 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 June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Equity-based awards $ 7,473 $ 9,338 $ 12,860 $ 14,034 Liability-based awards 666 1,519 2,573 2,764 Total stock-based compensation expense 8,139 10,857 15,433 16,798 Less: tax benefit (2,225 ) (3,345 ) (4,412 ) (5,071 ) Total stock-based compensation expense, after tax $ 5,914 $ 7,512 $ 11,021 $ 11,727 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

Segment Information	6 Months Ended
Segment Information	Jun. 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 June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Net sales: Flavors $ 372,478 $ 375,513 $ 749,586 $ 742,018 Fragrances 395,063 412,901 792,862 816,620 Consolidated $ 767,541 $ 788,414 $ 1,542,448 $ 1,558,638 Segment profit: Flavors $ 84,015 $ 90,805 $ 176,743 $ 178,869 Fragrances 79,924 85,474 161,522 172,638 Global expenses (8,629 ) (19,869 ) (20,194 ) (36,303 ) Restructuring and other charges, net 358 (182 ) 170 (304 ) Acquisition and related costs (1) (6,566 ) — (7,066 ) — Operational improvement initiative costs (2) (281 ) (3,113 ) (562 ) (5,732 ) Operating profit 148,821 153,115 310,613 309,168 Interest expense (11,407 ) (11,403 ) (22,502 ) (23,080 ) Other (expense) income, net (436 ) 4,641 5,275 3,198 Income before taxes $ 136,978 $ 146,353 $ 293,386 $ 289,286 (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 Ottens Flavors. (2) Operational improvement initiative costs relate to the closing of a smaller facility in Europe and certain manufacturing activities in Asia, 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 June 30, 2015 and 2014 were $167 million and $175 million , respectively and for the six months ended June 30, 2015 and 2014 were $330 million and $336 million , respectively. Net sales attributed to all foreign countries in total for the three months ended June 30, 2015 and 2014 were $601 million and $613 million , respectively and for the six months ended June 30, 2015 and 2014 were $1,212 million and $1,223 million , respectively. No country other than the U.S. had net sales in any period presented greater than 7.0% of total consolidated net sales.

Employee Benefits

Employee Benefits	6 Months Ended
Employee Benefits	Jun. 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 June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Service cost for benefits earned $ 984 $ 885 $ 1,968 $ 1,769 Interest cost on projected benefit obligation 5,954 6,232 11,907 12,463 Expected return on plan assets (8,083 ) (6,913 ) (16,165 ) (13,826 ) Net amortization and deferrals 5,203 4,255 10,406 8,509 Net periodic benefit cost 4,058 4,459 8,116 8,915 Defined contribution and other retirement plans 2,093 1,791 4,228 3,902 Total expense $ 6,151 $ 6,250 $ 12,344 $ 12,817 Non-U.S. Plans Three Months Ended June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Service cost for benefits earned $ 4,102 $ 4,002 $ 8,485 $ 7,950 Interest cost on projected benefit obligation 6,151 8,541 12,543 16,952 Expected return on plan assets (12,440 ) (12,675 ) (25,390 ) (25,155 ) Net amortization and deferrals 3,314 3,000 6,801 5,954 Net periodic benefit cost 1,127 2,868 2,439 5,701 Defined contribution and other retirement plans 1,693 1,444 3,288 2,622 Total expense $ 2,820 $ 4,312 $ 5,727 $ 8,323 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 June 30, 2015 , there were no contributions made to the qualified U.S. pension plans, but during the six months ended June 30, 2015 , $35.0 million of contributions were made. In the three and six months ended June 30, 2015 , $3.4 million and $22.5 million of contributions were made to the non-U.S. plans, respectively. In the three and six months ended June 30, 2015 , $1.1 million and $2.1 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 June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Service cost for benefits earned $ 301 $ 323 $ 601 $ 645 Interest cost on projected benefit obligation 1,082 1,238 2,164 2,475 Net amortization and deferrals (712 ) (979 ) (1,423 ) (1,958 ) Total postretirement benefit expense $ 671 $ 582 $ 1,342 $ 1,162 The Company expects to contribute approximately $5 million to its postretirement benefits other than pension plans during 2015 . In the three and six months ended June 30, 2015 , $1.7 million and $3.4 million of contributions were made.

Financial Instruments

Financial Instruments	6 Months Ended
Financial Instruments	Jun. 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 June 30, 2015 . The amounts recorded in the balance sheet (carrying amount) and the estimated fair values of financial instruments at June 30, 2015 and December 31, 2014 consisted of the following: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (DOLLARS IN THOUSANDS) Cash and cash equivalents (1) $ 377,254 $ 377,254 $ 478,573 $ 478,573 Credit facilities and bank overdrafts (2) 68,948 68,948 12,335 12,335 Long-term debt: (3) Senior notes - 2007 500,000 576,942 500,000 587,650 Senior notes - 2006 125,000 130,352 125,000 133,137 Senior notes - 2013 299,795 294,136 299,782 296,290 (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 We periodically enter 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 six months ended June 30, 2015 and the year ended December 31, 2014 , we 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 six months ended June 30, 2015 . During the six months ended June 30, 2015 and the year ended December 31, 2014 , we 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 2014, we 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 six months ended June 30, 2015 . The following table shows the notional amount of the Company’s derivative instruments outstanding as of June 30, 2015 and December 31, 2014 : (DOLLARS IN THOUSANDS) June 30, 2015 December 31, 2014 Foreign currency contracts $ 296,600 $ 191,150 Interest rate swaps $ 425,000 $ 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 June 30, 2015 and December 31, 2014 : June 30, 2015 (DOLLARS IN THOUSANDS) Fair Value of Fair Value of Total Fair Derivative assets (a) Foreign currency contracts $ 12,519 $ 2,686 $ 15,205 Interest rate swaps 2,169 — 2,169 $ 14,688 $ 2,686 $ 17,374 Derivative liabilities (b) Foreign currency contracts $ 2,911 $ 3,178 $ 6,089 $ 2,911 $ 3,178 $ 6,089 December 31, 2014 (DOLLARS IN THOUSANDS) Fair Value of Fair Value of Total Fair 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 six months ended June 30, 2015 and 2014 (in thousands): Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Location of Gain (Loss) Recognized in Income on Derivative Three Months Ended June 30, 2015 2014 Foreign currency contracts $ 371 $ 3,465 Other expense (income), net Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Location of Gain (Loss) Recognized in Income on Derivative Six Months Ended June 30, 2015 2014 Foreign currency contracts $ 10,075 $ 538 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 six months ended June 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 June 30, Three Months Ended June 30, 2015 2014 2015 2014 Derivatives in Cash Flow Hedging Relationships: Foreign currency contracts (6,035 ) 1,530 Cost of goods sold 3,561 (725 ) Interest rate swaps (1) 69 68 Interest expense (69 ) (68 ) Derivatives in Net Investment Hedging Relationships: Foreign currency contracts (1,030 ) 673 N/A — — Total $ (6,996 ) $ 2,271 $ 3,492 $ (793 ) 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) Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Derivatives in Cash Flow Hedging Relationships: Foreign currency contracts 5,979 1,921 Cost of goods sold 4,584 (1,478 ) Interest rate swaps (1) 138 137 Interest expense (138 ) $ (137 ) Derivatives in Net Investment Hedging Relationships: Foreign currency contracts 3,531 298 N/A — — Total $ 9,648 $ 2,356 $ 4,446 $ (1,615 ) (1) Interest rate swaps were entered into as pre-issuance hedges for the $300 million bond offering. No ineffectiveness was experienced in the above noted cash flow hedges during the three and six months ended June 30, 2015 and 2014 . The ineffective portion of the net investment hedges was not material during the three and six months ended June 30, 2015 and 2014 . The Company expects that approximately $15.2 million (net of tax) of derivative gains included in AOCI at June 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

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
Accumulated Other Comprehensive Income (Loss)	Jun. 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 (32,958 ) 10,563 — (22,395 ) Amounts reclassified from AOCI — (4,446 ) 11,023 6,577 Net current period other comprehensive income (loss) (32,958 ) 6,117 11,023 (15,818 ) Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2015 $ (206,300 ) $ 18,488 $ (368,436 ) $ (556,248 ) 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 (1,826 ) 443 — (1,383 ) Amounts reclassified from AOCI — 1,615 8,765 10,380 Net current period other comprehensive income (loss) (1,826 ) 2,058 8,765 8,997 Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2014 $ (106,104 ) $ (1,954 ) $ (275,656 ) $ (383,714 ) The following table provides details about reclassifications out of accumulated other comprehensive income to the Consolidated Statement of Comprehensive Income: Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Affected Line Item in the (DOLLARS IN THOUSANDS) (Losses) gains on derivatives qualifying as hedges Foreign currency contracts 5,239 (2,038 ) Cost of goods sold Interest rate swaps (138 ) (137 ) Interest expense (655 ) 560 Provision for income taxes $ 4,446 $ (1,615 ) Total, net of income taxes (Losses) gains on pension and postretirement liability adjustments Prior service cost 2,318 (14,729 ) (a) Actuarial losses (18,102 ) 2,224 (a) 4,761 3,740 Provision for income taxes $ (11,023 ) $ (8,765 ) 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

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 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 June 30, 2015 , we had total bank guarantees and standby letters of credit of approximately $29.9 million with various financial institutions. Included in the above aggregate amount is a total of $16.5 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 June 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 $15.1 million as of June 30, 2015 . Lines of Credit The Company has various lines of credit which are available to support its ongoing business operations. At June 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 $72.9 million with various financial institutions. There were no significant amounts drawn down pursuant to these lines of credit as of June 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 is also making 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 $31.6 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 June 30, 2015 , we estimate a range of reasonably possible loss related to the matters above, collectively, is $0 - $31 million .

Consolidated Financial Statem20

Consolidated Financial Statements (Policies)	6 Months Ended
Consolidated Financial Statements (Policies)	Jun. 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, 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 2015 and 2014 quarters, the actual closing dates were July 3, and June 27, 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board ("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 is currently evaluating the impact that this new standard will have 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 does not expect that the adoption of this guidance will 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 July 2015, delayed 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.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
Net Income Per Share (Tables)	Jun. 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 June 30, Six Months Ended June 30, (SHARES IN THOUSANDS) 2015 2014 2015 2014 Basic 80,790 80,949 80,729 81,003 Assumed dilution under stock plans 402 481 472 580 Diluted 81,192 81,430 81,201 81,583

Restructuring and Other Charg22

Restructuring and Other Charges, Net (Tables)	6 Months Ended
Restructuring and Other Charges, Net (Tables)	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Changes in Employee-Related Restructuring Liabilities	Changes in employee-related restructuring liabilities during the six months ended June 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 ) June 30, 2015 $ 120 $ — $ 120

Other Intangible Assets, Net (T

Other Intangible Assets, Net (Tables)	6 Months Ended
Other Intangible Assets, Net (Tables)	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Other Intangible Assets, Net	Other intangible assets, net consist of the following amounts: June 30, December 31, (DOLLARS IN THOUSANDS) 2015 2014 Gross carrying value (1) $ 303,246 $ 218,676 Accumulated amortization (146,998 ) (142,119 ) Total $ 156,248 $ 76,557 (1) Includes patents, trademarks, technological know-how and other intellectual property, valued at acquisition.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
Borrowings (Tables)	Jun. 30, 2015
Debt Disclosure [Abstract]
Components of Debt	Debt consists of the following: (DOLLARS IN THOUSANDS) Rate Maturities June 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 299,795 299,782 Credit facility 1.31 % 2019 55,000 — Bank overdrafts and other 13,948 12,335 Deferred realized gains on interest rate swaps 4,246 5,205 997,989 942,322 Less: Current portion of long-term debt (8,793 ) (8,090 ) $ 989,196 $ 934,232

Stock Compensation Plans (Table

Stock Compensation Plans (Tables)	6 Months Ended
Stock Compensation Plans (Tables)	Jun. 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 June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Equity-based awards $ 7,473 $ 9,338 $ 12,860 $ 14,034 Liability-based awards 666 1,519 2,573 2,764 Total stock-based compensation expense 8,139 10,857 15,433 16,798 Less: tax benefit (2,225 ) (3,345 ) (4,412 ) (5,071 ) Total stock-based compensation expense, after tax $ 5,914 $ 7,512 $ 11,021 $ 11,727

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2015
Segment Reporting [Abstract]
Reportable Segment Information	Reportable segment information is as follows: Three Months Ended June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Net sales: Flavors $ 372,478 $ 375,513 $ 749,586 $ 742,018 Fragrances 395,063 412,901 792,862 816,620 Consolidated $ 767,541 $ 788,414 $ 1,542,448 $ 1,558,638 Segment profit: Flavors $ 84,015 $ 90,805 $ 176,743 $ 178,869 Fragrances 79,924 85,474 161,522 172,638 Global expenses (8,629 ) (19,869 ) (20,194 ) (36,303 ) Restructuring and other charges, net 358 (182 ) 170 (304 ) Acquisition and related costs (1) (6,566 ) — (7,066 ) — Operational improvement initiative costs (2) (281 ) (3,113 ) (562 ) (5,732 ) Operating profit 148,821 153,115 310,613 309,168 Interest expense (11,407 ) (11,403 ) (22,502 ) (23,080 ) Other (expense) income, net (436 ) 4,641 5,275 3,198 Income before taxes $ 136,978 $ 146,353 $ 293,386 $ 289,286 (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 Ottens Flavors. (2) Operational improvement initiative costs relate to the closing of a smaller facility in Europe and certain manufacturing activities in Asia, while transferring production to larger facilities in each respective region.

Employee Benefits (Tables)

Employee Benefits (Tables)	6 Months Ended
Employee Benefits (Tables)	Jun. 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 June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Service cost for benefits earned $ 984 $ 885 $ 1,968 $ 1,769 Interest cost on projected benefit obligation 5,954 6,232 11,907 12,463 Expected return on plan assets (8,083 ) (6,913 ) (16,165 ) (13,826 ) Net amortization and deferrals 5,203 4,255 10,406 8,509 Net periodic benefit cost 4,058 4,459 8,116 8,915 Defined contribution and other retirement plans 2,093 1,791 4,228 3,902 Total expense $ 6,151 $ 6,250 $ 12,344 $ 12,817 Non-U.S. Plans Three Months Ended June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Service cost for benefits earned $ 4,102 $ 4,002 $ 8,485 $ 7,950 Interest cost on projected benefit obligation 6,151 8,541 12,543 16,952 Expected return on plan assets (12,440 ) (12,675 ) (25,390 ) (25,155 ) Net amortization and deferrals 3,314 3,000 6,801 5,954 Net periodic benefit cost 1,127 2,868 2,439 5,701 Defined contribution and other retirement plans 1,693 1,444 3,288 2,622 Total expense $ 2,820 $ 4,312 $ 5,727 $ 8,323
Postretirement Benefits Other Than Pension Expenses	Expense recognized for postretirement benefits other than pensions included the following components: Three Months Ended June 30, Six Months Ended June 30, (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Service cost for benefits earned $ 301 $ 323 $ 601 $ 645 Interest cost on projected benefit obligation 1,082 1,238 2,164 2,475 Net amortization and deferrals (712 ) (979 ) (1,423 ) (1,958 ) Total postretirement benefit expense $ 671 $ 582 $ 1,342 $ 1,162

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
Financial Instruments (Tables)	Jun. 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 June 30, 2015 and December 31, 2014 consisted of the following: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (DOLLARS IN THOUSANDS) Cash and cash equivalents (1) $ 377,254 $ 377,254 $ 478,573 $ 478,573 Credit facilities and bank overdrafts (2) 68,948 68,948 12,335 12,335 Long-term debt: (3) Senior notes - 2007 500,000 576,942 500,000 587,650 Senior notes - 2006 125,000 130,352 125,000 133,137 Senior notes - 2013 299,795 294,136 299,782 296,290 (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 June 30, 2015 and December 31, 2014 : (DOLLARS IN THOUSANDS) June 30, 2015 December 31, 2014 Foreign currency contracts $ 296,600 $ 191,150 Interest rate swaps $ 425,000 $ 425,000
Derivative Instruments Measured at Fair Value	The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy), as reflected in the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 : June 30, 2015 (DOLLARS IN THOUSANDS) Fair Value of Fair Value of Total Fair Derivative assets (a) Foreign currency contracts $ 12,519 $ 2,686 $ 15,205 Interest rate swaps 2,169 — 2,169 $ 14,688 $ 2,686 $ 17,374 Derivative liabilities (b) Foreign currency contracts $ 2,911 $ 3,178 $ 6,089 $ 2,911 $ 3,178 $ 6,089 December 31, 2014 (DOLLARS IN THOUSANDS) Fair Value of Fair Value of Total Fair 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	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 six months ended June 30, 2015 and 2014 (in thousands): Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Location of Gain (Loss) Recognized in Income on Derivative Three Months Ended June 30, 2015 2014 Foreign currency contracts $ 371 $ 3,465 Other expense (income), net Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Location of Gain (Loss) Recognized in Income on Derivative Six Months Ended June 30, 2015 2014 Foreign currency contracts $ 10,075 $ 538 Other expense (income), net
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments	The following table shows the effect of the Company’s derivative instruments designated as cash flow and net investment hedging instruments in the Consolidated Statements of Comprehensive Income for the three and six months ended June 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 June 30, Three Months Ended June 30, 2015 2014 2015 2014 Derivatives in Cash Flow Hedging Relationships: Foreign currency contracts (6,035 ) 1,530 Cost of goods sold 3,561 (725 ) Interest rate swaps (1) 69 68 Interest expense (69 ) (68 ) Derivatives in Net Investment Hedging Relationships: Foreign currency contracts (1,030 ) 673 N/A — — Total $ (6,996 ) $ 2,271 $ 3,492 $ (793 ) 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) Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Derivatives in Cash Flow Hedging Relationships: Foreign currency contracts 5,979 1,921 Cost of goods sold 4,584 (1,478 ) Interest rate swaps (1) 138 137 Interest expense (138 ) $ (137 ) Derivatives in Net Investment Hedging Relationships: Foreign currency contracts 3,531 298 N/A — — Total $ 9,648 $ 2,356 $ 4,446 $ (1,615 ) (1) Interest rate swaps were entered into as pre-issuance hedges for the $300 million bond offering.

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Jun. 30, 2015
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: 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 (32,958 ) 10,563 — (22,395 ) Amounts reclassified from AOCI — (4,446 ) 11,023 6,577 Net current period other comprehensive income (loss) (32,958 ) 6,117 11,023 (15,818 ) Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2015 $ (206,300 ) $ 18,488 $ (368,436 ) $ (556,248 ) 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 (1,826 ) 443 — (1,383 ) Amounts reclassified from AOCI — 1,615 8,765 10,380 Net current period other comprehensive income (loss) (1,826 ) 2,058 8,765 8,997 Accumulated other comprehensive (loss) income, net of tax, as of June 30, 2014 $ (106,104 ) $ (1,954 ) $ (275,656 ) $ (383,714 )
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: Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Affected Line Item in the (DOLLARS IN THOUSANDS) (Losses) gains on derivatives qualifying as hedges Foreign currency contracts 5,239 (2,038 ) Cost of goods sold Interest rate swaps (138 ) (137 ) Interest expense (655 ) 560 Provision for income taxes $ 4,446 $ (1,615 ) Total, net of income taxes (Losses) gains on pension and postretirement liability adjustments Prior service cost 2,318 (14,729 ) (a) Actuarial losses (18,102 ) 2,224 (a) 4,761 3,740 Provision for income taxes $ (11,023 ) $ (8,765 ) 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 Statem30

Consolidated Financial Statements Consolidated Financial Statements (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Proceeds from sale of finance receivables	$ 1.3	$ 22.3

Net Income Per Share - Reconcil

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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Basic (shares)	80,790	80,949	80,729	81,003
Assumed dilution under stock plans (shares)	402	481	472	580
Diluted (shares)	81,192	81,430	81,201	81,583

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income allocated to PRS	$ 0.5	$ 0.7	$ 1.1	$ 1.4
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 Charg33

Restructuring and Other Charges, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring charge	$ (358)	$ 182	$ (170)	$ 304
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 Charg34

Restructuring and Other Charges, Net - Changes in Employee-Related Restructuring Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Restructuring Reserve [Roll Forward]
Additional charges, net	$ (358)	$ 182	$ (170)	$ 304
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)

Acquisitions (Details) $ in Thousands, € in Millions	Jul. 31, 2015EUR (€)	Jul. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Cash paid for acquisition, net of cash received					$ 188,835	$ 102,500
Goodwill			$ 752,726		$ 752,726		$ 675,484
Business acquisition contingent consideration						$ 15,000
Henry H Ottens Manufacturing Co [Member]
Business Acquisition [Line Items]
Percentage of interests acquired			100.00%		100.00%
Cash paid for acquisition, net of cash received			$ 199,200
Cash Acquired from Acquisition			10,400
Purchase price over carrying value of net assets			162,000		$ 162,000
Intangible assets acquired			85,000		85,000
Goodwill			$ 77,000		$ 77,000
Aromor [Member]
Business Acquisition [Line Items]
Percentage of interests acquired				100.00%		100.00%
Cash paid for acquisition, net of cash received				$ 102,600
Cash Acquired from Acquisition				100
Purchase price over carrying value of net assets				56,000		$ 56,000
Intangible assets acquired				53,000		53,000
Goodwill				10,000		10,000
Deferred tax liabilities				9,000		$ 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] \| 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] \| Aromor [Member]
Business Acquisition [Line Items]
Acquired intangible assets useful life				19 years
Subsequent Event [Member] \| Lucas Meyer [Member]
Business Acquisition [Line Items]
Percentage of interests acquired	100.00%	100.00%
Cash paid for acquisition, net of cash received	€ 283	$ 311,000

Other Intangible Assets, Net -

Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Detail) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying value	[1]	$ 303,246	$ 218,676
Accumulated amortization		(146,998)	(142,119)
Total		$ 156,248	$ 76,557

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

Other Intangible Assets, Net 37

Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3	$ 2.8	$ 4.9	$ 3.9
Estimated annual amortization, 2015	14.5		14.5
Estimated annual amortization, 2016	14.2		14.2
Estimated annual amortization, 2017	14.2		14.2
Estimated annual amortization, 2018	14.2		14.2
Estimated annual amortization, 2019	13.5		13.5
Estimated annual amortization, 2020	$ 13.5		$ 13.5

Borrowings - Components of Debt

Borrowings - Components of Debt (Detail) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt		$ 997,989	$ 942,322
Less: Current portion of long-term debt		(8,793)	(8,090)
Total long-term debt		$ 989,196	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		2,017
Senior Notes 2007 [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Maturities		2,027
Senior Notes 2006 [Member]
Debt Instrument [Line Items]
Rate		6.14%
Maturities		2,016
Credit facilities		$ 125,000	125,000
Senior Notes 2013 [Member]
Debt Instrument [Line Items]
Rate		3.20%
Maturities		2,023
Credit facilities		$ 299,795	299,782
Revolver Borrowings [Member]
Debt Instrument [Line Items]
Rate		1.31%
Maturities		2,019
Credit facilities		$ 55,000	0
Bank overdrafts and other [Member]
Debt Instrument [Line Items]
Bank overdrafts and other		13,948	12,335
Deferred realized gains on interest rate swaps [Member]
Debt Instrument [Line Items]
Deferred realized gains on interest rate swaps		$ 4,246	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 Infor

Income Taxes - Additional Information (Detail) € in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2014	Jun. 30, 2015EUR (€)	Jun. 30, 2015USD ($)	Jun. 30, 2014	Dec. 31, 2014EUR (€)	Dec. 31, 2014USD ($)
Income Taxes [Line Items]
Settlements				€ 4.5	$ 4.9
Effective tax rate				20.40%	20.40%	25.00%
Tax settlement		$ 10.5
Spanish tax settlement [Member]
Income Taxes [Line Items]
Effective tax rate	23.10%		24.60%
Foreign Tax Authority [Member]
Income Taxes [Line Items]
Provision for uncertain tax positions	$ 15.7				$ 15.7
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				2,005	2,005
2007-2012 [Member] \| Maximum [Member]
Income Taxes [Line Items]
Income tax examination, years under examination				2,014	2,014
Other Liabilities [Member]
Income Taxes [Line Items]
Unrecognized tax benefits that would impact effective tax rate	15				$ 15
Accrued interest and penalties	$ 0.7				$ 0.7

Stock Compensation Plans - Stoc

Stock Compensation Plans - Stock-Based Compensation Expense and Related Tax Benefits (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	May. 06, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 8,139	$ 10,857	$ 15,433	$ 16,798
Less: tax benefit	(2,225)	(3,345)	(4,412)	(5,071)
Total stock-based compensation expense, after tax	5,914	7,512	11,021	11,727
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	7,473	9,338	12,860	14,034
Liability-based awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 666	$ 1,519	$ 2,573	$ 2,764

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)
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	$ 167	$ 175	$ 330	$ 336
Foreign Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 601	$ 613	$ 1,212	$ 1,223
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			7.00%

Segment Information - Reportabl

Segment Information - Reportable Segment Information (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales:
Net sales		$ 767,541	$ 788,414	$ 1,542,448	$ 1,558,638
Segment profit:
Operating profit		148,821	153,115	310,613	309,168
Restructuring and other charges, net		358	(182)	170	(304)
Acquisition and related costs	[1]	(6,566)	0	(7,066)	0
Operational improvement initiative costs	[2]	(281)	(3,113)	(562)	(5,732)
Interest expense		(11,407)	(11,403)	(22,502)	(23,080)
Other income, net		(436)	4,641	5,275	3,198
Income before taxes		136,978	146,353	293,386	289,286
Flavors [Member]
Net sales:
Net sales		372,478	375,513	749,586	742,018
Segment profit:
Operating profit		84,015	90,805	176,743	178,869
Fragrances [Member]
Net sales:
Net sales		395,063	412,901	792,862	816,620
Segment profit:
Operating profit		79,924	85,474	161,522	172,638
Global expenses [Member]
Segment profit:
Operating profit		$ (8,629)	$ (19,869)	$ (20,194)	$ (36,303)

[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 Ottens Flavors.
[2]	Operational improvement initiative costs relate to the closing of a smaller facility in Europe and certain manufacturing activities in Asia, while transferring production to larger facilities in each respective region.

Employee Benefits - Pension and

Employee Benefits - Pension and Other Defined Contribution Retirement Plan Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	$ 984	$ 885	$ 1,968	$ 1,769
Interest cost on projected benefit obligation	5,954	6,232	11,907	12,463
Expected return on plan assets	(8,083)	(6,913)	(16,165)	(13,826)
Net amortization and deferrals	5,203	4,255	10,406	8,509
Total postretirement benefit expense	4,058	4,459	8,116	8,915
Total expense	6,151	6,250	12,344	12,817
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	4,102	4,002	8,485	7,950
Interest cost on projected benefit obligation	6,151	8,541	12,543	16,952
Expected return on plan assets	(12,440)	(12,675)	(25,390)	(25,155)
Net amortization and deferrals	3,314	3,000	6,801	5,954
Total postretirement benefit expense	1,127	2,868	2,439	5,701
Total expense	2,820	4,312	5,727	8,323
United States Postretirement Benefit Plan of US Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution and other retirement plans	2,093	1,791	4,228	3,902
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution and other retirement plans	$ 1,693	$ 1,444	$ 3,288	$ 2,622

Employee Benefits - Additional

Employee Benefits - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
Non-Qualified U.S. Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution to the plans	$ 1.1	$ 2.1
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution to the plans	3.4	22.5
Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan		5
Contribution to other postretirement plans	$ 1.7	3.4
Maximum [Member] \| Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to the plan		30
Contribution to the plans		$ 35

Employee Benefits - Postretirem

Employee Benefits - Postretirement Benefits Other Than Pension Expenses (Detail) - Postretirement Benefit Plan [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	$ 301	$ 323	$ 601	$ 645
Interest cost on projected benefit obligation	1,082	1,238	2,164	2,475
Net amortization and deferrals	(712)	(979)	(1,423)	(1,958)
Total postretirement benefit expense	$ 671	$ 582	$ 1,342	$ 1,162

Financial Instruments - Carryin

Financial Instruments - Carrying Amount and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands		Jun. 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]	$ 377,254	$ 478,573
Credit facilities and bank overdrafts	[2]	68,948	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	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	125,000
Reported Value Measurement [Member] \| Senior Notes 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Noncurrent	[3]	299,795
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, at fair value	[1]	377,254	478,573
Credit facilities and bank overdrafts	[2]	68,948	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]	576,942	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]	130,352	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]	$ 294,136	$ 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 - Additio

Financial Instruments - Additional Information (Detail) - Jun. 30, 2015 - USD ($)	Total	Total
Derivatives, Fair Value [Line Items]
Derivative losses included in AOCI	$ 15,200,000
Derivatives in Cash Flow Hedging Relationships [Member] \| Cross currency swap [Member]
Derivatives, Fair Value [Line Items]
Derivative instrument maturity period (years)		10 years
Derivatives in Cash Flow Hedging Relationships [Member] \| Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Senior Notes	300,000,000	$ 300,000,000
Senior Notes 2013 [Member]
Derivatives, Fair Value [Line Items]
Senior Notes	$ 300,000,000	$ 300,000,000

Financial Instruments - Derivat

Financial Instruments - Derivative Instruments Notional Amount Outstanding (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Foreign currency contracts [Member]
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding	$ 296,600	$ 191,150
Interest rate swaps [Member]
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items]
Derivative instruments outstanding	$ 425,000	$ 425,000

Financial Instruments - Deriv49

Financial Instruments - Derivative Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	[1]	$ 17,374	$ 21,718
Total Fair Value, Derivative Liabilities	[2]	6,089
Foreign currency contracts [Member]
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	[1]	15,205	21,035
Total Fair Value, Derivative Liabilities	[2]	6,089	1,061
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	[1]	2,169	683
Fair Value of Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	[1]	14,688	17,320
Total Fair Value, Derivative Liabilities	[2]	2,911
Fair Value of Derivatives Designated as Hedging Instruments [Member] \| Foreign currency contracts [Member]
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	[1]	12,519	16,637
Total Fair Value, Derivative Liabilities	[2]	2,911	6
Fair Value of Derivatives Designated as Hedging Instruments [Member] \| Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	[1]	2,169	683
Fair Value of Derivatives Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Total Fair Value, Derivative Assets	[1]	2,686	4,398
Total Fair Value, Derivative Liabilities	[2]	3,178
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]	2,686	4,398
Total Fair Value, Derivative Liabilities	[2]	3,178	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	$ 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 - Deriv50

Financial Instruments - Derivative Instruments Which Were Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 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	$ 371	$ 3,465	$ 10,075	$ 538

Financial Instruments - Deriv51

Financial Instruments - Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivative (Effective Portion)		$ (6,996)	$ 2,271	$ 9,648	$ 2,356
Amount of (Loss) Gain Reclassified from Accumulated OCI into Income (Effective Portion)		3,492	(793)	4,446	(1,615)
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)		(6,035)	1,530	5,979	1,921
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)		(1,030)	673	3,531	298
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)		3,561	(725)	4,584	(1,478)
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]	69	68	138	137
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)	$ (68)	$ (138)	$ (137)

[1]	Interest rate swaps were entered into as pre-issuance hedges for the $300 million bond offering.

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 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			(22,395)	(1,383)
Amounts reclassified from AOCI			6,577	10,380
Net current period other comprehensive income (loss)	$ 17,067	$ 13,568	(15,818)	8,997
Accumulated other comprehensive loss (income), net of tax, ending balance	(556,248)	(383,714)	(556,248)	(383,714)
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			(32,958)	(1,826)
Amounts reclassified from AOCI			0	0
Net current period other comprehensive income (loss)			(32,958)	(1,826)
Accumulated other comprehensive loss (income), net of tax, ending balance	(206,300)	(106,104)	(206,300)	(106,104)
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			10,563	443
Amounts reclassified from AOCI			(4,446)	1,615
Net current period other comprehensive income (loss)			6,117	2,058
Accumulated other comprehensive loss (income), net of tax, ending balance	18,488	(1,954)	18,488	(1,954)
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			11,023	8,765
Net current period other comprehensive income (loss)			11,023	8,765
Accumulated other comprehensive loss (income), net of tax, ending balance	$ (368,436)	$ (275,656)	$ (368,436)	$ (275,656)

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items]
(Losses) gains on derivatives qualifying as hedges, net of tax				$ 4,446	$ (1,615)
Prior service cost	[1]			2,318	(14,729)
Actuarial losses	[1]			(18,102)	2,224
(Losses) gains on pension and postretirement liability adjustments, net of tax		$ (5,476)	$ (4,400)	(11,023)	(8,765)
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				5,239	(2,038)
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				(138)	(137)
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				(655)	560
Provision for income taxes for gains (Losses) on pension and postretirement liability adjustments				$ 4,761	$ 3,740

[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 -

Commitments and Contingencies - Additional Information (Detail) - Jun. 30, 2015	USD ($)property
Commitments And Contingencies [Line Items]
Bank guarantees related to appeals on income tax and indirect tax cases	$ 16,500,000
Available lines of credit	$ 72,900,000
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	31,600,000
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	29,900,000
Pledged assets [Member]
Commitments And Contingencies [Line Items]
The amount of pledged assets, principally PP&E to cover income tax and indirect tax assessments	$ 15,100,000