Redeemable Noncontrolling Interests

6 Months Ended

Jun. 30, 2023

REDEEMABLE NON-CONTROLLING INTERESTS

Through certain subsidiaries of the Company’s Frutarom acquisition, there are certain non-controlling interests that carry redemption features. The non-controlling interest holders have the right, over a stipulated period of time, to sell their respective interests to Frutarom, and Frutarom has the option to purchase these interests (subject to the same timing). In most cases, these options carry similar price and conditions of exercise, and will be settled on a pre-agreed formula based on a multiple of the average EBITDA of consecutive quarters to be achieved during the period ending prior to the exercise date.

The following table sets forth the details of the Company’s redeemable non-controlling interests:


(DOLLARS IN MILLIONS)	Redeemable Non-controlling Interests
Balance at December 31, 2021	$	105

Impact of foreign exchange translation	(1)
Share of profit or loss attributable to redeemable non-controlling interests	2
Redemption value adjustment for the current period	(2)


Exercises of redeemable non-controlling interests	(18)
Balance at June 30, 2022	$	86

Balance at December 31, 2022	$	59

Impact of foreign exchange translation	1

Redemption value adjustment for the current period	1



Balance at June 30, 2023	$	61