Net Income Per Share

6 Months Ended

Jun. 30, 2023

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,
(AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	2023		2022		2023		2022
Net Income
Net income attributable to IFF shareholders	$	27	$	107	$	18	$	351
Adjustment related to (increase) decrease in redemption value of redeemable noncontrolling interests in excess of earnings allocated	(1)		2		(1)		2
Net income available to IFF shareholders	$	26	$	109	$	17	$	353
Shares
Weighted average common shares outstanding (basic)	255		255		255		255



Weighted average shares assuming dilution (diluted)	255		255		255		255

Net Income per Share
Net income per share - basic(1)	$	0.11	$	0.43	$	0.07	$	1.38
Net income per share - diluted(1)	0.11		0.43		0.07		1.38

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(1)For the three months ended June 30, 2023, the basic and diluted net income per share cannot be recalculated based on the information presented in the table above due to rounding.

The Company declared a quarterly dividend to its shareholders of $0.81 and $0.79 per share for the three months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, the Company declared quarterly dividends to its shareholders totaling $1.62 and $1.58, respectively.

For the three and six months ended June 30, 2023, there were approximately 0.4 million share equivalents that had an anti-dilutive effect and therefore were excluded from the computation of diluted net income per share. For the three and six months ended June 30, 2022, there were approximately 0.3 million and 0.2 million share equivalents, respectively, that had an anti-dilutive effect and therefore were excluded from the computation of diluted net income per share.

The Company has issued shares of Purchased Restricted Stock Units (“PRSUs”) which contain rights to non-forfeitable 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 net income per share for both unrestricted common shareholders and PRSU shareholders for the three months ended June 30, 2023 was less than $0.01 per share. There was no difference between basic net income per share for both unrestricted common shareholders and PRSU shareholders for the six months ended June 30, 2023 and three and six months ended June 30, 2022. The difference between diluted net income per share for both unrestricted common shareholders and PRSU shareholders for the three and six months ended June 30, 2023 and 2022 was less than $0.01 per share. In addition, the number of PRSUs outstanding as of June 30, 2023 and 2022 was not material. Net income allocated to such PRSUs was not material for the three and six months ended June 30, 2023 and 2022.