XML 65 R40.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Reportable Segment Information
Reportable segment information was as follows:
 Three Months EndedNine Months Ended
September 30,September 30,
(DOLLARS IN MILLIONS)2023202220232022
Net sales:
Nourish$1,449 $1,703 $4,666 $5,252 
Health & Biosciences518 512 1,553 1,838 
Scent615 591 1,815 1,756 
Pharma Solutions238 257 742 750 
Consolidated$2,820 $3,063 $8,776 $9,596 
Segment Adjusted Operating EBITDA:
Nourish$178 $287 $567 $981 
Health & Biosciences150 137 426 513 
Scent131 119 353 328 
Pharma Solutions47 69 173 192 
Total506 612 1,519 2,014 
Depreciation & Amortization(292)(293)(855)(897)
Interest Expense(110)(83)(337)(232)
Other Income, net19 33 34 43 
Restructuring and Other Charges (a)(2)4 (61)(5)
Impairment of Goodwill (b)— (2,250)— (2,250)
Impairment of Long-Lived Assets (c)— — — (120)
Acquisition, Divestiture and Integration Related Costs (d)(42)(57)(118)(167)
Strategic Initiatives Costs (e)(6)(1)(28)(1)
Regulatory Costs (f)(13)— (32)— 
Other (g)(1)— 1 (5)
Income (Loss) Before Taxes$59 $(2,035)$123 $(1,620)
_______________________
(a)For 2023 and 2022, represents costs primarily related to severance as part of the Company's restructuring efforts.
(b)Represents costs related to the impairment of goodwill in the Health & Biosciences reporting unit.
(c)Represents costs related to the impairment of intangible and fixed assets of an asset group that operated primarily in Russia.
(d)
For 2023 and 2022, primarily represents costs related to the Company's actual and planned acquisitions and divestitures and integration related activities primarily for N&B. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts. For 2023, acquisition costs primarily relate to earn-out adjustments.

For the three months ended September 30, 2023, business divestiture, integration and acquisition related costs were approximately $29 million, $12 million and $1 million, respectively. For the three months ended September 30, 2022, business divestiture, integration and acquisition related costs were approximately $31 million, $25 million and $1 million, respectively. For the nine months ended September 30, 2023, business divestiture, integration and acquisition related costs were approximately $70 million, $42 million and $6 million, respectively. For the nine months ended September 30, 2022, business divestiture, integration and acquisition related costs were approximately $91 million, $73 million and $3 million, respectively.
(e)Represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Shared Services Centers, primarily consulting fees.
(f)Represents costs primarily related to legal fees incurred for the ongoing investigations of the fragrance businesses.
(g)For 2023, represents (losses) gains from sale of assets. For 2022, represents shareholder activist related costs, primarily professional fees, severance costs, including accelerated stock compensation expense, for certain executives who have been separated from the Company, and gains from sale of assets.
Net Sales by Destination of Product Delivery
Net sales, which are attributed to individual regions based upon the destination of product delivery, were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(DOLLARS IN MILLIONS)2023202220232022
Europe, Africa and Middle East$918 $1,030 $2,958 $3,258 
Greater Asia670 701 2,031 2,200 
North America853 939 2,668 3,006 
Latin America379 393 1,119 1,132 
Consolidated$2,820 $3,063 $8,776 $9,596 
 Three Months Ended September 30,Nine Months Ended September 30,
(DOLLARS IN MILLIONS)2023202220232022
Net sales related to the U.S.$782 $920 $2,430 $2,799 
Net sales attributed to all foreign countries2,038 2,143 6,346 6,797