Redeemable Noncontrolling Interests

12 Months Ended

Dec. 31, 2023

REDEEMABLE NON-CONTROLLING INTERESTS

Through certain subsidiaries of the Company’s Frutarom acquisition, there were certain non-controlling interests that carried redemption features. The non-controlling interest holders had the right, over a stipulated period of time, to sell their respective interests to Frutarom, and Frutarom had the option to purchase these interests (subject to the same timing). In most cases, these options carried similar price and conditions of exercise, and were 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, 2020	$	98

Impact of foreign exchange translation	1
Share of profit or loss attributable to redeemable non-controlling interests	6
Redemption value adjustment for the current period	2


Dividends paid	(2)

Balance at December 31, 2021	$	105

Impact of foreign exchange translation	(6)
Share of profit or loss attributable to redeemable non-controlling interests	4
Redemption value adjustment for the current period	5



Exercises of redeemable non-controlling interests	(49)
Balance at December 31, 2022	$	59

Impact of foreign exchange translation	(8)

Redemption value adjustment for the current period	(2)

Dividends paid	(13)
Exercises of redeemable non-controlling interests	(25)
Disposal of redeemable non-controlling interests(1)	(11)
Balance at December 31, 2023	$	—

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(1)The disposal of redeemable non-controlling interests was related to the sale of the Company’s investment in the Sonarome business. The total proceeds received from the sale transaction was approximately $29 million.