SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2016

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

19.SUBSEQUENT EVENTS

On April 1, 2016, the Company completed its acquisition of flavor supplier and long-time business partner American Fruits & Flavors (“AFF”), in a transaction that brings the Company’s primary flavor supplier in-house, secures the intellectual property of the Company’s most important flavors in perpetuity and further enhances its flavor development and global flavor footprint capabilities. Pursuant to the terms of the transaction, the Company purchased AFF for $690 million in cash, subject to adjustments. As of April 29, 2016, the fair value analysis has yet to progress to a stage where there is sufficient information for a preliminary or definitive measurement of the transactions respective fair values.

On April 28, 2016, the Board of Directors authorized the Company to commence a “modified Dutch auction” tender offer to repurchase up to $2.0 billion of its outstanding shares of common stock under its existing share repurchase authority.  The Company anticipates commencing the tender offer in May 2016. Details of the tender offer, including the offer price, conditions, potential participation by management and other terms, will be set forth in the offering materials to be distributed to shareholders upon commencement of the tender offer.