IFF · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
INTERNATIONAL FLAVORS & FRAGRANCES INC · 2026-08-04 · Importance 49 · Surprise 6 · From source text
Cash and cash equivalents totaled $569 million at June 30, 2026, down from $590 million at December 31, 2025. Total debt was $5.735 billion and net debt was $5.166 billion, producing a net-debt-to-credit-adjusted-EBITDA ratio of 2.51x. IFF had $5.611 billion of senior unsecured notes outstanding, with maturities ranging from September 2026 to December 2050. The company had no borrowings and $2.0 billion of available capacity under its revolving credit facility, and remained in compliance with its covenants.
Key facts
- Gain on extinguishment of debt was $488 million in the second quarter of 2025 due to the repurchase of approximately $2.5 billion of notes for approximately $2.0 billion in cash. source
- The Company expects to contribute a total of $5 million to U.S. pension plans and $17 million to non-U.S. pension plans during 2026. source
- As of June 30, 2026, we had no outstanding borrowings under our $2 billion Revolving Credit Facility and available capacity was $2 billion. source
- As of June 30, 2026, we had $5,611 million aggregate principal amount outstanding in senior unsecured notes, with €914 million denominated in EUR and $4,697 million denominated in USD, bearing effective interest rates ranging from 1.56% to 5.12% and maturities from September 25, 2026 to December 1, 2050. source
- Interest expense decreased to $90 million in the first six months of 2026 compared to $132 million in the 2025 period due to lower debt outstanding. source
- The Company expects to contribute $4 million to postretirement benefits other than pension plans during 2026 and during the six months ended June 30, 2026, $2 million of benefit payments were made to postretirement benefits other than pension plans. source
- The Fourth Amended and Restated Credit Agreement extended the termination date to June 25, 2030 and removed the financial covenant relief period. source
- Total debt at June 30, 2026 was $5,735 million and net debt was $5,166 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +2.1% | Interest expense decreased to $90 million in the first six months of 2026 compared to $132 million in the 2025 period due to lower debt… |
| cash | negative | committed | -0.1% | The Company expects to contribute a total of $5 million to U.S. pension plans and $17 million to non-U.S. pension plans during 2026. |
| cash | negative | realized | -0.0% | The Company expects to contribute $4 million to postretirement benefits other than pension plans during 2026 and during the six months… |
| cash | negative | probable | -0.0% | The Company expects to contribute $4 million to postretirement benefits other than pension plans during 2026 and during the six months… |
| liability | negative | realized | — | As of June 30, 2026, we had $5,611 million aggregate principal amount outstanding in senior unsecured notes, with €914 million denominated… |