Company Quick10K Filing
International Flavors & Fragrances
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 113 $16,398
10-Q 2019-11-04 Quarter: 2019-09-30
10-Q 2019-08-05 Quarter: 2019-06-30
10-Q 2019-05-06 Quarter: 2019-03-31
10-K 2019-02-26 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-06-30
10-Q 2018-05-07 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-K 2017-02-28 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-06-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-03-01 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-12 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-06 Quarter: 2014-03-31
10-K 2014-02-25 Annual: 2013-12-31
10-Q 2013-11-05 Quarter: 2013-09-30
10-Q 2013-08-06 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-K 2012-02-28 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
8-K 2019-12-17 Officers, Exhibits
8-K 2019-12-15 Regulation FD, Other Events, Exhibits
8-K 2019-12-15 Enter Agreement, Regulation FD, Exhibits
8-K 2019-11-04 Earnings, Exhibits
8-K 2019-10-29 Regulation FD
8-K 2019-10-29 Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2019-08-05 Earnings, Exhibits
8-K 2019-06-05 Regulation FD
8-K 2019-05-06 Earnings, Exhibits
8-K 2019-05-01 Shareholder Vote
8-K 2019-02-13 Earnings, Exhibits
8-K 2018-11-30 Regulation FD, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-10-03 M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-09-24 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-20 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-20 Other Events, Exhibits
8-K 2018-09-12 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-10 Other Events, Exhibits
8-K 2018-09-06 Regulation FD, Exhibits
8-K 2018-08-25 Enter Agreement, Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-08-03 Other Events, Exhibits
8-K 2018-06-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-21 Enter Agreement, Exhibits
8-K 2018-05-07 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-05-07 Enter Agreement, Regulation FD, Exhibits
8-K 2018-05-02 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-02-14 Earnings, Exhibits
IFF 2019-09-30
Part I. Financial Information
Item 1. Financial Statements.
Note 1. Nature of Operations and Summary of Significant Accounting Policies
Note 2. Net Income per Share
Note 3. Acquisitions
Note 4. Restructuring and Other Charges, Net
Note 5. Goodwill and Other Intangible Assets, Net
Note 6. Other Assets
Note 7. Debt
Note 8. Leases
Note 9. Income Taxes
Note 10. Stock Compensation Plans
Note 11. Segment Information
Note 12. Employee Benefits
Note 13. Financial Instruments
Note 14. Accumulated Other Comprehensive Loss
Note 15. Commitments and Contingencies
Note 16. Redeemable Noncontrolling Interests
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 iff93019exhibit311.htm
EX-31.2 iff93019exhibit312.htm
EX-32 iff93019exhibit32.htm

International Flavors & Fragrances Earnings 2019-09-30

IFF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
IFF 16,398 13,348 7,023 4,716 1,956 361 891 20,456 41% 23.0 3%
CE 13,378 9,506 6,252 6,739 1,812 1,049 1,718 16,536 27% 9.6 11%
FMC 10,857 9,824 7,061 4,653 2,083 503 787 13,305 45% 16.9 5%
EMN 10,762 16,256 10,310 9,666 2,357 915 1,724 16,200 24% 9.4 6%
WLK 8,701 12,216 5,957 8,419 1,532 660 1,640 10,985 18% 6.7 5%
ALB 7,392 8,094 4,294 3,417 1,210 600 914 8,883 35% 9.7 7%
HXL 6,722 3,195 1,753 2,320 629 219 473 7,792 27% 16.5 7%
SEE 6,537 5,216 5,558 4,720 1,508 370 718 9,606 32% 13.4 7%
VSM 5,704 1,459 1,255 1,341 569 86 309 6,416 42% 20.8 6%
GRA 5,061 3,726 3,339 1,998 796 186 430 6,861 40% 16.0 5%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                         
Commission file number 1-4858
 INTERNATIONAL FLAVORS & FRAGRANCES INC.
(Exact name of registrant as specified in its charter)
 
 
 
New York
 
13-1432060
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
521 West 57th Street, New York, NY 10019-2960
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (212765-5500
 Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange
on which registered
Common Stock, par value 12 1/2¢ per share
 
IFF
 
New York Stock Exchange
6.00% Tangible Equity Units
 
IFFT
 
New York Stock Exchange
0.500% Senior Notes due 2021
 
IFF 21
 
New York Stock Exchange
1.750% Senior Notes due 2024
 
IFF 24
 
New York Stock Exchange
1.800% Senior Notes due 2026
 
IFF 26
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer

Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    No   
Number of shares outstanding as of October 23, 2019: 106,776,222





PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(DOLLARS IN THOUSANDS)
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
494,897

 
$
634,897

Restricted cash
9,157

 
13,625

Trade receivables (net of allowances of $8,489 and $9,173, respectively)
942,705

 
937,765

Inventories: Raw materials
570,426

 
568,916

Work in process
52,119

 
48,819

Finished goods
503,844

 
460,802

Total Inventories
1,126,389

 
1,078,537

Prepaid expenses and other current assets
325,410

 
277,036

Total Current Assets
2,898,558

 
2,941,860

Property, plant and equipment, at cost
2,616,321

 
2,492,938

Accumulated depreciation
(1,302,782
)
 
(1,251,786
)
 
1,313,539

 
1,241,152

Goodwill
5,381,447

 
5,378,388

Other intangible assets, net
2,829,931

 
3,039,322

Other assets
561,249

 
288,673

Total Assets
$
12,984,724

 
$
12,889,395

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current Liabilities:
 
 
 
Bank borrowings, overdrafts, and current portion of long-term debt
$
384,823

 
$
48,642

Accounts payable
416,563

 
471,382

Accrued payroll and bonus
111,669

 
121,080

Dividends payable
80,032

 
77,779

Other current liabilities
419,362

 
409,428

Total Current Liabilities
1,412,449

 
1,128,311

Long-term debt
4,008,134

 
4,504,417

Retirement liabilities
217,604

 
227,172

Deferred income taxes
634,030

 
655,879

Other liabilities
530,974

 
248,436

Total Other Liabilities
5,390,742

 
5,635,904

Commitments and Contingencies (Note 15)

 

Redeemable noncontrolling interests
114,545

 
81,806

Shareholders’ Equity:
 
 
 
Common stock 12 1/2¢ par value; 500,000,000 shares authorized; 128,526,137 shares issued as of September 30, 2019 and December 31, 2018; and 106,775,922 and 106,619,202 shares outstanding as of September 30, 2019 and December 31, 2018, respectively
16,066

 
16,066

Capital in excess of par value
3,816,352

 
3,793,609

Retained earnings
4,114,299

 
3,956,221

Accumulated other comprehensive loss
(867,552
)
 
(702,227
)
Treasury stock, at cost (21,750,215 and 21,906,935 shares as of September 30, 2019 and December 31, 2018, respectively)
(1,023,346
)
 
(1,030,718
)
Total Shareholders’ Equity
6,055,819

 
6,032,951

Noncontrolling interest
11,169

 
10,423

Total Shareholders’ Equity including Noncontrolling interest
6,066,988

 
6,043,374

Total Liabilities and Shareholders’ Equity
$
12,984,724

 
$
12,889,395


See Notes to Consolidated Financial Statements
1



INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE (LOSS) INCOME
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
2019
 
2018
 
2019
 
2018
Net sales
$
1,267,345

 
$
907,548

 
$
3,856,315

 
$
2,758,492

Cost of goods sold
734,257

 
506,882

 
2,245,729

 
1,553,300

Gross profit
533,088

 
400,666

 
1,610,586

 
1,205,192

Research and development expenses
85,077

 
75,302

 
260,489

 
228,545

Selling and administrative expenses
210,829

 
157,796

 
634,111

 
457,847

Amortization of acquisition-related intangibles
48,430

 
9,003

 
143,964

 
27,772

Restructuring and other charges, net
3,716

 
927

 
22,415

 
2,830

Losses (gains) on sales of fixed assets
372

 
(1,630
)
 
1,136

 
(435
)
Operating profit
184,664

 
159,268

 
548,471

 
488,633

Interest expense
33,497

 
23,914

 
102,662

 
93,755

Loss on extinguishment of debt

 
38,810

 

 
38,810

Other income, net
(5,699
)
 
(4,158
)
 
(15,114
)
 
(25,389
)
Income before taxes
156,866

 
100,702

 
460,923

 
381,457

Taxes on income
27,059

 
4,986

 
81,033

 
57,176

Net income
129,807

 
95,716

 
379,890

 
324,281

Net income attributable to noncontrolling interests
2,683

 

 
7,560

 

Net income attributable to IFF stockholders
127,124

 
95,716

 
372,330

 
324,281

Other comprehensive loss, after tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(204,853
)
 
(27,587
)
 
(176,490
)
 
(98,048
)
Gains on derivatives qualifying as hedges
2,939

 
2,421

 
3,257

 
12,347

Pension and postretirement net liability
2,721

 
2,559

 
7,908

 
8,078

Other comprehensive loss
(199,193
)
 
(22,607
)
 
(165,325
)
 
(77,623
)
Comprehensive (loss) income attributable to IFF stockholders
$
(72,069
)
 
$
73,109

 
$
207,005

 
$
246,658

 
 
 
 
 
 
 
 
Net income per share - basic
$
1.15

 
$
1.18

 
$
3.34

 
$
4.06

Net income per share - diluted
$
1.13

 
$
1.17

 
$
3.30

 
$
4.04

Average number of shares outstanding - basic
111,998

 
81,263

 
111,953

 
79,783

Average number of shares outstanding - diluted
113,493

 
81,647

 
113,133

 
80,115


See Notes to Consolidated Financial Statements
2



INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
 
Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
379,890

 
$
324,281

Adjustments to reconcile to net cash provided by operating activities
 
 
 
Depreciation and amortization
235,429

 
95,994

Deferred income taxes
(35,134
)
 
20,623

Losses (gains) on sale of assets
1,136

 
(435
)
Stock-based compensation
26,426

 
22,041

Pension contributions
(16,390
)
 
(15,983
)
Loss on extinguishment of debt

 
38,810

Gain on deal contingent derivatives

 
(12,505
)
Product recall claim settlement, net of insurance proceeds received

 
(3,090
)
Changes in assets and liabilities, net of acquisitions:
 
 
 
Trade receivables
(22,878
)
 
(93,198
)
Inventories
(84,140
)
 
(92,705
)
Accounts payable
(39,332
)
 
(17,198
)
Accruals for incentive compensation
(20,726
)
 
(10,753
)
Other current payables and accrued expenses
(12,161
)
 
386

Other assets
(58,016
)
 
(61,597
)
Other liabilities
28,931

 
7,287

Net cash provided by operating activities
383,035

 
201,958

Cash flows from investing activities:
 
 
 
Cash paid for acquisitions, net of cash received
(49,065
)
 
(22
)
Additions to property, plant and equipment
(160,449
)
 
(102,421
)
Additions to intangible assets
(6,070
)
 

Proceeds from life insurance contracts
1,890

 
1,837

Maturity of net investment hedges

 
(2,642
)
Proceeds from disposal of assets
34,607

 
961

Proceeds from unwinding of cross currency swap derivative instruments
25,900

 

Contingent consideration paid
(4,655
)
 

Net cash used in investing activities
(157,842
)
 
(102,287
)
Cash flows from financing activities:
 
 
 
Cash dividends paid to shareholders
(233,477
)
 
(163,318
)
Increase in revolving credit facility and short term borrowings
11

 
112,483

Deferred financing costs

 
(21,944
)
Repayments on debt
(100,785
)
 
(288,810
)
Proceeds from issuance of long-term debt

 
2,926,414

Contingent consideration paid
(21,791
)
 

Proceeds from sales of equity securities, net of issuance costs

 
2,268,965

Proceeds from pre-issuance hedges

 
12,505

Proceeds from issuance of stock in connection with stock options
200

 

Employee withholding taxes paid
(9,966
)
 
(9,725
)
Purchase of treasury stock

 
(15,475
)
Net cash (used in) provided by financing activities
(365,808
)
 
4,821,095

Effect of exchange rate changes on cash, cash equivalents and restricted cash
(3,853
)
 
(14,353
)

See Notes to Consolidated Financial Statements
3



Net change in cash, cash equivalents and restricted cash
(144,468
)
 
4,906,413

Cash, cash equivalents and restricted cash at beginning of year
648,522

 
368,046

Cash, cash equivalents and restricted cash at end of period
$
504,054

 
$
5,274,459

Supplemental Disclosures:
 
 
 
Interest paid, net of amounts capitalized
$
122,121

 
$
91,874

Income taxes paid
98,819

 
86,672

Accrued capital expenditures
15,826

 
18,247


See Notes to Consolidated Financial Statements
4



INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited)
(DOLLARS IN THOUSANDS)
Common
stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated  other
comprehensive
(loss) income
 
Treasury stock
 
Non-controlling
interest
 
Total
Shares
 
Cost
 
Balance at June 30, 2018
$
14,470

 
$
167,432

 
$
3,992,452

 
$
(692,498
)
 
(36,811,973
)
 
$
(1,732,001
)
 
$
6,348

 
$
1,756,203

Net income


 


 
95,716

 


 


 


 
(213
)
 
95,503

Adoption of ASC 2014-09


 


 
(90
)
 


 


 


 


 
(90
)
Cumulative translation adjustment


 


 


 
(27,587
)
 


 


 


 
(27,587
)
Gains on derivatives qualifying as hedges; net of tax $(315)


 


 


 
2,421

 


 


 


 
2,421

Pension liability and postretirement adjustment; net of tax $(297)


 


 


 
2,559

 


 


 


 
2,559

Cash dividends declared ($0.73 per share)


 


 
(66,906
)
 


 


 


 


 
(66,906
)
Stock options/SSARs


 
1,065

 


 


 


 
1

 


 
1,066

Treasury share repurchases


 


 


 


 


 


 


 

Vested restricted stock units and awards


 
(204
)
 


 


 
3,213

 
151

 


 
(53
)
Stock-based compensation


 
6,867

 


 


 


 


 


 
6,867

Issuance of equity
1,596

 
2,266,370

 


 


 


 


 


 
2,267,966

Balance at September 30, 2018
$
16,066

 
$
2,441,530

 
$
4,021,172

 
$
(715,105
)
 
(36,808,760
)
 
$
(1,731,849
)
 
$
6,135

 
$
4,037,949

(DOLLARS IN THOUSANDS)
Common
stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated  other
comprehensive
(loss) income
 
Treasury stock
 
Non-controlling
interest
 
Total
Shares
 
Cost
 
Balance at June 30, 2019
$
16,066

 
$
3,805,883

 
$
4,069,211

 
$
(668,359
)
 
(21,751,837
)
 
$
(1,023,422
)
 
$
10,608

 
$
6,209,987

Net income


 


 
127,124

 


 


 


 
657

 
127,781

Adoption of ASU 2017-12

 


 
(1,962
)
 


 


 


 


 
(1,962
)
Cumulative translation adjustment


 


 


 
(204,853
)
 


 


 


 
(204,853
)
Gains on derivatives qualifying as hedges; net of tax $(348)


 


 


 
2,939

 


 


 


 
2,939

Pension liability and postretirement adjustment; net of tax $(1,937)


 


 


 
2,721

 


 


 


 
2,721

Cash dividends declared ($0.75 per share)


 


 
(80,027
)
 


 


 


 


 
(80,027
)
Stock options/SSARs


 
579

 


 


 
212

 
9

 


 
588

Vested restricted stock units and awards


 
28

 


 


 
1,410

 
67

 


 
95

Stock-based compensation


 
8,126

 


 


 


 


 


 
8,126

Redeemable NCI


 
1,736

 


 


 


 


 


 
1,736

Dividends paid on noncontrolling interest and other


 


 
(47
)
 


 


 


 
(96
)
 
(143
)
Balance at September 30, 2019
$
16,066

 
$
3,816,352

 
$
4,114,299

 
$
(867,552
)
 
(21,750,215
)
 
$
(1,023,346
)
 
$
11,169

 
$
6,066,988



See Notes to Consolidated Financial Statements
5



INTERNATIONAL FLAVORS & FRAGRANCES INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited)
(DOLLARS IN THOUSANDS)
Common
stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated  other
comprehensive
(loss) income
 
Treasury stock
 
Non-controlling
interest
 
Total
Shares
 
Cost
 
Balance at January 1, 2018
$
14,470

 
$
162,827

 
$
3,870,621

 
$
(637,482
)
 
(36,910,809
)
 
$
(1,726,234
)
 
$
5,092

 
$
1,689,294

Net income


 


 
324,281

 


 


 


 
1,043

 
325,324

Adoption of ASU 2014-09


 


 
2,068

 


 


 


 


 
2,068

Cumulative translation adjustment


 


 


 
(98,048
)
 


 


 


 
(98,048
)
Gains on derivatives qualifying as hedges; net of tax $(1,672)


 


 


 
12,347

 


 


 


 
12,347

Pension liability and postretirement adjustment; net of tax $(2,902)


 


 


 
8,078

 


 


 


 
8,078

Cash dividends declared ($2.11 per share)


 


 
(175,798
)
 


 


 


 


 
(175,798
)
Stock options/SSARs


 
1,188

 


 


 
46,018

 
2,167

 


 
3,355

Treasury share repurchases


 


 


 


 
(108,109
)
 
(15,475
)
 


 
(15,475
)
Vested restricted stock units and awards


 
(10,896
)
 


 


 
164,140

 
7,693

 


 
(3,203
)
Stock-based compensation


 
22,041

 


 


 


 


 


 
22,041

Issuance of equity
1,596

 
2,266,370

 


 


 


 


 


 
2,267,966

Balance at September 30, 2018
$
16,066

 
$
2,441,530

 
$
4,021,172

 
$
(715,105
)
 
(36,808,760
)
 
$
(1,731,849
)
 
$
6,135

 
$
4,037,949


(DOLLARS IN THOUSANDS)
Common
stock
 
Capital in
excess of
par value
 
Retained
earnings
 
Accumulated  other
comprehensive
(loss) income
 
Treasury stock
 
Non-controlling
interest
 
Total
Shares
 
Cost
 
Balance at January 1, 2019
$
16,066

 
$
3,793,609

 
$
3,956,221

 
$
(702,227
)
 
(21,906,935
)
 
$
(1,030,718
)
 
$
10,423

 
$
6,043,374

Net income


 


 
372,330

 


 


 


 
2,163

 
374,493

Adoption of ASU 2016-02


 


 
23,094

 


 


 


 


 
23,094

Adoption of ASU 2017-12

 


 
(981
)
 


 


 


 


 
(981
)
Cumulative translation adjustment


 


 


 
(176,490
)
 


 


 


 
(176,490
)
Gains on derivatives qualifying as hedges; net of tax $39


 


 


 
3,257

 


 


 


 
3,257

Pension liability and postretirement adjustment; net of tax $(3,038)


 


 


 
7,908

 


 


 


 
7,908

Cash dividends declared ($2.21 per share)


 


 
(235,730
)