UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2003 COMMISSION FILE NUMBER 1-4858
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
PLAN ADDRESS: 521 WEST 57TH STREET
NEW YORK, NEW YORK 10019
ISSUER OF REGISTERED SECURITIES: INTERNATIONAL FLAVORS & FRAGRANCES INC.
521 WEST 57TH STREET
NEW YORK, NEW YORK 10019
INTERNATIONAL FLAVORS & FRAGRANCES INC.
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RETIREMENT INVESTMENT FUND PLAN
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FINANCIAL STATEMENTS
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AND
---
SUPPLEMENTARY INFORMATON
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* * * * * * * * * * * * * * * * * * * * * *
DECEMBER 31, 2003 AND 2002
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INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
TABLE OF CONTENTS TO FINANCIAL STATEMENTS AND SUPPLEMENTARY
INFORMATION
Financial Statements: Page
Report of Independent Registered Public Accounting Firm 1
Statement of Net Assets Available for Plan
Benefits at December 31, 2003 and 2002 2
Statement of Changes in Net Assets Available for Plan
Benefits for the Years Ended December 31, 2003 and 2002 3
Notes to Financial Statements 4-11
Supplementary Information:
Schedule H, line 4i - Schedule of Assets (Held at End of Year) 12
Signature 13
Exhibit 23.1 - Consent of Independent Registered Public Accounting Firm
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Participants and Administrator of the
International Flavors & Fragrances Inc.
Retirement Investment Fund Plan
In our opinion, the accompanying statement of net assets available for plan
benefits and the related statement of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
plan benefits of the International Flavors & Fragrances Inc. Retirement
Investment Fund Plan (the "Plan") at December 31, 2003 and 2002, and the changes
in net assets available for plan benefits for the years then ended in conformity
with accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of Assets (Held
at End of Year) is presented for the purpose of additional analysis and is not a
required part of the basic financial statements but is supplementary information
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. This
supplemental schedule is the responsibility of the Plan's management. The
supplemental schedule has been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ PricewaterhouseCoopers LLP
New York, New York
June 14, 2004
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31,
Assets 2003 2002
------------------------------------------------------ -------------- ---------------
Investments at Fair Value:
International Flavors & Fragrances Inc.
Common Stock Fund $ 9,678,008 $ 13,195,915
Vanguard Long-Term Corporate Fund 6,280,614 5,999,168
Vanguard Prime Money Market Fund 49,316,827 49,961,618
Vanguard 500 Index Fund 44,139,098 33,484,332
Vanguard U.S. Growth Fund 11,715,001 8,499,248
Vanguard International Growth Fund 8,204,229 5,332,089
Vanguard Total Bond Market Index Fund 7,989,121 6,652,855
Vanguard Explorer Fund 4,968,226 2,134,345
Vanguard PRIMECAP Fund 4,986,598 2,163,616
Vanguard Asset Allocation Fund 2,534,451 1,248,452
Vanguard Mid-Cap Index Fund 3,929,405 2,177,519
Vanguard Equity Income Fund 581,215 -
Participant Loans 3,656,109 4,015,718
-------------- --------------
157,978,902 134,864,875
Employer Contributions Receivable - 10,853
Employee Contributions Receivable - 36,842
Accrued Dividends and Interest Receivable 63,248 85,245
-------------- --------------
Net Assets Available for Plan Benefits $ 158,042,150 $ 134,997,815
============== ==============
See notes to financial statements
2
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31,
2003 2002
-------------- --------------
Contributions:
Employer contributions $ 2,475,757 $ 2,468,610
Employee contributions 8,434,688 8,932,589
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TOTAL CONTRIBUTIONS 10,910,445 11,401,199
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Investment Income:
Dividends and Interest 2,435,740 2,759,815
Net Appreciation (Depreciation) of Investments 16,133,844 (15,982,763)
-------------- --------------
TOTAL INVESTMENT GAIN (LOSS) 18,569,584 (13,222,948)
-------------- --------------
Transfer of plan assets from BBA Plan 7,614,622 22,825,525
Other asset transfers - 526,370
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TOTAL ADDITIONS 37,094,651 21,530,146
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Benefits Distributed (14,045,566) (9,882,858)
Administrative Fees (4,750) (5,130)
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TOTAL DISBURSEMENTS (14,050,316) (9,887,988)
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Net Change in Participants' Balances During Year 23,044,335 11,642,158
Net Assets at Beginning of Year 134,997,815 123,355,657
-------------- --------------
NET ASSETS AT END OF YEAR $ 158,042,150 $ 134,997,815
============== ==============
See notes to financial statements
3
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003 AND 2002
NOTE 1 - DESCRIPTION OF THE PLAN:
The following description of the International Flavors & Fragrances
Inc. Retirement Investment Fund Plan (the "Plan") is provided for general
information purposes only. Participants should refer to the Plan agreement for
complete information.
A. GENERAL:
The Plan is a defined contribution plan covering all employees of
International Flavors & Fragrances Inc. and its domestic subsidiaries, with the
exception of the unionized employees located in Jacksonville, Florida (the
"Company"). The plan also covers certain U.S. citizens temporarily assigned to
subsidiaries abroad. Effective January 1, 2002, employees of Bush Boake Allen
Inc. ("BBA"), which was acquired by the Company effective November 3, 2000,
became eligible to participate in the Plan. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").
Employees become eligible to participate in the Plan after 30 days from the
first date of employment.
B. ADMINISTRATION OF THE PLAN:
The Vanguard Fiduciary Trust Co. is the Trustee of the Plan. The
Administrative Committee, appointed by the Company's Board of Directors, is
responsible for administration of the Plan; the Administrative Committee has
appointed the Vanguard Group ("Vanguard") to carry out most of the day-to-day
activities of administration.
C. INVESTMENTS:
The Plan offers participants twelve investment funds:
IFF Common Stock Fund: This fund consists principally of common stock of the
Company and cash or cash equivalents deemed necessary for orderly investment in
such stock and for anticipated cash requirements.
Vanguard Long-Term Corporate Fund: This fund seeks a high and sustainable level
of current income consistent with the maintenance of principal and liquidity by
investing in a diversified portfolio of long-term investment-grade bonds.
Vanguard Prime Money Market Fund: This fund seeks maximum current income,
preservation of capital and liquidity by investing in a portfolio of money
market instruments. The portfolio is designed to maintain a constant $1.00 share
value. An investment in the money market fund is neither insured nor guaranteed
by the U.S. Government, and there is no assurance that the fund will be able to
maintain a stable net asset value of $1.00 per share.
Vanguard 500 Index Fund: This fund seeks investment results that parallel the
performance of the Standard & Poor's 500 Composite Stock Price Index. The fund
is expected to provide investors with long-term capital growth as well as a
reasonable level of current income.
Vanguard U.S. Growth Fund: This fund seeks long-term capital appreciation by
investing in common stocks of companies with above-average growth potential.
Current income is incidental.
4
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003 AND 2002
Vanguard International Growth Fund: This fund seeks long-term capital growth by
investing in common stocks of companies based outside the United States that
have above-average growth potential.
Vanguard Total Bond Market Index Fund: This fund seeks investment results that
parallel the performance of the Lehman Aggregate Bond Index.
Vanguard Explorer Fund: This fund seeks to provide long-term capital growth by
investing in a diversified portfolio of small-company stocks with prospects for
above-average growth.
Vanguard PRIMECAP Fund: This fund seeks to provide long-term capital growth by
investing in stocks of companies with above-average prospects for continued
earnings growth, strong industry positions and skilled management teams. This
fund also may invest in companies with below-average earnings but bright
prospects for earnings growth.
Vanguard Asset Allocation Fund: This fund seeks long-term growth of capital and
income by investing in common stocks, long-term U.S. Treasury bonds and money
market instruments. The mix, or allocation, of the three types of assets changes
from time to time depending on which mix appears to offer the best combination
of expected returns and risk.
Vanguard Mid-Cap Index Fund: This fund seeks to parallel the performance of the
Standard & Poor's MidCap 400 index, which comprises a market-weighted group of
medium-sized U.S. companies.
Vanguard Equity Income Fund: This fund seeks to provide an above average level
of current income and reasonable long-term capital appreciation by mainly
investing in dividend-paying common stocks of established medium-size and large
U.S. companies.
D. CASH OR DEFERRED WAGE AND SALARY CONVERSION AGREEMENTS:
Each participant enters into a Cash or Deferred Wage and Salary
Conversion Agreement ("CODA") with the Company, pursuant to which his or her
Plan contributions are made. Such agreement specifies the portion of the
participant's compensation, as defined in the Plan, during each Plan year that
the participant elects to forego and have contributed by the Company to the
participant's account with the Plan. Any such election remains in effect until
changed by the participant. The Administrative Committee may limit the amounts
specified in such agreements to ensure compliance with the antidiscrimination
standards of Section 401(k) of the Internal Revenue Code (the "Code"). Subject
to these limitations, participants may contribute up to 30% of their annual base
wages, before bonuses and overtime, up to the maximum amount permitted under the
Code. Amounts in excess of Code limits may, at the election of the participant,
either be contributed to the Plan on an after-tax basis or, if the participant
is eligible, treated as contributions to the Company's Deferred Compensation
Plan ("DCP").
E. COMPANY CONTRIBUTIONS:
The Company matches 50% of the first 6% of the participant's
compensation, as defined, that a participant contributes to the Plan, whether on
a deferred or after-tax basis, or that is treated as a contribution to the DCP,
as described in Section D above.
5
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003 AND 2002
F. VESTED BENEFITS:
All participants who were employed by the Company on December 31, 2000
continue to vest immediately in their contributions and the Company's matching
contributions, plus earnings on all contributions. A participant whose
employment with the Company commences on or after January 1, 2001 vests
immediately in his or her contributions to the Plan plus earnings thereon. He or
she vests in the Company's matching contributions and the earnings thereon after
three years of continuous credited service. At December 31, 2003 and 2002,
forfeited nonvested amounts approximated $43,000 and $154,000, respectively.
These amounts will be used to reduce future employer contributions.
G. INDIVIDUAL ACCOUNTS:
A separate account is established and maintained for each active and
former participant. Former participants are those who have terminated employment
and have not yet received final payment of their account. The participant's
contributions and the Company's matching contribution are credited to the
specific participant's account. The participant's contributions and the
Company's matching contributions are invested in one or more of the Plan's funds
as directed by the participant.
Participants' accounts are maintained on a unit basis for the IFF
Common Stock Fund, and on a share basis for all other funds.
Interest earned and dividends paid are credited to each participant's
account based on accumulated daily account balances and reinvested in the
respective fund.
H. TRANSFERS BETWEEN FUNDS:
Participants may transfer all or a portion of their balance in any fund
of the Plan to an alternative fund of the Plan. However, participants are only
permitted to make four exchanges per fund during any twelve-month period.
Exchanges must be in increments of 5%. Participants may make these transfers on
a daily basis by contacting Vanguard.
I. LOANS AND IN-SERVICE WITHDRAWALS:
Participants may borrow from the Plan as described in Note 4. A
participant may withdraw all or a portion of his or her balances if bona fide
financial necessity can be demonstrated to the Plan's Administrative Committee.
A participant who makes a hardship withdrawal is limited by the Internal Revenue
Code as to the amount of CODA contribution he or she may make for the taxable
year following the year of the withdrawal. The amounts of in-service withdrawals
are limited by government regulation to amounts contributed under CODA
agreements and earnings on such contributions.
J. ROLLOVER CONTRIBUTIONS:
Participants who receive eligible rollover distributions from another
qualified plan may roll that distribution over into the Plan. Eligible rollover
distributions are those that come directly from either another qualified
retirement plan or an Individual Retirement Account ("IRA") which was set up to
hold a distribution from another qualified retirement plan on a temporary basis.
Rollover amounts can only include pretax contributions, plus any untaxed
earnings thereon. All rollovers from the IRA must be made within one year of
original distribution from the qualified retirement plan.
6
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003 AND 2002
K. BENEFIT PAYMENTS:
On termination of service due to death, disability, or retirement, a
participant or beneficiary may elect to receive benefits based on one of the
following options:
o A lump-sum payment;
o Periodic payments;
o A 50% joint and survivor annuity to a married participant; or
o A single life annuity.
Lump sum or installment payments may be made in cash or securities at
the direction of the Plan's Trustee. When periodic payments are elected, a
participant's interest remains in the Plan and continues to receive allocations
of earnings and losses until distribution.
L. TERMINATION OF PLAN:
The Company may terminate the Plan at any time. In such event, the
total amounts in participants' accounts shall continue in the trust for their
benefit and shall be paid to them or their designated beneficiaries, as
described in Section K above, upon retirement, death, disability or termination
of employment. At the present time, the Company has no intention to terminate
the Plan.
M. PLAN AMENDMENTS:
Effective January 1, 2002, the Company amended the Plan to take
advantage of certain changes permitted under the Economic Growth and Tax Relief
Reconciliation Act of 2001 ("EGTRAA"), and to increase the maximum percentage of
compensation that a participant is permitted to defer under the Plan.
The Plan was amended as follows:
o The elective deferral percentage a participant can make increased
from 20% to 30% of compensation;
o The limit on compensation was increased to $200,000 and is indexed
thereafter;
o The limit on elective deferrals was increased to the maximum
allowable under EGTRAA including catch-up contributions by all
employees who are eligible to make elective deferrals under the Plan
and who will have reached age 50 before close of the Plan year;
o The limit on annual additions increased to the lesser of $40,000 or
100% of compensation;
o The suspension period after a hardship withdrawal is made was
reduced from 12 months to 6 months; and
o Rollover contributions from Internal Revenue Code Section 403(b) and
governmental 457(b) plans are accepted.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of the significant accounting policies
followed by the Plan:
A. METHOD OF ACCOUNTING:
The Plan's financial statements are prepared on the accrual basis of
accounting.
7
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003 AND 2002
B. VALUATION OF INVESTMENTS:
Investments, other than money market funds and participants' loans, are
stated at fair value based on published quotations. Money market funds and
participants' loans are stated at cost, which approximates fair value.
C. SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME:
Security transactions are recorded on the trade date; interest income
is recorded on the accrual basis; dividend income is recorded on the ex-dividend
date.
D. ADMINISTRATIVE EXPENSES:
All expenses that arise in connection with the administration of the
Plan are paid by the Company except for loan administration fees (see Note 4),
brokerage fees and advisory fees. Brokerage fees are included in the cost of
investments when purchased and are deducted from proceeds received in
determining realized gains and losses on investments sold. Investment advisory
fees for the management of the Vanguard funds are paid directly from fund
earnings.
E. CONTRIBUTION INCOME:
Company contributions are recognized during the same period in which
the Company makes payroll deductions from the participants' earnings for the
participant contributions. Contributions made in accordance with participants'
CODA agreements (see Note 1-D) are recognized during the period in which the
Company makes payroll deductions from the participants' earnings.
F. BENEFIT OBLIGATIONS:
Benefits are recorded when paid.
G. RISKS AND UNCERTAINTIES:
The Plan provides for various investment options in any combination of
investment funds described in Note 1-C. Investment securities are exposed to
various risks, such as interest rate, market and credit. Due to the level of
risk associated with certain investment securities and the level of uncertainty
related to changes in the value of investment securities, it is at least
reasonably possible that changes in market value could materially affect
participants' account balances and the amounts reported in the financial
statements.
H. USE OF ESTIMATES:
The preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts reported in
the financial statements and accompanying disclosures. Actual results could
differ from those estimates.
8
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003 AND 2002
NOTE 3 - TAX STATUS:
The Internal Revenue Service has determined and informed the Company by
a letter dated August 22, 2001 that the Plan is designed in accordance with
applicable sections of the Code. Since the date of the most recent request for
determination to the Internal Revenue Service, the Company has made certain
amendments to the Plan. However, the Company believes the Plan is designed and
is currently being operated in compliance with the applicable requirements of
the Code. Therefore, no provision for income taxes has been included in the
Plan's financial statements.
NOTE 4 - PARTICIPANT LOANS:
Upon application, the Trustees may make a loan to a participant in an
amount not exceeding 50% of the balance in the participant's account, or
$50,000, with a minimum loan of $1,000. Such loan is allocated, as applicable,
among the twelve funds in proportion to the participant's balance in each. The
loans are collateralized by the balance in the participants' accounts and bear
interest at a rate equal to the Citibank, N.A. prime rate, plus 1/2 percent, but
in no case in excess of the legal rate of interest. Loans are subject to a loan
origination fee of $30, which is deducted from the loan proceeds. In addition,
participants with outstanding loans are subject to an annual administrative fee
of $10, which is deducted from their respective accounts each July, except for
the first year of the loan.
Interest rates on outstanding participant loans at December 31, 2003
and 2002 range from approximately 4.5% to approximately 10.0%.
NOTE 5 - RELATED PARTY TRANSACTIONS:
Certain Plan investments consist of units in investment funds managed
by Vanguard. Vanguard is a party-in-interest as defined by ERISA.
The IFF Common Stock Fund invests in shares of the Company's stock. The
fund is designed as a means for employees to participate in the potential
long-term growth of the Company.
NOTE 6 - TRANSFER OF ASSETS FROM THE BUSH BOAKE ALLEN INC. EMPLOYEES
SAVINGS AND INVESTMENT PLAN:
Effective October 31, 2003, the non-union salaried employees of The
Bush Boake Allen Inc. Employees Savings and Investment Plan ("BBA Plan") located
in Jacksonville, Florida became eligible to participate in the Plan. Service
with BBA counts towards vesting service in the Plan. Accordingly, on November 3,
2003 total assets of $7,614,622 were transferred from the BBA Plan and invested
in the Plan.
Effective January 1, 2002 the salaried employees of the BBA Plan,
excluding those located in Jacksonville, Florida, became eligible to participate
in the Plan. Service with BBA counts towards vesting service in the Plan.
Accordingly, on January 2, 2002 total assets of $22,825,525 were transferred
from the BBA Plan and invested in the Plan. Subsequently, an additional $526,370
was transferred from the BBA Plan and invested in the Plan.
9
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003 AND 2002
NOTE 7 - NET APPRECIATION/(DEPRECIATION) ON INVESTMENTS:
The net appreciation/(depreciation) in the fair value of investments
(including gains and losses on investments sold during the year) was as follows:
YEAR ENDED DECEMBER 31, 2003
International
Flavors & Net
Fragrances Inc. Appreciation/
Common Stock Fund Mutual Funds (Depreciation)
----------------- ------------ --------------
IFF Common Stock Fund $ (193,992) $ -- $ (193,992)
Vanguard Long-Term Corporate Fund 21,235 21,235
Vanguard 500 Index Fund 8,803,696 8,803,696
Vanguard U.S. Growth Fund 2,268,511 2,268,511
Vanguard International Growth Fund 1,869,991 1,869,991
Vanguard Total Bond Market Index Fund (53,261) (53,261)
Vanguard Explorer Fund 1,180,677 1,180,677
Vanguard PRIMECAP Fund 1,025,532 1,025,532
Vanguard Asset Allocation Fund 346,290 346,290
Vanguard Mid-Cap Index Fund 829,895 829,895
Vanguard Equity Income Fund 35,270 35,270
-------------- ------------ --------------
Total $ (193,992) $ 16,327,836 $ 16,133,844
============== ============ ==============
YEAR ENDED DECEMBER 31, 2002
International
Flavors & Net
Fragrances Inc. Appreciation/
Common Stock Fund Mutual Funds (Depreciation)
----------------- ------------ --------------
IFF Common Stock Fund $ 2,197,295 $ -- $ 2,197,295
Vanguard Long-Term Corporate Fund 331,753 331,753
Vanguard 500 Index Fund (10,696,118) (10,696,118)
Vanguard U.S. Growth Fund (4,683,451) (4,683,451)
Vanguard International Growth Fund (1,263,129) (1,263,129)
Vanguard Total Bond Market Index Fund 147,470 147,470
Vanguard Explorer Fund (705,814) (705,814)
Vanguard PRIMECAP Fund (624,496) (624,496)
Vanguard Asset Allocation Fund (166,121) (166,121)
Vanguard Mid-Cap Index Fund (520,152) (520,152)
--------------- -------------- --------------
Total $ 2,197,295 $ (18,180,058) $ (15,982,763)
=============== ============== ==============
10
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003 AND 2002
NOTE 8 - PLAN INVESTMENTS REPRESENTING 5% OR MORE OF THE PLAN'S NET ASSETS:
Investments at fair value that represent 5% or more of the Plan's net
assets at December 31, 2003 and 2002 were as follows:
2003 2002
---- ----
Common Stock Fund:
International Flavors & Fragrances Inc. $ 9,678,008 $ 13,195,915
Mutual Funds:
Vanguard Prime Money Market Fund 49,316,827 49,961,618
Vanguard 500 Index Fund 44,139,098 33,484,332
Vanguard U.S. Growth Fund 11,715,001 8,499,248
Vanguard International Growth Fund 8,204,229 *
Vanguard Total Bond Market Index Fund 7,989,121 *
* Fair Value of funds did not represent 5% or more of plan assets at December
31, 2002.
11
SUPPLEMENTARY INFORMATION
-------------------------
INTERNATIONAL FLAVORS & FRAGRANCES INC.
---------------------------------------
RETIREMENT INVESTMENT FUND PLAN
-------------------------------
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
--------------------------------------------------------------
DECEMBER 31, 2003
-----------------
Fair
ISSUE DESCRIPTION Cost Value
------------------------------------------ ----------------------------------- -------------- --------------
International Flavors & Fragrances Inc. * Common stock $ 8,373,889 $ 9,678,008
Vanguard Long-Term Corporate Fund * Mutual Fund 6,025,420 6,280,614
Vanguard Prime Money Market Fund * Mutual Fund 49,316,827 49,316,827
Vanguard 500 Index Fund * Mutual Fund 39,018,645 44,139,098
Vanguard U.S. Growth Fund * Mutual Fund 17,650,990 11,715,001
Vanguard International Growth Fund * Mutual Fund 8,247,548 8,204,229
Vanguard Total Bond Market Index Fund * Mutual Fund 7,858,843 7,989,121
Vanguard Explorer Fund * Mutual Fund 4,326,974 4,968,226
Vanguard PRIMECAP Fund * Mutual Fund 4,570,258 4,986,598
Vanguard Asset Allocation Fund * Mutual Fund 2,319,980 2,534,451
Vanguard Mid-Cap Index Fund * Mutual Fund 3,414,283 3,929,405
Vanguard Equity Income Fund * Mutual Fund 546,137 581,215
Participant Loans Varying maturity dates through
11/30/2013, interest ranging from
4.5% to 10.0% per annum - 3,656,109
-------------- --------------
TOTAL INVESTMENTS $ 151,669,794 $ 157,978,902
============== ==============
* Denotes party-in-interest
12
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed by the undersigned hereunto duly
authorized.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
DATE: JUNE 28, 2004 BY: /S/ DENNIS M. MEANY
-------------------
DENNIS M. MEANY
MEMBER, ADMINISTRATIVE COMMITTEE
BY: /S/ DOUGLAS J. WETMORE
----------------------
DOUGLAS J. WETMORE
MEMBER, ADMINISTRATIVE COMMITTEE
13
EXHIBIT INDEX
Exhibit No. Description
23.1 Consent of PricewaterhouseCoopers LLP