UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------
FORM 11-K
Annual Report Pursuant to Section 15 (d)
of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2004 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.
RETIREMENT INVESTMENT FUND PLAN
FINANCIAL STATEMENTS
AND
SUPPLEMENTAL SCHEDULE
* * * * * * * * * * * * * * * * * * * * * *
DECEMBER 31, 2004 AND 2003
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
Table of Contents to Financial Statements and Supplemental
Schedule
Financial Statements: Page
Report of Independent Registered Public Accounting Firm 1
Statement of Net Assets Available for Plan
Benefits at December 31, 2004 and 2003 2
Statement of Changes in Net Assets Available for Plan
Benefits for the Years Ended December 31, 2004 and 2003 3
Notes to Financial Statements 4-11
Supplemental Schedule:
Part 1 - 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
International Flavors & Fragrances Inc.
Retirement Investment Fund Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the International Flavors & Fragrances Inc. Retirement Investment Fund Plan
(the "Plan") at December 31, 2004 and December 31, 2003, and the changes in net
assets available for 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 10, 2005
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31,
Assets 2004 2003
------------------------------------------------------ ------------------ -----------------
Investments at Fair Value:
International Flavors & Fragrances Inc.
Common Stock Fund $ 10,387,908 $ 9,678,008
Vanguard Long-Term Investment Grade Fund 7,444,080 6,280,614
Vanguard Prime Money Market Fund 47,184,744 49,316,827
Vanguard 500 Index Fund 48,465,601 44,139,098
Vanguard U.S. Growth Fund 11,968,108 11,715,001
Vanguard International Growth Fund 10,790,334 8,204,229
Vanguard Total Bond Market Index Fund 8,834,759 7,989,121
Vanguard Explorer Fund 6,559,123 4,968,226
Vanguard PRIMECAP Fund 8,512,143 4,986,598
Vanguard Asset Allocation Fund 3,660,302 2,534,451
Vanguard Mid-Cap Index Fund 6,752,133 3,929,405
Vanguard Equity Income Fund 1,246,664 581,215
Participant Loans 3,721,094 3,656,109
--------------------- ---------------------
175,526,993 157,978,902
Accrued Dividends and Interest Receivable 58,409 63,248
--------------------- ---------------------
Net Assets Available for Plan Benefits $ 175,585,402 $ 158,042,150
===================== =====================
See Notes to financial statements.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31,
2004 2003
------------------- ---------------------
Contributions:
Company contributions $ 2,668,920 $ 2,475,757
Participant contributions 9,388,013 8,434,688
------------------- ---------------------
TOTAL CONTRIBUTIONS 12,056,933 10,910,445
------------------- ---------------------
Investment Income:
Dividends and Interest 2,977,051 2,435,740
Net Appreciation (Depreciation) of Investments 11,414,106 16,133,844
------------------- ---------------------
TOTAL INVESTMENT GAIN (LOSS) 14,391,157 18,569,584
------------------- ---------------------
Transfer of plan assets from BBA Plan - 7,614,622
Other asset transfers 95,432 -
------------------- ---------------------
TOTAL ADDITIONS 26,543,522 37,094,651
------------------- ---------------------
Benefits Distributed (8,995,880) (14,045,566)
Administrative Fees (4,390) (4,750)
------------------- ---------------------
TOTAL DISBURSEMENTS (9,000,270) (14,050,316)
------------------- ---------------------
Net Increase in Participants' Balances During Year 17,543,252 23,044,335
Net Assets at Beginning of Year 158,042,150 134,997,815
------------------- ---------------------
NET ASSETS AT END OF YEAR $ 175,585,402 $ 158,042,150
=================== =====================
See Notes to financial statements.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2004 AND 2003
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 (the
"Company"), with the exception of the unionized employees located in
Jacksonville, Florida. The Plan also covers certain U.S. citizens temporarily
assigned to subsidiaries abroad. 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.
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:
- The elective deferral percentage a participant can make increased from 20%
to 30% of compensation;
- The limit on compensation was increased to $200,000 and is indexed
thereafter;
- 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;
- The limit on annual additions increased to the lesser of $40,000 or 100% of
compensation;
- The suspension period after a hardship withdrawal is made was reduced from
12 months to 6 months; and
- Rollover contributions from Internal Revenue Code Section 403(b) and
governmental 457(b) plans are accepted.
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.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2004 AND 2003
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 Investment Grade 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 to add value by emphasizing
specific issues and sectors of the money market that appear to be attractively
priced based upon historical yield-spread relationships. 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.
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.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2004 AND 2003
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 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.
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 commenced 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, 2004 and 2003,
forfeited nonvested amounts approximated $31,000 and $43,000, 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 as
frequently as on a daily basis by contacting Vanguard.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2004 AND 2003
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
("hardship withdrawal"). 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.
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:
- A lump-sum payment;
- Periodic payments;
- A 50% joint and survivor annuity to a married participant; or
- 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 continue to vest in accordance with Note 1-F above, and shall be
paid to them or their designated beneficiaries, as described in Note 1-K above,
upon retirement, death, disability or termination of employment. At the present
time, the Company has no intention to terminate the Plan.
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.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2004 AND 2003
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 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 expenses of the funds.
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.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2004 AND 2003
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 fixed 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, 2004
and 2003 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.
Other asset transfers include transfers from other plans into the
Retirement Investment Fund Plan.
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2004 AND 2003
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, 2004
International
Flavors & Net
Fragrances Inc. Appreciation/
Common Stock Fund Mutual Funds (Depreciation)
------------------------ -------------------- ---------------------
IFF Common Stock Fund $ 2,060,909 $ - $ 2,060,909
Vanguard Long-Term Investment Grade Fund 177,086 177,086
Vanguard 500 Index Fund 3,883,205 3,883,205
Vanguard U.S. Growth Fund 753,610 753,610
Vanguard International Growth Fund 1,498,417 1,498,417
Vanguard Total Bond Market Index Fund (41,729) (41,729)
Vanguard Explorer Fund 718,940 718,940
Vanguard PRIMECAP Fund 1,057,142 1,057,142
Vanguard Asset Allocation Fund 259,494 259,494
Vanguard Mid-Cap Index Fund 994,945 994,945
Vanguard Equity Income Fund 52,087 52,087
------------------------ -------------------- ---------------------
Total $ 2,060,909 $ 9,353,197 $ 11,414,106
======================== ==================== =====================
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 Investment Grade 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
======================== ==================== =====================
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2004 AND 2003
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, 2004 and 2003 were as follows:
2004 2003
-------- --------
Common Stock Fund:
International Flavors & Fragrances Inc. $ 10,387,908 $ 9,678,008
Mutual Funds:
Vanguard Prime Money Market Fund 47,184,744 49,316,827
Vanguard 500 Index Fund 48,465,601 44,139,098
Vanguard U.S. Growth Fund 11,968,108 11,715,001
Vanguard International Growth Fund 10,790,334 8,204,229
Vanguard Total Bond Market Index Fund 8,834,759 7,989,121
SUPPLEMENTAL SCHEDULE
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RETIREMENT INVESTMENT FUND PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2004
Fair
ISSUE DESCRIPTION Cost Value
---------------------------------------------------- ------------------------------------- --------------- --------------
International Flavors & Fragrances Inc. * Common stock $ 7,527,944 $ 10,387,908
Vanguard Long-Term Investment Grade Fund * Mutual Fund 7,045,966 7,444,080
Vanguard Prime Money Market Fund * Mutual Fund 47,184,744 47,184,744
Vanguard 500 Index Fund * Mutual Fund 40,106,386 48,465,601
Vanguard U.S. Growth Fund * Mutual Fund 16,411,420 11,968,108
Vanguard International Growth Fund * Mutual Fund 9,393,287 10,790,334
Vanguard Total Bond Market Index Fund * Mutual Fund 8,750,434 8,834,759
Vanguard Explorer Fund * Mutual Fund 5,336,495 6,559,123
Vanguard PRIMECAP Fund * Mutual Fund 7,154,723 8,512,143
Vanguard Asset Allocation Fund * Mutual Fund 3,231,283 3,660,302
Vanguard Mid-Cap Index Fund * Mutual Fund 5,336,551 6,752,133
Vanguard Equity Income Fund * Mutual Fund 1,172,954 1,246,664
Participant Loans Varying maturity dates through
11/21/2014, interest ranging from
4.5% to 10.0%, per annum 3,721,094 3,721,094
------------------ ------------------
TOTAL $ 162,373,281 $ 175,526,993
================== ==================
* denotes party-in-interest
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 27, 2005 By: /s/ Richard A. Goldstein
------------------------
Richard A. Goldstein
Member, Administrative Committee
By: /s/ Douglas J. Wetmore
-------------------------
Douglas J. Wetmore
Member, Administrative Committee
EXHIBIT INDEX
Exhibit No. Description
23.1 Consent of PricewaterhouseCoopers LLP
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-54423) of International Flavors &
Fragrances Inc. of our report dated June 10, 2005 relating to the
financial statements of the International Flavors & Fragrances Inc.
Retirement Investment Fund Plan, which appears in this Form 11-K.
/s/ PricewaterhouseCoopers LLP
------------------------------
New York, New York
June 27, 2005