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Term Paper

723 words - 3 pages

Many companies make annual reports available on their corporate Internet home page. Annual
reports also can be accessed through the SEC's EDGAR system at www.sec.gov (under Filing
Type, search for 10-K). Access the most recent annual report for International Flavors and
Fragrances (IFF).

1. Identify the location(s) in the annual report where IFF provides disclosures related
to its management of foreign exchange risk.

Through the most recent form 10-K of IFF (2015), three locations where foreign exchange risk is
disclosed were found:
a. Part I, Item 1A. Risk Factors: “The impact of currency fluctuation or devaluation in the
international markets” (Page 15)
b. Part II, Item 7A. ...view middle of the document...

The gain and loss, as well as the transactions on
hedging activities is recorded in earnings. Then the change in the contract value will be offset by
change of underlying hedged items.

In European Union, IFF engaged in net investment hedges by using non-U.S. dollar borrowings
and foreign currency future contracts to hedge the foreign currency exposure of net investment
(IFF, 2016). Derivative financial instruments that are comprised of interest rate swaps are used to
manage the risk of interest rate. The swaps are valued by benchmarks as indicated in the 10-K
form.

In 2003, IFF engaged in a cash flow hedge, and executed a Japanese Yen - U.S. dollar currency
swap to hedge monthly sale and product purchase (IFF, 2016). According to the annual report,
during 2014 and 2015, IFF continued to engage in cash flow hedges to minimize currency risk
resulted from the changes of the exchange rate between Euros and U.S. dollars.

According to 10-K form, IFF engaged in fair value hedges during 2013 and 2014 in the form of
interest rate swap agreements. The agreements change long-term fixed rate of borrowings to a
variable short-term rate based on LIBOR plus a...

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