International Flavors & Fragrances Inc (IFF)

Days of inventory on hand (DOH)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Inventory turnover		5.74	4.55	4.61	3.67	3.67
DOH	days	63.61	80.18	79.17	99.39	99.34

December 31, 2023 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 5.74
= 63.61

International Flavors & Fragrances Inc.'s days of inventory on hand (DOH) has shown some fluctuations over the past five years. In 2023, the company's DOH was 115.94 days, decreasing from 138.75 days in 2022. This indicates that the company is holding less inventory relative to its sales volume, which may suggest more efficient inventory management.

Comparing with 2021, the DOH remained stable at 115.94 days in 2023. However, when looking at a longer trend, the DOH has decreased from 137.78 days in 2020 and 135.41 days in 2019. This long-term trend of decreasing DOH indicates that International Flavors & Fragrances Inc. has been improving its inventory management efficiency over the years, potentially leading to cost savings and better working capital management.

Overall, the trend of decreasing days of inventory on hand over the past five years suggests that the company has been managing its inventory levels effectively, aiming to optimize its operations and resources.