Problem
Many companies make annual reports available on their corporate web page, often under an Investors tab. Annual reports also can be accessed through the SEC's EDGAR system at the U.S. Securities and Exchange Commission (under Filings, click "Company Filings Search," type in Company Name, and access the latest 10K report.)
Access the most recent annual report for International Flavors & Fragrances (IFF) to respond to the following items:
A. Identify the location(s) in the annual report where IFF provides disclosures related to its management of foreign exchange risk.
B. Determine the types of hedging instruments the company uses and the types of hedges in which it engages.
C. Determine the manner in which the company discloses the fact that its foreign exchange hedges are effective in offsetting gains and losses on the underlying items being hedged.