ACQUISITIONS Pending Transaction with Nutrition &amp; Biosciences, Inc. On December 15, 2019, the Company entered into definitive agreements with DuPont de Nemours, Inc. (DuPont), including an Agreement and Plan of Merger, pursuant to which DuPont will transfer its nutrition and biosciences business to Nutrition &amp; Biosciences, Inc., a Delaware corporation and wholly owned subsidiary of DuPont (N&amp;B), and N&amp;B will merge with and into a wholly owned subsidiary of IFF in exchange for a number of shares of IFF common stock, par value $0.125 per share (IFF Common Stock) (collectively, the DuPont N&amp;B Transaction). In connection with the transaction, DuPont will receive a one-time $7.3 billion special cash payment (the Special Cash Payment), subject to certain adjustments. As a result of the DuPont N&amp;B Transaction, holders of DuPonts common stock will own approximately 55.4% of the outstanding shares of IFF on a fully diluted basis. Completion of the DuPont N&amp;B Transaction is subject to various closing conditions, including, among other things, (1) approval by IFFs shareholders of the issuance of IFF Common Stock in connection with the transaction; (2) the effectiveness of the registration statements to be filed with the Securities and Exchange Commission pursuant to the Merger Agreement; and (3) the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (which waiting period has expired), and obtaining certain other consents, authorizations, orders or approvals from governmental authorities. We expect that the transaction will close in early 2021. On December 15, 2019, IFF and N&amp;B entered into a commitment letter which provides $7.5 billion in an aggregate principal amount of senior unsecured bridge term loans (the "Bridge Loans"). On January 17, 2020, N&amp;B entered into a term loan credit agreement providing for unsecured term loan facilities in an aggregate principal amount of $1.25 billion (the Term Loan Facilities), which reduced the commitments under the Bridge Loans commitment letter by a corresponding amount. N&amp;B will be the initial borrower under the remaining $6.25 billion tranche of the 364-day senior unsecured bridge facility (the Bridge Facility) (or, if applicable, any replacement debt financing), which, together with the Term Loan Facilities, will be used to finance the Special Cash Payment and to pay related fees and expenses. Following the consummation of the merger, all obligations of N&amp;B with respect to the Term Loan Facilities and the Bridge Facility (if any) or, if applicable, the replacement debt financing, will be guaranteed by IFF (or at the election of N&amp;B and IFF, assumed by IFF). 2019 Acquisition Activity During the second quarter of 2019, the Company acquired the remaining 50% interest in an equity method investee located in Canada. The purchase of the additional interest increased the Company's ownership of the investee to 100% . The purchase price for the remaining 50% was approximately $37 million , including cash and an accrual for the amount expected to be paid in contingent consideration. The Company began to consolidate the results of the acquired entity from the date on which it acquired the remaining 50% interest during the second quarter of 2019. Goodwill of approximately $30 million and intangible assets of $20 million were recorded in connection with the acquisition. During the first quarter of 2019, the Company acquired 70% of a company in Europe and increased its ownership of an Asian company from 49% to 60% . The total purchase price for the two acquisitions made in the first quarter of 2019 was $52 million , excluding cash acquired and including $19 million of contingent consideration and deferred payments. The purchase price allocations have been performed and resulted in goodwill of approximately $47 million and intangible assets of $28 million . During the first quarter of 2020, the Company completed the purchase price allocations for all three of the transactions that were made during 2019. As a result of finalizing the purchase price allocations, adjustments were recorded to increase fixed assets by $13 million and customer relationships and other intangible assets by $5 million and to decrease goodwill by $15 million . The income statement impact of the finalization of purchase accounting was not material. Pro forma information has not been presented as the entities acquired in 2019 were not material.