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EX-32 - EXHIBIT 32 - INTERNATIONAL FLAVORS & FRAGRANCES INCiff33117exhibit32.htm
EX-31.2 - EXHIBIT 31.2 - INTERNATIONAL FLAVORS & FRAGRANCES INCiff33117exhibit312.htm
EX-31.1 - EXHIBIT 31.1 - INTERNATIONAL FLAVORS & FRAGRANCES INCiff33117exhibit311.htm
10-Q - 10-Q - INTERNATIONAL FLAVORS & FRAGRANCES INCiff3312017-10q.htm
EXHIBIT 12

Computation of Ratios of Earnings to Fixed Charges
 
 
 
Ratio of Earnings to Fixed Charges
(Amounts in thousands except Ratio of Earnings to Fixed Charges)
Three months ended
 
Fiscal Year
Earnings:
March 31, 2017
 
2016
 
2015
 
2014
 
2013
 
2012
   Add:
 
 
 
 
 
 
 
 
 
 
 
    Income before taxes
$
138,487

 
$
523,717

 
$
539,101

 
$
549,061

 
$
485,210

 
$
443,415

    Fixed charges
16,773

 
68,838

 
63,158

 
63,098

 
64,194

 
59,009

    Amortization of capitalized interest
1,250

 
4,723

 
4,198

 
3,734

 
3,087

 
2,864

   Less:
 
 
 
 
 
 
 
 
 
 
 
    Capitalized interest
(1,012
)
 
(4,035
)
 
(5,893
)
 
(5,572
)
 
(6,629
)
 
(6,762
)
      Total Earnings available for fixed charges
$
155,498

 
$
593,243

 
$
600,564

 
$
610,321

 
$
545,862

 
$
498,526

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
    Interest expense
$
12,807

 
$
52,989

 
$
46,062

 
$
46,067

 
$
46,767

 
$
41,753

    Capitalized interest
1,012

 
4,035

 
5,893

 
5,572

 
6,629

 
6,762

    Portion of rental expense which represents interest factor1
2,954

 
11,814

 
11,203

 
11,459

 
10,798

 
10,494

      Total Fixed charges
$
16,773

 
$
68,838

 
$
63,158

 
$
63,098

 
$
64,194

 
$
59,009

Ratio of Earnings to Fixed Charges
9.27
%
 
8.62
%
 
9.51
%
 
9.67
%
 
8.5
%
 
8.45
%
____________

(1) Represents one-third of rental expense, which we deem to be a reasonable estimate of the portion of our rental expense that is attributable to interest.