Attached files
| file | filename |
|---|---|
| 10-K - 10-K - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff10k2017.htm |
| EX-32 - EXHIBIT 32 - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff10k2017exhibit32.htm |
| EX-31.2 - EXHIBIT 31.2 - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff10k2017exhibit312.htm |
| EX-21 - EXHIBIT 21 - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff10k2017exhibit21.htm |
| EX-23 - EXHIBIT 23 - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff10k2017exhibit23.htm |
| EX-31.1 - EXHIBIT 31.1 - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff10k2017exhibit311.htm |
| EX-10.17 - EXHIBIT 10.17 - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff10k2017exhibit1017.htm |
Exhibit 12
Computation of Ratios of Earnings to Fixed Charges
(Amounts in thousands except Ratio of Earnings to Fixed Charges) | Fiscal Year | ||||||||||||||||||
Earnings: | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Add: | |||||||||||||||||||
Income before taxes | $ | 537,045 | $ | 523,717 | $ | 539,101 | $ | 549,061 | $ | 485,210 | |||||||||
Fixed charges | 82,133 | 68,838 | 63,158 | 63,098 | 64,194 | ||||||||||||||
Amortization of capitalized interest | 5,000 | 4,723 | 4,198 | 3,734 | 3,087 | ||||||||||||||
Less: | |||||||||||||||||||
Capitalized interest | (4,176 | ) | (4,035 | ) | (5,893 | ) | (5,572 | ) | (6,629 | ) | |||||||||
Total Earnings available for fixed charges | $ | 82,957 | $ | 593,243 | $ | 600,564 | $ | 610,321 | $ | 545,862 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense | $ | 65,363 | $ | 52,989 | $ | 46,062 | $ | 46,067 | $ | 46,767 | |||||||||
Capitalized interest | 4,176 | 4,035 | 5,893 | 5,572 | 6,629 | ||||||||||||||
Portion of rental expense which represents interest factor(1) | 12,594 | 11,814 | 11,203 | 11,459 | 10,798 | ||||||||||||||
Total Fixed charges | $ | 82,133 | $ | 68,838 | $ | 63,158 | $ | 63,098 | $ | 64,194 | |||||||||
Ratio of Earnings to Fixed Charges | 7.55 | % | 8.62 | % | 9.51 | % | 9.67 | % | 8.5 | % | |||||||||
____________
(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.