Attached files
file | filename |
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EX-32 - EXHIBIT 32 - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff33117exhibit32.htm |
EX-31.2 - EXHIBIT 31.2 - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff33117exhibit312.htm |
EX-31.1 - EXHIBIT 31.1 - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff33117exhibit311.htm |
10-Q - 10-Q - INTERNATIONAL FLAVORS & FRAGRANCES INC | iff3312017-10q.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 | % |
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(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.