International Flavors & Fragrances (IFF) 10-Q 2017 Q3 Quarterly report

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)	Nine months ended			Fiscal Year
Earnings:	September 30, 2017			2016			2015			2014			2013			2012
Add:
Income before taxes	$	421,853		$	523,717		$	539,101		$	549,061		$	485,210		$	443,415
Fixed charges	61,544			68,838			63,158			63,098			64,194			59,009
Amortization of capitalized interest	3,750			4,723			4,198			3,734			3,087			2,864
Less:
Capitalized interest	(3,099		)	(4,035		)	(5,893		)	(5,572		)	(6,629		)	(6,762		)
Total Earnings available for fixed charges	$	484,048		$	593,243		$	600,564		$	610,321		$	545,862		$	498,526
Fixed Charges:
Interest expense	$	49,584		$	52,989		$	46,062		$	46,067		$	46,767		$	41,753
Capitalized interest	3,099			4,035			5,893			5,572			6,629			6,762
Portion of rental expense which represents interest factor1	8,861			11,814			11,203			11,459			10,798			10,494
Total Fixed charges	$	61,544		$	68,838		$	63,158		$	63,098		$	64,194		$	59,009
Ratio of Earnings to Fixed Charges	7.87		%	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.