International Flavors & Fragrances (IFF) 10-Q 2018 Q2 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)	Six months ended			Fiscal Year
Earnings:	June 30, 2018			2017			2016			2015			2014			2013
Add:
Income before taxes	$	280,754		$	537,045		$	523,717		$	539,101		$	549,061		$	485,210
Fixed charges	78,830			82,133			68,838			63,158			63,098			64,194
Amortization of capitalized interest	2,589			5,000			4,723			4,198			3,734			3,087
Less:
Capitalized interest	(2,692		)	(4,176		)	(4,035		)	(5,893		)	(5,572		)	(6,629		)
Total Earnings available for fixed charges	$	359,481		$	620,002		$	593,243		$	600,564		$	610,321		$	545,862
Fixed Charges:
Interest expense	$	69,841		$	65,363		$	52,989		$	46,062		$	46,067		$	46,767
Capitalized interest	2,692			4,176			4,035			5,893			5,572			6,629
Portion of rental expense which represents interest factor1	6,297			12,594			11,814			11,203			11,459			10,798
Total Fixed charges	$	78,830		$	82,133		$	68,838		$	63,158		$	63,098		$	64,194
Ratio of Earnings to Fixed Charges	4.56			7.55			8.62			9.51			9.67			8.50

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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.