EXHIBIT 12.1
INTERNATIONAL FLAVORS & FRAGRANCES INC.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
YEARS ENDED DECEMBER 31,
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2000 1999 1998 1997 1996
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PRETAX INCOME FROM CONTINUING
OPERATIONS $184,127 $243,465 $311,068 $340,191 $299,103
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FIXED CHARGES: INTEREST EXPENSE AND
AMORTIZATION OF DEBT DISCOUNT AND
PREMIUM ON ALL INDEBTEDNESS $25,072 $5,154 $2,042 $2,420 $2,740
RENTALS: $7,143 $5,999 $5,530 $5,173 $5,049
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TOTAL FIXED CHARGES $32,215 $11,153 $7,572 $7,593 $7,789
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PRETAX INCOME (LOSS) FROM CONTINUING
OPERATIONS PLUS FIXED CHARGES, LESS
PREFERRED STOCK DIVIDEND
REQUIREMENTS OF CONSOLIDATED
SUBSIDIARIES
$216,342 $254,618 $318,640 $347,784 $306,892
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RATIO OF EARNINGS TO FIXED CHARGES 6.72x 22.83x 42.08x 45.80x 39.40x
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THREE MONTHS ENDED MARCH 31,
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2000 2001
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$65,512 $32,436
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$2,137 $22,300
$1,723 $ 2,156
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$3,860 $24,456
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$69,372 $56,892
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17.97x 2.33x
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We compute these ratios by dividing fixed charges into the sum of earnings and
fixed charges. Earnings used in computing the ratio consist of income before
income taxes and fixed charges, excluding capitalized interest. Fixed charges
consist of interest expensed and capitalized, amortization of debt expense and
that portion of rental expense representative of interest, estimated at
one-third. Pre-tax income from continuing operations for the years ended
December 31, 1996, 1999 and 2000, and for subperiods March 31, 2000 and 2001,
include nonrecurring charges of $31,315 after tax in 1996, $21,910 after tax in
1999, $26,765 after tax in 2000, $6,248 after tax in quarter ended March 31,
2000 and $7,763 after tax in quarter ended March 31, 2001.