EX-12 8 exhibit_12.htm EXHIBIT 12 EXHIBIT 12
EXHIBIT 12      Corning Incorporated and Subsidiary Companies Computation of Ratio of Earnings to Fixed Charges

 

   Fiscal years ended December 31, 
(In millions, except ratios)  2013   2012   2011   2010   2009 
Income from continuing operations before taxes on income  $2,473   $1,975   $3,231   $3,869   $1,906 
Adjustments:                         
Equity in earnings of equity affiliates   (547)   (810)   (1,471)   (1,958)   (1,435)
Distributed income of equity affiliates   629    1,089    820    1,712    755 
Net income attributable to noncontrolling interests        (5)   (3)   (2)   6 
Fixed charges net of capitalized interest   148    138    119    129    103 
Earnings before taxes and fixed charges as adjusted  $2,703   $2,387   $2,696   $3,750   $1,335 
Fixed charges:                         
Interest incurred(1)  $153   $181   $132   $126   $111 
Portion of rent expense which represents an appropriate interest factor(2)   28    27    30    21    20 
Amortization of debt costs   2    4    3    2    1 
Total fixed charges  $183   $212   $165   $149   $132 
Ratio of earnings to fixed charges   14.8x   11.3x   16.3x   25.2x   10.1x

 

(1)Interest expense includes amortization expense for debt costs and capitalized interest.

 

(2)One-third of net rent expense is the portion deemed representative of the interest factor.