EX-12 5 exhibit12.htm RATIO OF EARNINGS TABLE exhibit12.htm
Exhibit 12


Corning Incorporated and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In millions, except ratios)


 
Fiscal years ended December 31,
 
2014
  
2013
  
2012
  
2011
  
2010
                             
Income from continuing operations before taxes on income 
$
3,568 
  
$
2,473 
  
$
1,975 
  
$
3,231 
  
$
3,869 
Adjustments:
                            
Equity in earnings of equity affiliates
  
(266)
    
(547)
    
(810)
    
(1,471)
    
(1,958)
Distributed income of equity affiliates (1)
  
1,704 
    
629 
    
1,089 
    
820 
    
1,712 
Net income attributable to noncontrolling interests
  
3 
          
(5)
    
(3)
    
(2)
Fixed charges net of capitalized interest
  
159 
    
148 
    
138 
    
119 
    
129 
                             
Earnings before taxes and fixed charges as adjusted
$
5,168 
  
$
2,703 
  
$
2,387 
  
$
2,696 
  
$
3,750 
                             
Fixed charges:
                            
Interest incurred (2)
$
160 
  
$
153 
  
$
181 
  
$
132 
  
$
126 
Portion of rent expense which represents an appropriate interest factor (3)
  
36 
    
28 
    
27 
    
30 
    
21 
Amortization of debt costs
  
3 
    
2 
    
4 
    
3 
    
2 
                             
Total fixed charges
$
199 
  
$
183 
  
$
212 
  
$
165 
  
$
149 
                             
Preferred stock grossed up to a pre-tax basis
  
136 
                        
                             
Combined fixed charges and preferred stock dividends
$
335 
  
$
183 
  
$
212 
  
$
165 
  
$
149 
                             
Ratio of earnings to fixed charges
  
26.0x 
    
14.8x 
    
11.3x 
    
16.3x 
    
25.2x 
                             
Ratio of earnings to combined fixed charges and preferred stock dividends
  
15.4x 
    
14.8x 
    
11.3x 
    
16.3x 
    
25.2x 

(1)  
In 2014, includes a $1.6 billion dividend received from Samsung Corning Precision Materials related to the Acquisition.  See Note 8 (Acquisition) for more details.
(2)  
Interest incurred includes capitalized interest.
(3)
One-third of net rent expense is the portion deemed representative of the interest factor.

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