EX-12 5 ratioearnings.htm RATIO OF EARNINGS TABLE ratioearnings.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,
 
2015
 
2014
 
2013
 
2012
 
2011
                             
Income from continuing operations before taxes on income 
$
1,486 
 
$
3,568 
 
$
2,473 
 
$
1,975 
 
$
3,231 
Adjustments:
                           
Equity in earnings of equity affiliates
 
(299)
   
(266)
   
(547)
   
(810)
   
(1,471)
Distributed income of equity affiliates (1)
 
143 
   
1,704 
   
629 
   
1,089 
   
820 
Net income attributable to noncontrolling interests
 
10 
   
         
(5)
   
(3)
Fixed charges net of capitalized interest
 
171 
   
159 
   
148 
   
138 
   
119 
                             
Earnings before taxes and fixed charges as adjusted
$
1,511 
 
$
5,168 
 
$
2,703 
 
$
2,387 
 
$
2,696 
                             
Fixed charges:
                           
Interest incurred 
$
172 
 
$
160 
 
$
153 
 
$
181 
 
$
132 
Portion of rent expense which represents an appropriate interest factor (2)
 
31 
   
36 
   
28 
   
27 
   
30 
Amortization of debt costs
 
   
   
   
   
                             
Total fixed charges
$
206 
 
$
199 
 
$
183 
 
$
212 
 
$
165 
                             
Preferred stock grossed up to a pre-tax basis
 
109 
   
136 
                 
                             
Combined fixed charges and preferred stock dividends
$
315 
 
$
335 
 
$
183 
 
$
212 
 
$
165 
                             
Ratio of earnings to fixed charges
 
7.3x 
   
26.0x 
   
14.8x 
   
11.3x 
   
16.3x 
                             
Ratio of earnings to combined fixed charges and preferred stock dividends
 
4.8x 
   
15.4x 
   
14.8x 
   
11.3x 
   
16.3x 

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

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