EX-12.1 4 a2063019zex-12_1.txt EXHIBIT 12.1 EXHIBIT #12.1 CORNING INCORPORATED AND SUBSIDIARY COMPANIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS: (Dollars in millions, except ratios)
Nine FISCAL YEAR ENDED Months ---------------------------------------------------- Sept. 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2001 2000 1999 1998 1997 1996 --------- -------- -------- -------- --------- --------- Income from continuing operations before taxes on income $(4,980) $ 691 $ 675 $ 482 $ 666 $ 519 Adjustments: Distributed income of equity investees 69 45 51 63 65 88 Amortization of capitalized interest 8 11 14 14 13 10 Fixed charges net of capitalized interest 130 134 119 90 102 80 ------- ------- ------- ------- ------- ------- Earnings before taxes and fixed charges as adjusted $(4,773) $ 881 $ 859 $ 649 $ 846 $ 697 ======= ======= ======= ======= ======= ======= Fixed charges: Interest incurred $ 145 $ 163 $ 135 $ 114 $ 108 $ 79 Portion of rent expense which represents interest factor 22 24 21 19 17 14 Amortization of debt costs 3 4 4 3 2 3 ------- ------- ------- ------- ------- ------- Total fixed charges 170 191 160 136 127 96 Capitalized interest (40) (57) (41) (47) (25) (16) ------- ------- ------- ------- ------- ------- Total fixed charges net of capitalized interest $ 130 $ 134 $ 119 $ 89 $ 102 $ 80 ======= ======= ======= ======= ======= ======= Preferred dividends: Preferred dividend requirement $ $ 1 $ 3 $ 15 $ 15 $ 16 Ratio of pre-tax income to income before minority interest and equity earnings 1.0 2.4 1.4 1.4 1.5 1.5 ------- ------- ------- ------- ------- ------- Pre-tax preferred dividend requirement 2 4 21 23 24 Total fixed charges 170 191 160 136 127 96 ------- ------- ------- ------- ------- ------- Fixed charges and pre-tax preferred dividend requirement $ 170 $ 193 $ 164 $ 157 $ 150 $ 120 ======= ======= ======= ======= ======= ======= Ratio of earnings to combined fixed charges and preferred dividends * 4.6x 5.2x 4.1x 5.6x 5.8x ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges * 4.6x 5.4x 4.8x 6.7x 7.3x ======= ======= ======= ======= ======= =======
* Earnings for the nine months ended September 30, 2001 are inadequate by $4.94 billion to cover fixed charges primarily due to the significant asset impairment and restructuring charges incurred in 2001.