Attached files
| file | filename |
|---|---|
| EX-5.1 - EX-5.1 - CORNING INC /NY | d421831dex51.htm |
| EX-4.4 - EX-4.4 - CORNING INC /NY | d421831dex44.htm |
| EX-4.3 - EX-4.3 - CORNING INC /NY | d421831dex43.htm |
| EX-4.2 - EX-4.2 - CORNING INC /NY | d421831dex42.htm |
| EX-4.1 - EX-4.1 - CORNING INC /NY | d421831dex41.htm |
| EX-1.2 - EX-1.2 - CORNING INC /NY | d421831dex12.htm |
| EX-1.1 - EX-1.1 - CORNING INC /NY | d421831dex11.htm |
| 8-K - FORM 8-K - CORNING INC /NY | d421831d8k.htm |
Exhibit 12.1
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(In millions, except ratios)
| 30-Jun | 31-Dec | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Income before income taxes |
612 | 3,692 | 1,486 | 3,568 | 2,473 | 1,975 | ||||||||||||||||||
| Adjustments: |
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| Equity earnings of equity affiliates |
(117 | ) | (284 | ) | (299 | ) | (266 | ) | (547 | ) | (810 | ) | ||||||||||||
| Distributed income of equity affiliates |
67 | 85 | 143 | 1,704 | 629 | 1,089 | ||||||||||||||||||
| Net Income attributable to noncontrolling interest |
9 | 10 | 10 | 3 | 0 | (5 | ) | |||||||||||||||||
| Amortization of capitalized interest |
0 | 0 | 0 | 0 | ||||||||||||||||||||
| Fixed charges net of capitalized interest |
96 | 195 | 171 | 159 | 148 | 138 | ||||||||||||||||||
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| Income (loss) from continuing operations before taxes and fixed charges as adjusted |
667 | 3,698 | 1,511 | 5,168 | 2,703 | 2,387 | ||||||||||||||||||
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| Fixed charges: |
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| Interest expense included in income (loss) |
89 | 179 | 172 | 160 | 153 | 181 | ||||||||||||||||||
| Portion of rent expense which represents interest factor |
21 | 35 | 31 | 36 | 28 | 27 | ||||||||||||||||||
| Amortization of debt costs |
2 | 4 | 3 | 3 | 2 | 4 | ||||||||||||||||||
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| Total fixed charges |
112 | 218 | 206 | 199 | 183 | 212 | ||||||||||||||||||
| Capitalized interest |
(16 | ) | (23 | ) | (35 | ) | (40 | ) | (35 | ) | (74 | ) | ||||||||||||
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| Total fixed charges net of capitalized interest |
96 | 195 | 171 | 159 | 148 | 138 | ||||||||||||||||||
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| Total fixed charges |
112 | 218 | 206 | 199 | 183 | 212 | ||||||||||||||||||
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| Preferred stock dividends grossed up to a pre-tax basis |
57 | 98 | 109 | 136 | — | — | ||||||||||||||||||
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| Combined fixed charges and preferred stock dividends |
169 | 316 | 315 | 335 | 183 | 212 | ||||||||||||||||||
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| Ratio of earnings to fixed charges |
6.0x | 17.0x | 7.3x | 26.0x | 14.8x | 11.3x | ||||||||||||||||||
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| Ratio of earnings to combined fixed charges and preferred stock dividends |
3.9x | 11.7x | 4.8x | 15.4x | 14.8x | 11.3x | ||||||||||||||||||
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