Attached files
| file | filename |
|---|---|
| EX-5.1 - EX-5.1 - CORNING INC /NY | d458439dex51.htm |
| EX-4.2 - EX-4.2 - CORNING INC /NY | d458439dex42.htm |
| EX-4.1 - EX-4.1 - CORNING INC /NY | d458439dex41.htm |
| EX-1.2 - EX-1.2 - CORNING INC /NY | d458439dex12.htm |
| EX-1.1 - EX-1.1 - CORNING INC /NY | d458439dex11.htm |
| 8-K - FORM 8-K - CORNING INC /NY | d458439d8k.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-Sep 2017 |
30-Jun 2017 |
31-Dec 2016 |
31-Dec 2015 |
31-Dec 2014 |
31-Dec 2013 |
31-Dec 2012 |
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| Income before income taxes |
1,091 | 612 | 3,692 | 1,486 | 3,568 | 2,473 | 1,975 | |||||||||||||||||||||
| Adjustments: |
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| Equity earnings of equity affiliates |
(148 | ) | (117 | ) | (284 | ) | (299 | ) | (266 | ) | (547 | ) | (810 | ) | ||||||||||||||
| Distributed income of equity affiliates |
101 | 67 | 85 | 143 | 1,704 | 629 | 1,089 | |||||||||||||||||||||
| Net Income attributable to noncontrolling interest |
13 | 9 | 10 | 10 | 3 | 0 | (5 | ) | ||||||||||||||||||||
| Amortization of capitalized interest |
0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
| Fixed charges net of capitalized interest |
145 | 96 | 195 | 171 | 159 | 148 | 138 | |||||||||||||||||||||
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| Income (loss) from continuing operations before taxes and fixed charges as adjusted |
1,202 | 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) |
136 | 89 | 179 | 172 | 160 | 153 | 181 | |||||||||||||||||||||
| Portion of rent expense which represents interest factor |
33 | 21 | 35 | 31 | 36 | 28 | 27 | |||||||||||||||||||||
| Amortization of debt costs |
3 | 2 | 4 | 3 | 3 | 2 | 4 | |||||||||||||||||||||
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| Total fixed charges |
172 | 112 | 218 | 206 | 199 | 183 | 212 | |||||||||||||||||||||
| Capitalized interest |
(27 | ) | (16 | ) | (23 | ) | (35 | ) | (40 | ) | (35 | ) | (74 | ) | ||||||||||||||
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| Total fixed charges net of capitalized interest |
145 | 96 | 195 | 171 | 159 | 148 | 138 | |||||||||||||||||||||
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| Total fixed charges |
172 | 112 | 218 | 206 | 199 | 183 | 212 | |||||||||||||||||||||
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| Preferred stock dividends grossed up to a pre-tax basis |
87 | 57 | 98 | 109 | 136 | — | — | |||||||||||||||||||||
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| Combined fixed charges and preferred stock dividends |
259 | 169 | 316 | 315 | 335 | 183 | 212 | |||||||||||||||||||||
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| Ratio of earnings to fixed charges |
7.0x | 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 |
4.6x | 3.9x | 11.7x | 4.8x | 15.4x | 14.8x | 11.3x | |||||||||||||||||||||
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