Attached files
| file | filename |
|---|---|
| EX-5.1 - EX-5.1 - CORNING INC /NY | d648954dex51.htm |
| EX-4.4 - EX-4.4 - CORNING INC /NY | d648954dex44.htm |
| EX-4.3 - EX-4.3 - CORNING INC /NY | d648954dex43.htm |
| EX-4.1 - EX-4.1 - CORNING INC /NY | d648954dex41.htm |
| EX-1.2 - EX-1.2 - CORNING INC /NY | d648954dex12.htm |
| EX-1.1 - EX-1.1 - CORNING INC /NY | d648954dex11.htm |
| 8-K - FORM 8-K - CORNING INC /NY | d648954d8k.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 2018 |
31-Dec 2017 |
31-Dec 2016 |
31-Dec 2015 |
31-Dec 2014 |
31-Dec 2013 |
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| Income before income taxes |
1,157 | 1,657 | 3,692 | 1,486 | 3,568 | 2,473 | ||||||||||||||||||
| Adjustments: |
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| Equity earnings of equity affiliates |
(102 | ) | (361 | ) | (284 | ) | (299 | ) | (266 | ) | (547 | ) | ||||||||||||
| Distributed income of equity affiliates (1) |
106 | 201 | 85 | 143 | 1,704 | 629 | ||||||||||||||||||
| Net Income attributable to noncontrolling interest |
17 | 18 | 10 | 10 | 3 | 0 | ||||||||||||||||||
| Amortization of capitalized interest |
0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
| Fixed charges net of capitalized interest |
177 | 199 | 195 | 171 | 159 | 148 | ||||||||||||||||||
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| Income (loss) from continuing operations before taxes and fixed charges as adjusted |
1,355 | 1,714 | 3,698 | 1,511 | 5,168 | 2,703 | ||||||||||||||||||
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| Fixed charges: |
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| Interest expense included in income (loss) |
174 | 187 | 179 | 172 | 160 | 153 | ||||||||||||||||||
| Portion of rent expense which represents interest factor (2) |
38 | 44 | 35 | 31 | 36 | 28 | ||||||||||||||||||
| Amortization of debt costs |
3 | 4 | 4 | 3 | 3 | 2 | ||||||||||||||||||
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| Total fixed charges |
215 | 235 | 218 | 206 | 199 | 183 | ||||||||||||||||||
| Capitalized interest |
(38 | ) | (36 | ) | (23 | ) | (35 | ) | (40 | ) | (35 | ) | ||||||||||||
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| Total fixed charges net of capitalized interest |
177 | 199 | 195 | 171 | 159 | 148 | ||||||||||||||||||
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| Total fixed charges |
215 | 235 | 218 | 206 | 199 | 183 | ||||||||||||||||||
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| Preferred stock dividends grossed up to a pre-tax basis |
94 | 156 | 98 | 109 | 136 | — | ||||||||||||||||||
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| Combined fixed charges and preferred stock dividends |
309 | 391 | 316 | 315 | 335 | 183 | ||||||||||||||||||
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| Ratio of earnings to fixed charges |
6.3x | 7.3x | 17.0x | 7.3x | 26.0x | 14.8x | ||||||||||||||||||
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| (1) | In 2014, includes a $1.6 billion dividend received from Samsung Corning Precision Materials related to the acquisition of Samsung Corning Precision Materials. |
| (2) | One-third of net rent expense is the portion deemed representative of the interest factor. |