EX-12 2 exhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES TABLE exhibit12.htm
Exhibit 12
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)




 
Nine months ended
September 30, 2013
   
Income from continuing operations before taxes on income
$
1,906 
 
Adjustments:
     
Equity in earnings of equity affiliates
 
(477)
 
Distributed income of equity affiliates
 
221 
 
Net income attributable to noncontrolling interests
 
(1)
 
Fixed charges net of capitalized interest
 
117 
 
       
Earnings before taxes and fixed charges as adjusted
$
1,766 
 
       
Fixed charges:
     
Interest incurred (a)
$
116 
 
Portion of rent expense which represents an appropriate interest factor (b)
 
24 
 
Amortization of debt costs
 
 
       
Total fixed charges
$
142 
 
       
Ratio of earnings to fixed charges
 
12.4 
 

(a)
Interest incurred includes capitalized interest and amortization expense for debt costs.
(b)
One-third of net rent expense is the portion deemed representative of the interest factor.