EX-12 3 exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exhibit12.htm
Exhibit 12
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)




 
Three months ended
March 31, 2014
       
Income from continuing operations before taxes on income
$
481 
  
Adjustments:
      
Equity in earnings of equity affiliates
  
(86)
  
Distributed income of equity affiliates (a)
  
1,637 
  
Net income attributable to noncontrolling interests
  
(3)
  
Fixed charges net of capitalized interest
  
40 
  
       
Earnings before taxes and fixed charges as adjusted
$
2,069 
  
       
Fixed charges:
      
Interest incurred (b)
$
40 
  
Portion of rent expense which represents an appropriate interest factor (c)
  
9 
  
Amortization of debt costs
  
1 
  
       
Total fixed charges
$
50 
  
       
Ratio of earnings to fixed charges
  
41.4x 
  

(a)
Includes a $1.6 billion dividend received from Samsung Corning Precision Materials related to the Acquisition.  See Note 10 (Acquisition) for more details.
(b)
Interest incurred includes capitalized interest and amortization expense for debt costs.
(c)
One-third of net rent expense is the portion deemed representative of the interest factor.