Exhibit 12.01
Corning Incorporated and Subsidiary Companies
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends:
(Dollars in millions, except ratios)
| Fiscal Year Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2000 | Dec. 31, 1999 | Dec. 31, 1998 | Dec. 31, 1997 | Dec. 31, 1996 | ||||||||||||
Income from continuing operations before taxes on income | $ | 691.4 | $ | 674.9 | $ | 482.3 | $ | 665.8 | $ | 519.1 | |||||||
Adjustments: | |||||||||||||||||
Distributed income of equity investees | 44.7 | 50.9 | 63.4 | 65.4 | 88.2 | ||||||||||||
Amortization of capitalized interest | 10.8 | 13.8 | 13.6 | 12.5 | 10.3 | ||||||||||||
Fixed charges net of capitalized interest | 134.3 | 118.5 | 89.6 | 102.0 | 79.3 | ||||||||||||
Earnings before taxes and fixed charges as adjusted | $ | 881.2 | $ | 858.1 | $ | 648.9 | $ | 845.7 | $ | 696.9 | |||||||
Fixed charges: | |||||||||||||||||
Interest incurred | $ | 163.1 | $ | 134.5 | $ | 113.6 | $ | 107.7 | $ | 79.4 | |||||||
Portion of rent expense which represents interest factor | 24.0 | 21.4 | 19.4 | 17.2 | 13.7 | ||||||||||||
Amortization of debt costs | 3.7 | 3.9 | 3.4 | 1.8 | 2.6 | ||||||||||||
Total fixed charges | 190.8 | 159.8 | 136.4 | 126.7 | 95.7 | ||||||||||||
Capitalized interest | (56.5 | ) | (41.3 | ) | (46.8 | ) | (24.7 | ) | (16.4 | ) | |||||||
Total fixed charges net of capitalized interest | $ | 134.3 | $ | 118.5 | $ | 89.6 | $ | 102.0 | $ | 79.3 | |||||||
Preferred dividends: | |||||||||||||||||
Preferred dividend requirement | $ | 0.8 | $ | 3.5 | $ | 15.3 | $ | 15.3 | $ | 15.7 | |||||||
Ratio of pre-tax income to income before minority interest and equity earnings | 2.4 | 1.4 | 1.4 | 1.5 | 1.5 | ||||||||||||
Pre-tax preferred dividend requirement | 1.9 | 4.9 | 21.4 | 23.0 | 23.6 | ||||||||||||
Total fixed charges | 190.8 | 159.8 | 136.4 | 126.7 | 95.7 | ||||||||||||
Fixed charges and pre-tax preferred dividend requirement | $ | 192.7 | $ | 164.7 | $ | 157.8 | $ | 149.7 | $ | 119.3 | |||||||
Ratio of earnings to combined fixed charges and preferred dividends | 4.6 | x | 5.2 | x | 4.1 | x | 5.6 | x | 5.8 | x | |||||||
Ratio of earnings to fixed charges | 4.6 | x | 5.4 | x | 4.8 | x | 6.7 | x | 7.3 | x | |||||||