Exhibit 12
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
Six months ended June 30, 2014 | |||
Income from continuing operations before taxes on income | $ | 822 | |
Adjustments: | |||
Equity in earnings of equity affiliates | (148) | ||
Distributed income of equity affiliates (a) | 1,669 | ||
Net income attributable to noncontrolling interests | (2) | ||
Fixed charges net of capitalized interest | 78 | ||
Earnings before taxes and fixed charges as adjusted | $ | 2,419 | |
Fixed charges: | |||
Interest incurred (b) | $ | 80 | |
Portion of rent expense which represents an appropriate interest factor (c) | 19 | ||
Amortization of debt costs | 1 | ||
Total fixed charges | $ | 100 | |
Ratio of earnings to fixed charges | 24.2x |
(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. |