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-Jun | 31-Dec | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Income before income taxes | 612 | 3,692 | 1,486 | 3,568 | 2,473 | 1,975 | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||
Equity earnings of equity affiliates | (117 | ) | (284 | ) | (299 | ) | (266 | ) | (547 | ) | (810 | ) | ||||||||||||
Distributed income of equity affiliates | 67 | 85 | 143 | 1,704 | 629 | 1,089 | ||||||||||||||||||
Net Income attributable to noncontrolling interest | 9 | 10 | 10 | 3 | 0 | (5 | ) | |||||||||||||||||
Amortization of capitalized interest | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Fixed charges net of capitalized interest | 96 | 195 | 171 | 159 | 148 | 138 | ||||||||||||||||||
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Income (loss) from continuing operations before taxes and fixed charges as adjusted | 667 | 3,698 | 1,511 | 5,168 | 2,703 | 2,387 | ||||||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense included in income (loss) | 89 | 179 | 172 | 160 | 153 | 181 | ||||||||||||||||||
Portion of rent expense which represents interest factor | 21 | 35 | 31 | 36 | 28 | 27 | ||||||||||||||||||
Amortization of debt costs | 2 | 4 | 3 | 3 | 2 | 4 | ||||||||||||||||||
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Total fixed charges | 112 | 218 | 206 | 199 | 183 | 212 | ||||||||||||||||||
Capitalized interest | (16 | ) | (23 | ) | (35 | ) | (40 | ) | (35 | ) | (74 | ) | ||||||||||||
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Total fixed charges net of capitalized interest | 96 | 195 | 171 | 159 | 148 | 138 | ||||||||||||||||||
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Total fixed charges | 112 | 218 | 206 | 199 | 183 | 212 | ||||||||||||||||||
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Preferred stock dividends grossed up to apre-tax basis | 57 | 98 | 109 | 136 | — | — | ||||||||||||||||||
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Combined fixed charges and preferred stock dividends | 169 | 316 | 315 | 335 | 183 | 212 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 6.0x | 17.0x | 7.3x | 26.0x | 14.8x | 11.3x | ||||||||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | 3.9x | 11.7x | 4.8x | 15.4x | 14.8x | 11.3x | ||||||||||||||||||
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