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Exhibit #12
Corning Incorporated and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges:
(Dollars in millions, except ratios)
12 Weeks Ended Fiscal Year Ended
Mar. 27, Mar. 28, Jan. 2, Jan. 3, Dec. 29, Dec. 30, Dec. 31,
1994 1993 1994 1993 1991 1990 1989
Income before taxes on income $ 79.0 $ 69.6 $156.7 $336.6 $327.4 $328.1 $253.8
Adjustments:
Share of earnings (losses) before
taxes of 50% owned companies 26.9 23.1 (137.0) 103.2 165.4 175.9 206.9
Loss before taxes of greater than
50% owned unconsolidated
subsidiaries (1.7) (1.4) (3.1) (2.1) (2.2) (2.0) (1.3)
Distributed income of less than 50%
owned companies and share of loss
if debt is guaranteed 1.5 4.5 (4.3) 6.6 0.9 3.3
Amortization of capitalized interest 2.9 2.7 13.0 11.8 10.2 8.8 7.2
Fixed charges net of capitalized
interest 42.2 29.3 155.8 130.3 126.4 112.5 91.2
Earnings before taxes and fixed
charges as adjusted $149.3 $124.8 $189.9 $575.5 $633.8 $624.2 $561.1
Fixed charges $45.6 $33.7 $176.6 $150.2 $141.3 $132.7 $111.2
Ratio of earnings to fixed charges 3.3x 3.7x 1.1x 3.8x 4.5x 4.7x 5.0x
Fixed charges:
Interest incurred $ 26.4 $ 18.1 $ 94.0 $68.9 $ 60.4 $58.6 $ 53.0
Share of interest incurred of 50%
owned companies and interest on
guaranteed debt of less than 50%
owned companies 9.0 6.8 40.9 42.0 47.5 45.3 33.9
Interest incurred by greater than
50% owned unconsolidated
subsidiaries 0.2 0.2 0.8 0.9 0.9 1.0 1.2
Portion of rent expense which
represents interest factor 8.2 6.8 29.9 27.6 23.0 19.7 15.8
Share of portion of rent expense
which represents interest factor
for 50% owned companies 1.3 1.5 9.1 9.2 9.0 7.6 6.9
Portion of rent expense which
represents interest factor for
greater than 50% owned
unconsolidated subsidiaries 0.3 0.1 0.1 0.1 0.1 0.1
Amortization of debt costs 0.5 1.8 1.5 0.4 0.4 0.3
Total fixed charges 45.6 33.7 176.6 150.2 141.3 132.7 111.2
Capitalized interest (3.4) (4.4) (20.8) (19.9) (14.9) (20.2) (20.0)
Total fixed charges net of
capitalized interest $42.2 $29.3 $155.8 $130.3 $126.4 $112.5 $91.2