Item 14(c) Exhibit #12
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
Jan. 1, Jan. 2, Jan. 3, Dec. 29, Dec. 30,
1995 1994 1993 1991 1990
Income before taxes on income $459.5 $156.7 $336.6 $327.4 $328.1
Adjustments:
Share of earnings (losses) before
taxes of 50% owned companies 89.0 (137.0) 103.2 165.4 175.9
Loss before taxes of greater than
50% owned unconsolidated
subsidiary (4.0) (3.1) (2.1) (2.2) (2.0)
Distributed income of less than
50% owned companies and share of
loss if debt is guaranteed 2.1 4.5 (4.3) 6.6 0.9
Amortization of capitalized
interest 13.3 13.0 11.8 10.2 8.8
Fixed charges net of capitalized
interest 212.0 155.8 130.3 126.4 112.5
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Earnings before taxes and fixed
charges as adjusted $771.9 $189.9 $575.5 $633.8 $624.2
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Fixed charges:
Interest incurred $122.3 $ 94.0 $ 68.9 $ 60.4 $ 58.6
Share of interest incurred of
50% owned companies and interest
on guaranteed debt of less than
50% owned companies 60.8 40.9 42.0 47.5 45.3
Interest incurred by greater than
50% owned unconsolidated
subsidiary 0.8 0.8 0.9 0.9 1.0
Portion of rent expense which
represents interest factor 36.2 29.9 27.6 23.0 19.7
Share of portion of rent expense
which represents interest
factor for 50% owned companies 9.4 9.1 9.2 9.0 7.6
Portion of rent expense which
represents interest factor for
greater than 50% owned
unconsolidated subsidiary 0.1 0.1 0.1 0.1 0.1
Amortization of debt costs 2.0 1.8 1.5 0.4 0.4
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Total fixed charges 231.6 176.6 150.2 141.3 132.7
Capitalized interest (19.6) (20.8) (19.9) (14.9) (20.2)
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Total fixed charges net of
capitalized interest $212.0 $155.8 $130.3 $126.4 $112.5
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Preferred dividends:
Preferred dividend requirements $ 8.2 $ 2.1 $ 2.2 $ 2.4 $ 2.5
Ratio of pre-tax income to income
before minority interest and
equity earnings 1.6 1.3 1.4 1.5 1.7
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Pre-tax preferred dividend
requirement 13.1 2.7 3.1 3.6 4.3
Total fixed charges 231.6 176.6 150.2 141.3 132.7
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Fixed charges and pre-tax preferred
dividend requirement $244.7 $179.3 $153.3 $144.9 $137.0
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Ratio of earnings to combined
fixed charges and preferred
dividends 3.2x 1.1x 3.8x 4.4x 4.6x
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