CORNING INCORPORATED AND SUBSIDIARY COMPANIESEXHIBIT #12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
DIVIDENDS
(Dollars in millions, except ratios)
Nine Forty
Months Weeks Fiscal Year Ended
Ended Ended ----------------------------------------
September October Dec. Jan. Jan. Jan. Dec.
30, 8, 31, 1, 2, 3, 29,
1996 1995 1995 1995 1994 1993 1991
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Income from continuing operations
before taxes on income $367.5 $312.1 $406.1 $343.8 $74.3 $156.2 $182.5
Adjustments:
Share of earnings (losses) before
taxes of 50% owned companies 89.6 73.7 95.2 89.0 (137.0) 103.2 165.4
Earnings (losses) before taxes of
greater than 50% owned
unconsolidated subsidiary (1.1) (1.8) (3.1) (4.0) (3.1) (2.1) (2.2)
Distributed income of less than
50% owned companies
and share of loss if debt
is guaranteed 2.1 4.5 (4.3) 6.6
Amortization of capitalized interest 8.7 7.4 9.6 13.3 13.0 11.8 10.2
Fixed charges net of
capitalized interest 93.5 88.6 102.3 148.5 110.1 103.5 104.8
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Earnings before taxes and
fixed charges as adjusted $558.2 $480.0 $610.1 $592.7 $61.8 $368.3 $467.3
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Fixed charges:
Interest incurred $65.5 $ 60.3 $79.7 $77.5 $63.3 $53.1 $49.2
Share of interest incurred
of 50% owned companies and interest
on guaranteed debt of less than
50% owned companies 26.5 18.1 10.2 60.8 40.9 42.0 47.5
Interest incurred by greater than
50% owned unconsolidated subsidiary 0.6 0.7 0.8 0.8 0.9 0.9
Portion of rent expense which
represents interest factor 15.1 14.8 19.3 17.5 13.4 15.8 12.6
Share of portion of rent expense
which represents interest
factor for 50% owned companies 1.1 2.0 2.7 9.4 9.1 9.2 9.0
Portion of rent expense which
represents interest factor for
greater than 50% owned
unconsolidated subsidiary 0.1 0.1 0.1 0.1
Amortization of debt costs 1.1 0.7 0.9 2.0 1.8 1.5 0.4
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Total fixed charges 109.3 96.5 113.5 168.1 129.4 122.6 119.7
Capitalized interest (15.8) (7.9) (11.2) (19.6) (19.3) (19.1) (14.9)
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Total fixed charges net of
capitalized interest $93.5 $ 88.6 $102.3 $148.5 $110.1 $103.5 $104.8
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Preferred dividends:
Preferred dividend requirements $11.8 $ 12.0 $15.7 $ 8.2 $ 2.1 $ 2.2 $ 2.4
Ratio of pre-tax income to income
before minority interest
and equity earnings 1.5 1.4 1.4 1.5 0.9 1.2 1.4
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Pre-tax preferred dividend
requirement 17.7 16.8 22.0 12.3 1.9 2.6 3.4
Total fixed charges 109.3 96.5 113.5 168.1 129.4 122.6 119.7
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Fixed charges and pre-tax preferred
dividend requirement $127.0 $113.3 $135.5 $180.4 $131.3 $125.2 $123.1
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Ratio of earnings to combined fixed
charges and preferred dividends 4.4x 4.2x 4.5x 3.3x - 2.9x 3.8x
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Earnings did not cover combined fixed charges and preferred dividends by $69.5 in the fiscal year
ended January 2, 1994.