Attached files
| file | filename |
|---|---|
| EX-31.2 - CFO CERTIFICATION - CORNING INC /NY | exhibit312.htm |
| EX-32 - SARBANES-OXLEY CERTIFICATION - CORNING INC /NY | exhibit32.htm |
| EX-31.1 - CEO CERTIFICATION - CORNING INC /NY | exhibit311.htm |
| EXCEL - IDEA: XBRL DOCUMENT - CORNING INC /NY | Financial_Report.xls |
| 10-Q - CORNING'S Q2 2014 FORM 10-Q - CORNING INC /NY | q22014form10q.htm |
Exhibit 12
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
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Six months ended
June 30, 2014
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Income from continuing operations before taxes on income
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$
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822
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Adjustments:
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Equity in earnings of equity affiliates
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(148)
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Distributed income of equity affiliates (a)
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1,669
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Net income attributable to noncontrolling interests
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(2)
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Fixed charges net of capitalized interest
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78
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Earnings before taxes and fixed charges as adjusted
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$
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2,419
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Fixed charges:
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Interest incurred (b)
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$
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80
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Portion of rent expense which represents an appropriate interest factor (c)
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19
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Amortization of debt costs
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1
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Total fixed charges
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$
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100
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Ratio of earnings to fixed charges
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24.2x
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(a)
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Includes a $1.6 billion dividend received from Samsung Corning Precision Materials related to the Acquisition. See Note 10 (Acquisition) for more details.
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(b)
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Interest incurred includes capitalized interest and amortization expense for debt costs.
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(c)
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One-third of net rent expense is the portion deemed representative of the interest factor.
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