Corning Incorporated and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In millions, except ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Years ended December 31, | ||||||||
|
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
|
|
|
|
|
|
|
|
|
|
|
Income from operations before taxes on income |
| 1,657 |
| 3,692 |
| 1,486 |
| 3,568 |
| 2,473 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Equity in earnings of equity affiliates |
| (361) |
| (284) |
| (299) |
| (266) |
| (547) |
Distributed income of equity affiliates (1) |
| 201 |
| 85 |
| 143 |
| 1,704 |
| 629 |
Net income attributable to noncontrolling interest |
| 18 |
| 10 |
| 10 |
| 3 |
|
|
Fixed charges net of capitalized interest |
| 199 |
| 195 |
| 171 |
| 159 |
| 148 |
|
|
|
|
|
|
|
|
|
|
|
Earnings before taxes and fixed charges as adjusted |
| 1,714 |
| 3,698 |
| 1,511 |
| 5,168 |
| 2,703 |
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
Interest incurred |
| 187 |
| 179 |
| 172 |
| 160 |
| 153 |
Portion of rent expense which represents |
|
|
|
|
|
|
|
|
|
|
an appropriate interest factor (2) |
| 44 |
| 35 |
| 31 |
| 36 |
| 28 |
Amortization of debt costs |
| 4 |
| 4 |
| 3 |
| 3 |
| 2 |
|
|
|
|
|
|
|
|
|
|
|
Total fixed charges |
| 235 |
| 218 |
| 206 |
| 199 |
| 183 |
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends grossed up to a pre-tax basis |
| 156 |
| 98 |
| 109 |
| 136 |
| - |
Combined fixed charges and preferred stock dividends |
| 391 |
| 316 |
| 315 |
| 335 |
| 183 |
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
| 7.3x |
| 17.0x |
| 7.3x |
| 26.0x |
| 14.8x |
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to combined fixed charges |
| 4.4x |
| 11.7x |
| 4.8x |
| 15.4x |
| 14.8x |
(1)In 2014, includes a $1.6 billion dividend received from Samsung Corning Precision Materials related to the acquisition of Samsung Corning Precision Materials.
(2)One-third of net rent expense is the portion deemed representative of the interest factor.