Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | CORNING INC /NY | ||
Entity Central Index Key | 24,741 | ||
Trading Symbol | glw | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 27 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 857,453,098 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Consolidated Statements of (Loss) Income [Abstract] | ||||
Net sales | [1] | $ 10,116 | $ 9,390 | $ 9,111 |
Cost of sales | 6,084 | 5,644 | 5,458 | |
Gross margin | 4,032 | 3,746 | 3,653 | |
Operating expenses: | ||||
Selling, general and administrative expenses | 1,467 | 1,472 | 1,508 | |
Research, development and engineering expenses | 860 | 742 | 769 | |
Amortization of purchased intangibles | 75 | 64 | 54 | |
Restructuring, impairment and other charges (Note 2) | 0 | 77 | 0 | |
Operating income | 1,630 | 1,391 | 1,322 | |
Equity in earnings of affiliated companies (Note 7) | 361 | 284 | 299 | |
Interest income | 45 | 32 | 21 | |
Interest expense | (155) | (159) | (140) | |
Translated earnings contract (loss) gain, net | (121) | (448) | 80 | |
Gain on realignment of equity investment | 2,676 | |||
Other expense, net | (103) | (84) | (96) | |
Income before income taxes | 1,657 | 3,692 | 1,486 | |
(Provision) benefit for income taxes (Note 6) | (2,154) | 3 | (147) | |
Net (loss) income attributable to Corning Incorporated | $ (497) | $ 3,695 | $ 1,339 | |
(Loss) earnings per common share attributable to Corning Incorporated: | ||||
Basic (Note 18) | $ (0.66) | $ 3.53 | $ 1.02 | |
Diluted (Note 18) | (0.66) | 3.23 | 1 | |
Dividends declared per common share | [2] | $ 0.62 | $ 0.54 | $ 0.36 |
[1] | Net sales are attributed to countries based on location of customer. | |||
[2] | The first quarter 2015 dividend was declared on December 3, 2014. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net (loss) income attributable to Corning Incorporated | $ (497) | $ 3,695 | $ 1,339 | |
Foreign currency translation adjustments and other | 746 | (104) | (590) | |
Net unrealized gains (losses) on investments | 14 | (3) | 1 | |
Unamortized gains (losses) and prior service credits (costs) for postretirement benefit plans | 30 | 241 | 121 | |
Net unrealized gains (losses) on designated hedges | 44 | 1 | (36) | |
Other comprehensive income (loss), net of tax (Note 17) | [1] | 834 | 135 | (504) |
Comprehensive income attributable to Corning Incorporated | $ 337 | $ 3,830 | $ 835 | |
[1] | All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive income. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 4,317 | $ 5,291 |
Trade accounts receivable, net of doubtful accounts and allowances - $60 and $59 | 1,807 | 1,481 |
Inventories, net of inventory reserves - $169 and $151 (Note 5) | 1,712 | 1,471 |
Other current assets (Note 11 and 15) | 991 | 805 |
Total current assets | 8,827 | 9,048 |
Investments (Note 7) | 340 | 336 |
Property, plant and equipment, net of accumulated depreciation - $10,809 and $9,884 (Note 9) | 14,017 | 12,546 |
Goodwill, net (Note 10) | 1,694 | 1,577 |
Other intangible assets, net (Note 10) | 869 | 796 |
Deferred income taxes (Note 6) | 813 | 2,325 |
Other assets (Note 11 and 15) | 934 | 1,271 |
Total Assets | 27,494 | 27,899 |
Current liabilities: | ||
Current portion of long-term debt and short-term borrowings (Note 12) | 379 | 256 |
Accounts payable | 1,439 | 1,079 |
Other accrued liabilities (Note 11 and 14) | 1,391 | 1,416 |
Total current liabilities | 3,209 | 2,751 |
Long-term debt (Note 12) | 4,749 | 3,646 |
Postretirement benefits other than pensions (Note 13) | 749 | 737 |
Other liabilities (Note 11 and 14) | 3,017 | 2,805 |
Total liabilities | 11,724 | 9,939 |
Commitments and contingencies (Note 14) | ||
Shareholders’ equity (Note 17): | ||
Convertible preferred stock, Series A – Par value $100 per share; Shares authorized 3,100; Shares issued: 2,300 | 2,300 | 2,300 |
Common stock – Par value $0.50 per share; Shares authorized: 3.8 billion; Shares issued: 1,708 million and 1,691 million | 854 | 846 |
Additional paid-in capital – common stock | 14,089 | 13,695 |
Retained earnings | 15,930 | 16,880 |
Treasury stock, at cost; shares held: 850 million and 765 million | (16,633) | (14,152) |
Accumulated other comprehensive loss | (842) | (1,676) |
Total Corning Incorporated shareholders’ equity | 15,698 | 17,893 |
Noncontrolling interests | 72 | 67 |
Total equity | 15,770 | 17,960 |
Total Liabilities and Equity | $ 27,494 | $ 27,899 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Doubtful accounts and allowances | $ 60 | $ 59 |
Inventory reserves | 169 | 151 |
Accumulated depreciation | $ 10,809 | $ 9,884 |
Convertible preferred stock, par value (in dollars per share) | $ 100 | $ 100 |
Convertible preferred stock, shares authorized (in shares) | 3,100 | 3,100 |
Convertible preferred stock, shares issued (in shares) | 2,300 | 2,300 |
Common stock, par value (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized (in shares) | 3,800,000,000 | 3,800,000,000 |
Common stock, shares issued (in shares) | 1,708,000,000 | 1,691,000,000 |
Treasury stock, shares held (in shares) | 850,000,000 | 765,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net (loss) income | $ (497) | $ 3,695 | $ 1,339 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation | 1,083 | 1,131 | 1,130 |
Amortization of purchased intangibles | 75 | 64 | 54 |
Restructuring, impairment and other charges | 0 | 77 | 0 |
Equity in earnings of affiliated companies | (361) | (284) | (299) |
Dividends received from affiliated companies | 201 | 85 | 143 |
Deferred tax provision (benefit) | 1,796 | (308) | 54 |
Customer incentives and deposits, net | 100 | 185 | 197 |
Translated earnings contract loss (gain) | 121 | 448 | (80) |
Unrealized translation losses on transactions | (339) | 1 | 268 |
Gain on realignment of equity investment | (2,676) | ||
Changes in certain working capital items: | |||
Trade accounts receivable | (225) | (106) | 162 |
Inventories | (170) | (68) | (77) |
Other current assets | (172) | 18 | (57) |
Accounts payable and other current liabilities | 169 | 259 | (126) |
Other, net | 223 | 16 | 121 |
Net cash provided by operating activities | 2,004 | 2,537 | 2,829 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (1,804) | (1,130) | (1,250) |
Acquisitions of businesses, net of cash paid | (171) | (333) | (732) |
Proceeds from sale of a business | 14 | 12 | |
Cash received on realignment of equity investment | 4,818 | ||
Proceeds from sale of assets to related party | 42 | ||
Short-term investments – acquisitions | (20) | (969) | |
Short-term investments – liquidations | 29 | 121 | 1,629 |
Realized gains on translated earnings contracts | 270 | 201 | 653 |
Other, net | (48) | (37) | (28) |
Net cash (used in) provided by investing activities | (1,710) | 3,662 | (685) |
Cash Flows from Financing Activities: | |||
Net repayments of short-term borrowings and current portion of long-term debt | (252) | (85) | (12) |
Proceeds from issuance of long-term debt, net | 1,445 | 745 | |
Proceeds from issuance of short-term debt, net | 3 | ||
(Payments) proceeds from issuance of commercial paper | (481) | 481 | |
Payments from the settlement of interest rate swap agreements | (10) | ||
Principal payments under capital lease obligations | (7) | (7) | (6) |
Proceeds received for asset financing and related incentives, net | 1 | 1 | |
Payments of employee withholding tax on stock awards | (16) | (16) | (20) |
Proceeds from the exercise of stock options | 309 | 138 | 102 |
Repurchases of common stock for treasury | (2,452) | (4,227) | (3,228) |
Dividends paid | (651) | (645) | (679) |
Net cash used in financing activities | (1,624) | (5,322) | (2,623) |
Effect of exchange rates on cash | 356 | (86) | (330) |
Net increase (decrease) in cash and cash equivalents | (974) | 791 | (809) |
Cash and cash equivalents at beginning of year | 5,291 | 4,500 | 5,309 |
Cash and cash equivalents at end of year | $ 4,317 | $ 5,291 | $ 4,500 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital Common [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance at Dec. 31, 2014 | $ 2,300 | $ 836 | $ 13,456 | $ 13,021 | $ (6,727) | $ (1,307) | $ 21,579 | $ 73 | $ 21,652 | |
Net (loss) income | 1,339 | 1,339 | 9 | 1,348 | ||||||
Other comprehensive income (loss) | (504) | (504) | (1) | (505) | ||||||
Purchase of common stock for treasury | (250) | (2,978) | (3,228) | (3,228) | ||||||
Shares issued to benefit plans and for option exercises | 4 | 146 | (1) | 149 | 149 | |||||
Dividends on shares | (528) | (528) | (528) | |||||||
Other, net | (19) | (19) | (6) | (25) | ||||||
Balance at Dec. 31, 2015 | 2,300 | 840 | 13,352 | 13,832 | (9,725) | (1,811) | 18,788 | 75 | 18,863 | |
Net (loss) income | 3,695 | 3,695 | 10 | 3,705 | ||||||
Other comprehensive income (loss) | 135 | 135 | (6) | 129 | ||||||
Purchase of common stock for treasury | 165 | (4,409) | (4,244) | (4,244) | ||||||
Shares issued to benefit plans and for option exercises | 6 | 178 | (2) | 182 | 182 | |||||
Dividends on shares | (647) | (647) | (647) | |||||||
Other, net | (16) | (16) | (12) | (28) | ||||||
Balance at Dec. 31, 2016 | 2,300 | 846 | 13,695 | 16,880 | (14,152) | (1,676) | 17,893 | 67 | 17,960 | |
Net (loss) income | (497) | (497) | 18 | (479) | ||||||
Other comprehensive income (loss) | 834 | 834 | 6 | 840 | ||||||
Purchase of common stock for treasury | 14 | (2,462) | (2,448) | (2,448) | ||||||
Shares issued to benefit plans and for option exercises | 8 | 349 | (2) | 355 | 355 | |||||
Dividends on shares | (654) | (654) | (654) | |||||||
Other, net | Accounting Standards Update 2016-09 [Member] | 233 | |||||||||
Other, net | [1] | 31 | 201 | (17) | 215 | (19) | 196 | |||
Balance at Dec. 31, 2017 | $ 2,300 | $ 854 | $ 14,089 | $ 15,930 | $ (16,633) | $ (842) | $ 15,698 | $ 72 | $ 15,770 | |
[1] | Adjustment to retained earnings includes the cumulative effect of the accounting change we recorded upon adoption of ASU 2016-09 in 2017.in the amount of $233 million. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Signif icant Accounting Policies  Organization  Corning Incorporated is a provider of high-performance glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies. In these notes, the terms “Corning,” “Company,” “we,” “us,” or “our” mean Corning Incorporated and subsidiary companies.  Basis of Presentation and Principles of Consolidation  Our consolidated financial statements were prepared in conformity with generally accepted accounting principles in the U.S. and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which Corning exercises control.  The equity method of accounting is used for investments in affiliated companies that are not controlled by Corning and in which our interest is generally between 20% and 50% and we have significant influence over the entity. Our share of earnings or losses of affiliated companies, in which at least 20% of the voting securities is owned and we have significant influence but not control over the entity, is included in consolidated operating results.  We use the cost method to account for our investments in companies that we do not control and for which we do not have the ability to exercise significant influence over operating and financial policies. In accordance with the cost method, these investments are recorded at cost or fair value, as appropriate.  All material intercompany accounts, transactions and profits are eliminated in consolidation.  Certain prior year amounts have been reclassified to conform to the current-year presentation. These reclassifications had no impact on our results of operations, financial position, or changes in shareholders’ equity.  Dow Corning  Prior to May 31, 2016, Corning and Dow Chemical each owned half of Dow Corning, an equity company headquartered in Michigan that manufactures silicone products worldwide. Dow Corning was the majority-owner of HSG, a market leader in the production of high purity polycrystalline silicon for the semiconductor and solar energy industries. On May 31, 2016, Corning completed the strategic realignment of its equity investment in Dow Corning pursuant to the Transaction Agreement announced in December 201 5. Under the terms of the Transaction Agreement, Corning exchanged with Dow Corning its 50% stock interest in Dow Corning for 100% of the stock of a newly formed entity, which holds an equity interest in HSG and approximately $4.8 billion in cash. Prior to realignment, HSG, a consolidated subsidiary of Dow Corning, was an indirect equity investment of Corning. Upon completion of the exchange, Corning now has a direct equity investment in HSG.  Refer to Note 7 (Investments) to the Consolidated Financial Statements for additional information. 1. Summary of Significant Accounting Policies (continued)  Use of Estimates  The preparation of financial statements requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and related notes. Significant estimates and assumptions in these consolidated financial statements include estimates of fair value associated with revenue recognition, restructuring charges, goodwill and long-lived asset impairment tests, estimates of acquired assets and liabilities, estimates of fair value of investments, equity interests, environmental and legal liabilities, income taxes and deferred tax valuation allowances, assumptions used in calculating pension and other postretirement employee benefit expenses and the fair value of share-based compensation. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates.  Revenue Recognition  Revenue for sales of goods is recognized when a firm sales agreement is in place, delivery has occurred and sales price is fixed or determinable and collection is reasonably assured. If customer acceptance of products is not reasonably assured, sales are recorded only upon formal customer acceptance. Sales of goods typically do not include multiple product and/or service elements.  At the time revenue is recognized, allowances are recorded, with the related reduction to revenue, for estimated product returns, allowances and price discounts based upon historical experience and related terms of customer arrangements. Where we have offered product warranties, we also establish liabilities for estimated warranty costs based upon historical experience and specific warranty provisions. Warranty liabilities are adjusted when experience indicates the expected outcome will differ from initial estimates of the liability.  In addition, Corning also has contractual arrangements with certain customers in which we recognize revenue on a completed contract basis. Revenues under the completed-contract method are recognized upon substantial completion, defined as acceptance by the customer and compliance with performance specifications as agreed upon in the contract. The Company acts as a principal under the contracts, and recognizes revenues with corresponding cost of revenues on a gross basis for the full amount of the contract.  Research and Development Costs  Research and development costs are charged to expense as incurred. Research and development costs totaled $689 million in 2017 , $637 million in 2016 and $638 million in 2015 .  Foreign Currency Translation and Transactions  The determination of the functional currency for Corning’s foreign subsidiaries is made based on the appropriate economic factors. For most foreign operations, the local currencies are generally considered to be the functional currencies. Corning’s most significant exception is our Taiwanese subsidiary, which uses the Japanese yen as its functional currency. For all transactions denominated in a currency other than a subsidiary’s functional currency, exchange rate gains and losses are included in income for the period in which the exchange rates changed. We recorded foreign currency transaction gains of $20 million and $21 million for the years ended December 31, 2017 and 2016, respectively, and foreign currency transaction losses of $22 million for the year ended December 31, 2015. These amounts were recorded in the line item Other expense, net in the Consolidated Statements of (Loss) Income.  Foreign subsidiary functional currency balance sheet accounts are translated at current exchange rates, and statement of operations accounts are translated at average exchange rates for the year. Translation gains and losses are recorded as a separate component of accumulated other comprehensive income in shareholders’ equity. The effects of remeasuring non-functional currency assets and liabilities into the functional currency are included in current earnings, except for those related to intra-entity foreign currency transactions of a long-term investment nature, which are recorded together with translation gains and losses in accumulated other comprehensive income (loss) in shareholders’ equity. Upon sale or substantially complete liquidation of an investment in a foreign entity, the amount of net translation gains or losses that have been accumulated in other comprehensive income attributable to that investment are reported as a gain or loss for the period in which the sale or liquidation occurs. 1. Summary of Significant Accounting Policies (continued)  Share-Based Compensation  Corning’s share-based compensation programs include employee stock option grants, time-based restricted stock awards and time-based restricted stock units, as more fully described in Note 19 (Share-based Compensation) to the Consolidated Financial Statements.  The cost of share-based compensation awards is equal to the fair value of the award at the date of grant and compensation expense is recognized for those awards earned over the vesting period. Corning estimates the fair value of share-based awards using a multiple-point Black-Scholes option valuation model, which incorporates assumptions including expected volatility, dividend yield, risk-free rate, expected term and departure rates.  Cash and Cash Equivalents  Cash equivalents consist of highly liquid investments that are readily convertible into cash. We consider securities with contractual maturities of three months or less, when purchased, to be cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments.  Supplemental disclosure of cash flow information follows (in millions ):     Years ended December 31,  2017 2016 2015  Non-cash transactions:  Accruals for capital expenditures $ 584 $ 381 $ 298  Cash paid for interest and income taxes:  Interest (1) $ 178 $ 184 $ 178  Income taxes, net of refunds received $ 405 $ 293 $ 253  (1) Included in this amount are approximately $36 million , $23 million and $35 million of interest costs that were capitalized as part of property, plant and equipment , net of accumulated depreciation, in 2017 , 2016 and 2015 , respectively.  Allowance for Doubtful Accounts  The Company’s allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including length of time receivables are past due, customer credit ratings, financial stability of customers, specific one-time events and past customer history. In addition, in circumstances where the Company is made aware of a specific customer’s inability to meet its financial obligations, a specific allowance is established. The majority of accounts are individually evaluated on a regular basis and appropriate reserves are established as deemed appropriate based on the above criteria.  Environmental Liabilities  The Company accrues for its environmental investigation, remediation, operating and maintenance costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. For environmental matters, the most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, current laws and regulations and prior remediation experience. For sites with multiple potential ly responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill their obligations in establishing a provision for those costs. Where no amount within a range of estimates is more likely to occur than another, the minimum amount is accrued. When future liabilities are determined to be reimbursable by insurance coverage, an accrual is recorded for the potential liability and a receivable is recorded related to the insurance reimbursement when reimbursement is virtually certain.  The uncertain nature inherent in such remediation and the possibility that initial estimates may not reflect the final outcome could result in additional costs being recognized by the Company in future periods.  1. Summary of Significant Accounting Policies (continued)  Inventories  Inventories are stated at the lower of cost (first-in, first-out basis) or market.  Property, Plant and Equipment, Net of Accumulated Depreciation  Land, buildings, and equipment, including precious metals, are recorded at cost. Depreciation is based on estimated useful lives of properties using the straight-line method. Except as described in Note 9 (Property, Plant and Equipment, Net of Accumulated Depreciation) to the Consolidated Financial Statements related to the depletion of precious metals, the estimated useful lives range from 10 to 40 years for buildings and 2 to 20 years for equipment.  Included in the subcategory of equipment are the following types of assets (excluding precious metals):     Asset type Range of useful life   Computer hardware and software 3 to 7 years  Manufacturing equipment 2 to 15 years  Furniture and fixtures 5 to 10 years  Transportation equipment 3 to 20 years  Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. These assets are not depreciated because they have very low physical losses and are repeatedly reclaimed and reused in our manufacturing process over a very long useful life. We treat the physical loss of precious metals in the manufacturing and reclamation process as depletion and account for these losses as a period expense based on actual units lost. Precious metals are integral to many of our glass production processes. They are only acquired to support our operations and are not held for trading or other purposes.  Goodwill and Other Intangible Assets  Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill relates to and is assigned directly to a specific reporting unit. Reporting units are either operating segments or one level below the operating segment. Impairment testing for goodwill is done at a reporting unit level. Goodwill is reviewed for indicators of impairment quarterly or if an event occurs or circumstances change that indicate that the carrying amount may be impaired. Corning also performs a detailed quantitative impairment test every three years if no indicators suggest a test should be performed in the interim. We use this calculation as quantitative validation of the qualitative process; this process does not represent an election to perform the quantitative impairment test in place of the qualitative review.  The qualitative process includes an extensive review of expectations for the long-term growth of our businesses and forecasting future cash flows. If we are required to perform the quantitative impairment analysis, our valuation method is an “income approach” using a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate rate of return. Our estimates are based upon our historical experience, our current knowledge from our commercial relationships, and available external information about future trends. If the fair value is less than the carrying value, a loss is recorded to reflect the difference between the fair value and carrying value.  Other intangible assets include patents, trademarks, and other intangible assets acquired from an independent party. Such intangible assets have a definite life and are amortized on a straight-line basis over estimated useful lives ranging from 4 to 50 years.  1. Summary of Significant Accounting Policies (continued)  Impairment of Long-Lived Assets  We review the recoverability of our long-lived assets, such as plant and equipment and intangible assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. When impairment indicators are present, we compare estimated undiscounted future cash flows, including the eventual disposition of the asset group at market value, to the assets’ carrying value to determine if the asset group is recoverable. For an asset group that fails the test of recoverability, the estimated fair value of long-lived assets is determined using an “income approach” that starts with the forecast of all the expected future net cash flows including the eventual disposition at market value of long-lived assets, and also considers the fair market value of all precious metals. We assess the recoverability of the carrying value of long-lived assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If there is an impairment, a loss is recorded to reflect the difference between the assets’ fair value and carrying value. Refer to Note 2 (Restructuring, Impairment and Other Charges) to the Consolidated Financial Statements for more detail.  Employee Retirement Plans  Corning offers employee retirement plans consisting of defined benefit pension plans covering certain domestic and international employees and postretirement plans that provide health care and life insurance benefits for eligible retirees and dependents. The costs and obligations related to these benefits reflect the Company’s assumptions related to general economic conditions (particularly interest rates), expected return on plan assets, rate of compensation increase for employees and health care trend rates. The cost of providing plan benefits depends on demographic assumptions including retirements, mortality, turnover and plan participation.  Costs for our defined benefit pension plans consist of two elements: 1) on-going costs recognized quarterly, which are comprised of service and interest costs, expected return on plan assets and amortization of prior service costs; and 2) mark-to-market gains and losses outside of the corridor, where the corridor is equal to 10% of the greater of the benefit obligation or the market-related value of plan assets at the beginning of the year, which are recognized annually in the fourth quarter of each year. These gains and losses result from changes in actuarial assumptions for discount rates and the differences between actual and expected return on plan assets. Any interim remeasurements triggered by a curtailment, settlement or significant plan changes, as well as any true-up to the annual valuation, are recognized as a mark-to-market adjustment in the quarter in which such event occurs.  Costs for our postretirement benefit plans consist of on-going costs recognized quarterly, and are comprised of service and interest costs, amortization of prior service costs and amortization of actuarial gains and losses. We recognize the actuarial gains and losses resulting from changes in actuarial assumptions for discount rates as a component of Shareholders’ Equity on our consolidated balance sheets on an annual basis and amortize them into our operating results over the average remaining service period of employees expected to receive benefits under the plans, to the extent such gains and losses are outside of the corridor.  Refer to Note 13 (Employee Retirement Plans) to the Consolidated Financial Statements for additional detail.  Income Taxes  The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating loss and tax credit carryforwards and for differences between the carrying amounts of existing assets and liabilities and their respective tax bases.  The effective income tax rate reflects our assessment of the ultimate outcome of tax audits. In evaluating the tax benefits associated with our various tax filing positions, we record a tax benefit for uncertain tax positions using the highest cumulative tax benefit that is more likely than not to be realized. Adjustments are made to our liability for unrecognized tax benefits in the period in which we determine the issue is effectively settled with the tax authorities, the statute of limitations expires for the return containing the tax position or when new information becomes available. Our liability for unrecognized tax benefits, including accrued penalties and interest, is included in other accrued liabilities and other long-term liabilities on our consolidated balance sheets an d in income tax expense in our C onsolidated S tatements of (Loss) I ncome.  Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur. Valuation allowances are established when management is unable to conclude that it is more likely than not that some portion, or all, of the deferred tax asset will ultimately be realized. 1. Summary of Significant Accounting Policies (continued)  At December 31, 2017, Corning has not completed its accounting for the tax effects of the enactment of the 2017 Tax Act. Pursuant to SAB 118, the Company has made a reasonable estimate of the effects on its U.S. deferred tax balances, the one-time toll charge and the impact on its state valuation allowances. In addition, Corning has not made sufficient progress on estimating the impact of tax reform on its assertion regarding its indefinitely reinvested foreign earnings so the Company will continue to follow its historic position while it continues to analyze this issue. In addition, Corning’s accounting for the impact of the global intangible low-taxed income (GILTI) provisions of the 2017 Tax Act is incomplete and, as a result, it has not yet elected a policy to account for the GILTI provisions. The initial accounting is incomplete as we need additional time and information to analyze all aspects of the newly enacted law and how it impacts our worldwide operations. The additional information that needs to be obtained, prepared or analyzed in order to complete the accounting requirements includes receiving further guidance from the tax authorities; additional time to prepare basis calculations; post enactment impacts and further time to validate of our assumptions.  Equity Method Investments  Our equity method investments are reviewed for impairment on a periodic basis or if an event occurs or circumstances change that indicate the carrying amount may be impaired. This assessment is based on a review of the equity investments’ performance and a review of indicators of impairment to determine if there is evidence of a loss in value of an equity investment. Factors we consider include:  · Absence of our ability to recover the carrying amount; · Inability of the equity affiliate to sustain an earnings capacity which would justify the carrying amount of the investment; and · Significant litigation, bankruptcy or other events that could impact recoverability.  For an equity investment with impairment indicators, we measure fair value on the basis of discounted cash flows or other appropriate valuation methods, depending on the nature of the company involved. If it is probable that we will not recover the carrying amount of our investment, the impairment is considered other-than-temporary and recorded in earnings, and the equity investment balance is reduced to its fair value accordingly. We require our material equity method affiliates to provide audited financial statements. Consequently, adjustments for asset recoverability are included in equity earnings. We also utilize these financial statements in our recoverability assessment.  Fair Value of Financial Instruments  Major categories of financial assets and liabilities, including short-term investments, other assets and derivatives are measured at fair value on a recurring basis. Certain assets and liabilities including long-lived assets, goodwill, asset retirement obligations, and cost and equity investments are measured at fair value on a nonrecurring basis.  Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.  Derivative Instruments  We participate in a variety of foreign exchange forward contracts and foreign exchange option contracts entered into in connection with the management of our exposure to fluctuations in foreign exchange rates. We utilize interest rate swaps to reduce the risk of changes in a benchmark interest rate from the probable forecasted issuance of debt and to swap fixed rate interest payments into floating rate interest payments. These financial exposures are managed in accordance with corporate policies and procedures. 1. Summary of Significant Accounting Policies (continued)  All derivatives are recorded at fair value on the balance sheet. Changes in the fair value of derivatives designated as cash flow hedges and hedges of net investments in foreign operations are not recognized in current operating results but are recorded in accumulated other comprehensive income. Amounts related to cash flow hedges are reclassified from accumulated other comprehensive income when the underlying hedged item impacts earnings. This reclassification is recorde d in the same line item of the Consolidated S tatements of (Loss) I ncome as where the effects of the hedged item are recorded, typically sales, cost of sales or other (expense) income, net. Changes in the fair value of derivatives not designated as hedging instruments are recorded in the Consolidated Statements of (Loss) Income in the Translated earnings contract (loss) gain, net and the Other expense, net lines.  New Accounting Standards  In May 201 4, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as a new Topic, Accounting Standards Codification (“ASC”) Topic 606. The new revenue recognition standard relates to revenue from contracts with customers, which, along with amendments issued in 2015 and 2016, will supersede nearly all current U.S. GAAP guidance on this topic and eliminate industry-specific guidance. The underlying principle is to use a five-step analysis of transactions to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Corning has evaluated its material contracts, and has concluded that the impact of adopting the standard on its financial statements and related disclosure will not be material. The standard, as amended, will be effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. We will adopt the standard on a modified retrospective basis in 2018.  One of Corning’s equity affiliates is currently assessing the potential impact of adopting ASU 2014-09 on its financial statements and will adopt the standard on January 1, 2019. Preliminary analysis indicates that the impact of adoption will not have a material impact on Corning’s financial statements.  In February 201 6, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently assessing the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures.  One of Corning’s equity affiliates is currently assessing the potential impact of adopting ASU 2016-02 on its financial statements and elected to adopt the standard on January 1, 2020.  In August 201 6, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 refines how companies classify certain aspects of the cash flow statement in regards to debt prepayment, settlement of debt instruments, contingent consideration payments, proceeds from insurance claims and life insurance policies, distribution from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, and for interim periods within those fiscal years. We have determined that the impact of this standard will not be material. We will adopt this standard in 2018.  In October 201 6, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which reduces the complexity in the accounting standards by allowing the recognition of current and deferred income taxes for an intra-entity asset transfer, other than inventory, when the transfer occurs. Historically, recognition of the income tax consequence was not recognized until the asset was sold to an outside party. This amendment should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU 2016-16 is effective for annual periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. That is, earlier adoption should be in the first interim period if an entity issues interim financial statements. We have determined that the impact of this standard will not be material. We will adopt this standard in 2018. 1. Summary of Significant Accounting Policies (continued)  In January 201 7, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350). ASU 2017-04 simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted the ASU on January 1, 2017.  In March 201 7, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU 2017-07 requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The amendment should be applied retrospectively for the presentation of the service cost component and prospectively for the capitalization of the service cost component. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted at the beginning of any annual period for which an entity’s financial statements have not been issued or made available for issuance. We have determined that the impact of this standard will not be material. We will adopt this standard in 2018. |
Restructuring, Impairment and O
Restructuring, Impairment and Other Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring, Impairment and Other Charges [Abstract] | |
Restructuring, Impairment and Other Charges | 2. Restructuring, Impair ment and Other Charges  2017 Activity  For the year ended December 31, 2017, we did not record significant restructuring, impairment and other charges or reversals. Cash expenditures for restructuring activities were approximately $ 4 million .  2016 Activity  For the year ended December 31, 2016, we recorded charges of $77 million , pre-tax, for employee related costs of $14 million , asset disposals of $62 million , and exit costs associated with some minor restructuring activities in all of our segments of $1 million , with total cash expenditures of approximately $12 million .  Cash payments for employee-related and exit activity related to the 2016 restructuring activities were substantially completed in 2016.  2015 Activity  For the year ended December 31, 2015, we did not record significant restructuring, impairment and other charges or reversals. Cash expenditures for restructuring activities were approximately $40 million .  Restructuring reserves as of December 31, 2017, 2016 and 2015 were not significant.  |
Available-for-sale Investments
Available-for-sale Investments | 12 Months Ended |
Dec. 31, 2017 | |
Available-for-sale Investments [Abstract] | |
Available-for-sale Investments | 3. Available-for-S ale Investments  At December 31, 2016 and 2015 , the Company held long-term investments of $29 million and $33 million , respectively. The Company’s investments in a vailable-for-sale securities were held at fair value with amortized cost of $32 million and $37 million at December 31, 2016 and 2015, respectively.  At December 31, 2017, Corning did not hold long-term investments or available-for-sale securities.  Proceeds from sales and maturities of short-term investments totaled $29 million , $121 million and $1.6 billion in 2017 , 2016 and 2015 , respectively. |
Significant Customers
Significant Customers | 12 Months Ended |
Dec. 31, 2017 | |
Significant Customers [Abstract] | |
Significant Customers | 4. Significa nt Customers  For 201 7 , no customers met or exceeded 10% of Corning’s consolidated net sales. For 2016 and 2015 , Corning’s sa les to Samsung Display Co. Ltd., a customer of our Display Technologies and Specialty Materials segments, represented 11% of the Company’s consolidated net sales. |
Inventories, Net of Inventory R
Inventories, Net of Inventory Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Inventories, Net of Inventory Reserves [Abstract] | |
Inventories, Net of Inventory Reserves | 5. Inventories, Net of Inv entory Reserves  Inventories, net of inventory reserves comprise the following (in millions ):      December 31,  2017 2016  Finished goods $ 739 $ 606  Work in process 322 303  Raw materials and accessories 306 270  Supplies and packing materials 345 292  Total inventories, net of inventory reserves $ 1,712 $ 1,471  |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 6. Inco me Taxes  Income before income taxes follows (in millions ):      Years ended December 31,  2017 2016 2015   U.S. companies $ 653 $ 2,658 $ 426  Non-U.S. companies 1,004 1,034 1,060  Income before income taxes $ 1,657 $ 3,692 $ 1,486  The current and deferred amounts of the (provision) benefit for income taxes follow (in millions ):      Years ended December 31,  2017 2016 2015  Current:  Federal $ (20) $ (1) $ (40)  State and municipal (21) (17) (20)  Foreign (317) (287) (33)  Deferred:  Federal (1,617) 310 (144)  State and municipal (109) 48 (30)  Foreign (70) (50) 120  (Provision) benefit for income taxes $ (2,154) $ 3 $ (147)  Amounts are reflected in the preceding tables based on the location of the taxing authorities.  6. Income Taxes (continued)  Reconciliation of the U.S. statutory income tax rate to our effective tax rate for operations follows:      Years ended December 31,  2017 2016 2015  Statutory U.S. income tax rate 35.0 % 35.0 % 35.0 %  State income tax (benefit), net of federal effect 0.8 (0.3) 0.1  Repatriation tax on accumulated previously untaxed foreign earnings 67.4  Remeasurement of deferred tax assets and liabilities 21.0  Rate difference on foreign earnings (3.9) (9.2) (19.8)  Uncertain tax positions 0.6 (0.1) 4.3  Equity earnings impact 0.1 (0.4) (5.4)  Valuation allowances 6.8 1.2 (4.2)  Realignment of Dow Corning interest (28.2)  Other items, net 2.2 1.9 (0.1)  Effective income tax rate (benefit) 130.0 % (0.1) % 9.9 %  Cor ning’s results for the year ending December 31, 2017 included a total $2. 2 billion worldwide tax provision, inclusive of tax on normal operations and the impacts of the 2017 Tax Act. Given the significant complexity of the 2017 Tax Act and anticipated future guidance from the U. S. Treasury, the Securities and Exchange Commission and the Financial Accounting Standards Board (“FASB”) related to the 2017 Tax Act, the Securities Exchange Commission has issued its Staff Accounting Bulletin 118 (“SAB 118”) to provide registrants additional time to analyze and report the effects of tax reform during the “measurement period”. Under SAB 118, the registrant is required to record those items where ASC 740 analysis is complete; include reasonable estimates and label them as provisional where ASC 740 analysis is incomplete; and if reasonable estimates cannot be made, record items under the previous tax law. The measurement period ends on the date the entity has obtained, prepared, and analyzed the information that was needed in order to complete the accounting requirements under ASC Topic 740 and is not to exceed 1 year.  In addition to SAB 118, the FASB has issued some guidance regarding how to account for tax reform as well as a proposal to reclassify stranded tax costs from AOCI to retained earnings. Furthermore, to date, the U.S. Treasury has issued Notice 2018-07 on December 29, 2017 and Notice 2018-13 on January 19, 2018 with additional guidance on how to compute the toll charges.  At December 31, 2017, we have not completed our accounting for the tax effects of the enactment of the 2017 Tax Act; however, we have made a reasonable estimate of the effects on our U.S. deferred tax balances, the one-time toll charge and the impact on our state valuati on allowances. We recognized provisional amount s which are included as a component of income tax expense from continuing operations. The initial accounting is incomplete as we need additional time and information to analyze all aspects of the newly enacted law and how it impacts our worldwide operations. The additional information that needs to be obtained, prepared or analyzed in order to complete the accounting requirements includes receiving further guidance from the tax authorities; additional time to prepare basis calculations; post - enactment impacts , and further time to validate our assumptions.  We re-measured the U.S. deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21% . However, we are still analyzing certain aspects of the 2017 Tax Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The provisional amount recorded related to the re-measurement of our deferred tax balances was $34 7 million .  The one-time toll charge is based on our unrepatriated earnings of certain foreign subsidiaries that were previously deferred. This charge resulted in an additional provisional tax expense amount of $1.1 billion . We have not yet completed our calculation of the toll charge. This amount may change when we finalize the calculation of unrepatriated earnings that w ere previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. Settlement of the toll charge will occur almost entirely through the use of existing foreign tax credit carryovers. 6. Income Taxes (continued)  Corning has not made sufficient progress on estimating the impact of tax reform on its assertion regarding its indefinitely reinvested foreign earnings so the Company will continue to follow its historic position while it continues to analyze this item . As of December 31, 2017, Corning estimates that its unremitted foreign earnings were $16.9 billion . While Corning is not changing its assertion at this time, the Company has distribute d approximately $2 billion in January 201 8 from two of its foreign subsidiaries to the U.S. parent of those subsidiaries. There are no incremental taxes beyond the toll charge due with respect to this distribution of cash.  Under its historic policy, Corning will continue to indefinitely reinvest substantially all of its foreign earnings, with the exception of an immaterial amount of current earnings that have very low or no tax cost associated with their repatriation. Our current analysis indicates that we have sufficient U.S. liquidity, including borrowing capacity, to fund foreseeable U.S. cash needs without requiring the repatriation of foreign cash.  Corning’s accounting for the impact of the global intangible low-taxed income (GILTI) provisions of the 2017 Tax Act is incomplete and, as a result, it has not yet elected a policy to account for the GILTI provisions.  We will continue to monitor for future guidance and to assess the impacts of the 2017 Tax Act. Tax benefit associated with rate differences on foreign earnings is primarily t he income of subsidiaries with lower statutory rates than the U.S. for 2017 and for 2016 and 2015 includes the benefit of excess foreign tax credits resulting from the inclusion of foreign earnings in U.S. income.  During 2016, a realignment of Dow Corning interest took place. Refer to Note 7 (Investments) of the Consolidated Financial Statements for additional detail.  The tax effects of temporary differences and carryforwards that gave rise to significant portions of the deferred tax assets and liabilities follows (in millions ):      December 31,  2017 2016   Loss and tax credit carryforwards $ 652 $ 1,465  Other assets 43 62  Asset impairments and restructuring reserves 94 154  Postretirement medical and life benefits 191 283  Other accrued liabilities 190  Other employee benefits 278 462  Gross deferred tax assets 1,258 2,616  Valuation allowance (456) (270)  Total deferred tax assets 802 2,346  Intangible and other assets (101) (104)  Other accrued liabilities (94)  Fixed assets (245) (234)  Total deferred tax liabilities (440) (338)  Net deferred tax assets $ 362 $ 2,008   6. Income Taxes (continued)  The net deferred tax assets are classified in our consolidated balance sheets as follows (in millions ):      December 31,  2017 2016   Deferred tax assets $ 813 $ 2,325  Deferred tax liabilities (451) (317)  Net deferred tax assets $ 362 $ 2,008  Details on deferred tax assets for loss and tax credit carryforwards at December 31, 2017 follow (in millions ):      Expiration  Amount 2017-2021 2022-2026 2027-2036 Indefinite   Net operating losses $ 497 $ 137 $ 72 $ 45 $ 243  Tax credits 155 4 135 16  Totals as of December 31, 2017 $ 652 $ 137 $ 76 $ 180 $ 259  Deferred tax assets are to be reduced by a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not (a likelihood of greater than 50 percent) that some portion or all of the deferred tax assets will not be realized. Corning has valuation allowances on certain shorter-lived deferred tax assets such as those represented by capital loss and state tax net operating loss carryforwards, as well as other foreign net operating loss carryforwards, because we cannot conclude that it is more likely than not that we will earn income of the character required to utilize these assets before they expire. The amount of U.S. and foreign deferred tax assets that have remaining valuation allowances at December 31, 2017 and 2016 was $4 56 million and $270 million , respectively.  The 2017 Tax Act makes the following key changes to U.S. tax law which will potentially impact Corning’s deferred tax assets. Corporate alternative minimum tax (“AMT”) has been eliminated. Taxpayers with AMT credit carryovers can use credits to offset regular tax liability for any tax year or such credits will be fully refundable by year 2022. Corning has $28 million of AMT carryover. Net operating losses (“NOL’s”) generated prior to the 2017 Tax Act may still be carried back two years and forward 20 years. Corning has $34 million of Federal NOL’s that are subject to these provisions. The 2017 Tax Act limits and in some cases eliminates foreign tax credits. Corning has $49 million of foreign tax credit carryforwards that may be subject to these restrictions.  In 2017, we adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. As a result, cumulative tax benefits totaling $233 million were recorded as an adjustment to beginning retained earnings.  The following is a tabular reconciliation of the total amount of unrecognized tax benefits (in millions ):      2017 2016  Balance at January 1 $ 243 $ 253  Additions based on tax positions related to the current year 1 10  Additions for tax positions of prior years 13 4  Reductions for tax positions of prior years (18)  Settlements and lapse of statute of limitations (5) (6)  Balance at December 31 $ 252 $ 243  Included in the balance at December 31, 2017 and 2016 are $97 million and $ 92 million , respectively, of unrecognized tax benefits that would impact our effective tax rate if recognized.  We recognize accrued interest and penalties associated with uncertain tax positions as part of tax expense. For the years ended December 31, 2017 and 2016 the amount recognized in interest expense is not material. The amounts accrued at December 31, 2017 and 2016 for the payment of interest and penalties were also not material. 6. Income Taxes (continued)  It is possible that the amount of unrecognized tax benefits will change due to one or more of the following events during the next twelve months: audit activity, tax payments, or final decisions in matters that are the subject of controversy in various jurisdictions within which we operate. The majority of the potential change relates to tax litigation in Korea as well as our ongoing U.S. tax audit. We believe we have provided adequate contingent reserves for these matters. However, if upon conclusion of these matters, the ultimate determination of taxes owed is for an amount materially different than our current reserves, our overall tax expense and effective tax rate could be materially impacted in the period of adjustment.  Corning Incorporated, as the common parent company, and all 80% -or-more-owned of its U.S. subsidiaries join in the filing of co nsolidated U.S. federal income tax returns. The statute of limitations is closed for all periods ending through December 31, 2012. All returns for periods ended through December 31, 2004, have been audited by and settled with the Internal Revenue Service (IRS).  Corning Incorporated and its U.S. subsidiaries file income tax returns on a combined, unitary or stand-alone basis in multiple state and local jurisdictions, which generally have statutes of limitations ranging from 3 to 5 years. Various state income tax returns are currently in the process of examination or administrative appeal.  Our foreign subsidiaries file income tax returns in the countries in which they have operations. Generally, these countries have statutes of limitations ranging from 3 to 7 years. Years still open to examination by foreign tax authorities in major jurisdictions include Japan ( 2009 , 2015 onward), Taiwan ( 2015 onward) and South Korea ( 2015 onward). Corning is currently appealing certain tax assessments resulting from audits performed by the South Korean tax authorities covering periods 2006 through 2015. The Company is required to deposit the disputed tax amounts with the South Korean government as a condition of its appeal of these assessments. Because we believe that it is more likely than not that we will prevail in the appeals process, we have recorded a non-current receivable of $319 million for the amount on deposit with the South Korean government. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments [Abstract] | |
Investments | 7. Invest ments  Investments are comprised of the following (in millions):     Ownership December 31,  interest 2017 2016   Affiliated companies accounted for by the equity method (1) 20% to 50% $ 280 $ 269  Other investments 60 67  Subtotal Investment Assets $ 340 $ 336    Affiliated companies accounted for by the equity method - HSG (1)(2) 50% $ 105 $ 241  Subtotal Investment Liabilities $ 105 $ 241  (1) Amount reflects Corning’s direct ownership interests in the affiliated companies at December 31, 2017 and December 31, 2016. Corning does not control any of such entities. (2) HSG indirectly holds an 80.5% interest in a HSG operating partnership. The negative carrying value of the investment in HSG is recorded in Other Liabilities. 7. Investments (continued)  Affiliated Companies at Equity  The results of operations and financial position of the investments accounted for under the equity method follow (in millions ):     Years ended December 31,  2017 2016 2015   Statement of operations:  Net sales $ 2,346 $ 4,024 $ 6,461  Gross profit $ 560 $ 1,006 $ 1,606  Net income $ 721 $ 565 $ 586  Corning’s equity in earnings of affiliated companies $ 361 $ 284 $ 299   Related party transactions:  Corning sales to affiliated companies $ 108 $ 95 $ 75  Corning purchases from affiliated companies $ 12 $ 12 $ 19  Corning transfers of assets, at cost, to affiliated companies $ 22 $ 44 $  Dividends received from affiliated companies $ 201 $ 85 $ 143   December 31,  2017 2016  Balance sheet:  Current assets $ 1,593 $ 1,522  Noncurrent assets $ 1,999 $ 2,112  Short-term borrowings, including current portion of long-term debt $ 3 $ 3  Other current liabilities $ 700 $ 715  Long-term debt $ 16 $ 23  Other long-term liabilities $ 2,128 $ 2,523  Non-controlling interest $ 313 $ 267   Related party transactions:  Balances due from affiliated companies $ 47 $ 33   We have contractual agreements with several of our equity affiliates which include sales, purchasing, licensing and technology agreements.  As of December 31, 2017 and 2016, the undistributed earnings of equity companies included in our retained earnings are not material.  HSG and Dow Corning  On May 31, 2016, Corning completed the strategic realignment of its equity investment in Dow Corning Corporation (”Dow Corning”) pursuant to the Transaction Agreement announced in December 201 5. Under the terms of the Transaction Agreement, Corning exchanged with Dow Corning its 50% stock interest in Dow Corning for 100% of the stock of a newly formed entity, which holds an equity interest in Hemlock Semiconductor Group (“HSG”) and approximately $4.8 billion in cash.  Prior to realignment, HSG, a consolidated subsidiary of Dow Corning, was an indirect equity investment of Corning. Upon completion of the exchange, Corning now has a direct equity investment in HSG. Because our ownership percentage in HSG did not change as a result of the realignment, the investment in HSG is recorded at its carrying value, which had a negative carrying value of $383 million at the transaction date. The negative carrying value resulted from a one-time charge to this entity in 2014 for the permanent abandonment of certain assets. Excluding this charge, the entity is profitable and is expected to recover its equity in the near term. 7. Investments (continued)  Corning’s financial statements as of December 31, 2016 include the positive impact of the release of a deferred tax liability of $105 million related to Corning’s tax on Dow Corning’s earnings that were not distributed as of the date of the transaction and a non-taxable gain of $2,676 million on the realignment. Details of the gain are illustrated below (in millions ):     Cash $ 4,818  Carrying Value of Dow Corning Equity Investment (1,560)  Carrying Value of HSG Equity Investment (383)  Other (1) (199)  Gain $ 2,676  (1) Primarily consists of the release of accumulated other comprehensive income items related to unamortized actuarial losses related to Dow Corning’s pension plan and foreign currency translation gains in the amounts of $260 million and $45 million , respectively.  Corning began reporting HSG equity earnings and dividends on June 1, 2016. HSG information presented below is shown for the year ended December 31, 2017 and seven months ended December 31, 2016 (in millions ):     Years ended December 31,  2017 2016   Statement of operations:  Net sales $ 1,716 $ 1,119  Gross profit $ 469 $ 361  Net income $ 706 $ 421  Corning’s equity in earnings of affiliated companies $ 352 $ 212   Related party transactions:  Dividends received from affiliated companies $ 196 $ 65   December 31,  2017 2016  Balance sheet:  Current assets $ 1,206 $ 1,130  Noncurrent assets $ 1,522 $ 1,745  Short-term borrowings, including current portion of long-term debt $ 3 $ 3  Other current liabilities $ 484 $ 555  Long-term debt $ 15 $ 17  Other long-term liabilities $ 2,126 $ 2,518  Non-controlling interest $ 313 $ 267   7. Investments (continued)  For the period ended December 31, 2016, Corning reported Dow Corning equity earnings and dividends through May 31, 2016, the transaction date. Dow Corning information presented below is shown for the five months ended May 31, 2016 (in millions ):     Years ended December 31,  2016 2015  Statement of operations:  Net sales $ 2,215 $ 5,649  Gross profit (1) $ 588 $ 1,472  Net income attributable to Dow Corning $ 163 $ 563  Corning’s equity in earnings of Dow Corning $ 82 $ 281   Related party transactions:  Corning purchases from Dow Corning $ 7 $ 15  Dividends received from Dow Corning $ 20 $ 143   (1) Gross profit for the five months ended May 31, 2016 and the twelve months ended December 31, 2015 includes R&D costs of $100 million and $233 million , respectively.  |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | 8. Acquisit ions  Years ended December 31, 2017 and 2016  There were no material acquisitions completed in 2017 or 2016. See Note 10 (Goodwill and Other Intangible Assets) for further information on goodwill and intangibles acquired in 2017 and 2016.  Year ended December 31, 2015  Corning completed five acquisitions in 2015. There were minor adjustments during 2015 made to the preliminary allocation of the total purchase consideration related to working capital adjustments and true-up of the fair value of assets acquired for the acquisitions. Corning has completed the purchase accounting for all of these acquisitions. A summary of the allocation of the total purchase consideration for the five acquisitions is as follows (in millions ):     Cash and cash equivalents $ 2  Trade receivables 63  Inventory 47  Property, plant and equipment 117  Other intangible assets 286  Other current and non-current assets 27  Current and non-current liabilities (117)  Total identified net assets 425  Purchase consideration (725)  Goodwill (1) $ 300  (1) The goodwill recognized is partially deductible for U.S. income tax purposes. The goodwill was allocated to the Optical Communications and All Other reporting segment in the amount of $213 million and $87 million , respectively.  The goodwill generated from these acquisitions is primarily related to the value of the product portfolio and customer/distribution networks acquired, combined with Corning’s existing business segments, as well as market participant synergies and other intangibles that do not qualify for separate recognition.  The acquired amortizable intangible assets have a weighted-average useful life of approximately 10 years.  Acquisition-related costs of $11 million included in selling, general and administrative expense in the Consolidated Statements of (Loss) Income for the year ended December 31, 2015 included costs for legal, accounting, valuation and other professional services. The Consolidated Financial Statements include the operating results of each business combination from the date of acquisition. Pro forma results of operations have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to Corning’s financial results. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net of Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment, Net of Accumulated Depreciation [Abstract] | |
Property, Plant and Equipment, Net of Accumulated Depreciation | 9. Property, Plant and Equip ment, Net of Accumulated Depreciation  Property, plant and equipment, net of accumulated depreciation follow (in millions ):     December 31,  2017 2016  Land $ 482 $ 435  Buildings 5,864 5,540  Equipment 16,648 14,973  Construction in progress 1,832 1,482  24,826 22,430  Accumulated depreciation (10,809) (9,884)  Total $ 14,017 $ 12,546  Approximately $36 million , $23 million and $35 million of interest costs were capitalized as part of property, plant and equipment, net of accumulated depreciation, in 2017 , 2016 and 2015 , respectively.  Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. At December 31, 2017 and 2016 , the recorded value of precious metals totaled $3 billion in each period. Depletion expense for precious metals in the years ended December 31, 2017 , 2016 and 2015 was $13 million , $20 million and $19 million , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 10. Goodwill and Oth er Intangible Assets  Goodwill  Changes in the carrying amount of goodwill for the twelve months ended December 31, 2017 and 2016 were as follows (in millions ):     Display Technologies Optical Communications Specialty Materials Life Sciences All Other Total  Balance at December 31, 2015 $ 128 $ 439 $ 150 $ 562 $ 101 $ 1,380  Acquired goodwill (1) 205 205  Measurement period adjustment (4) (4)  Foreign currency translation adjustment (2) 5 (4) (3) (4)  Balance at December 31, 2016 $ 126 $ 645 $ 150 $ 558 $ 98 $ 1,577  Acquired goodwill (2) 22 43 34 99  Measurement period adjustment (3) (1) 1 (28) (28)  Foreign currency translation adjustment 10 5 21 10 46  Balance at December 31, 2017 $ 136 $ 671 $ 150 $ 623 $ 114 $ 1,694  (1) The Company completed two acquisitions in the Optical Communications segment during the year ended December 31, 2016 with total purchase price of $356 million . (2) The Company completed two small acquisitions in the third quarter of 2017 which are reported in the Optical Communications and Life Sciences segment and one small acquisition in the first quarter of 2017 which is reported in All Other. (3) In the second quarter of 2017, the Company recorded measurement period adjustments of $28 million related to an acquisition completed in a previous period.  Corning’s gross goodwill balance for the fiscal years ended December 31, 2017 and 2016 were $8.2 billion and $8.1 billion , respectively. Accumulated impairment losses were $6.5 billion for the fiscal years ended December 31, 2017 and 2016 , respectively, and were generated primarily through goodwill impairments related to the Optical Communications segment. 10. Goodwill and Other Intangible Assets (continued)  Other Intangible Assets  Other intangible assets follow (in millions ):     December 31,  2017 2016  Gross Accumulated amortization Net Gross Accumulated amortization Net   Amortized intangible assets:  Patents, trademarks & trade names $ 382 $ 188 $ 194 $ 360 $ 176 $ 184  Customer list and other 884 209 675 761 149 612   Total $ 1,266 $ 397 $ 869 $ 1,121 $ 325 $ 796  Amortized intangible assets are primarily related to the Optical Communications and Life Sciences segments. The net carrying amount of intangible assets increased by $73 million during the year ended December 31, 2017, primarily due to acquisitions of $131 million and foreign currency translation adjustments of $17 million offset by amortization of $75 million .  Amortization expense related to these intangible assets is estimated to be $72 million annually from 2018 to 2019, $71 million annually from 2020 through 2022 . |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets and Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | 11. Other Assets and Ot her Liabilities  Other assets follow (in millions ):     December 31,  2017 2016  Current assets:  Contingent consideration asset $ 300  Derivative instruments 197 $ 435  Other current assets 494 370  Other current assets $ 991 $ 805   Non-current assets:  Derivative instruments $ 68 $ 146  Contingent consideration asset 289  South Korean tax deposits 319 274  Other non-current assets 547 562  Other assets $ 934 $ 1,271  South Korean tax deposits  Corning is currently appealing certain tax assessments resulting from audits performed by the South Korean tax authorities. The Company is required to deposit the disputed tax amounts with the South Korean government as a condition of its appeal of these assessments. Because we believe that it is more likely than not that we will prevail in the appeal process, we have recorded a non-current receivable for the amount on deposit with the South Korean government. 11. Other Assets and Other Liabilities (continued)  Other liabilities follow (in millions ):     December 31,  2017 2016  Current liabilities:  Wages and employee benefits $ 620 $ 487  Income taxes 148 150  Derivative instruments 42 88  Asbestos and other litigation 41 75  Other current liabilities 540 616  Other accrued liabilities $ 1,391 $ 1,416   Non-current liabilities:  Defined benefit pension plan liabilities $ 713 $ 692  Derivative instruments 333 282  Asbestos and other litigation 338 388  Investment in Hemlock Semiconductor Group (1) 105 241  Customer deposits 382 382  Other non-current liabilities 1,146 820  Other liabilities $ 3,017 $ 2,805  (1) The negative carrying value resulted from a one-time charge to this entity in 2014 for the permanent abandonment of certain assets. Refer to Note 7 (Investments) to the Consolidated Financial Statements for additional information.  Asbestos Litigation  Corning and PPG each owned 50% of the capital stock of PCC. Over a period of more than two decades, PCC and several other defendants were named in numerous lawsuits involving claims alleging personal injury from exposure to asbestos. Refer to Note 14 (Commitments, Contingencies and Guarantees) to the Consolidated Financial Statements for additional information on the asbestos litigation.  Customer Deposits In December 201 5, Corning announced that with the support of the Hefei government it will locate a Gen 10.5 glass manufacturing facility in the Hefei XinZhan General Pilot Zone in Anhui Province, China. Glass substrate production from the new facility is expected to support mass production of LCD panels for large-size televisions beginning in 2018.  As part of this investment, Corning and a Chinese customer have entered into a long-term supply agreement that commits the customer to the purchase of Gen 10.5 glass substrates from the Corning manufacturing facility in Hefei. This agreement stipulates that the customer will provide a non-refundable cash deposit in the amount of approximately $400 million to Corning to secure rights to an amount of glass that is produced by Corning over the next 10 years. Corning has collected the full amount of this deposit, adjusted for foreign exchange movements, receiving $185 million of this deposit in 2017 and $197 million in 2016 . As glass is shipped to the customer, Corning will recognize revenue and issue credit memoranda to reduce the amount of the customer deposit liability, which are applied against customer receivables resulting from the sale of glass. In 2017 and 2016 , there were no credit memoranda issued. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Debt | 12. Deb t  (In millions )     December 31,  2017 2016   Current portion of long-term debt $ 379 $ 256   Long-term debt  Debentures, 1.45% , due 2017 $ 250  Debentures, 1.5% , due 2018 $ 375 374  Debentures, 6.625% , due 2019 245 245  Debentures, 4.25% , due 2020 288 290  Debentures, 8.875% , due 2021 66 67  Debentures, 2.9% , due 2022 373 372  Debentures, 3.70% , due 2023 249 248  Medium-term notes, average rate 7.66% , due through 2023 45 45  Debentures, 7.00% , due 2024 99 99  Yen-denominated debentures, .698% , due 2024 185  Yen-denominated debentures, .992% , due 2027 414  Debentures, 6.85% , due 2029 166 167  Debentures, callable, 7.25% , due 2036 248 248  Debentures, 4.70% , due 2037 248 248  Yen-denominated debentures, 1.583% , due 2037 85  Debentures, 5.75% , due 2040 397 395  Debentures, 4.75% , due 2042 496 495  Debentures, 4.375% , due 2057 743  Other, average rate 5.05% , due through 2042 406 359  Total long-term debt 5,128 3,902  Less current portion of long-term debt 379 256  Long-term debt $ 4,749 $ 3,646  At December 31, 2017 and 2016 , the weighted-average interest rate on current portion of long-term debt was 1.5% . Corning did not have outstanding commercial paper at December 31, 2017 and 2016.  Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $5.1 billion at December 31, 2017 and $3.9 billion at December 31, 2016 . The Company measures the fair value of its long-term debt using Level 2 inputs based primarily on current market yields for its existing debt traded in the secondary market.  The following table shows debt maturities by year at December 31, 2017 (in millions )*:     2018 2019 2020 2021 2022 Thereafter  $ 379 $ 254 $ 305 $ 67 $ 381 $ 3,769  * Excludes interest rate swap gains and bond discounts. 12. Debt (continued)  Debt Issuances and Retirements  2017 In the third quarter of 2017, Corning issued three Japanese yen-denominated debt securities (the “Notes”), as follows:  · ¥21 billion 0.698% senior unsecured long term notes with a maturity of 7 years; · ¥47 billion 0.992% senior unsecured long term notes with a maturity of 10 years; and · ¥10 billion 1.583% senior unsecured long term notes with a maturity of 20 years.  The proceeds from these Notes were received in Japanese yen and converted to U.S. dollars on the date of issuance. The net proceeds received in U.S. dollars, after deducting offering expenses, was approximately $700 million. Payments of principal and interest on the Notes will be in Japanese yen, or should yen be unavailable due to circumstances beyond Corning’s control, a U.S. dollar equivalent.  On a quarterly basis, Corning will recognize the transaction gains and losses resulting from changes in the JPY/USD exchange rate in the Other expense, net line of the Consolidated Statements of (Loss) Income. Cash proceeds from the offerings and payments for debt issuance costs are disclosed as financing activities, and cash payments to bondholders for interest will be disclosed as operating activities, in the Consolidated Statements of Cash Flows.  In the fourth quarter of 2017, Corning issued $750 million of 4.375% senior unsecured notes that mature on November 15, 2057 . The net proceeds of $743 million will be used for general corporate purposes. We can redeem these notes at any time, subject to certain terms and conditions.  2016 In the third quarter of 2016, Corning’s Board of Directors approved a $1 billion increase to our commercial paper program, raising it to $2 billion . If needed, this program is supported by our $2 billion revolving credit facility that expires in 2019. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Employee Retirement Plans [Abstract] | |
Employee Retirement Plans | 13. Employee Retire ment Plans  Defined Benefit Plans  We have defined benefit pension plans covering certain domestic and international employees. Our funding policy has been to contribute, as necessary, an amount in excess of the minimum requirements in order to achieve the Company’s long-term funding targets. In 2017 , we made no voluntary cash contributions to our domestic defined benefit pension plan and $29 million to our international pension plans. In 2016 , we made voluntary cash contributions of $73 million to our domestic defined benefit pension plan and $16 million to our international pension plans. We are not subject to any mandatory contributions in 2018 , and anticipate making voluntary cash contributions of up to $105 million to our U.S. qualified pension plan. We anticipate contributing up to $27 million to our international pension plans in 2018 . The amount recognized in accumulated other comprehensive loss and not yet reflected in periodic benefit cost expected to be amortized in next year’s periodic benefit cost is a net actuarial loss of $5.9 million.  Corning offers postretirement plans that provide health care and life insurance benefits for retirees and eligible dependents. Certain employees may become eligible for such postretirement benefits upon reaching retirement age and service requirements. For current retirees (including surviving spouses) and active employees eligible for the salaried retiree medical program, we have placed a “cap” on the amount we will contribute toward retiree medical coverage in the future. The cap is equal to 120% of our 2005 contributions toward retiree medical benefits. Once our contributions toward salaried retiree medical costs reach this cap, impacted retirees will have to pay the excess amount in addition to their regular contributions for coverage. This cap was attained for post-65 retirees in 2008 and attained for pre-65 retirees in 2010. Furthermore, employees hired or rehired on or after January 1, 2007 will be eligible for Corning retiree medical benefits upon retirement; however, these employees will pay 100% of the cost. 13. Employee Retirement Plans (continued)  Obligations and Funded Status The change in benefit obligation and funded status of our employee retirement plans follows (in millions ):      Total pension benefits Domestic pension benefits International pension benefits  December 31, 2017 2016 2017 2016 2017 2016   Change in benefit obligation  Benefit obligation at beginning of year $ 3,887 $ 3,715 $ 3,289 $ 3,161 $ 598 $ 554  Service cost 92 85 66 61 26 24  Interest cost 126 124 112 111 14 13  Plan participants’ contributions 2 1 1 1 1  Actuarial loss (gain) 208 229 222 145 (14) 84  Other 3 (3) 3 1 (4)  Benefits paid (195) (210) (171) (191) (24) (19)  Foreign currency translation 65 (54) 65 (54)  Benefit obligation at end of year $ 4,188 $ 3,887 $ 3,522 $ 3,289 $ 666 $ 598   Change in plan assets  Fair value of plan assets at beginning of year $ 3,225 $ 3,058 $ 2,765 $ 2,616 $ 460 $ 442  Actual return on plan assets 413 310 395 235 18 75  Employer contributions 46 125 14 104 32 21  Plan participants’ contributions 1 1 1 1  Benefits paid (195) (210) (171) (191) (24) (19)  Foreign currency translation 49 (59) 49 (59)  Fair value of plan assets at end of year $ 3,539 $ 3,225 $ 3,004 $ 2,765 $ 535 $ 460   Funded status at end of year  Fair value of plan assets $ 3,539 $ 3,225 $ 3,004 $ 2,765 $ 535 $ 460  Benefit obligations (4,188) (3,887) (3,522) (3,289) (666) (598)  Funded status of plans $ (649) $ (662) $ (518) $ (524) $ (131) $ (138)   Amounts recognized in the consolidated balance sheets consist of:  Noncurrent asset $ 76 $ 35 $ 76 $ 35  Current liability (20) (18) $ (12) $ (13) (8) (5)  Noncurrent liability (705) (679) (506) (511) (199) (168)  Recognized liability $ (649) $ (662) $ (518) $ (524) $ (131) $ (138)   Amounts recognized in accumulated other comprehensive income consist of:  Net actuarial loss $ 300 $ 348 $ 285 $ 311 $ 15 $ 37  Prior service cost (credit) 22 30 25 31 (3) (1)  Amount recognized at end of year $ 322 $ 378 $ 310 $ 342 $ 12 $ 36  The accumulated benefit obligation for defined benefit pension plans was $3.9 billion and $3.6 billion at December 31, 2017 and 2016 , respectively. 13. Employee Retirement Plans (continued)      Postretirement benefits  December 31, 2017 2016   Change in benefit obligation  Benefit obligation at beginning of year $ 776 $ 763  Service cost 10 9  Interest cost 26 26  Plan participants’ contributions 8 8  Actuarial loss 17 16  Other 2  Benefits paid (50) (50)  Medicare subsidy received 2 2  Benefit obligation at end of year $ 789 $ 776   Funded status at end of year  Fair value of plan assets  Benefit obligations $ (789) $ (776)  Funded status of plans $ (789) $ (776)   Amounts recognized in the consolidated balance sheets consist of:  Current liability $ (40) $ (39)  Noncurrent liability (749) (737)  Recognized liability $ (789) $ (776)   Amounts recognized in accumulated other comprehensive income consist of:  Net actuarial loss $ 68 $ 50  Prior service credit (12) (15)  Amount recognized at end of year $ 56 $ 35  The following information is presented for pension plans where the projected benefit obligation as of December 31, 2017 and 2016 exceeded the fair value of plan assets (in millions ):     December 31,  2017 2016   Projected benefit obligation $ 3,843 $ 3,607  Fair value of plan assets $ 3,173 $ 2,787  In 2017, the fair value of plan assets exceeded the projected benefit obligation for the United Kingdom and one of the South Korea pension plans.  The following information is presented for pension plans where the accumulated benefit obligation as of December 31, 2017 and 2016 exceeded the fair value of plan assets (in millions ):     December 31,  2017 2016   Accumulated benefit obligation $ 3,555 $ 3,285  Fair value of plan assets $ 3,025 $ 2,786  In 2017, the fair value of plan assets exceeded the accumulated benefit obligation for one of the Taiwan, the United Kingdom, and the South Korea pension plans. 13. Employee Retirement Plans (continued)  The comp onents of net periodic benefit cost for our employee retirement plans follow (in millions ):     Total pension benefits Domestic pension benefits International pension benefits  December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015   Service cost $ 92 $ 85 $ 90 $ 66 $ 61 $ 64 $ 26 $ 24 $ 26  Interest cost 126 124 144 112 111 126 14 13 18  Expected return on plan assets (174) (165) (178) (163) (153) (166) (11) (12) (12)  Amortization of prior service cost (credit) 5 6 6 6 6 7 (1) (1)  Recognition of actuarial loss 21 67 165 18 55 162 3 12 3  Settlement charge 1 1  Total net periodic benefit cost $ 70 $ 118 $ 227 $ 39 $ 81 $ 193 $ 31 $ 37 $ 34   Other changes in plan assets and benefit obligations recognized in other comprehensive income:  Settlements $ (2) $ (1) $ (2) $ (1)  Current year actuarial (gain) loss $ (30) 84 191 $ (8) 63 $ 189 $ (22) $ 21 2  Recognition of actuarial loss (21) (64) (165) (18) (55) (162) (3) (9) (3)  Amortization of prior service (cost) credit (5) (6) (6) (6) (6) (7) 1 1  Total recognized in other comprehensive (income) loss $ (56) $ 12 $ 19 $ (32) $ $ 20 $ (24) $ 12 $ (1)       Postretirement benefits  2017 2016 2015   Service cost $ 10 $ 9 $ 13  Interest cost 26 26 33  Amortization of net (loss) gain (1) (1) 3  Amortization of prior service credit (3) (4) (7)  Total net periodic benefit expense $ 32 $ 30 $ 42   Other changes in plan assets and benefit obligations recognized in other comprehensive income:  Current year actuarial loss (gain) $ 17 $ 15 $ (96)  Amortization of actuarial gain (loss) 1 1 (3)  Amortization of prior service credit 3 5 7  Total recognized in other comprehensive loss (income) $ 21 $ 21 $ (92)   Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 53 $ 51 $ (50)  13. Employee Retirement Plans (continued)  The Company expects to recognize $6 million of net prior service cost as a component of net periodic pension cost in 2018 for its defined benefit pension plans. The Company expects to recognize no net actuarial gain and $3 million of net prior service credit as components of net periodic postretirement benefit cost in 2018 .  Corning uses a hypothetical yield curve and associated spot rate curve to discount the plan’s projected benefit payments. Once the present value of projected benefit payments is calculated, the suggested discount rate is equal to the level rate that results in the same present value. The yield curve is based on actual high-quality corporate bonds across the full maturity spectrum, which also includes private placements as well as Eurobonds that are denominated in U.S. currency. The curve is developed from yields on approximately 350 - 375 bonds from four grading sources, Moody’s, S&P, Fitch and the Dominion Bond Rating Service. A bond will be included if at least half of the grades from these sources are Aa, non-callable bonds. The very highest 10% yields and the lowest 40% yields are excluded from the curve to eliminate outliers in the bond population.  Mortality is one of the key assumptions used in valuing liabilities of retirement plans. It is used to assign a probability of payment for future plan benefits that are contingent upon participants’ survival. To make this assumption, benefit plan sponsors typically use a base mortality table and an improvement scale that adjusts the rates of mortality for future anticipated changes to historical death rates.  Corning last revised its mortality assumption for its U.S. benefits plans at year-end 2014 subsequent to the Society of Actuaries publication of the RP-2014 base mortality tables and MP-2014 mortality improvement scales. At that time, a review of Corning’s actual mortality experience for its retiree population was undertaken and consideration given to Corning’s view of future mortality improvements. As a result of that study, Corning adopted the RP-2014 base mortality tables (white collar table for its non-union population and blue collar table for its union population) with adjustments to those tables that would calibrate for Corning’s experience to the extent credible. Based on Corning’s view of future mortality experience, it adopted the BB-2D mortality improvement scale as it felt that scale represented the best available data to predict future improvement experience.  In 2017, Corning refreshed its analysis of its own retiree mortality experience. As a result of that review, Corning decided to update the adjustment factors applied to its base mortality assumption (RP-2014 white collar table and RP-2014 blue collar table for non-union and union participants respectively) to value its U.S. benefit plan obligations as of December 31, 2017. In addition, as the Society of Actuaries has published additional mortality improvement scales (MP-2015, MP-2016 and MP-2017), Corning has considered these revised improvement scales in setting its future mortality improvement assumption. As of December 31, 2017, Corning decided to update its future improvement scale to the MP-2017 scale.  Furthermore, Corning has updated the mortality assumption applied to disabled participants to be the RP-2014 disabled mortality base table with future improvements using MP-2017.  Beginning with the December 31, 2015 valuation of its defined benefit pension and OPEB plans, Corning changed its methodology of determining the service and interest cost components of net periodic pension and other postretirement benefit costs to a more granular approach. Under the new approach the cash flows from each applicable pension and OPEB plan will be used to directly calculate the benefit obligation, service cost and interest cost using the spot rates from the applicable yield curve.  Moving to a more granular approach has a limited impact on the determination of the respective benefit obligations. The only impacts will be as a result of the elimination of the rounding of the discount rate that occurred in the traditional approach and the use of specific cash flows for Corning’s non-qualified pension plans, while separately applying the yield curve to each separate OPEB plan instead of aggregating the OPEB plan cash flows. This change will result in a decrease in the interest cost and service cost components of net periodic pension and OPEB costs. For the year ended December 31, 2017, net periodic pension and OPEB costs will be lower by approximately $23 million and $5 million , respectively, due to this change. For Corning’s pension plans, this change will increase the immediate recognition of actuarial losses (or decrease the immediate recognition of actuarial gains), due to Corning’s previous election to immediately recognize actuarial gains and losses outside of the corridor. For Corning’s OPEB plans, this change will increase the accumulated other comprehensive income (AOCI) account balance due to the accumulation of lower actuarial gains or higher actuarial losses. Over time, the amortization of the actuarial losses from AOCI will begin to reduce the savings from the lower interest cost and service cost.  This change is a change in accounting estimate and therefore applied prospectively (beginning with the next measurement date of December 31, 2015). No restatement of prior periods is required. 13. Employee Retirement Plans (continued)  Measurement of postretirement benefit expense is based on assumptions used to value the postretirement benefit obligation at the beginning of the year.  The weighted-average assumptions used to determine benefit obligations at December 31 follow:     Pension benefits  Domestic International Postretirement benefits  2017 2016 2015 2017 2016 2015 2017 2016 2015  Discount rate 3.58 % 4.01 % 4.24 % 1.93 % 2.29 % 3.23 % 3.63 % 4.07 % 4.31 %  Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.81 % 3.97 % 3.92 %  The weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 follow:     Pension benefits  Domestic International Postretirement benefits  2017 2016 2015 2017 2016 2015 2017 2016 2015  Discount rate 4.01 % 4.24 % 4.00 % 2.29 % 3.23 % 3.21 % 4.06 % 4.31 % 4.00 %  Expected return on plan assets 6.00 % 6.00 % 6.00 % 3.97 % 3.92 % 2.97 %  Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.06 % 2.89 % 3.88 %  The assumed rate of return was determined based on the current interest rate environment and historical market premiums relative to fixed income rates of equities and other asset classes. Reasonableness of the results is tested using models provided by the plan actuaries.     Assumed health care trend rates at December 31 2017 2016  Health care cost trend rate assumed for next year 6.50% 6.75%  Rate that the cost trend rate gradually declines to 5% 5%  Year that the rate reaches the ultimate trend rate 2024 2024  Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects (in millions ):     One-percentage-point increase One-percentage-point decrease  Effect on annual total of service and interest cost (credit) $ 3 $ (3)  Effect on postretirement benefit obligation $ 57 $ (47)  Plan Assets Corning’s expected long-term rates of return on plan assets reflect the average rates of earnings expected on the funds invested to provide for the benefits included in our domestic and international projected benefit obligations. We based these rates on asset/liability forecast modeling, which is based on our current asset allocation, the return and standard deviation for each asset class, current market conditions and transitions from current conditions to long-term returns.  The Company’s overall investment strategy is to obtain sufficient return to offset or exceed inflation and provide adequate liquidity to meet the benefit obligations of the pension plan. Investments are made in public securities to ensure adequate liquidity to support benefit payments. Domestic and international stocks and bonds provide diversification to the portfolio. The target allocation range for global equity investment is 20% -25% which includes large, mid and small cap companies and investments in both developed and emerging markets. The target allocation for bond investments is 60% , which predominately includes corporate bonds. Long duration fixed income assets are utilized to mitigate the sensitivity of funding ratios to changes in interest rates. The target allocation range for non-public investments in private equity and real estate is 5% -15% , and is used to enhance returns and offer additional asset diversification. The target allocation range for commodities is 0% -5% , which provides some inflation protection to the portfolio. 13. Employee Retirement Plans (continued)  The following tables provide fair value measurement information for the Company’s major categories; Level 1 (quoted market prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) of our domestic defined benefit plan assets:     December 31, 2017 December 31, 2016  (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3)  Equity securities:  U.S. companies $ 374 $ 57 $ 317 $ 318 $ 47 $ 271  International companies 420 117 303 340 90 250   Fixed income:  U.S. corporate bonds 1,815 197 1,618 1,608 175 1,433   Private equity (1) 105 $ 105 137 $ 137  Real estate (2) 147 147 150 150  Cash equivalents 21 21 100 100  Commodities (3) 122 122 112 112  Total $ 3,004 $ 392 $ 2,360 $ 252 $ 2,765 $ 412 $ 2,066 $ 287  (1) This category includes venture capital, leverage buyouts and distressed debt limited partnerships invested primarily in U.S. companies. The inputs are valued by discounted cash flow analysis and comparable sale analysis. (2) This category includes industrial, office, apartments, hotels, infrastructure and retail investments which are limited partnerships predominately in the U.S. The inputs are valued by discounted cash flow analysis; comparable sale analysis and periodic external appraisals. (3) This category includes investments in energy, industrial metals, precious metals, agricultural and livestock primarily through futures, options, swaps and exchange traded funds.  The following tables provide fair value measurement information for the Company’s major categories; Level 1 (quoted market prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) of our international defined benefit plan assets:     December 31, 2017 December 31, 2016  (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3)  Equity securities:  U.S. companies $ 8 $ 8 $ 7 $ 7  International companies 29 29 26 26   Fixed income:  International fixed income 440 $ 367 73 385 $ 321 64   Insurance contracts 2 $ 2 2 $ 2  Mortgages 16 16  Cash equivalents 40 40 40 40  Total $ 535 $ 407 $ 110 $ 18 $ 460 $ 361 $ 97 $ 2  13. Employee Retirement Plans (continued)  The tables below set forth a summary of changes in the fair value of the defined benefit plans Level 3 assets for the years ended December 31, 2017 and 2016 :     Level 3 assets – Domestic Level 3 assets – International  Year ended December 2017 Year ended December 2017  (in millions) Private equity Real estate Mortgages Insurance contracts   Beginning balance at December 31, 2016 $ 137 $ 150 $ 2   Actual return on plan assets relating to assets still held at the reporting date 7 6  Transfers in and/or out of level 3 (39) (9) $ 16  Ending balance at December 31, 2017 $ 105 $ 147 $ 16 $ 2      Level 3 assets – Domestic Level 3 assets – International  Year ended December 2016 Year ended December 2016  (in millions) Private equity Real estate Mortgages Insurance contracts   Beginning balance at December 31, 2015 $ 163 $ 61 $ 2 $ 3   Actual return on plan assets relating to assets still held at the reporting date 14 (7)  Transfers in and/or out of level 3 (40) 96 (2) (1)  Ending balance at December 31, 2016 $ 137 $ 150 $ $ 2  Credit Risk 60% of domestic plan assets are invested in long duration bonds. The average rating for these bonds is A. These bonds are subject to credit risk, such that a decline in credit ratings for the underlying companies, countries or assets (for asset-backed securities) would result in a decline in the value of the bonds. These bonds are also subject to default risk.  Currency Risk 14% of domestic assets are valued in non-U.S. dollar denominated investments that are subject to currency fluctuations. The value of these securities will decline if the U.S. dollar increases in value relative to the value of the currencies in which these investments are denominated.  Liquidity Risk 8% of the domestic securities are invested in Level 3 securities. These are long-term investments in private equity and private real estate investments that may not mature or be sellable in the near-term without significant loss.  At December 31, 2017 and 2016 , the amount of Corning common stock included in equity securities was not significant.  Cash Flow Data In 2018 , we expect to make voluntary cash contributions of approximately $106 million to our domestic defined benefit plan and expect to make voluntary contributions of approximately $27 million to our international defined benefit plans. 13. Employee Retirement Plans (continued)  The following reflects the gross benefit payments that are expected to be paid for our domestic and international defined benefit pension plans, the postretirement medical and life plans and the gross amount of annual Medicare Part D federal subsidy expected to be received (in millions ):     Expected benefit payments  Domestic pension benefits International pension benefits Postretirement benefits Expected federal subsidy payments postretirement benefits  2018 $ 191 $ 23 $ 41 $ 3  2019 $ 195 $ 28 $ 41 $ 3  2020 $ 201 $ 30 $ 41 $ 3  2021 $ 210 $ 30 $ 41 $ 3  2022 $ 215 $ 33 $ 42 $ 3  2023-2027 $ 1,180 $ 192 $ 209 $ 16  Other Benefit Plans  We offer defined contribution plans covering employees meeting certain eligibility requirements. Total consolidated defined contribution plan expense was $60 million , $53 million and $62 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2017 | |
Commitments, Contingencies and Guarantees [Abstract] | |
Commitments, Contingencies and Guarantees | 14. Commitments, Contingen cies and Guarantees  The amounts of our obligations follow (in millions ):     Amount of commitment and contingency expiration per period  Total Less than 1 year 1 to 3 years 3 to 5 years 5 years and thereafter  Performance bonds and guarantees $ 198 $ 88 $ 3 $ 1 $ 106  Stand-by letters of credit (1) 75 62 9 4  Credit facility to equity company 10 10  Subtotal of commitment expirations per period $ 283 $ 160 $ 12 $ 1 $ 110   Purchase obligations (2) $ 265 $ 142 $ 72 $ 21 $ 30  Capital expenditure obligations (3) 583 583  Total debt (4) 4,749 375 550 437 3,387  Interest on long-term debt (5) 3,437 195 359 314 2,569  Capital leases and financing obligations 406 4 9 11 382  Imputed interest on capital leases and financing obligations 233 19 40 39 135  Minimum rental commitments 563 74 122 91 276  Amended PCC Plan 220 35 85 100  Uncertain tax positions (6) 54  Subtotal of contractual obligation payments due by period (6) $ 10,510 $ 1,427 $ 1,237 $ 1,013 $ 6,779  Total commitments and contingencies (6) $ 10,793 $ 1,587 $ 1,249 $ 1,014 $ 6,889  (1) At December 31, 2017, $39 million of the $75 million was included in other accrued liabilities on our consolidated balance sheets. (2) Purchase obligations are enforceable and legally binding obligations which primarily consist of raw material and energy-related take-or-pay contracts . (3) Capital expenditure obligations primarily reflect amounts associated with our capital expansion activities . (4) Total debt above is stated at maturity value, and excludes interest rate swap gains/losses and bond discounts . (5) The estimate o f interest payments assumes interest is paid through the date of maturity or expiration of the related debt, based upon stated rates in the respective debt instruments . (6) At December 31, 2017, $ 54 million was included on our balance sheet related to uncertain tax positions. Of this amount, we are unable to estimate when any of that amount will become payable.  14. Commitments, Contingencies and Guarantees (continued)  We are required, at the time a guarantee is issued, to recognize a liability for the fair value or market value of the obligation it assumes. In the normal course of our business, we do not routinely provide significant third-party guarantees. Generally, third-party guarantees provided by Corning are limited to certain financial guarantees, including stand-by letters of credit and performance bonds, and the incurrence of contingent liabilities in the form of purchase price adjustments related to attainment of milestones. These guarantees have various terms, and none of these guarantees are individually significant.  We believe a significant majority of these guarantees and contingent liabilities will expire without being funded.  Minimum rental commitments under leases outstanding at December 31, 2017 follow (in millions ):     2018 2019 2020 2021 2022 2023 and thereafter  $ 74 $ 65 $ 57 $ 49 $ 42 $ 276  Total rental expense was $135 million for 2017 , $105 million for 2016 and $94 million for 2015 .  Product warranty liability accruals at December 31, 2017 and 2016 are insignificant.  The ability of certain subsidiaries and affiliated companies to transfer funds is limited by provisions of foreign government regulations, affiliate agreements and certain loan agreements. At December 31, 2017 , the amount of equity subject to such restrictions for consolidated subsidiaries and affiliated companies was not significant. While this amount is legally restricted, it does not result in operational difficulties since we have generally permitted subsidiaries to retain a majority of equity to support their growth programs.  Corning is a defendant in various lawsuits and is subject to various claims that arise in the normal course of business , the most significant of which are summarized below . In the opinion of management, the likelihood that the ultimate disposition of these matters will have a material adverse effect on Corning’s consolidated financial position, liquidity, or results of operations, is remote.  Pittsburgh Corning Corporation  Corning and PPG Industries, Inc. each owned 50% of the capital stock of Pittsburgh Corning Corporation (“PCC”). PCC filed for Chapter 11 reorganization in 2000 and the Modified Third Amended Plan of Reorganization for PCC (the “Plan”) became effective in April 201 6. At December 31, 2015, the Company’s liability under the Plan was estimated to be $528 million. At December 31, 2016, this estimated liability was $290 million, due to the Company’s contribution, in the second quarter of 2016, of its equity interests in PCC and Pittsburgh Corning Europe N.V. in the total amount of $238 million, as required by the Plan. Corning recognized a gain of $56 million in the second quarter of 2016 in the selling, general and administrative expenses line of the Company’s Consolidated Statements of (Loss) Income for the difference between the fair value of the asbestos litigation liability and carrying value of the investment. This gain includes the release of foreign translation losses in the amount of $25 million reclassified from accumulated other comprehensive income. The remaining $290 million liability is for the series of fixed payments required by the Plan. At December 31, 2017, the liability was reduced to $220 million due to a cash payment of $70 million in the second quarter of 2017, as required by the Plan. The total amount of the payments due in years 2019 through 2022 is $185 million and is classified as a non-current liability at December 31, 2017. The remaining $35 million payment is due in the second quarter of 2018 and is classified as a current liability.  Asbestos Litigation  Corning is a defendant in certain cases alleging personal injuries from exposure to asbestos. Corning has been defending the claims in these cases, which are covered in part by insurance, without material impact to Corning to date. Corning previously established a $150 million reserve for these non-PCC asbestos claims. The estimated reserve represents the undiscounted projection of claims and related legal fees. The amount may need to be adjusted in future periods as more data becomes available; however, we cannot estimate any lesser or greater liabilities at this time. 14. Commitments, Contingencies and Guarantees (continued)  Asbestos Claims Insurance Litigation  Several of Corning’s insurers have commenced litigation in state courts for a declaration of the rights and obligations of the parties under insurance policies related to asbestos claims. Corning has resolved these issues with all of its solvent insurers and some of its insolvent insurers. Corning continues to seek resolution with the remaining insolvent insurers. Management is unable to predict the outcome of the litigation with these remaining insolvent insurers.  A summary of changes of the estimated litigation liability is as follows (in millions):     Amended PCC Plan  Equity Interests Fixed Series of Payments Non-PCC Total Asbestos Litigation Liability  Fair Value of Asbestos Litigation Liability as of December 31, 2015 $ 238 $ 290 $ 150 $ 678   Contribution of PCC & PCE Equity Interest - Carrying Value (182) (182)  Gain on Contribution of Equity Interests (56) (56)  Other adjustments (1) (1)  Fair Value of Asbestos Litigation Liability as of December 31, 2016 $ 0 $ 290 $ 149 $ 439   Fixed payment (70) (70)  Other adjustments (2) (2)  Asbestos Litigation Liability as of December 31, 2017 $ 0 $ 220 $ 147 $ 367  Dow Corning Chapter 11 Related Matters  Until June 1, 2016, Corning and The Dow Chemical Company (“Dow”) each owned 50% of the common stock of Dow Corning Corporation (“Dow Corning”). On May 31, 2016, Corning and Dow realigned their ownership interest in Dow Corning. In connection with the realignment, Corning retained its indirect ownership interest in the Hemlock Semiconductor Group and acquired HS Upstate, Inc. (now known as Corning Research & Development Corporation) which had been capitalized by Dow Corning with $4.8 billion . Following the realignment, Corning no longer owns any interest in Dow Corning. In connection with the realignment, Corning agreed to indemnify Dow Corning for 50% of Dow Corning’s non-ordinary course, pre-closing liabilities to the extent such liabilities exceed the amounts reserved for them by Dow Corning as of May 31, 2016, including two legacy Dow Corning matters: the Dow Corning Breast Implant Litigation, and the Dow Corning Bankruptcy Pendency Interest Claims.  Dow Corning Breast Implant Litigation  In May 1995, Dow Corning filed for bankruptcy protection to address pending and claimed liabilities arising from many thousands of breast implant product lawsuits. On June 1, 2004, Dow Corning emerged from Chapter 11 with a Plan of Reorganization (the “Plan”) which provided for the settlement or other resolution of implant claims. The Plan also includes releases for Corning and Dow as shareholders in exchange for contributions to the Plan.  Under the terms of the Plan, Dow Corning has established and is funding a Settlement Trust and a Litigation Facility to provide a means for tort claimants to settle or litigate their claims. Inclusive of insurance, Dow Corning has paid approximately $ 1.8 billion to the Settlement Trust. As of May 31, 2016, Dow Corning had recorded a reserve for breast implant litigation of $ 290 million . In the event Dow Corning’s total liability for these claims exceeds such amount, Corning may be required to indemnify Dow Corning for up 50% of the excess liability. 14. Commitments, Contingencies and Guarantees (continued)  Dow Corning Bankruptcy Pendency Interest Claims  As a separate matter arising from the bankruptcy proceedings, Dow Corning is defending claims asserted by a number of commercial creditors who claim additional interest at default rates and enforcement costs, during the period from May 1995 through June 2004. As of December 31, 2017, Dow Corning has estimated the liability to commercial creditors to be within the range of $77 million to $260 million . As of May 31, 2016, Dow Corning had recorded a reserve for these claims of $107 million . In the event Dow Corning’s liability for these claims exceeds such amount, Corning may be required to indemnify Dow Corning for up 50% of the excess liability, subject to certain conditions and limits.  Environmental Litigation  Corning has been named by the Environmental Protection Agency (the Agency) under the Superfund Act, or by state governments under similar state laws, as a pote ntially responsible party for 15 active hazardous waste sites. Under the Superfund Act, all parties who may have contributed any waste to a hazardous waste site, identified by the Agency, are jointly and severally liable for the cost of cleanup unless the Agency agrees otherwise. It is Corning’s policy to accrue for its estimated liability related to Superfund sites and other environmental liabilities related to property owned by Corning based on expert analysis and continual monitoring by both internal and external consultants. At December 31, 2017 and December 31, 2016 , Corning had accrued approximately $38 million (undiscounted) and $43 million (undiscounted), respectively, for the estimated liability for environmental cleanup and related litigation. Based upon the information developed to date, management believes that the accrued reserve is a reasonable estimate of the Company’s liability and that the risk of an additional loss in an amount materially higher than that accrued is remote. |
Hedging Activities
Hedging Activities | 12 Months Ended |
Dec. 31, 2017 | |
Hedging Activities [Abstract] | |
Hedging Activities | 15. Hedging Activi ties  Corning is exposed to interest rate and foreign currency risks due to the movement of these rates.  The areas in which exchange rate fluctuations affect us include:  · Financial instruments and transactions denominated in foreign currencies, which impact earnings; and · The translation of net assets in foreign subsidiaries for which the functional currency is not the U.S. dollar, which impacts our net equity.  Our most significant foreign currency exposures relate to the Japanese yen, South Korean won, New Taiwan dollar, Chinese yuan, and the euro. We seek to mitigate the impact of exchange rate movements in our income statement by using over-the-counter (OTC) derivative instruments including foreign exchange forward and option contracts. In general, these hedges expire coincident with the timing of the underlying foreign currency commitments and transactions. 15. Hedging Activities (continued)  We are exposed to potential losses in the event of non-performance by our counterparties to these derivative contracts. However, we minimize this risk by maintaining our portfolio with a diverse group of highly-rated major international financial institutions. We do not expect to record any losses as a result of such counterparty default. Neither we nor our counterparties are required to post collateral for these financial instruments. The Company qualified for and elected the end-user exception to the mandatory swap clearing requirement of the Dodd-Frank Act.  Cash Flow Hedges Our cash flow hedging activities utilize OTC foreign exchange forward contracts and options to reduce the risk that movements in exchange rates will adversely affect the net cash flows resulting from the sale of products to foreign customers and purchases from foreign suppliers. Our cash flow hedging activity also uses interest rate swaps to reduce the risk of increases in benchmark interest rates on the probable issuance of debt and associated interest payments. In the fourth quarter of 2014, the Company entered into interest rate swap agreements to hedge against the variability in cash flows due to changes in the benchmark interest rate related to an anticipated issuance. The instruments were designated as cash flow hedges. In the first quarter of 2015, these interest rate swaps were settled prior to the issuance of the anticipated debt. Because the Company continued to anticipate that the debt issuance would occur, it entered into two interest rate swap agreements in the first quarter of 2015 to hedge against the variability in cash flows due to changes in the benchmark interest rate related to an anticipated issuance. The instruments were designated as cash flow hedges, and were settled on May 5, 2015. Concurrent with the settlement of the interest rate swap agreements, Corning issued $375 million of 1.50% senior unsecured notes that mature on May 8, 2018 and $375 million of 2.90% senior unsecured notes that mature on May 15, 2022.  Corning uses a regression analysis to monitor the effectiveness of its cash flow hedges both prospectively and retrospectively. Through December 31, 2017 , the hedge ineffectivenes s related to these instruments wa s not material. Corning defers net gains and losses related to effective portion of cash flow hedges into accumulated other comprehensive loss on the consolidated balance sheet until such time as the hedged item impacts earnings. At December 31, 2017 , the amount expected to be reclassified into earnings within the next 12 months is a pre-tax net gain of $2 0 million .  Fair Value Hedges In October of 2012, we entered into two interest rate swaps that are designated as fair value hedges and economically exchange a notional amount of $550 million of previously issued fixed rate long-term debt to floating rate debt. Under the terms of the swap agreements, we pay the counterparty a floating rate that is indexed to the one-month LIBOR rate.  Corning utilizes the long haul method for effectiveness analysis, both retrospectively and prospectively. The analysis excludes the impact of credit risk from the assessment of hedge effectiveness. The amount recorded in current period earnings in the other (expense) income, net component, relative to ineffectiveness, is nominal for the year ended December 31, 2017 .  Net gains and losses from fair value hedges and the effects of the corresponding hedged item are recorde d on the same line item in the Consolidated S tatements of (Loss) I ncome.  Undesignated Hedges Corning also uses OTC foreign exchange forward and option contracts that are not designated as hedging instruments for accounting purposes. The undesignated hedges limit exposures to foreign functional currency fluctuations related to certain subsidiaries’ monetary assets , monetary liabilities and net earnings in foreign currencies.  A significant portion of the Company’s non-U.S. revenues and expenses are denominated in Japanese yen, South Korean won, New Taiwan dollar, Chinese yuan and euro. When these revenues and expenses are translated back to U.S. dollars, the Company is exposed to foreign exchange rate movements. To protect translated earnings against movements in these currencies, the Company has entered into a series of average rate forwards and other derivative instruments.  The Company continued to extend its foreign exchange hedge program in 2017 and entered into a series of average rate forwards. These will hedge a significant portion of its projected yen exposure for the period of 2018-2022. As of December 31, 2017 , the U.S. dollar net notional value of the yen average rate forwards program is $12 billion . The average rate forward program was also expanded to partially hedge the impact of the South Korean won, New Taiwan dollar, Chinese yuan and euro translation on the Company’s projected net income. As of December 31, 2017 these average rate forwards have a total notional value of $1 billion . The entire average rate forward program will settle net without obligation to deliver Japanese yen, Korean won, New Taiwan dollar, Chinese yuan and euro.  15. Hedging Activities (continued)  The fair value of these derivative contracts are recorded as either assets (gain position) or liabilities (loss position) on the Consolidated Balance Sheet. Changes in the fair value of the derivative contracts are recorded currently in earnings in the Translated earnings contract (loss) gain, net line of the Consolidated Statement of Income.  The following table summarizes the notional amounts and respective fair values of Corning’s derivative financial instruments on a gross basis for December 31, 2017 and December 31, 2016 (in millions ):     Asset derivatives Liability derivatives  Notional amount Fair value Fair value  2017 2016 Balance sheet location 2017 2016 Balance sheet location 2017 2016  Derivatives designated as hedging instruments  Foreign exchange contracts (1) $ 294 $ 458 Other current assets $ 20 $ 1 Other accrued liabilities $ (29)  Other assets 1   Interest rate contracts 550 550 Other liabilities $ (8) (5)  Derivatives not designated as hedging instruments   Foreign exchange contracts, other 599 890 Other current assets 2 11 Other accrued liabilities (7) (7)  Translated earnings contracts 14,275 16,711 Other current assets 176 423 Other accrued liabilities (34) (52)  Other assets 66 146 Other liabilities (325) (277)   Total derivatives $ 15,718 $ 18,609 $ 265 $ 581 $ (374) $ (370)  (1) Cash flow hedges with a typical duration of 24 months or less. 15. Hedging Activities (continued)  The following tables summarize the effect on the consolidated financial statements relating to Corning’s derivative financial instruments (in millions ):     Effect of derivative instruments on the consolidated financial statements for the years ended December 31  Derivatives in hedging (Loss)/gain recognized in other comprehensive income (OCI) Location of gain/(loss) reclassified from accumulated OCI into income Gain/(loss) reclassified from accumulated OCI into income ineffective/effective (1)  relationships 2017 2016 2015 effective/ineffective 2017 2016 2015   Cash flow hedges  Net sales $ 1 $ 4 $ 20  Interest rate hedge $ (7) Cost of sales (12) (36) 6  Foreign exchange contracts $ 38 $ (33) (17) Other (expense) income, net (2) (2)   Total cash flow hedges $ 38 $ (33) $ (24) $ (13) $ (34) $ 26      Gain (loss) recognized in income  Undesignated derivatives Location of gain/(loss) recognized in income 2017 2016 2015  Foreign exchange contracts – balance sheet Translated earnings contract gain (loss), net $ (11) $ 4 $ 8  Foreign exchange contracts – loans Translated earnings contract (loss) gain, net (5) (31) (3)  Translated earnings contracts Translated earnings contract (loss) gain, net (121) (448) 80   Total undesignated $ (137) $ (475) $ 85  (1) There were no material amounts of ineffectiveness for 2017 , 2016 and 201 5 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 16. Fair Value Meas urements  Fair value standards under U.S. GAAP define fair value, establish a framework for measuring fair value in applying generally accepted accounting principles, and require disclosures about fair value measurements. The standards also identify two kinds of inputs that are used to determine the fair value of assets and liabilities: observable and unobservable. Observable inputs are based on market data or independent sources while unobservable inputs are based on the Company’s own market assumptions. Once inputs have been characterized, the inputs are prioritized into one of three broad levels (provided in the table below) used to measure fair value. Fair value standards apply whenever an entity is measuring fair value under other accounting pronouncements that require or permit fair value measurement and require the use of observable market data when available. 16. Fair Value Measurements (continued)  The following tables provide fair value measurement information for the Company’s major categories of financial assets and liabilities measured on a recurring basis:     Fair value measurements at reporting date using  December 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs  (in millions) 2017 (Level 1) (Level 2) (Level 3)   Current assets:  Other current assets (1)(2) $ 497 $ 197 $ 300  Non-current assets:  Other assets (1) $ 68 $ 68  Current liabilities:  Other accrued liabilities (1)(2) $ 44 $ 42 $ 2  Non-current liabilities:  Other liabilities (1)(2) $ 353 $ 333 $ 20  (1) Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities. (2) At December 31, 2017, o ther current assets, other accrued liabilities and other liabilities include contingent consideration that was measured using unobservable (level 3) inp uts , in the amounts of $300 million, $2 million and $22 million, respectively .      Fair value measurements at reporting date using  December 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs  (in millions) 2016 (Level 1) (Level 2) (Level 3)   Current assets:  Short-term investments  Other current assets (1) $ 435 $ 435  Non-current assets:  Other assets (1)(2) $ 464 $ 175 $ 289  Current liabilities:  Other accrued liabilities (1) $ 88 $ 88  Non-current liabilities:  Other liabilities (1)(2) $ 282 $ 282  (1) Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities. (2) Other assets include asset-backed securities which are measured using observable quoted prices for similar assets and contingent consideration assets or liabilities which are measured by applying an option pricing model using projected future revenues.      Level 3 Roll-Forward – Other Assets  (in millions) 2017 2016   Beginning balance $ 289 $ 246  Unrealized gains 11 43  Ending balance $ 300 $ 289 16. Fair Value Measurements (continued)  As a result of the acquisition of Samsung Corning Precision Materials in January 201 4, the Company has contingent consideration that was measured using unobservable (Level 3) inputs. This contingent consideration arrangement requires additional consideration to be paid between the parties in 2018: one based on projections of future revenues generated by the business of Corning Precision Materials for the period between the acquisition date and December 31, 2017, which is subject to a cap of $665 million ; and another based on the volumes of certain sales during the same period, which is subject to a separate cap of $100 million . The fair value of the contingent consideration in 2018 in the amount of $196 million recognized on the acquisition date was estimated by applying an option pricing model using the Company’s projection of future revenues generated by Corning Precision Materials. Changes in the fair value of the contingent consideration in future periods are valued using an option pricing model and are recorded in Corning’s results in the period of the change.  On December 29, 2015, Corning and Samsung Display entered into an agreement pursuant to which Corning exchanged the amount of contingent consideration in excess of $300 million (net present fair value: $246 million ), as consideration for the incremental fair value associated with a number of commercial agreements, including the amendment of its long-term supply agreement with Samsung Display. As of December 29, 2015, the net present fair value of the contingent consideration receivable was $458 million . The net present fair value of the commercial benefit associated with the amended long-term supply agreement exceeds the value exchanged by Corning pursuant to this agreement (net present fair value: $212 million ). Consequently, Corning reclassified this amount to the other asset line of the Consolidated Balance Sheet and will amortize the amount over the remaining term of the long-term supply agreement as a reduction in revenue.  As of December 31, 2017, the fair value of the contingent consideration in 2018 was $300 million .  There were no significant financial assets and liabilities measured on a nonrecurring basis during the years ended December 31, 2017 and 2016 . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 17. Shareho lders’ Equity  Fixed Rate Cumulative Convertible Preferred Stock, Series A  On January 15, 2014, Corning designated a new series of its preferred stock as Fixed Rate Cumulative Convertible Preferred Stock, Series A, par value $100 per share, and issued 1,900 shares of Preferred Stock at an issue price of $1 million per share, for an aggregate issue price of $1.9 billion , to Samsung Display in connection with the acquisition of its equity interests in Samsung Corning Precision Materials. Corning also issued to Samsung Display an additional amount of Preferred Stock at closing, for an aggregate issue price of $400 million in cash. Dividends on the Preferred Stock are cumulative and accrue at the annual rate of 4.25% on the per share issue price of $1 million . The dividends are payable quarterly as and when declared by the Company’s Board of Directors. The Preferred Stock ranks senior to our common stock with respect to payment of dividends and rights upon liquidation. The Preferred Stock is not redeemable except in the case of a certain deemed liquidation event, the occurrence of which is under the control of the Company. The Preferred Stock is convertible at the option of the holder and the Company upon certain events, at a conversion rate of 50,000 shares of Corning’s common stock per one share of Preferred Stock, subject to certain anti-dilution provisions. As of December 31, 201 7 , the Preferred Stock has not been converted, and none of the anti-dilution provisions have been triggered. Following the seventh anniversary of the closing of the acquisition of Samsung Corning Precision Materials , the Preferred Stock will be convertible, in whole or in part, at the option of the holder. The Company has the right, at its option, to cause some or all of the shares of Preferred Stock to be converted into Common Stock, if, for 25 trading days (whether or not consecutive) within any period of 40 consecutive trading days, the closing price of Common Stock exceeds $35 per share. If the aforementioned right becomes exercisable before the seventh anniversary of the closing, the Company must first obtain the written approval of the holders of a majority of the Preferred Stock before exercising its conversion right. The Preferred Stock does not have any voting rights except as may be required by law. 17. Shareholders’ Equity (continued)  Share Repurchases  2015 Share Repurchase s On July 15, 2015, Corning’s Board of Directors approved a $2 billion share repurchase program (the “ July 201 5 Repurchase Program”) and on October 26, 2015 the Board of Directors authorized an additional $4 billion share repurchase program (together with the July 201 5 Repurchase Program, the “2015 Repurchase Programs”). The 2015 Repurchase Programs permit Corning to effect repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, advance repurchase agreements and/or other arrangements.  On October 28, 2015, Corning entered into an ASR to repurchase $1.25 billion of Corning’s common stock (the “2015 ASR agreement”). The 2015 ASR was executed under the July 201 5 Repurchase Program. Under the 2015 ASR agreement, Corning made a $1.25 billion payment on October 29, 2015 and received an initial delivery of approximately 53.1 million shares of Corning common stock on the same day. On January 19, 2016, the 2015 ASR agreement was completed. Corning received an additional 15.9 million shares on January 22, 2016 to settle the 2015 ASR agreement. In total, Corning purchased 69 million shares based on the average daily volume weighted-average price of Corning’s common stock during the term of the 2015 ASR agreement, less a discount.  In addition to the shares repurchased through the 2015 ASR agreement, we repurchased 98 million shares of common stock on the open market for approximately $2 billion , as part of the December 201 4 Repurchase Program and the July 201 5 Repurchase Program, resulting in a total of 167 million shares repurchased for $3.25 billion during 2015.  201 6 Share Repurchase s In July 201 6, Corning entered into an accelerated share repurchase agreement ( the “2016 ASR agreement ”) under the 2015 Repurchase Program to repurchase Corning’s common stock. Under the 2016 ASR agreement , Corning made a $2.0 billion payment in July and received an initial delivery of approximately 74.4 million shares of Corning common stock on the same day. The transaction was structured with two tranches resulting in a total of 12.3 million shares being delivered to Corning in the fourth quarter of 2016 , for a total of 86.7 million shares repurchased under the 2016 ASR agreement .  In addition to the 2016 ASR agreement , during the year ended December 31, 2016, t he Company repurchased 110 million shares of common stock on the open market for approximately $2.2 billion as part of its 2015 Repurchase Program s, resulting in a total of 197.1 million shares repurchased for $4.2 billion during 2016.  201 7 Share Repurchase s In December 2016, Corning’s Board of Directors approved a $4 billion share repurchase program with no expiration (the “2016 Repurchase Program”). In the second quarter of 2017, Corning entered into and finalized an accelerated share repurchase agreement under which we paid $500 million for a total of 17.1 million shares. In the third quarter of 2017, Corning entered into and finalized an additional accelerated share repurchase agreement under which we paid $500 million for a total of 17.2 million shares. Collectively, these two agreements represent the “2017 ASR agreements”.  In addition to the 2017 ASR agreements, during the year ended December 31, 2017, the Company repurchased 50.1 million shares of common stock on the open market for approximately $1.4 billion, resulting in a total of 84.4 million shares repurchased for approximately $2.4 billion during 2017.  17. Shareholders’ Equity (continued)  The following table presents changes in capital stock for the period from January 1, 2015 to December 31, 2017 (in millions ):     Common stock Treasury stock  Shares Par value Shares Cost   Balance at December 31, 2014 1,672 $ 836 (398) $ (6,727)   Shares issued to benefit plans and for option exercises 9 4 (1)  Shares purchased for treasury (151) (2,978)  Other, net (2) (19)  Balance at December 31, 2015 1,681 $ 840 (551) $ (9,725)   Shares issued to benefit plans and for option exercises 10 6 (2)  Shares purchased for treasury (214) (4,409)  Other, net (16)  Balance at December 31, 2016 1,691 $ 846 (765) $ (14,152)   Shares issued to benefit plans and for option exercises 17 8 (2)  Shares purchased for treasury (84) (2,462)  Other, net (1) (17)  Balance at December 31, 2017 1,708 $ 854 (850) $ (16,633)  17. Shareholders’ Equity (continued)  Accumulated Other Comprehensive Income (Loss)  A summary of changes in the components of accumulated other comprehensive income (loss), including our proportionate share of equity method investee’s accumulated other comprehensive income (loss), is as follows (in millions ) (1) :     Foreign currency translation adjustments and other Unamortized actuarial gains (losses) and prior service (costs) credits Net unrealized gains (losses) on investments Net unrealized gains (losses) on designated hedges Accumulated other comprehensive income (loss)   Balance at December 31, 2014 $ (581) $ (709) $ (15) $ (2) $ (1,307)  Other comprehensive (loss) income before reclassifications (4) (487) (59) (18) (564)  Amounts reclassified from accumulated other comprehensive income (loss) (2) 105 1 (20) 86  Equity method affiliates (3) (103) 75 2 (26)  Net current-period other comprehensive (loss) income (590) 121 1 (36) (504)  Balance at December 31, 2015 $ (1,171) $ (588) $ (14) $ (38) $ (1,811)   Other comprehensive income before reclassifications (5) $ (89) $ (63) $ (2) $ (21) $ (175)  Amounts reclassified from accumulated other comprehensive income (loss) (2) 40 22 62  Equity method affiliates (3)(7) (15) 264 (1) 248  Net current-period other comprehensive (loss) income (104) 241 (3) 1 135  Balance at December 31, 2016 $ (1,275) $ (347) $ (17) $ (37) $ (1,676)   Other comprehensive income before reclassifications (6) $ 711 $ 13 $ 33 $ 757  Amounts reclassified from accumulated other comprehensive income (loss) (2) 17 $ 14 11 42  Equity method affiliates (3) 35 35  Net current-period other comprehensive (loss) income 746 30 14 44 834  Balance at December 31, 2017 $ (529) $ (317) $ (3) $ 7 $ (842)  (1) All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive income. (2) Tax effects of reclassifications are disclosed separately in this Note 17. (3) Tax effects related to equity method affiliates are not significant in the reported periods except for the tax expense of $20 million related to the pension component in 2016. (4) Amounts are net of total tax benefit of $86 million , including $45 million related to the foreign currency translation adjustments, $35 million related to the retirement plans component and $6 million related to the hedges component. (5) Amounts are net of total tax benefit of $52 million , including $36 million related to the retirement plans component, $12 million related to the hedges component, $3 million related to the foreign currency translation adjustments and $1 million related to the investments component. (6) Amounts are net of total tax expense of $97 million , including $88 million related to the foreign currency translation adjustments, $5 million related to the hedges component and $4 million related to the retirement plans component. (7) Most of the changes in equity method affiliate accumulated other comprehensive income components in 2016 relate to disposal transactions with amounts reclassified to the income statement. 17. Shareholders’ Equity (continued)  (In millions )     Reclassifications Out of Accumulated Other Comprehensive Income (AOCI) by Component (1)  Amount reclassified from AOCI Affected line item  Years ended December 31, in the consolidated  Details about AOCI Components 2017 2016 2015 statements of income   Amortization of net actuarial loss $ (20) $ (62) $ (168) (2)  Amortization of prior service (cost) credit (2) (1) 1 (2)  (22) (63) (167) Total before tax  5 23 62 Tax benefit  $ (17) $ (40) $ (105) Net of tax   Realized gains (losses) on investments $ (3) $ (1) Other income (expense), net  (11) Tax expense  $ (14) $ (1) Net of tax   Realized (losses) gains on designated hedges $ 1 $ 4 $ 20 Sales  (12) (36) 6 Cost of sales  (2) (2) Other expense (income), net  (13) (34) 26 Total before tax  2 12 (6) Tax benefit (expense)  $ (11) $ (22) $ 20 Net of tax   Total reclassifications for the period $ (42) $ (62) $ (86) Net of tax  (1) Amounts in parentheses indicate debits to the statement of income. (2) These accumulated other comprehensive income components are included in net periodic pension cost. See Note 13 (Employee Retirement Plans) to the Consolidated Financial Statements for additional details. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | 18. (Loss) Earnings Per Com mon Share  Basic (loss) earnings per common share are computed by dividing income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted (loss) earnings per common share assumes the issuance of common shares for all potentially dilutive securities outstanding.  The reconciliation of the amounts used to compute basic and diluted (loss) earnings per common share from operations follows (in millions , except per share amounts):     Years ended December 31,  2017 2016 2015  Net (loss) income attributable to Corning Incorporated $ (497) $ 3,695 $ 1,339  Less: Series A convertible preferred stock dividend 98 98 98  Net (loss) income available to common stockholders - basic (595) 3,597 1,241  Plus: Series A convertible preferred stock dividend 98 98  Net (loss) income available to common stockholders - diluted $ (595) $ 3,695 $ 1,339   Weighted-average common shares outstanding - basic 895 1,020 1,219  Effect of dilutive securities:  Stock options and other dilutive securities 9 9  Series A convertible preferred stock (1) 115 115  Weighted-average common shares outstanding - diluted 895 1,144 1,343  Basic (loss) earnings per common share $ (0.66) $ 3.53 $ 1.02  Diluted (loss) earnings per common share $ (0.66) $ 3.23 $ 1.00   Anti-dilutive potential shares excluded from diluted (loss) earnings per common share:  Series A convertible preferred stock dividend (1) 115  Employee stock options and awards 13 15 22  Accelerated share repurchase forward contract 15  Total 128 15 37 (1) For the year ended December 31, 2017, the Series A preferred stock was anti-dilutive and therefore excluded from the calculation of diluted (loss) earnings per share . |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Share-based Compensation |  19. Share-based C ompensation  Stock Compensation Plans  Corning maintains long-term incentive plans (the “Plans”) for key employees and non-employee members of our Board of Directors. The Plans allow us to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards or a combination of awards (collectively, share-based awards). At December 31, 2017 , there were approximately 65 million unissued common shares available for future grants under the Plans.  The Company measures and recognizes compensation cost for all share-based payment awards made to employees and directors based on estimated fair values.  The fair value of awards granted that are expected to ultimately vest is recognized as expense over the requisite service periods. The number of options expected to vest equals the total options granted less an estimation of the number of forfeitures expected to occur prior to vesting. The forfeiture rate is calculated based on 15 years of historical data and is adjusted if actual forfeitures differ significantly from the original estimates. The effect of any change in estimated forfeitures would be recognized through a cumulative adjustment that would be included in compensation cost in the period of the change in estimate.  Total share-based compensation cost of $46 million , $42 million and $46 million was disclosed in operating activities on the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2017 , 2016 and 2015 , respectively. The income tax benefit realized from share-based compensation was not significant for the years ended December 31, 2017, 2016 and 2015. Refer to Note 6 (Income Taxes). 19. Share-based Compensation (continued)  Stock Options  Corning’s stock option plans provide non-qualified and incentive stock options to purchase authorized but unissued shares, or treasury shares, at the market price on the grant date and generally become exercisable in installments from one to five years from the grant date. The maximum term of non-qualified and incentive stock options is 10 years from the grant date.  The following table summarizes information concerning stock options outstanding including the related transactions under the stock option plans for the year ended December 31, 2017 :     Number of shares (in thousands) Weighted- average exercise price Weighted- average remaining contractual term in years Aggregate intrinsic value (in thousands)  Options Outstanding as of December 31, 2016 31,507 $ 19.40  Granted 1,507 27.01  Exercised (14,615) 21.13  Forfeited and expired (265) 23.22  Options outstanding as of December 31, 2017 18,134 18.59 4.63 $ 243,055  Options expected to vest as of December 31, 2017 18,098 18.58 4.62 242,773  Options exercisable as of December 31, 2017 13,487 17.14 3.38 200,246  The aggregate intrinsic value (market value of stock less option exercise price) in the preceding table represents the total pretax intrinsic value, based on the Company’s closing stock price on December 29, 2017, which would have been received by the option holders had all option holders exercised their “in-the-money” options as of that date. The total number of “in-the-money” options exercisable on December 31, 2017 , was approximately 13 million .  The weighted-average grant-date fair value for options granted for the years ended December 31, 2017 , 2016 and 2015 was $8.40 , $6.31 and $7.99 , respectively. The total fair value of options that vested during the years ended December 31, 2017 , 2016 and 2015 was approximately $13 million , $22 million and $36 million , respectively. Compensation cost related to stock options for the years ended December 31, 2017 , 2016 and 2015 , was approximately $12 million , $11 million and $14 million , respectively.  As of December 31, 2017 , there was approximately $6 million of unrecognized compensation cost related to stock options granted under the Plans. The cost is expected to be recognized over a weighted-average period of 1.8 years.  Proceeds received from the exercise of stock options were $309 million for the year ended December 31, 2017 , which were included in financing activities on the Company’s Consolidated Statements of Cash Flows. The total intrinsic value of options exercised for the years ended December 31, 2017 , 2016 and 2015 was approximately $103 million , $53 million and $48 million , respectively.  An award is considered vested when the employee’s retention of the award is no longer contingent on providing subsequent service (the “non-substantive vesting period approach”). Awards to retirement eligible employees are fully vested at the date of grant, and the related compensation expense is recognized immediately upon grant or over the period from the grant date to the date of retirement eligibility for employees that become age 55 during the vesting period.  Corning uses a multiple-point Black-Scholes valuation model to estimate the fair value of stock option grants. Corning utilizes a blended approach for calculating the volatility assumption used in the multiple-point Black-Scholes valuation model defined as the weighted average of the short-term implied volatility, the most recent volatility for the period equal to the expected term, and the most recent 15 -year historical volatility. The expected term assumption is the period of time the options are expected to be outstanding, and is calculated using a combination of historical exercise experience adjusted to reflect the current vesting period of options being valued, and partial life cycles of outstanding options. The risk-free rates used in the multiple-point Black-Scholes valuation model are the implied rates for a zero-coupon U.S. Treasury bond with a term equal to the option’s expected term. The ranges given below reflect results from separate groups of employees exhibiting different exercise behavior. 19. Share-based Compensation (continued)  The following inputs were used for the valuation of option grants under our Stock Option Plans:     2017 2016 2015  Expected volatility 32.4 - 36.1 % 37.1 - 43.1 % 43.6 - 44.9 %  Weighted-average volatility 36.1% 41.0% 44.6%  Expected dividends 1.98 - 2.28 % 2.28 - 2.94 % 1.92 - 2.68 %  Risk-free rate 2.1 - 2.3 % 1.4 - 2.1 % 1.9 - 2.1 %  Expected term (in years) 7.4 - 7.4 7.4 - 7.4 7.2 - 7.2  Pre-vesting departure rate 0.6 - 0.6 % 0.6 - 0.6 % 0.6 - 0.6 %  Incentive Stock Plans  The Corning Incentive Stock Plan permits restricted stock and restricted stock unit grants, either determined by specific performance goals or issued directly, in most instances, subject to the possibility of forfeiture and without cash consideration. Restricted stock and restricted stock units under the Incentive Stock Plan are granted at the closing market price on the grant date, contingently vest over a period of generally one to ten years, and generally have contractual lives of one to ten years. The fair value of each restricted stock grant or restricted stock unit awarded under the Incentive Stock Plan is based on the grant date closing price of the Company’s stock.  Time-Based Restricted Stock and Restricted Stock Units:  Time-based restricted stock and restricted stock units are issued by the Company on a discretionary basis, and are payable in shares of the Company’s common stock upon vesting. The fair value is based on the closing market price of the Company’s stock on the grant date. Compensation cost is recognized over the requisite vesting period and adjusted for actual forfeitures before vesting.  The following table represents a summary of the status of the Company’s non-vested time-based restricted stock and restricted stock units as of December 31, 2016 , and changes which occurred during the year ended December 31, 2017 :     Shares (000’s) Weighted- average grant-date fair value  Non-vested shares and share units at December 31, 2016 4,640 $ 20.15  Granted 1,859 28.16  Vested (1,457) 20.48  Forfeited (109) 22.72  Non-vested shares and share units at December 31, 2017 4,933 $ 23.02  As of December 31, 2017 , there was approximately $41 million of unrecognized compensation cost related to non-vested time-based restricted stock and restricted stock units compensation arrangements granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.6 years. The total fair value of time-based restricted stock that vested during the years ended December 31, 2017 , 2016 and 2015 was approximately $30 million , $27 million and $32 million , respectively. Compensation cost related to time-based restricted stock and restricted stock units was approximately $34 million , $31 million and $32 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2017 | |
Reportable Segments [Abstract] | |
Reportable Segments | 20. Reportable Segm ents  Our reportable segments are as follows:  · Display Technologies – manufactures glass substrates for flat panel liquid crystal displays. · Optical Communications – manufactures carrier network and enterprise network components for the telecommunications industry . · Environmental Technologies – manufactures ceramic substrates and filters for automotive and diesel applications. · Specialty Materials – manufactures products that provide more than 150 material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs. · Life Sciences – manufactures glass and plastic labware, equipment, media and reagents to provide workflow solutions for scientific applications.  All other segments that do not meet the quantitative threshold for separate reporting have been grouped as “All Other.” This group is primarily comprised of the results of the pharmaceutical technologies business and new product lines and development projects, as well as certain corporate investments such as Eurokera and Keraglass equity affiliates.  We prepared the financial results for our reportable segments on a basis that is consistent with the manner in which we internally disaggregate financial information to assist in making internal operating decisions. We included the earnings of equity affiliates that are closely associated with our reportable segments in the respective segment’s net income. We have allocated certain common expenses among reportable segments differently than we would for stand-alone financial information. Segment net income may not be consistent with measures used by other companies. The accounting policies of our reportable segments are the same as those applied in the Consolidated Financial Statements.  20. Reportable Segments (continued)  The following provides historical segment information as described above:  Segment Information (in millions )     Display Technologies Optical Communications Environmental Technologies Specialty Materials Life Sciences All Other Total   For the year ended December 31, 2017  Net sales $ 2,997 $ 3,545 $ 1,106 $ 1,403 $ 879 $ 186 $ 10,116  Depreciation (1) $ 534 $ 193 $ 124 $ 129 $ 52 $ 45 $ 1,077  Amortization of purchased intangibles $ 48 $ 22 $ 5 $ 75  Research, development and engineering expenses (2) $ 88 $ 174 $ 113 $ 152 $ 22 $ 211 $ 760  Income tax (provision) benefit $ (394) $ (188) $ (69) $ (124) $ (31) $ 114 $ (692)  Net income (loss) (3) $ 831 $ 341 $ 127 $ 249 $ 64 $ (229) $ 1,383  Investment in affiliated companies, at equity $ 134 $ 2 $ 3 $ 140 $ 279  Segment assets (4) $ 8,662 $ 2,599 $ 1,402 $ 2,155 $ 538 $ 824 $ 16,180  Capital expenditures $ 795 $ 505 $ 157 $ 223 $ 42 $ 156 $ 1,878   For the year ended December 31, 2016  Net sales $ 3,238 $ 3,005 $ 1,032 $ 1,124 $ 839 $ 152 $ 9,390  Depreciation (1) $ 598 $ 175 $ 129 $ 109 $ 58 $ 50 $ 1,119  Amortization of purchased intangibles $ 35 $ 20 $ 8 $ 63  Research, development and engineering expenses (2) $ 45 $ 147 $ 102 $ 126 $ 24 $ 191 $ 635  Income tax (provision) benefit $ (372) $ (129) $ (65) $ (85) $ (28) $ 114 $ (565)  Net income (loss) (3) $ 935 $ 245 $ 133 $ 174 $ 58 $ (240) $ 1,305  Investment in affiliated companies, at equity $ 41 $ (1) $ 32 $ 252 $ 324  Segment assets (4) $ 8,032 $ 2,010 $ 1,267 $ 1,604 $ 504 $ 750 $ 14,167  Capital expenditures $ 464 $ 245 $ 97 $ 120 $ 39 $ 56 $ 1,021   For the year ended December 31, 2015  Net sales $ 3,086 $ 2,980 $ 1,053 $ 1,107 $ 821 $ 64 $ 9,111  Depreciation (1) $ 605 $ 163 $ 125 $ 112 $ 60 $ 43 $ 1,108  Amortization of purchased intangibles $ 32 $ 20 $ 1 $ 53  Research, development and engineering expenses (2) $ 105 $ 138 $ 93 $ 113 $ 23 $ 186 $ 658  Income tax (provision) benefit $ (499) $ (115) $ (78) $ (85) $ (30) $ 89 $ (718)  Net income (loss) (3) $ 1,095 $ 237 $ 161 $ 167 $ 61 $ (202) $ 1,519  Investment in affiliated companies, at equity $ 43 $ 1 $ 32 $ 261 $ 337  Segment assets (4) $ 8,344 $ 1,783 $ 1,288 $ 1,407 $ 514 $ 738 $ 14,074  Capital expenditures $ 594 $ 171 $ 117 $ 88 $ 32 $ 57 $ 1,059  (1) Depreciation expense for Corning’s reportable segments includes an allocation of depreciation of corporate property not specifically identifiable to a segment. (2) Research, development and engineering expenses include direct project spending that is identifiable to a segment. (3) Many of Corning’s administrative and staff functions are performed on a centralized basis. Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function. Other staff functions, such as corporate finance, human resources and legal are allocated to segments, primarily as a percentage of sales. (4) Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation, and associated equity companies and cost investments. 20. Reportable Segments (continued)  A reconciliation of reportable segment net income (loss) to consolidated net income follows (in millions ):     Years ended December 31,  2017 2016 2015  Net income of reportable segments $ 1,612 $ 1,545 $ 1,721  Net loss of All Other (229) (240) (202)  Unallocated amounts:  Net financing costs (1) (110) (107) (111)  Share-based compensation expense (46) (42) (46)  Exploratory research (98) (107) (109)  Corporate contributions (36) (49) (52)  Gain on realignment of equity investment 2,676  Equity in earnings of affiliated companies, net of impairments (2) 353 292 291  Unrealized loss on translated earnings contracts (391) (649) (573)  Resolution of Department of Justice investigation (98)  Income tax (provision) benefit (1,462) 568 571  Other corporate items (90) (94) (151)  Net (loss) income $ (497) $ 3,695 $ 1,339  (1) Net financing costs include interest income, interest expense, and interest costs and investment gains and losses associated with benefit plans. (2) Primarily represents the equity earnings of Hemlock Semiconductor Group in 2017 and 2016, and Dow Corning in 2015.  A reconciliation of reportable segment assets to consolidated total assets follows (in millions ):     December 31,  2017 2016 2015  Total assets of reportable segments $ 15,356 $ 13,417 $ 13,336  Non-reportable segments 824 750 738  Unallocated amounts:  Current assets (1) 5,315 6,070 5,488  Investments (2) 61 12 1,638  Property, plant and equipment, net (3) 1,628 1,681 1,692  Other non-current assets (4) 4,310 5,969 5,635  Total assets $ 27,494 $ 27,899 $ 28,527  (1) Includes current corporate assets, primarily cash, short-term investments, current portion of long-term derivative assets and deferred taxes. (2) Primarily represents corporate equity and cost basis investments in 2017 and 2016, and Dow Corning in 2015. Asset balance does not include equity method affiliate liability balance of $105 and $241 for Hemlock Semiconductor Group in 2017 2016, respectively. (3) Represents corporate property not specifically identifiable to an operating segment. (4) Includes non-current corporate assets, pension assets, long-term derivative assets and deferred taxes.  For the year ended December 31, 2017 , the following number of customers, which individually accounted for 10% or more of each segment’s sales, represented the following concentration of segment sales:  · In the Display Technologies segment, three customers accounted for 62% of total segment sales. · In the Optical Communications segment, one customer accounted for 19% of total segment sales. · In the Environmental Technologies segment, three customers accounted for 81% of total segment sales. · In the Specialty Materials segment, three customers accounted for 58% of total segment sales. · In the Life Sciences segment, two customers accounted for 47% of total segment sales. 20. Reportable Segments (continued)  Selected financial information concerning the Company’s product lines and reportable segments follow (in millions ):     Years Ended December 31,  Revenues from External Customers 2017 2016 2015  Display Technologies $ 2,997 $ 3,238 $ 3,086   Optical Communications  Carrier network 2,720 2,274 2,194  Enterprise network 825 731 786   Total Optical Communications 3,545 3,005 2,980   Environmental Technologies  Automotive and other 627 585 528  Diesel 479 447 525   Total Environmental Technologies 1,106 1,032 1,053   Specialty Materials  Corning Gorilla Glass 1,044 807 810  Advanced optics and other specialty glass 359 317 297   Total Specialty Materials 1,403 1,124 1,107   Life Sciences  Labware 524 512 512  Cell culture products 355 327 309   Total Life Science 879 839 821   All Other 186 152 64  $ 10,116 $ 9,390 $ 9,111  20. Reportable Segments (continued)  Information concerning principal geographic areas was as follows (in millions ):     2017 2016 2015  Net sales (2) Long-lived assets (1) Net sales (2) Long-lived assets (1) Net sales (2) Long-lived assets (1)   North America  United States $ 3,146 $ 6,402 $ 2,625 $ 6,473 $ 2,719 $ 8,241  Canada 287 138 282 142 244 144  Mexico 27 174 50 134 37 135  Total North America 3,460 6,714 2,957 6,749 3,000 8,520   Asia Pacific  Japan 455 1,015 450 1,008 440 1,160  Taiwan 846 2,357 840 2,347 841 2,301  China 2,230 1,955 2,083 1,140 1,869 1,036  Korea 1,286 3,858 1,444 3,413 1,501 3,552  Other 378 160 363 167 331 98  Total Asia Pacific 5,195 9,345 5,180 8,075 4,982 8,147   Europe  Germany 426 201 363 154 326 189  Other 701 1,548 617 1,354 565 1,297  Total Europe 1,127 1,749 980 1,508 891 1,486   All Other 334 46 273 44 238 36  Total $ 10,116 $ 17,854 $ 9,390 $ 16,376 $ 9,111 $ 18,189  (1) Long-lived assets primarily include investments, plant and equipment, goodwill and other intangible assets. In 2015, assets in the U.S. include the investment in Dow Corning. (2) Net sales are attributed to countries based on location of customer. |
Schedule II - Valuation Account
Schedule II - Valuation Accounts and Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Valuation Accounts and Reserves [Abstract] | |
Schedule II - Valuation Accounts and Reserves | Corning Incorporated and S ubsidiary Companies Schedule II – Valuation Accounts and Reserves (in millions )      Year ended December 31, 2017 Balance at beginning of period Additions Net deductions and other Balance at end of period   Doubtful accounts and allowances $ 59 $ 1 $ 60  Deferred tax valuation allowance $ 270 $ 241 $ 55 $ 456  Accumulated amortization of purchased intangible assets $ 325 $ 75 $ 3 $ 397  Reserves for accrued costs of business restructuring $ 5 $ 5      Year ended December 31, 2016 Balance at beginning of period Additions Net deductions and other Balance at end of period   Doubtful accounts and allowances $ 48 $ 11 $ 59  Deferred tax valuation allowance $ 238 $ 55 $ 23 $ 270  Accumulated amortization of purchased intangible assets $ 265 $ 64 $ 4 $ 325  Reserves for accrued costs of business restructuring $ 3 $ 15 $ 13 $ 5      Year ended December 31, 2015 Balance at beginning of period Additions Net deductions and other Balance at end of period   Doubtful accounts and allowances $ 47 $ 1 $ 48  Deferred tax valuation allowance $ 298 $ 30 $ 90 $ 238  Accumulated amortization of purchased intangible assets $ 216 $ 49 $ 265  Reserves for accrued costs of business restructuring $ 44 $ 41 $ 3  |
Quarterly Operating Results
Quarterly Operating Results | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Operating Results [Abstract] | |
Quarterly Operating Results | Quarterly Opera ting Results (unaudited)  (In millions, except per share amounts)      2017 First quarter Second quarter Third quarter Fourth quarter Total year   Net sales $ 2,375 $ 2,497 $ 2,607 $ 2,637 $ 10,116  Gross margin $ 957 $ 985 $ 1,056 $ 1,034 $ 4,032  Equity in earnings of affiliated companies $ 80 $ 37 $ 31 $ 213 $ 361  Benefit (provision) for income taxes $ 66 $ (153) $ (89) $ (1,978) $ (2,154)  Net income (loss) attributable to Corning Incorporated $ 86 $ 439 $ 390 $ (1,412) $ (497)   Basic earnings (loss) per common share $ 0.07 $ 0.46 $ 0.41 $ (1.66) $ (0.66)  Diluted earnings (loss) per common share $ 0.07 $ 0.42 $ 0.39 $ (1.66) $ (0.66)      2016 First quarter Second quarter Third quarter Fourth quarter Total year   Net sales $ 2,047 $ 2,360 $ 2,507 $ 2,476 $ 9,390  Gross margin $ 764 $ 951 $ 1,041 $ 990 $ 3,746  Equity in earnings of affiliated companies $ 59 $ 41 $ 19 $ 165 $ 284  Benefit (provision) for income taxes $ 304 $ 504 $ 27 $ (832) $ 3  Net income attributable to Corning Incorporated $ (368) $ 2,207 $ 284 $ 1,572 $ 3,695   Basic (loss) earnings per common share $ (0.36) $ 2.06 $ 0.27 $ 1.64 $ 3.53  Diluted (loss) earnings per common share $ (0.36) $ 1.87 $ 0.26 $ 1.47 $ 3.23  |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation  Our consolidated financial statements were prepared in conformity with generally accepted accounting principles in the U.S. and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which Corning exercises control.  The equity method of accounting is used for investments in affiliated companies that are not controlled by Corning and in which our interest is generally between 20% and 50% and we have significant influence over the entity. Our share of earnings or losses of affiliated companies, in which at least 20% of the voting securities is owned and we have significant influence but not control over the entity, is included in consolidated operating results.  We use the cost method to account for our investments in companies that we do not control and for which we do not have the ability to exercise significant influence over operating and financial policies. In accordance with the cost method, these investments are recorded at cost or fair value, as appropriate.  All material intercompany accounts, transactions and profits are eliminated in consolidation.  Certain prior year amounts have been reclassified to conform to the current-year presentation. These reclassifications had no impact on our results of operations, financial position, or changes in shareholders’ equity. |
Business Combinations | Dow Corning  Prior to May 31, 2016, Corning and Dow Chemical each owned half of Dow Corning, an equity company headquartered in Michigan that manufactures silicone products worldwide. Dow Corning was the majority-owner of HSG, a market leader in the production of high purity polycrystalline silicon for the semiconductor and solar energy industries. On May 31, 2016, Corning completed the strategic realignment of its equity investment in Dow Corning pursuant to the Transaction Agreement announced in December 201 5. Under the terms of the Transaction Agreement, Corning exchanged with Dow Corning its 50% stock interest in Dow Corning for 100% of the stock of a newly formed entity, which holds an equity interest in HSG and approximately $4.8 billion in cash. Prior to realignment, HSG, a consolidated subsidiary of Dow Corning, was an indirect equity investment of Corning. Upon completion of the exchange, Corning now has a direct equity investment in HSG.  Refer to Note 7 (Investments) to the Consolidated Financial Statements for additional information. |
Use of Estimates | Use of Estimates  The preparation of financial statements requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and related notes. Significant estimates and assumptions in these consolidated financial statements include estimates of fair value associated with revenue recognition, restructuring charges, goodwill and long-lived asset impairment tests, estimates of acquired assets and liabilities, estimates of fair value of investments, equity interests, environmental and legal liabilities, income taxes and deferred tax valuation allowances, assumptions used in calculating pension and other postretirement employee benefit expenses and the fair value of share-based compensation. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. |
Revenue Recognition | Revenue Recognition  Revenue for sales of goods is recognized when a firm sales agreement is in place, delivery has occurred and sales price is fixed or determinable and collection is reasonably assured. If customer acceptance of products is not reasonably assured, sales are recorded only upon formal customer acceptance. Sales of goods typically do not include multiple product and/or service elements.  At the time revenue is recognized, allowances are recorded, with the related reduction to revenue, for estimated product returns, allowances and price discounts based upon historical experience and related terms of customer arrangements. Where we have offered product warranties, we also establish liabilities for estimated warranty costs based upon historical experience and specific warranty provisions. Warranty liabilities are adjusted when experience indicates the expected outcome will differ from initial estimates of the liability.  In addition, Corning also has contractual arrangements with certain customers in which we recognize revenue on a completed contract basis. Revenues under the completed-contract method are recognized upon substantial completion, defined as acceptance by the customer and compliance with performance specifications as agreed upon in the contract. The Company acts as a principal under the contracts, and recognizes revenues with corresponding cost of revenues on a gross basis for the full amount of the contract. |
Research and Development Costs | Research and Development Costs  Research and development costs are charged to expense as incurred. Research and development costs totaled $689 million in 2017 , $637 million in 2016 and $638 million in 2015 . |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions  The determination of the functional currency for Corning’s foreign subsidiaries is made based on the appropriate economic factors. For most foreign operations, the local currencies are generally considered to be the functional currencies. Corning’s most significant exception is our Taiwanese subsidiary, which uses the Japanese yen as its functional currency. For all transactions denominated in a currency other than a subsidiary’s functional currency, exchange rate gains and losses are included in income for the period in which the exchange rates changed. We recorded foreign currency transaction gains of $20 million and $21 million for the years ended December 31, 2017 and 2016, respectively, and foreign currency transaction losses of $22 million for the year ended December 31, 2015. These amounts were recorded in the line item Other expense, net in the Consolidated Statements of (Loss) Income.  Foreign subsidiary functional currency balance sheet accounts are translated at current exchange rates, and statement of operations accounts are translated at average exchange rates for the year. Translation gains and losses are recorded as a separate component of accumulated other comprehensive income in shareholders’ equity. The effects of remeasuring non-functional currency assets and liabilities into the functional currency are included in current earnings, except for those related to intra-entity foreign currency transactions of a long-term investment nature, which are recorded together with translation gains and losses in accumulated other comprehensive income (loss) in shareholders’ equity. Upon sale or substantially complete liquidation of an investment in a foreign entity, the amount of net translation gains or losses that have been accumulated in other comprehensive income attributable to that investment are reported as a gain or loss for the period in which the sale or liquidation occurs. |
Share-Based Compensation | Share-Based Compensation  Corning’s share-based compensation programs include employee stock option grants, time-based restricted stock awards and time-based restricted stock units, as more fully described in Note 19 (Share-based Compensation) to the Consolidated Financial Statements.  The cost of share-based compensation awards is equal to the fair value of the award at the date of grant and compensation expense is recognized for those awards earned over the vesting period. Corning estimates the fair value of share-based awards using a multiple-point Black-Scholes option valuation model, which incorporates assumptions including expected volatility, dividend yield, risk-free rate, expected term and departure rates. |
Cash and Cash Equivalents | Cash and Cash Equivalents  Cash equivalents consist of highly liquid investments that are readily convertible into cash. We consider securities with contractual maturities of three months or less, when purchased, to be cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments.  Supplemental disclosure of cash flow information follows (in millions ):     Years ended December 31,  2017 2016 2015  Non-cash transactions:  Accruals for capital expenditures $ 584 $ 381 $ 298  Cash paid for interest and income taxes:  Interest (1) $ 178 $ 184 $ 178  Income taxes, net of refunds received $ 405 $ 293 $ 253  (1) Included in this amount are approximately $36 million , $23 million and $35 million of interest costs that were capitalized as part of property, plant and equipment , net of accumulated depreciation, in 2017 , 2016 and 2015 , respectively. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts  The Company’s allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including length of time receivables are past due, customer credit ratings, financial stability of customers, specific one-time events and past customer history. In addition, in circumstances where the Company is made aware of a specific customer’s inability to meet its financial obligations, a specific allowance is established. The majority of accounts are individually evaluated on a regular basis and appropriate reserves are established as deemed appropriate based on the above criteria. |
Environmental Liabilities | Environmental Liabilities  The Company accrues for its environmental investigation, remediation, operating and maintenance costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. For environmental matters, the most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, current laws and regulations and prior remediation experience. For sites with multiple potential ly responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill their obligations in establishing a provision for those costs. Where no amount within a range of estimates is more likely to occur than another, the minimum amount is accrued. When future liabilities are determined to be reimbursable by insurance coverage, an accrual is recorded for the potential liability and a receivable is recorded related to the insurance reimbursement when reimbursement is virtually certain.  The uncertain nature inherent in such remediation and the possibility that initial estimates may not reflect the final outcome could result in additional costs being recognized by the Company in future periods. |
Inventories | Inventories  Inventories are stated at the lower of cost (first-in, first-out basis) or market. |
Property, Plant and Equipment, Net of Accumulated Depreciation | Property, Plant and Equipment, Net of Accumulated Depreciation  Land, buildings, and equipment, including precious metals, are recorded at cost. Depreciation is based on estimated useful lives of properties using the straight-line method. Except as described in Note 9 (Property, Plant and Equipment, Net of Accumulated Depreciation) to the Consolidated Financial Statements related to the depletion of precious metals, the estimated useful lives range from 10 to 40 years for buildings and 2 to 20 years for equipment.  Included in the subcategory of equipment are the following types of assets (excluding precious metals):     Asset type Range of useful life   Computer hardware and software 3 to 7 years  Manufacturing equipment 2 to 15 years  Furniture and fixtures 5 to 10 years  Transportation equipment 3 to 20 years  Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. These assets are not depreciated because they have very low physical losses and are repeatedly reclaimed and reused in our manufacturing process over a very long useful life. We treat the physical loss of precious metals in the manufacturing and reclamation process as depletion and account for these losses as a period expense based on actual units lost. Precious metals are integral to many of our glass production processes. They are only acquired to support our operations and are not held for trading or other purposes. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets  Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill relates to and is assigned directly to a specific reporting unit. Reporting units are either operating segments or one level below the operating segment. Impairment testing for goodwill is done at a reporting unit level. Goodwill is reviewed for indicators of impairment quarterly or if an event occurs or circumstances change that indicate that the carrying amount may be impaired. Corning also performs a detailed quantitative impairment test every three years if no indicators suggest a test should be performed in the interim. We use this calculation as quantitative validation of the qualitative process; this process does not represent an election to perform the quantitative impairment test in place of the qualitative review.  The qualitative process includes an extensive review of expectations for the long-term growth of our businesses and forecasting future cash flows. If we are required to perform the quantitative impairment analysis, our valuation method is an “income approach” using a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate rate of return. Our estimates are based upon our historical experience, our current knowledge from our commercial relationships, and available external information about future trends. If the fair value is less than the carrying value, a loss is recorded to reflect the difference between the fair value and carrying value.  Other intangible assets include patents, trademarks, and other intangible assets acquired from an independent party. Such intangible assets have a definite life and are amortized on a straight-line basis over estimated useful lives ranging from 4 to 50 years. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets  We review the recoverability of our long-lived assets, such as plant and equipment and intangible assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. When impairment indicators are present, we compare estimated undiscounted future cash flows, including the eventual disposition of the asset group at market value, to the assets’ carrying value to determine if the asset group is recoverable. For an asset group that fails the test of recoverability, the estimated fair value of long-lived assets is determined using an “income approach” that starts with the forecast of all the expected future net cash flows including the eventual disposition at market value of long-lived assets, and also considers the fair market value of all precious metals. We assess the recoverability of the carrying value of long-lived assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If there is an impairment, a loss is recorded to reflect the difference between the assets’ fair value and carrying value. Refer to Note 2 (Restructuring, Impairment and Other Charges) to the Consolidated Financial Statements for more detail. |
Employee Retirement Plans | Employee Retirement Plans  Corning offers employee retirement plans consisting of defined benefit pension plans covering certain domestic and international employees and postretirement plans that provide health care and life insurance benefits for eligible retirees and dependents. The costs and obligations related to these benefits reflect the Company’s assumptions related to general economic conditions (particularly interest rates), expected return on plan assets, rate of compensation increase for employees and health care trend rates. The cost of providing plan benefits depends on demographic assumptions including retirements, mortality, turnover and plan participation.  Costs for our defined benefit pension plans consist of two elements: 1) on-going costs recognized quarterly, which are comprised of service and interest costs, expected return on plan assets and amortization of prior service costs; and 2) mark-to-market gains and losses outside of the corridor, where the corridor is equal to 10% of the greater of the benefit obligation or the market-related value of plan assets at the beginning of the year, which are recognized annually in the fourth quarter of each year. These gains and losses result from changes in actuarial assumptions for discount rates and the differences between actual and expected return on plan assets. Any interim remeasurements triggered by a curtailment, settlement or significant plan changes, as well as any true-up to the annual valuation, are recognized as a mark-to-market adjustment in the quarter in which such event occurs.  Costs for our postretirement benefit plans consist of on-going costs recognized quarterly, and are comprised of service and interest costs, amortization of prior service costs and amortization of actuarial gains and losses. We recognize the actuarial gains and losses resulting from changes in actuarial assumptions for discount rates as a component of Shareholders’ Equity on our consolidated balance sheets on an annual basis and amortize them into our operating results over the average remaining service period of employees expected to receive benefits under the plans, to the extent such gains and losses are outside of the corridor.  Refer to Note 13 (Employee Retirement Plans) to the Consolidated Financial Statements for additional detail. |
Income Taxes | Income Taxes  The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating loss and tax credit carryforwards and for differences between the carrying amounts of existing assets and liabilities and their respective tax bases.  The effective income tax rate reflects our assessment of the ultimate outcome of tax audits. In evaluating the tax benefits associated with our various tax filing positions, we record a tax benefit for uncertain tax positions using the highest cumulative tax benefit that is more likely than not to be realized. Adjustments are made to our liability for unrecognized tax benefits in the period in which we determine the issue is effectively settled with the tax authorities, the statute of limitations expires for the return containing the tax position or when new information becomes available. Our liability for unrecognized tax benefits, including accrued penalties and interest, is included in other accrued liabilities and other long-term liabilities on our consolidated balance sheets an d in income tax expense in our C onsolidated S tatements of (Loss) I ncome.  Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur. Valuation allowances are established when management is unable to conclude that it is more likely than not that some portion, or all, of the deferred tax asset will ultimately be realized. 1. Summary of Significant Accounting Policies (continued)  At December 31, 2017, Corning has not completed its accounting for the tax effects of the enactment of the 2017 Tax Act. Pursuant to SAB 118, the Company has made a reasonable estimate of the effects on its U.S. deferred tax balances, the one-time toll charge and the impact on its state valuation allowances. In addition, Corning has not made sufficient progress on estimating the impact of tax reform on its assertion regarding its indefinitely reinvested foreign earnings so the Company will continue to follow its historic position while it continues to analyze this issue. In addition, Corning’s accounting for the impact of the global intangible low-taxed income (GILTI) provisions of the 2017 Tax Act is incomplete and, as a result, it has not yet elected a policy to account for the GILTI provisions. The initial accounting is incomplete as we need additional time and information to analyze all aspects of the newly enacted law and how it impacts our worldwide operations. The additional information that needs to be obtained, prepared or analyzed in order to complete the accounting requirements includes receiving further guidance from the tax authorities; additional time to prepare basis calculations; post enactment impacts and further time to validate of our assumptions. |
Equity Method Investments | Equity Method Investments  Our equity method investments are reviewed for impairment on a periodic basis or if an event occurs or circumstances change that indicate the carrying amount may be impaired. This assessment is based on a review of the equity investments’ performance and a review of indicators of impairment to determine if there is evidence of a loss in value of an equity investment. Factors we consider include:  · Absence of our ability to recover the carrying amount; · Inability of the equity affiliate to sustain an earnings capacity which would justify the carrying amount of the investment; and · Significant litigation, bankruptcy or other events that could impact recoverability.  For an equity investment with impairment indicators, we measure fair value on the basis of discounted cash flows or other appropriate valuation methods, depending on the nature of the company involved. If it is probable that we will not recover the carrying amount of our investment, the impairment is considered other-than-temporary and recorded in earnings, and the equity investment balance is reduced to its fair value accordingly. We require our material equity method affiliates to provide audited financial statements. Consequently, adjustments for asset recoverability are included in equity earnings. We also utilize these financial statements in our recoverability assessment. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments  Major categories of financial assets and liabilities, including short-term investments, other assets and derivatives are measured at fair value on a recurring basis. Certain assets and liabilities including long-lived assets, goodwill, asset retirement obligations, and cost and equity investments are measured at fair value on a nonrecurring basis.  Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. |
Derivative Instruments | Derivative Instruments  We participate in a variety of foreign exchange forward contracts and foreign exchange option contracts entered into in connection with the management of our exposure to fluctuations in foreign exchange rates. We utilize interest rate swaps to reduce the risk of changes in a benchmark interest rate from the probable forecasted issuance of debt and to swap fixed rate interest payments into floating rate interest payments. These financial exposures are managed in accordance with corporate policies and procedures. 1. Summary of Significant Accounting Policies (continued)  All derivatives are recorded at fair value on the balance sheet. Changes in the fair value of derivatives designated as cash flow hedges and hedges of net investments in foreign operations are not recognized in current operating results but are recorded in accumulated other comprehensive income. Amounts related to cash flow hedges are reclassified from accumulated other comprehensive income when the underlying hedged item impacts earnings. This reclassification is recorde d in the same line item of the Consolidated S tatements of (Loss) I ncome as where the effects of the hedged item are recorded, typically sales, cost of sales or other (expense) income, net. Changes in the fair value of derivatives not designated as hedging instruments are recorded in the Consolidated Statements of (Loss) Income in the Translated earnings contract (loss) gain, net and the Other expense, net lines. |
New Accounting Standards | New Accounting Standards  In May 201 4, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as a new Topic, Accounting Standards Codification (“ASC”) Topic 606. The new revenue recognition standard relates to revenue from contracts with customers, which, along with amendments issued in 2015 and 2016, will supersede nearly all current U.S. GAAP guidance on this topic and eliminate industry-specific guidance. The underlying principle is to use a five-step analysis of transactions to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Corning has evaluated its material contracts, and has concluded that the impact of adopting the standard on its financial statements and related disclosure will not be material. The standard, as amended, will be effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. We will adopt the standard on a modified retrospective basis in 2018.  One of Corning’s equity affiliates is currently assessing the potential impact of adopting ASU 2014-09 on its financial statements and will adopt the standard on January 1, 2019. Preliminary analysis indicates that the impact of adoption will not have a material impact on Corning’s financial statements.  In February 201 6, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently assessing the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures.  One of Corning’s equity affiliates is currently assessing the potential impact of adopting ASU 2016-02 on its financial statements and elected to adopt the standard on January 1, 2020.  In August 201 6, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 refines how companies classify certain aspects of the cash flow statement in regards to debt prepayment, settlement of debt instruments, contingent consideration payments, proceeds from insurance claims and life insurance policies, distribution from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, and for interim periods within those fiscal years. We have determined that the impact of this standard will not be material. We will adopt this standard in 2018.  In October 201 6, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which reduces the complexity in the accounting standards by allowing the recognition of current and deferred income taxes for an intra-entity asset transfer, other than inventory, when the transfer occurs. Historically, recognition of the income tax consequence was not recognized until the asset was sold to an outside party. This amendment should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU 2016-16 is effective for annual periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. That is, earlier adoption should be in the first interim period if an entity issues interim financial statements. We have determined that the impact of this standard will not be material. We will adopt this standard in 2018. 1. Summary of Significant Accounting Policies (continued)  In January 201 7, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350). ASU 2017-04 simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted the ASU on January 1, 2017.  In March 201 7, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU 2017-07 requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The amendment should be applied retrospectively for the presentation of the service cost component and prospectively for the capitalization of the service cost component. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted at the beginning of any annual period for which an entity’s financial statements have not been issued or made available for issuance. We have determined that the impact of this standard will not be material. We will adopt this standard in 2018. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Supplemental Disclosure of Cash Flow Information |    Years ended December 31,  2017 2016 2015  Non-cash transactions:  Accruals for capital expenditures $ 584 $ 381 $ 298  Cash paid for interest and income taxes:  Interest (1) $ 178 $ 184 $ 178  Income taxes, net of refunds received $ 405 $ 293 $ 253  (1) Included in this amount are approximately $36 million , $23 million and $35 million of interest costs that were capitalized as part of property, plant and equipment , net of accumulated depreciation, in 2017 , 2016 and 2015 , respectively. |
Useful Life of Equipment |    Asset type Range of useful life   Computer hardware and software 3 to 7 years  Manufacturing equipment 2 to 15 years  Furniture and fixtures 5 to 10 years  Transportation equipment 3 to 20 years  |
Inventories, Net of Inventory32
Inventories, Net of Inventory Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories, Net of Inventory Reserves [Abstract] | |
Inventories, Net |    December 31,  2017 2016  Finished goods $ 739 $ 606  Work in process 322 303  Raw materials and accessories 306 270  Supplies and packing materials 345 292  Total inventories, net of inventory reserves $ 1,712 $ 1,471  |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Before Income Taxes |    Years ended December 31,  2017 2016 2015   U.S. companies $ 653 $ 2,658 $ 426  Non-U.S. companies 1,004 1,034 1,060  Income before income taxes $ 1,657 $ 3,692 $ 1,486  |
Current and Deferred Amounts of Provision |    Years ended December 31,  2017 2016 2015  Current:  Federal $ (20) $ (1) $ (40)  State and municipal (21) (17) (20)  Foreign (317) (287) (33)  Deferred:  Federal (1,617) 310 (144)  State and municipal (109) 48 (30)  Foreign (70) (50) 120  (Provision) benefit for income taxes $ (2,154) $ 3 $ (147)  |
Reconciliation of the U.S. Statutory Income Tax Rate to Effective Tax Rate |    Years ended December 31,  2017 2016 2015  Statutory U.S. income tax rate 35.0 % 35.0 % 35.0 %  State income tax (benefit), net of federal effect 0.8 (0.3) 0.1  Repatriation tax on accumulated previously untaxed foreign earnings 67.4  Remeasurement of deferred tax assets and liabilities 21.0  Rate difference on foreign earnings (3.9) (9.2) (19.8)  Uncertain tax positions 0.6 (0.1) 4.3  Equity earnings impact 0.1 (0.4) (5.4)  Valuation allowances 6.8 1.2 (4.2)  Realignment of Dow Corning interest (28.2)  Other items, net 2.2 1.9 (0.1)  Effective income tax rate (benefit) 130.0 % (0.1) % 9.9 %  |
Tax Effects of Temporary Differences and Carryforwards of Deferred Tax Assets and Liabilities |    December 31,  2017 2016   Loss and tax credit carryforwards $ 652 $ 1,465  Other assets 43 62  Asset impairments and restructuring reserves 94 154  Postretirement medical and life benefits 191 283  Other accrued liabilities 190  Other employee benefits 278 462  Gross deferred tax assets 1,258 2,616  Valuation allowance (456) (270)  Total deferred tax assets 802 2,346  Intangible and other assets (101) (104)  Other accrued liabilities (94)  Fixed assets (245) (234)  Total deferred tax liabilities (440) (338)  Net deferred tax assets $ 362 $ 2,008  |
Net Deferred Tax Assets |    December 31,  2017 2016   Deferred tax assets $ 813 $ 2,325  Deferred tax liabilities (451) (317)  Net deferred tax assets $ 362 $ 2,008  |
Deferred Tax Assets for Loss and Tax Credit Carryforwards |    Expiration  Amount 2017-2021 2022-2026 2027-2036 Indefinite   Net operating losses $ 497 $ 137 $ 72 $ 45 $ 243  Tax credits 155 4 135 16  Totals as of December 31, 2017 $ 652 $ 137 $ 76 $ 180 $ 259  |
Reconciliation of Unrecognized Tax Benefits |    2017 2016  Balance at January 1 $ 243 $ 253  Additions based on tax positions related to the current year 1 10  Additions for tax positions of prior years 13 4  Reductions for tax positions of prior years (18)  Settlements and lapse of statute of limitations (5) (6)  Balance at December 31 $ 252 $ 243  |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments |    Ownership December 31,  interest 2017 2016   Affiliated companies accounted for by the equity method (1) 20% to 50% $ 280 $ 269  Other investments 60 67  Subtotal Investment Assets $ 340 $ 336    Affiliated companies accounted for by the equity method - HSG (1)(2) 50% $ 105 $ 241  Subtotal Investment Liabilities $ 105 $ 241  (1) Amount reflects Corning’s direct ownership interests in the affiliated companies at December 31, 2017 and December 31, 2016. Corning does not control any of such entities. (2) HSG indirectly holds an 80.5% interest in a HSG operating partnership. The negative carrying value of the investment in HSG is recorded in Other Liabilities. |
Gain of Realignment |    Cash $ 4,818  Carrying Value of Dow Corning Equity Investment (1,560)  Carrying Value of HSG Equity Investment (383)  Other (1) (199)  Gain $ 2,676  (1) Primarily consists of the release of accumulated other comprehensive income items related to unamortized actuarial losses related to Dow Corning’s pension plan and foreign currency translation gains in the amounts of $260 million and $45 million , respectively. |
Affiliated Companies [Member] | |
Results From Operations |    Years ended December 31,  2017 2016 2015   Statement of operations:  Net sales $ 2,346 $ 4,024 $ 6,461  Gross profit $ 560 $ 1,006 $ 1,606  Net income $ 721 $ 565 $ 586  Corning’s equity in earnings of affiliated companies $ 361 $ 284 $ 299   Related party transactions:  Corning sales to affiliated companies $ 108 $ 95 $ 75  Corning purchases from affiliated companies $ 12 $ 12 $ 19  Corning transfers of assets, at cost, to affiliated companies $ 22 $ 44 $  Dividends received from affiliated companies $ 201 $ 85 $ 143   December 31,  2017 2016  Balance sheet:  Current assets $ 1,593 $ 1,522  Noncurrent assets $ 1,999 $ 2,112  Short-term borrowings, including current portion of long-term debt $ 3 $ 3  Other current liabilities $ 700 $ 715  Long-term debt $ 16 $ 23  Other long-term liabilities $ 2,128 $ 2,523  Non-controlling interest $ 313 $ 267   Related party transactions:  Balances due from affiliated companies $ 47 $ 33   |
Dow Corning Corporation [Member] | |
Results From Operations |    Years ended December 31,  2016 2015  Statement of operations:  Net sales $ 2,215 $ 5,649  Gross profit (1) $ 588 $ 1,472  Net income attributable to Dow Corning $ 163 $ 563  Corning’s equity in earnings of Dow Corning $ 82 $ 281   Related party transactions:  Corning purchases from Dow Corning $ 7 $ 15  Dividends received from Dow Corning $ 20 $ 143   (1) Gross profit for the five months ended May 31, 2016 and the twelve months ended December 31, 2015 includes R&D costs of $100 million and $233 million , respectively. |
HSG [Member] | |
Results From Operations |    Years ended December 31,  2017 2016   Statement of operations:  Net sales $ 1,716 $ 1,119  Gross profit $ 469 $ 361  Net income $ 706 $ 421  Corning’s equity in earnings of affiliated companies $ 352 $ 212   Related party transactions:  Dividends received from affiliated companies $ 196 $ 65   December 31,  2017 2016  Balance sheet:  Current assets $ 1,206 $ 1,130  Noncurrent assets $ 1,522 $ 1,745  Short-term borrowings, including current portion of long-term debt $ 3 $ 3  Other current liabilities $ 484 $ 555  Long-term debt $ 15 $ 17  Other long-term liabilities $ 2,126 $ 2,518  Non-controlling interest $ 313 $ 267   |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Recognized Amounts of Identified Assets Acquired and Liabilities Assumed |    Cash and cash equivalents $ 2  Trade receivables 63  Inventory 47  Property, plant and equipment 117  Other intangible assets 286  Other current and non-current assets 27  Current and non-current liabilities (117)  Total identified net assets 425  Purchase consideration (725)  Goodwill (1) $ 300  (1) The goodwill recognized is partially deductible for U.S. income tax purposes. The goodwill was allocated to the Optical Communications and All Other reporting segment in the amount of $213 million and $87 million , respectively. |
Property, Plant and Equipment36
Property, Plant and Equipment, Net of Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Net |    December 31,  2017 2016  Land $ 482 $ 435  Buildings 5,864 5,540  Equipment 16,648 14,973  Construction in progress 1,832 1,482  24,826 22,430  Accumulated depreciation (10,809) (9,884)  Total $ 14,017 $ 12,546  |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Carrying Amount of Goodwill by Segment |     Display Technologies Optical Communications Specialty Materials Life Sciences All Other Total  Balance at December 31, 2015 $ 128 $ 439 $ 150 $ 562 $ 101 $ 1,380  Acquired goodwill (1) 205 205  Measurement period adjustment (4) (4)  Foreign currency translation adjustment (2) 5 (4) (3) (4)  Balance at December 31, 2016 $ 126 $ 645 $ 150 $ 558 $ 98 $ 1,577  Acquired goodwill (2) 22 43 34 99  Measurement period adjustment (3) (1) 1 (28) (28)  Foreign currency translation adjustment 10 5 21 10 46  Balance at December 31, 2017 $ 136 $ 671 $ 150 $ 623 $ 114 $ 1,694  (1) The Company completed two acquisitions in the Optical Communications segment during the year ended December 31, 2016 with total purchase price of $356 million . (2) The Company completed two small acquisitions in the third quarter of 2017 which are reported in the Optical Communications and Life Sciences segment and one small acquisition in the first quarter of 2017 which is reported in All Other. (3) In the second quarter of 2017, the Company recorded measurement period adjustments of $28 million related to an acquisition completed in a previous period.  |
Other Intangible Assets |    December 31,  2017 2016  Gross Accumulated amortization Net Gross Accumulated amortization Net   Amortized intangible assets:  Patents, trademarks & trade names $ 382 $ 188 $ 194 $ 360 $ 176 $ 184  Customer list and other 884 209 675 761 149 612   Total $ 1,266 $ 397 $ 869 $ 1,121 $ 325 $ 796  |
Other Assets and Other Liabil38
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets and Other Liabilities [Abstract] | |
Other Assets |    December 31,  2017 2016  Current assets:  Contingent consideration asset $ 300  Derivative instruments 197 $ 435  Other current assets 494 370  Other current assets $ 991 $ 805   Non-current assets:  Derivative instruments $ 68 $ 146  Contingent consideration asset 289  South Korean tax deposits 319 274  Other non-current assets 547 562  Other assets $ 934 $ 1,271  |
Other Liabilities |     December 31,  2017 2016  Current liabilities:  Wages and employee benefits $ 620 $ 487  Income taxes 148 150  Derivative instruments 42 88  Asbestos and other litigation 41 75  Other current liabilities 540 616  Other accrued liabilities $ 1,391 $ 1,416   Non-current liabilities:  Defined benefit pension plan liabilities $ 713 $ 692  Derivative instruments 333 282  Asbestos and other litigation 338 388  Investment in Hemlock Semiconductor Group (1) 105 241  Customer deposits 382 382  Other non-current liabilities 1,146 820  Other liabilities $ 3,017 $ 2,805  (1) The negative carrying value resulted from a one-time charge to this entity in 2014 for the permanent abandonment of certain assets. Refer to Note 7 (Investments) to the Consolidated Financial Statements for additional information. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Long-term Debt |    December 31,  2017 2016   Current portion of long-term debt $ 379 $ 256   Long-term debt  Debentures, 1.45% , due 2017 $ 250  Debentures, 1.5% , due 2018 $ 375 374  Debentures, 6.625% , due 2019 245 245  Debentures, 4.25% , due 2020 288 290  Debentures, 8.875% , due 2021 66 67  Debentures, 2.9% , due 2022 373 372  Debentures, 3.70% , due 2023 249 248  Medium-term notes, average rate 7.66% , due through 2023 45 45  Debentures, 7.00% , due 2024 99 99  Yen-denominated debentures, .698% , due 2024 185  Yen-denominated debentures, .992% , due 2027 414  Debentures, 6.85% , due 2029 166 167  Debentures, callable, 7.25% , due 2036 248 248  Debentures, 4.70% , due 2037 248 248  Yen-denominated debentures, 1.583% , due 2037 85  Debentures, 5.75% , due 2040 397 395  Debentures, 4.75% , due 2042 496 495  Debentures, 4.375% , due 2057 743  Other, average rate 5.05% , due through 2042 406 359  Total long-term debt 5,128 3,902  Less current portion of long-term debt 379 256  Long-term debt $ 4,749 $ 3,646  |
Debt Maturities |    2018 2019 2020 2021 2022 Thereafter  $ 379 $ 254 $ 305 $ 67 $ 381 $ 3,769  |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Benefit Obligations in Excess of Fair Value of Plan Assets |    December 31,  2017 2016   Projected benefit obligation $ 3,843 $ 3,607  Fair value of plan assets $ 3,173 $ 2,787  |
Accumulated Benefit Obligation in Excess of Fair Value of Plan Assets |    December 31,  2017 2016   Accumulated benefit obligation $ 3,555 $ 3,285  Fair value of plan assets $ 3,025 $ 2,786  |
Net Periodic Benefit Expense |    Postretirement benefits  2017 2016 2015   Service cost $ 10 $ 9 $ 13  Interest cost 26 26 33  Amortization of net (loss) gain (1) (1) 3  Amortization of prior service credit (3) (4) (7)  Total net periodic benefit expense $ 32 $ 30 $ 42   Other changes in plan assets and benefit obligations recognized in other comprehensive income:  Current year actuarial loss (gain) $ 17 $ 15 $ (96)  Amortization of actuarial gain (loss) 1 1 (3)  Amortization of prior service credit 3 5 7  Total recognized in other comprehensive loss (income) $ 21 $ 21 $ (92)   Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 53 $ 51 $ (50)  |
Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost |    Pension benefits  Domestic International Postretirement benefits  2017 2016 2015 2017 2016 2015 2017 2016 2015  Discount rate 3.58 % 4.01 % 4.24 % 1.93 % 2.29 % 3.23 % 3.63 % 4.07 % 4.31 %  Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.81 % 3.97 % 3.92 %  The weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 follow:     Pension benefits  Domestic International Postretirement benefits  2017 2016 2015 2017 2016 2015 2017 2016 2015  Discount rate 4.01 % 4.24 % 4.00 % 2.29 % 3.23 % 3.21 % 4.06 % 4.31 % 4.00 %  Expected return on plan assets 6.00 % 6.00 % 6.00 % 3.97 % 3.92 % 2.97 %  Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.06 % 2.89 % 3.88 %  |
Assumed Health Care Trend Rates |    Assumed health care trend rates at December 31 2017 2016  Health care cost trend rate assumed for next year 6.50% 6.75%  Rate that the cost trend rate gradually declines to 5% 5%  Year that the rate reaches the ultimate trend rate 2024 2024  |
Effect One-percent-point Change in Assumed Health Care Cost |    One-percentage-point increase One-percentage-point decrease  Effect on annual total of service and interest cost (credit) $ 3 $ (3)  Effect on postretirement benefit obligation $ 57 $ (47)  |
Changes in Fair Value of Level 3 Assets for Defined Benefit Plans |    Level 3 Roll-Forward – Other Assets  (in millions) 2017 2016   Beginning balance $ 289 $ 246  Unrealized gains 11 43  Ending balance $ 300 $ 289  |
Estimated Future Benefit Payments and Gross Medicare to be Received |    Expected benefit payments  Domestic pension benefits International pension benefits Postretirement benefits Expected federal subsidy payments postretirement benefits  2018 $ 191 $ 23 $ 41 $ 3  2019 $ 195 $ 28 $ 41 $ 3  2020 $ 201 $ 30 $ 41 $ 3  2021 $ 210 $ 30 $ 41 $ 3  2022 $ 215 $ 33 $ 42 $ 3  2023-2027 $ 1,180 $ 192 $ 209 $ 16  |
Pension Benefits [Member] | |
Obligations and Funded Status Schedule |     Total pension benefits Domestic pension benefits International pension benefits  December 31, 2017 2016 2017 2016 2017 2016   Change in benefit obligation  Benefit obligation at beginning of year $ 3,887 $ 3,715 $ 3,289 $ 3,161 $ 598 $ 554  Service cost 92 85 66 61 26 24  Interest cost 126 124 112 111 14 13  Plan participants’ contributions 2 1 1 1 1  Actuarial loss (gain) 208 229 222 145 (14) 84  Other 3 (3) 3 1 (4)  Benefits paid (195) (210) (171) (191) (24) (19)  Foreign currency translation 65 (54) 65 (54)  Benefit obligation at end of year $ 4,188 $ 3,887 $ 3,522 $ 3,289 $ 666 $ 598   Change in plan assets  Fair value of plan assets at beginning of year $ 3,225 $ 3,058 $ 2,765 $ 2,616 $ 460 $ 442  Actual return on plan assets 413 310 395 235 18 75  Employer contributions 46 125 14 104 32 21  Plan participants’ contributions 1 1 1 1  Benefits paid (195) (210) (171) (191) (24) (19)  Foreign currency translation 49 (59) 49 (59)  Fair value of plan assets at end of year $ 3,539 $ 3,225 $ 3,004 $ 2,765 $ 535 $ 460   Funded status at end of year  Fair value of plan assets $ 3,539 $ 3,225 $ 3,004 $ 2,765 $ 535 $ 460  Benefit obligations (4,188) (3,887) (3,522) (3,289) (666) (598)  Funded status of plans $ (649) $ (662) $ (518) $ (524) $ (131) $ (138)   Amounts recognized in the consolidated balance sheets consist of:  Noncurrent asset $ 76 $ 35 $ 76 $ 35  Current liability (20) (18) $ (12) $ (13) (8) (5)  Noncurrent liability (705) (679) (506) (511) (199) (168)  Recognized liability $ (649) $ (662) $ (518) $ (524) $ (131) $ (138)   Amounts recognized in accumulated other comprehensive income consist of:  Net actuarial loss $ 300 $ 348 $ 285 $ 311 $ 15 $ 37  Prior service cost (credit) 22 30 25 31 (3) (1)  Amount recognized at end of year $ 322 $ 378 $ 310 $ 342 $ 12 $ 36   |
Net Periodic Benefit Expense |    Total pension benefits Domestic pension benefits International pension benefits  December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015   Service cost $ 92 $ 85 $ 90 $ 66 $ 61 $ 64 $ 26 $ 24 $ 26  Interest cost 126 124 144 112 111 126 14 13 18  Expected return on plan assets (174) (165) (178) (163) (153) (166) (11) (12) (12)  Amortization of prior service cost (credit) 5 6 6 6 6 7 (1) (1)  Recognition of actuarial loss 21 67 165 18 55 162 3 12 3  Settlement charge 1 1  Total net periodic benefit cost $ 70 $ 118 $ 227 $ 39 $ 81 $ 193 $ 31 $ 37 $ 34   Other changes in plan assets and benefit obligations recognized in other comprehensive income:  Settlements $ (2) $ (1) $ (2) $ (1)  Current year actuarial (gain) loss $ (30) 84 191 $ (8) 63 $ 189 $ (22) $ 21 2  Recognition of actuarial loss (21) (64) (165) (18) (55) (162) (3) (9) (3)  Amortization of prior service (cost) credit (5) (6) (6) (6) (6) (7) 1 1  Total recognized in other comprehensive (income) loss $ (56) $ 12 $ 19 $ (32) $ $ 20 $ (24) $ 12 $ (1)   |
Changes in Fair Value of Level 3 Assets for Defined Benefit Plans |    Level 3 assets – Domestic Level 3 assets – International  Year ended December 2017 Year ended December 2017  (in millions) Private equity Real estate Mortgages Insurance contracts   Beginning balance at December 31, 2016 $ 137 $ 150 $ 2   Actual return on plan assets relating to assets still held at the reporting date 7 6  Transfers in and/or out of level 3 (39) (9) $ 16  Ending balance at December 31, 2017 $ 105 $ 147 $ 16 $ 2      Level 3 assets – Domestic Level 3 assets – International  Year ended December 2016 Year ended December 2016  (in millions) Private equity Real estate Mortgages Insurance contracts   Beginning balance at December 31, 2015 $ 163 $ 61 $ 2 $ 3   Actual return on plan assets relating to assets still held at the reporting date 14 (7)  Transfers in and/or out of level 3 (40) 96 (2) (1)  Ending balance at December 31, 2016 $ 137 $ 150 $ $ 2  |
Postretirement Benefits [Member] | |
Obligations and Funded Status Schedule |    Postretirement benefits  December 31, 2017 2016   Change in benefit obligation  Benefit obligation at beginning of year $ 776 $ 763  Service cost 10 9  Interest cost 26 26  Plan participants’ contributions 8 8  Actuarial loss 17 16  Other 2  Benefits paid (50) (50)  Medicare subsidy received 2 2  Benefit obligation at end of year $ 789 $ 776   Funded status at end of year  Fair value of plan assets  Benefit obligations $ (789) $ (776)  Funded status of plans $ (789) $ (776)   Amounts recognized in the consolidated balance sheets consist of:  Current liability $ (40) $ (39)  Noncurrent liability (749) (737)  Recognized liability $ (789) $ (776)   Amounts recognized in accumulated other comprehensive income consist of:  Net actuarial loss $ 68 $ 50  Prior service credit (12) (15)  Amount recognized at end of year $ 56 $ 35  |
Domestic [Member] | Pension Benefits [Member] | |
Defined Benefit Plan Assets |     December 31, 2017 December 31, 2016  (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3)  Equity securities:  U.S. companies $ 374 $ 57 $ 317 $ 318 $ 47 $ 271  International companies 420 117 303 340 90 250   Fixed income:  U.S. corporate bonds 1,815 197 1,618 1,608 175 1,433   Private equity (1) 105 $ 105 137 $ 137  Real estate (2) 147 147 150 150  Cash equivalents 21 21 100 100  Commodities (3) 122 122 112 112  Total $ 3,004 $ 392 $ 2,360 $ 252 $ 2,765 $ 412 $ 2,066 $ 287  (1) This category includes venture capital, leverage buyouts and distressed debt limited partnerships invested primarily in U.S. companies. The inputs are valued by discounted cash flow analysis and comparable sale analysis. (2) This category includes industrial, office, apartments, hotels, infrastructure and retail investments which are limited partnerships predominately in the U.S. The inputs are valued by discounted cash flow analysis; comparable sale analysis and periodic external appraisals. (3) This category includes investments in energy, industrial metals, precious metals, agricultural and livestock primarily through futures, options, swaps and exchange traded funds. |
International [Member] | Pension Benefits [Member] | |
Defined Benefit Plan Assets |    December 31, 2017 December 31, 2016  (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3)  Equity securities:  U.S. companies $ 8 $ 8 $ 7 $ 7  International companies 29 29 26 26   Fixed income:  International fixed income 440 $ 367 73 385 $ 321 64   Insurance contracts 2 $ 2 2 $ 2  Mortgages 16 16  Cash equivalents 40 40 40 40  Total $ 535 $ 407 $ 110 $ 18 $ 460 $ 361 $ 97 $ 2  |
Commitments, Contingencies, and
Commitments, Contingencies, and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments, Contingencies and Guarantees [Abstract] | |
Obligations |    Amount of commitment and contingency expiration per period  Total Less than 1 year 1 to 3 years 3 to 5 years 5 years and thereafter  Performance bonds and guarantees $ 198 $ 88 $ 3 $ 1 $ 106  Stand-by letters of credit (1) 75 62 9 4  Credit facility to equity company 10 10  Subtotal of commitment expirations per period $ 283 $ 160 $ 12 $ 1 $ 110   Purchase obligations (2) $ 265 $ 142 $ 72 $ 21 $ 30  Capital expenditure obligations (3) 583 583  Total debt (4) 4,749 375 550 437 3,387  Interest on long-term debt (5) 3,437 195 359 314 2,569  Capital leases and financing obligations 406 4 9 11 382  Imputed interest on capital leases and financing obligations 233 19 40 39 135  Minimum rental commitments 563 74 122 91 276  Amended PCC Plan 220 35 85 100  Uncertain tax positions (6) 54  Subtotal of contractual obligation payments due by period (6) $ 10,510 $ 1,427 $ 1,237 $ 1,013 $ 6,779  Total commitments and contingencies (6) $ 10,793 $ 1,587 $ 1,249 $ 1,014 $ 6,889  (1) At December 31, 2017, $39 million of the $75 million was included in other accrued liabilities on our consolidated balance sheets. (2) Purchase obligations are enforceable and legally binding obligations which primarily consist of raw material and energy-related take-or-pay contracts . (3) Capital expenditure obligations primarily reflect amounts associated with our capital expansion activities . (4) Total debt above is stated at maturity value, and excludes interest rate swap gains/losses and bond discounts . (5) The estimate o f interest payments assumes interest is paid through the date of maturity or expiration of the related debt, based upon stated rates in the respective debt instruments . (6) At December 31, 2017, $ 54 million was included on our balance sheet related to uncertain tax positions. Of this amount, we are unable to estimate when any of that amount will become payable.  |
Minimum Rental Commitments Under Leases |    2018 2019 2020 2021 2022 2023 and thereafter  $ 74 $ 65 $ 57 $ 49 $ 42 $ 276  |
Amount of the Asbestos Litigation Liability |    Amended PCC Plan  Equity Interests Fixed Series of Payments Non-PCC Total Asbestos Litigation Liability  Fair Value of Asbestos Litigation Liability as of December 31, 2015 $ 238 $ 290 $ 150 $ 678   Contribution of PCC & PCE Equity Interest - Carrying Value (182) (182)  Gain on Contribution of Equity Interests (56) (56)  Other adjustments (1) (1)  Fair Value of Asbestos Litigation Liability as of December 31, 2016 $ 0 $ 290 $ 149 $ 439   Fixed payment (70) (70)  Other adjustments (2) (2)  Asbestos Litigation Liability as of December 31, 2017 $ 0 $ 220 $ 147 $ 367  |
Hedging Activities (Tables)
Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Hedging Activities [Abstract] | |
Summary of Notional Amounts and Respective Fair Values of Derivative Financial Instruments |     Asset derivatives Liability derivatives  Notional amount Fair value Fair value  2017 2016 Balance sheet location 2017 2016 Balance sheet location 2017 2016  Derivatives designated as hedging instruments  Foreign exchange contracts (1) $ 294 $ 458 Other current assets $ 20 $ 1 Other accrued liabilities $ (29)  Other assets 1   Interest rate contracts 550 550 Other liabilities $ (8) (5)  Derivatives not designated as hedging instruments   Foreign exchange contracts, other 599 890 Other current assets 2 11 Other accrued liabilities (7) (7)  Translated earnings contracts 14,275 16,711 Other current assets 176 423 Other accrued liabilities (34) (52)  Other assets 66 146 Other liabilities (325) (277)   Total derivatives $ 15,718 $ 18,609 $ 265 $ 581 $ (374) $ (370)  (1) Cash flow hedges with a typical duration of 24 months or less. |
Effect on Consolidated Financial Statements |     Effect of derivative instruments on the consolidated financial statements for the years ended December 31  Derivatives in hedging (Loss)/gain recognized in other comprehensive income (OCI) Location of gain/(loss) reclassified from accumulated OCI into income Gain/(loss) reclassified from accumulated OCI into income ineffective/effective (1)  relationships 2017 2016 2015 effective/ineffective 2017 2016 2015   Cash flow hedges  Net sales $ 1 $ 4 $ 20  Interest rate hedge $ (7) Cost of sales (12) (36) 6  Foreign exchange contracts $ 38 $ (33) (17) Other (expense) income, net (2) (2)   Total cash flow hedges $ 38 $ (33) $ (24) $ (13) $ (34) $ 26      Gain (loss) recognized in income  Undesignated derivatives Location of gain/(loss) recognized in income 2017 2016 2015  Foreign exchange contracts – balance sheet Translated earnings contract gain (loss), net $ (11) $ 4 $ 8  Foreign exchange contracts – loans Translated earnings contract (loss) gain, net (5) (31) (3)  Translated earnings contracts Translated earnings contract (loss) gain, net (121) (448) 80   Total undesignated $ (137) $ (475) $ 85  (1) There were no material amounts of ineffectiveness for 2017 , 2016 and 201 5 . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Major Categories of Financial Assets and Liabilities Measured on a Recurring Basis |     Fair value measurements at reporting date using  December 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs  (in millions) 2017 (Level 1) (Level 2) (Level 3)   Current assets:  Other current assets (1)(2) $ 497 $ 197 $ 300  Non-current assets:  Other assets (1) $ 68 $ 68  Current liabilities:  Other accrued liabilities (1)(2) $ 44 $ 42 $ 2  Non-current liabilities:  Other liabilities (1)(2) $ 353 $ 333 $ 20  (1) Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities. (2) At December 31, 2017, o ther current assets, other accrued liabilities and other liabilities include contingent consideration that was measured using unobservable (level 3) inp uts , in the amounts of $300 million, $2 million and $22 million, respectively .      Fair value measurements at reporting date using  December 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs  (in millions) 2016 (Level 1) (Level 2) (Level 3)   Current assets:  Short-term investments  Other current assets (1) $ 435 $ 435  Non-current assets:  Other assets (1)(2) $ 464 $ 175 $ 289  Current liabilities:  Other accrued liabilities (1) $ 88 $ 88  Non-current liabilities:  Other liabilities (1)(2) $ 282 $ 282  (1) Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities. (2) Other assets include asset-backed securities which are measured using observable quoted prices for similar assets and contingent consideration assets or liabilities which are measured by applying an option pricing model using projected future revenues. |
Other Assets |    Level 3 Roll-Forward – Other Assets  (in millions) 2017 2016   Beginning balance $ 289 $ 246  Unrealized gains 11 43  Ending balance $ 300 $ 289  |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Shareholders' Equity [Abstract] | |
Changes in Capital Stock |    Common stock Treasury stock  Shares Par value Shares Cost   Balance at December 31, 2014 1,672 $ 836 (398) $ (6,727)   Shares issued to benefit plans and for option exercises 9 4 (1)  Shares purchased for treasury (151) (2,978)  Other, net (2) (19)  Balance at December 31, 2015 1,681 $ 840 (551) $ (9,725)   Shares issued to benefit plans and for option exercises 10 6 (2)  Shares purchased for treasury (214) (4,409)  Other, net (16)  Balance at December 31, 2016 1,691 $ 846 (765) $ (14,152)   Shares issued to benefit plans and for option exercises 17 8 (2)  Shares purchased for treasury (84) (2,462)  Other, net (1) (17)  Balance at December 31, 2017 1,708 $ 854 (850) $ (16,633)  |
Accumulated Other Comprehensive Income (Loss) |     Foreign currency translation adjustments and other Unamortized actuarial gains (losses) and prior service (costs) credits Net unrealized gains (losses) on investments Net unrealized gains (losses) on designated hedges Accumulated other comprehensive income (loss)   Balance at December 31, 2014 $ (581) $ (709) $ (15) $ (2) $ (1,307)  Other comprehensive (loss) income before reclassifications (4) (487) (59) (18) (564)  Amounts reclassified from accumulated other comprehensive income (loss) (2) 105 1 (20) 86  Equity method affiliates (3) (103) 75 2 (26)  Net current-period other comprehensive (loss) income (590) 121 1 (36) (504)  Balance at December 31, 2015 $ (1,171) $ (588) $ (14) $ (38) $ (1,811)   Other comprehensive income before reclassifications (5) $ (89) $ (63) $ (2) $ (21) $ (175)  Amounts reclassified from accumulated other comprehensive income (loss) (2) 40 22 62  Equity method affiliates (3)(7) (15) 264 (1) 248  Net current-period other comprehensive (loss) income (104) 241 (3) 1 135  Balance at December 31, 2016 $ (1,275) $ (347) $ (17) $ (37) $ (1,676)   Other comprehensive income before reclassifications (6) $ 711 $ 13 $ 33 $ 757  Amounts reclassified from accumulated other comprehensive income (loss) (2) 17 $ 14 11 42  Equity method affiliates (3) 35 35  Net current-period other comprehensive (loss) income 746 30 14 44 834  Balance at December 31, 2017 $ (529) $ (317) $ (3) $ 7 $ (842)  (1) All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive income. (2) Tax effects of reclassifications are disclosed separately in this Note 17. (3) Tax effects related to equity method affiliates are not significant in the reported periods except for the tax expense of $20 million related to the pension component in 2016. (4) Amounts are net of total tax benefit of $86 million , including $45 million related to the foreign currency translation adjustments, $35 million related to the retirement plans component and $6 million related to the hedges component. (5) Amounts are net of total tax benefit of $52 million , including $36 million related to the retirement plans component, $12 million related to the hedges component, $3 million related to the foreign currency translation adjustments and $1 million related to the investments component. (6) Amounts are net of total tax expense of $97 million , including $88 million related to the foreign currency translation adjustments, $5 million related to the hedges component and $4 million related to the retirement plans component. Most of the changes in equity method affiliate accumulated other comprehensive income components in 2016 relate to disposal transactions with amounts reclassified to the income statement. |
Reclassifications Out of Accumulated Other Comprehensive Income by Component |     Reclassifications Out of Accumulated Other Comprehensive Income (AOCI) by Component (1)  Amount reclassified from AOCI Affected line item  Years ended December 31, in the consolidated  Details about AOCI Components 2017 2016 2015 statements of income   Amortization of net actuarial loss $ (20) $ (62) $ (168) (2)  Amortization of prior service (cost) credit (2) (1) 1 (2)  (22) (63) (167) Total before tax  5 23 62 Tax benefit  $ (17) $ (40) $ (105) Net of tax   Realized gains (losses) on investments $ (3) $ (1) Other income (expense), net  (11) Tax expense  $ (14) $ (1) Net of tax   Realized (losses) gains on designated hedges $ 1 $ 4 $ 20 Sales  (12) (36) 6 Cost of sales  (2) (2) Other expense (income), net  (13) (34) 26 Total before tax  2 12 (6) Tax benefit (expense)  $ (11) $ (22) $ 20 Net of tax   Total reclassifications for the period $ (42) $ (62) $ (86) Net of tax  (1) Amounts in parentheses indicate debits to the statement of income. (2) These accumulated other comprehensive income components are included in net periodic pension cost. See Note 13 (Employee Retirement Plans) to the Consolidated Financial Statements for additional details. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per Common Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share |    Years ended December 31,  2017 2016 2015  Net (loss) income attributable to Corning Incorporated $ (497) $ 3,695 $ 1,339  Less: Series A convertible preferred stock dividend 98 98 98  Net (loss) income available to common stockholders - basic (595) 3,597 1,241  Plus: Series A convertible preferred stock dividend 98 98  Net (loss) income available to common stockholders - diluted $ (595) $ 3,695 $ 1,339   Weighted-average common shares outstanding - basic 895 1,020 1,219  Effect of dilutive securities:  Stock options and other dilutive securities 9 9  Series A convertible preferred stock (1) 115 115  Weighted-average common shares outstanding - diluted 895 1,144 1,343  Basic (loss) earnings per common share $ (0.66) $ 3.53 $ 1.02  Diluted (loss) earnings per common share $ (0.66) $ 3.23 $ 1.00   Anti-dilutive potential shares excluded from diluted (loss) earnings per common share:  Series A convertible preferred stock dividend (1) 115  Employee stock options and awards 13 15 22  Accelerated share repurchase forward contract 15  Total 128 15 37  |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Summary of Information Concerning Stock Options Outstanding Including the Related Transactions under the Stock Option Plans |    Number of shares (in thousands) Weighted- average exercise price Weighted- average remaining contractual term in years Aggregate intrinsic value (in thousands)  Options Outstanding as of December 31, 2016 31,507 $ 19.40  Granted 1,507 27.01  Exercised (14,615) 21.13  Forfeited and expired (265) 23.22  Options outstanding as of December 31, 2017 18,134 18.59 4.63 $ 243,055  Options expected to vest as of December 31, 2017 18,098 18.58 4.62 242,773  Options exercisable as of December 31, 2017 13,487 17.14 3.38 200,246  |
Inputs Used for Valuation of Option Grants under Stock Option Plans |    2017 2016 2015  Expected volatility 32.4 - 36.1 % 37.1 - 43.1 % 43.6 - 44.9 %  Weighted-average volatility 36.1% 41.0% 44.6%  Expected dividends 1.98 - 2.28 % 2.28 - 2.94 % 1.92 - 2.68 %  Risk-free rate 2.1 - 2.3 % 1.4 - 2.1 % 1.9 - 2.1 %  Expected term (in years) 7.4 - 7.4 7.4 - 7.4 7.2 - 7.2  Pre-vesting departure rate 0.6 - 0.6 % 0.6 - 0.6 % 0.6 - 0.6 %  |
Summary of the Status of Non-vested Time-based Restricted Stock and Restricted Stock Units |    Shares (000’s) Weighted- average grant-date fair value  Non-vested shares and share units at December 31, 2016 4,640 $ 20.15  Granted 1,859 28.16  Vested (1,457) 20.48  Forfeited (109) 22.72  Non-vested shares and share units at December 31, 2017 4,933 $ 23.02  |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reportable Segments [Abstract] | |
Reportable Segments |     Display Technologies Optical Communications Environmental Technologies Specialty Materials Life Sciences All Other Total   For the year ended December 31, 2017  Net sales $ 2,997 $ 3,545 $ 1,106 $ 1,403 $ 879 $ 186 $ 10,116  Depreciation (1) $ 534 $ 193 $ 124 $ 129 $ 52 $ 45 $ 1,077  Amortization of purchased intangibles $ 48 $ 22 $ 5 $ 75  Research, development and engineering expenses (2) $ 88 $ 174 $ 113 $ 152 $ 22 $ 211 $ 760  Income tax (provision) benefit $ (394) $ (188) $ (69) $ (124) $ (31) $ 114 $ (692)  Net income (loss) (3) $ 831 $ 341 $ 127 $ 249 $ 64 $ (229) $ 1,383  Investment in affiliated companies, at equity $ 134 $ 2 $ 3 $ 140 $ 279  Segment assets (4) $ 8,662 $ 2,599 $ 1,402 $ 2,155 $ 538 $ 824 $ 16,180  Capital expenditures $ 795 $ 505 $ 157 $ 223 $ 42 $ 156 $ 1,878   For the year ended December 31, 2016  Net sales $ 3,238 $ 3,005 $ 1,032 $ 1,124 $ 839 $ 152 $ 9,390  Depreciation (1) $ 598 $ 175 $ 129 $ 109 $ 58 $ 50 $ 1,119  Amortization of purchased intangibles $ 35 $ 20 $ 8 $ 63  Research, development and engineering expenses (2) $ 45 $ 147 $ 102 $ 126 $ 24 $ 191 $ 635  Income tax (provision) benefit $ (372) $ (129) $ (65) $ (85) $ (28) $ 114 $ (565)  Net income (loss) (3) $ 935 $ 245 $ 133 $ 174 $ 58 $ (240) $ 1,305  Investment in affiliated companies, at equity $ 41 $ (1) $ 32 $ 252 $ 324  Segment assets (4) $ 8,032 $ 2,010 $ 1,267 $ 1,604 $ 504 $ 750 $ 14,167  Capital expenditures $ 464 $ 245 $ 97 $ 120 $ 39 $ 56 $ 1,021   For the year ended December 31, 2015  Net sales $ 3,086 $ 2,980 $ 1,053 $ 1,107 $ 821 $ 64 $ 9,111  Depreciation (1) $ 605 $ 163 $ 125 $ 112 $ 60 $ 43 $ 1,108  Amortization of purchased intangibles $ 32 $ 20 $ 1 $ 53  Research, development and engineering expenses (2) $ 105 $ 138 $ 93 $ 113 $ 23 $ 186 $ 658  Income tax (provision) benefit $ (499) $ (115) $ (78) $ (85) $ (30) $ 89 $ (718)  Net income (loss) (3) $ 1,095 $ 237 $ 161 $ 167 $ 61 $ (202) $ 1,519  Investment in affiliated companies, at equity $ 43 $ 1 $ 32 $ 261 $ 337  Segment assets (4) $ 8,344 $ 1,783 $ 1,288 $ 1,407 $ 514 $ 738 $ 14,074  Capital expenditures $ 594 $ 171 $ 117 $ 88 $ 32 $ 57 $ 1,059  (1) Depreciation expense for Corning’s reportable segments includes an allocation of depreciation of corporate property not specifically identifiable to a segment. (2) Research, development and engineering expenses include direct project spending that is identifiable to a segment. (3) Many of Corning’s administrative and staff functions are performed on a centralized basis. Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function. Other staff functions, such as corporate finance, human resources and legal are allocated to segments, primarily as a percentage of sales. (4) Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation, and associated equity companies and cost investments. |
Reconciliation of Reportable Segment Net Income to Consolidated Net Income |     Years ended December 31,  2017 2016 2015  Net income of reportable segments $ 1,612 $ 1,545 $ 1,721  Net loss of All Other (229) (240) (202)  Unallocated amounts:  Net financing costs (1) (110) (107) (111)  Share-based compensation expense (46) (42) (46)  Exploratory research (98) (107) (109)  Corporate contributions (36) (49) (52)  Gain on realignment of equity investment 2,676  Equity in earnings of affiliated companies, net of impairments (2) 353 292 291  Unrealized loss on translated earnings contracts (391) (649) (573)  Resolution of Department of Justice investigation (98)  Income tax (provision) benefit (1,462) 568 571  Other corporate items (90) (94) (151)  Net (loss) income $ (497) $ 3,695 $ 1,339  (1) Net financing costs include interest income, interest expense, and interest costs and investment gains and losses associated with benefit plans. (2) Primarily represents the equity earnings of Hemlock Semiconductor Group in 2017 and 2016, and Dow Corning in 2015. |
Reconciliation of Reportable Segment Assets to Consolidated Total Assets |     December 31,  2017 2016 2015  Total assets of reportable segments $ 15,356 $ 13,417 $ 13,336  Non-reportable segments 824 750 738  Unallocated amounts:  Current assets (1) 5,315 6,070 5,488  Investments (2) 61 12 1,638  Property, plant and equipment, net (3) 1,628 1,681 1,692  Other non-current assets (4) 4,310 5,969 5,635  Total assets $ 27,494 $ 27,899 $ 28,527  (1) Includes current corporate assets, primarily cash, short-term investments, current portion of long-term derivative assets and deferred taxes. (2) Primarily represents corporate equity and cost basis investments in 2017 and 2016, and Dow Corning in 2015. Asset balance does not include equity method affiliate liability balance of $105 and $241 for Hemlock Semiconductor Group in 2017 2016, respectively. (3) Represents corporate property not specifically identifiable to an operating segment. (4) Includes non-current corporate assets, pension assets, long-term derivative assets and deferred taxes. |
Selected Financial Information On Product Lines and Reportable Segments |    Years Ended December 31,  Revenues from External Customers 2017 2016 2015  Display Technologies $ 2,997 $ 3,238 $ 3,086   Optical Communications  Carrier network 2,720 2,274 2,194  Enterprise network 825 731 786   Total Optical Communications 3,545 3,005 2,980   Environmental Technologies  Automotive and other 627 585 528  Diesel 479 447 525   Total Environmental Technologies 1,106 1,032 1,053   Specialty Materials  Corning Gorilla Glass 1,044 807 810  Advanced optics and other specialty glass 359 317 297   Total Specialty Materials 1,403 1,124 1,107   Life Sciences  Labware 524 512 512  Cell culture products 355 327 309   Total Life Science 879 839 821   All Other 186 152 64  $ 10,116 $ 9,390 $ 9,111  |
Information Concerning Principal Geographic Areas |     2017 2016 2015  Net sales (2) Long-lived assets (1) Net sales (2) Long-lived assets (1) Net sales (2) Long-lived assets (1)   North America  United States $ 3,146 $ 6,402 $ 2,625 $ 6,473 $ 2,719 $ 8,241  Canada 287 138 282 142 244 144  Mexico 27 174 50 134 37 135  Total North America 3,460 6,714 2,957 6,749 3,000 8,520   Asia Pacific  Japan 455 1,015 450 1,008 440 1,160  Taiwan 846 2,357 840 2,347 841 2,301  China 2,230 1,955 2,083 1,140 1,869 1,036  Korea 1,286 3,858 1,444 3,413 1,501 3,552  Other 378 160 363 167 331 98  Total Asia Pacific 5,195 9,345 5,180 8,075 4,982 8,147   Europe  Germany 426 201 363 154 326 189  Other 701 1,548 617 1,354 565 1,297  Total Europe 1,127 1,749 980 1,508 891 1,486   All Other 334 46 273 44 238 36  Total $ 10,116 $ 17,854 $ 9,390 $ 16,376 $ 9,111 $ 18,189  (1) Long-lived assets primarily include investments, plant and equipment, goodwill and other intangible assets. In 2015, assets in the U.S. include the investment in Dow Corning. (2) Net sales are attributed to countries based on location of customer. |
Quarterly Operating Results (Ta
Quarterly Operating Results (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Operating Results |     2017 First quarter Second quarter Third quarter Fourth quarter Total year   Net sales $ 2,375 $ 2,497 $ 2,607 $ 2,637 $ 10,116  Gross margin $ 957 $ 985 $ 1,056 $ 1,034 $ 4,032  Equity in earnings of affiliated companies $ 80 $ 37 $ 31 $ 213 $ 361  Benefit (provision) for income taxes $ 66 $ (153) $ (89) $ (1,978) $ (2,154)  Net income (loss) attributable to Corning Incorporated $ 86 $ 439 $ 390 $ (1,412) $ (497)   Basic earnings (loss) per common share $ 0.07 $ 0.46 $ 0.41 $ (1.66) $ (0.66)  Diluted earnings (loss) per common share $ 0.07 $ 0.42 $ 0.39 $ (1.66) $ (0.66)      2016 First quarter Second quarter Third quarter Fourth quarter Total year   Net sales $ 2,047 $ 2,360 $ 2,507 $ 2,476 $ 9,390  Gross margin $ 764 $ 951 $ 1,041 $ 990 $ 3,746  Equity in earnings of affiliated companies $ 59 $ 41 $ 19 $ 165 $ 284  Benefit (provision) for income taxes $ 304 $ 504 $ 27 $ (832) $ 3  Net income attributable to Corning Incorporated $ (368) $ 2,207 $ 284 $ 1,572 $ 3,695   Basic (loss) earnings per common share $ (0.36) $ 2.06 $ 0.27 $ 1.64 $ 3.53  Diluted (loss) earnings per common share $ (0.36) $ 1.87 $ 0.26 $ 1.47 $ 3.23  |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | May 31, 2016 | May 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Minimum Voting Securities Owned | 20.00% | ||||
Research and development costs | $ 689 | $ 637 | $ 638 | ||
Foreign currency transaction gains (losses) | $ 20 | $ 21 | (22) | ||
Benchmark Percentage of Benefit Obligation or Market Related Value of Plan Assets | 10.00% | ||||
Minimum [Member] | |||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||
Intangible asset estimated useful lives | 4 years | ||||
Maximum [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Intangible asset estimated useful lives | 50 years | ||||
Building [Member] | Minimum [Member] | |||||
Estimated useful lives | 10 years | ||||
Building [Member] | Maximum [Member] | |||||
Estimated useful lives | 40 years | ||||
Equipment [Member] | Minimum [Member] | |||||
Estimated useful lives | 2 years | ||||
Equipment [Member] | Maximum [Member] | |||||
Estimated useful lives | 20 years | ||||
Dow Corning Corporation [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | ||||
Equity Method Investments | $ 4,800 | $ 4,800 | |||
Research and development costs | $ 100 | $ 233 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Supplemental Disclosure of Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Summary of Significant Accounting Policies [Abstract] | ||||
Accruals for capital expenditures | $ 584 | $ 381 | $ 298 | |
Interest | [1] | 178 | 184 | 178 |
Income taxes, net of refunds received | 405 | 293 | 253 | |
Interest costs capitalized | $ 36 | $ 23 | $ 35 | |
[1] | Included in this amount are approximately $36 million, $23 million and $35 million of interest costs that were capitalized as part of property, plant and equipment, net of accumulated depreciation, in 2017, 2016 and 2015, respectively. |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Useful Life of Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Computer Hardware and Software [Member] | Minimum [Member] | |
Useful Life | 3 years |
Computer Hardware and Software [Member] | Maximum [Member] | |
Useful Life | 7 years |
Manufacturing Equipment [Member] | Minimum [Member] | |
Useful Life | 2 years |
Manufacturing Equipment [Member] | Maximum [Member] | |
Useful Life | 15 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Useful Life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Useful Life | 10 years |
Transportation Equipment [Member] | Minimum [Member] | |
Useful Life | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Useful Life | 20 years |
Restructuring, Impairment and52
Restructuring, Impairment and Other Charges (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring, impairment and other charges (Note 2) | $ 0 | $ 77 | $ 0 |
Payments for Restructuring | $ 4 | 12 | $ 40 |
Employee Related Costs [Member] | |||
Restructuring Charges | 14 | ||
Asset Disposals [Member] | |||
Asset Impairment Charges | 62 | ||
Minor Segment Restructurings, Exit Costs [Member] | |||
Restructuring Charges | $ 1 |
Available-for-sale Investments
Available-for-sale Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Investments [Abstract] | |||
Available-for-sale Securities, Noncurrent | $ 29 | $ 33 | |
Available-for-sale Securities, Amortized Cost Basis | 32 | 37 | |
Proceeds from Sale of Short-term Investments | $ 29 | $ 121 | $ 1,629 |
Significant Customers (Narrativ
Significant Customers (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Samsung Display Co., Ltd. [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 11.00% | 11.00% |
Inventories, Net of Inventory55
Inventories, Net of Inventory Reserves (Inventories, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories, Net of Inventory Reserves [Abstract] | ||
Finished goods | $ 739 | $ 606 |
Work in process | 322 | 303 |
Raw materials and accessories | 306 | 270 |
Supplies and packing materials | 345 | 292 |
Total inventories, net of inventory reserves | $ 1,712 | $ 1,471 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax benefit (provision) | $ 1,978 | $ 89 | $ 153 | $ (66) | $ 832 | $ (27) | $ (504) | $ (304) | $ 2,154 | $ (3) | $ 147 |
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense (Benefit) | 347 | ||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense (Benefit) | 1,100 | ||||||||||
Tax Cuts and Jobs Act of 2017, Alternative Minimum Tax Credit Carryforward | 28 | 28 | |||||||||
Tax Cuts and Jobs Act of 2017, Net Operating Loss Carryforward | 34 | $ 34 | |||||||||
Tax Cuts and Jobs Act of 2017, Net Operating Loss Carryback, Period | 2 years | ||||||||||
Tax Cuts and Jobs Act of 2017, Net Operating Loss Carryforward, Period | 20 years | ||||||||||
Tax Cuts and Jobs Act of 2017, Foreign Tax Credit Carryforward | 49 | $ 49 | |||||||||
Deferred Tax Assets, Valuation Allowance | 456 | 270 | 456 | 270 | |||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 97 | $ 92 | $ 97 | $ 92 | |||||||
Percentage of United States Subsidiaries Join in Filing of Consolidated United States Federal Income Tax Returns | 80.00% | ||||||||||
Statutory U.S. income tax rate | 35.00% | 35.00% | 35.00% | ||||||||
Undistributed Earnings of Foreign Subsidiaries | 16,900 | $ 16,900 | |||||||||
Foreign Earnings Repatriated | 2,000 | ||||||||||
Receivable, Noncurrent, Disputed Tax Deposit | $ 319 | $ 319 | |||||||||
Tax Year 2018 [Member] | |||||||||||
Statutory U.S. income tax rate | 21.00% | ||||||||||
Foreign Tax Authority [Member] | National Tax Agency, Japan [Member] | Tax Year 2009 [Member] | |||||||||||
Open Tax Year | 2,009 | ||||||||||
Foreign Tax Authority [Member] | National Tax Agency, Japan [Member] | Tax Year 2015 and Onward [Member] | |||||||||||
Open Tax Year | 2,015 | ||||||||||
Foreign Tax Authority [Member] | National Tax Administration of Taiwan [Member] | Tax Year 2015 and Onward [Member] | |||||||||||
Open Tax Year | 2,015 | ||||||||||
Foreign Tax Authority [Member] | National Tax Service of Korea [Member] | Tax Year 2015 and Onward [Member] | |||||||||||
Open Tax Year | 2,015 | ||||||||||
Minimum [Member] | |||||||||||
US Statutes of Limitations Period | 3 years | ||||||||||
Foreign Statutes of Limitations Period | 3 years | ||||||||||
Maximum [Member] | |||||||||||
US Statutes of Limitations Period | 5 years | ||||||||||
Foreign Statutes of Limitations Period | 7 years | ||||||||||
Accounting Standards Update 2016-09 [Member] | |||||||||||
Cumulative tax benefits in beginning retained earnings | $ 233 |
Income Taxes (Income Before Inc
Income Taxes (Income Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
U.S. companies | $ 653 | $ 2,658 | $ 426 |
Non-U.S. companies | 1,004 | 1,034 | 1,060 |
Income before income taxes | $ 1,657 | $ 3,692 | $ 1,486 |
Income Taxes (Current and Defer
Income Taxes (Current and Deferred Amounts of Provision) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||
Federal | $ (20) | $ (1) | $ (40) | ||||||||
State and municipal | (21) | (17) | (20) | ||||||||
Foreign | (317) | (287) | (33) | ||||||||
Deferred: | |||||||||||
Federal | (1,617) | 310 | (144) | ||||||||
State and municipal | (109) | 48 | (30) | ||||||||
Foreign | (70) | (50) | 120 | ||||||||
Benefit (provision) for income taxes | $ (1,978) | $ (89) | $ (153) | $ 66 | $ (832) | $ 27 | $ 504 | $ 304 | $ (2,154) | $ 3 | $ (147) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the U.S. Statutory Income Tax Rate to Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Statutory U.S. income tax rate | 35.00% | 35.00% | 35.00% |
State income tax (benefit), net of federal effect | 0.80% | (0.30%) | 0.10% |
Repatriation tax on accumulated previously untaxed foreign earnings | 67.40% | ||
Remeasurement of deferred tax assets and liabilities | 21.00% | ||
Rate difference on foreign earnings | (3.90%) | (9.20%) | (19.80%) |
Uncertain tax positions | 0.60% | (0.10%) | 4.30% |
Equity earnings impact | 0.10% | (0.40%) | (5.40%) |
Valuation allowances | 6.80% | 1.20% | (4.20%) |
Realignment of Dow Corning interest | (28.20%) | ||
Other items, net | 2.20% | 1.90% | (0.10%) |
Effective income tax (benefit) rate | 130.00% | (0.10%) | 9.90% |
Income Taxes (Tax Effects of Te
Income Taxes (Tax Effects of Temporary Differences and Carryforwards of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Loss and tax credit carryforwards | $ 652 | $ 1,465 |
Other assets | 43 | 62 |
Asset impairments and restructuring reserves | 94 | 154 |
Postretirement medical and life benefits | 191 | 283 |
Other accrued liabilities | 190 | |
Other employee benefits | 278 | 462 |
Gross deferred tax assets | 1,258 | 2,616 |
Valuation allowance | (456) | (270) |
Total deferred tax assets | 802 | 2,346 |
Intangible and other assets | (101) | (104) |
Other accrued liabilities | (94) | |
Fixed assets | (245) | (234) |
Total deferred tax liabilities | (440) | (338) |
Net deferred tax assets | $ 362 | $ 2,008 |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Deferred tax assets | $ 813 | $ 2,325 |
Deferred tax liabilities | (451) | (317) |
Net deferred tax assets | $ 362 | $ 2,008 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets for Loss and Tax Credit Carryforwards) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Net operating losses | $ 497 | |
Tax credits | 155 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | 652 | $ 1,465 |
Tax Years 2017 Through 2021 [Member] | ||
Net operating losses | 137 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | 137 | |
Tax Years 2022 Through 2026 [Member] | ||
Net operating losses | 72 | |
Tax credits | 4 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | 76 | |
Tax Years 2027 Through 2036 [Member] | ||
Net operating losses | 45 | |
Tax credits | 135 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | 180 | |
Indefinite [Member] | ||
Net operating losses | 243 | |
Tax credits | 16 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | $ 259 |
Income Taxes (Reconciliation 63
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | ||
Balance at January 1 | $ 243 | $ 253 |
Additions based on tax positions related to the current year | 1 | 10 |
Additions for tax positions of prior years | 13 | 4 |
Reductions for tax positions of prior years | (18) | |
Settlements and lapse of statute of limitations | (5) | (6) |
Balance at December 31 | $ 252 | $ 243 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | May 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | |
Removal of Carrying Value of Equity Method Investment | $ 383 | $ (383) | ||
Release of Deferred Tax Liabilities | 105 | |||
Realignment of Equity Investment, Gain (Loss) | $ 2,676 | |||
Dow Corning Corporation [Member] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | |||
Equity Method Investments | $ 4,800 | |||
Pittsburgh Corning Corporation PCC [Member] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
HSG [Member] | ||||
Equity Method Investment, Ownership Percentage | [1],[2] | 50.00% | ||
PPG Industries, Inc. [Member] | Pittsburgh Corning Corporation PCC [Member] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
[1] | Amount reflects Corning's direct ownership interests in the affiliated companies at December 31, 2017 and December 31, 2016. Corning does not control any of such entities. | |||
[2] | HSG indirectly holds an 80.5% interest in a HSG operating partnership. The negative carrying value of the investment in HSG is recorded in Other Liabilities. |
Investments (Investments) (Deta
Investments (Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2016 | |
Other investments | $ 60 | $ 67 | ||
Investment assets | 340 | 336 | ||
Investment liabilities | 105 | 241 | ||
Dow Corning Corporation [Member] | ||||
Ownership interest | 50.00% | |||
Investment in affiliated companies, at equity | $ 4,800 | |||
All Other [Member] | ||||
Investment in affiliated companies, at equity | [1] | $ 280 | 269 | |
HSG [Member] | ||||
Ownership interest | [1],[2] | 50.00% | ||
Investment liabilities | [1],[2] | $ 105 | $ 241 | |
HSG [Member] | HSC Operating Partnership [Member] | ||||
Ownership interest | 80.50% | |||
Minimum [Member] | ||||
Ownership interest | 20.00% | |||
Maximum [Member] | ||||
Ownership interest | 50.00% | |||
[1] | Amount reflects Corning's direct ownership interests in the affiliated companies at December 31, 2017 and December 31, 2016. Corning does not control any of such entities. | |||
[2] | HSG indirectly holds an 80.5% interest in a HSG operating partnership. The negative carrying value of the investment in HSG is recorded in Other Liabilities. |
Investments (Results From Opera
Investments (Results From Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | May 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Corning’s equity in earnings of affiliated companies | $ 213 | $ 31 | $ 37 | $ 80 | $ 165 | $ 19 | $ 41 | $ 59 | $ 361 | $ 284 | $ 299 | ||
Dividends received from affiliated companies | 201 | 85 | 143 | ||||||||||
Research and development costs | 689 | 637 | 638 | ||||||||||
Affiliated Companies [Member] | |||||||||||||
Net sales | 2,346 | 4,024 | 6,461 | ||||||||||
Gross profit | 560 | 1,006 | 1,606 | ||||||||||
Net income | 721 | 565 | 586 | ||||||||||
Corning’s equity in earnings of affiliated companies | 361 | 284 | 299 | ||||||||||
Corning sales to affiliated companies | 108 | 95 | 75 | ||||||||||
Corning purchases from affiliated companies | 12 | 12 | 19 | ||||||||||
Corning transfers of assets, at cost, to affiliated companies | 22 | 44 | |||||||||||
Dividends received from affiliated companies | 201 | 85 | 143 | ||||||||||
Current assets | 1,593 | 1,522 | 1,593 | 1,522 | |||||||||
Noncurrent assets | 1,999 | 2,112 | 1,999 | 2,112 | |||||||||
Short-term borrowings, including current portion of long-term debt | 3 | 3 | 3 | 3 | |||||||||
Other current liabilities | 700 | 715 | 700 | 715 | |||||||||
Long-term debt | 16 | 23 | 16 | 23 | |||||||||
Other long-term liabilities | 2,128 | 2,523 | 2,128 | 2,523 | |||||||||
Non-controlling interest | 313 | 267 | 313 | 267 | |||||||||
Balances due from affiliated companies | 47 | 33 | 47 | 33 | |||||||||
HSG [Member] | |||||||||||||
Net sales | 1,716 | 1,119 | |||||||||||
Gross profit | 469 | 361 | |||||||||||
Net income | 706 | 421 | |||||||||||
Corning’s equity in earnings of affiliated companies | 352 | 212 | |||||||||||
Dividends received from affiliated companies | 196 | 65 | |||||||||||
Current assets | 1,206 | 1,130 | 1,206 | 1,130 | |||||||||
Noncurrent assets | 1,522 | 1,745 | 1,522 | 1,745 | |||||||||
Short-term borrowings, including current portion of long-term debt | 3 | 3 | 3 | 3 | |||||||||
Other current liabilities | 484 | 555 | 484 | 555 | |||||||||
Long-term debt | 15 | 17 | 15 | 17 | |||||||||
Other long-term liabilities | 2,126 | 2,518 | 2,126 | 2,518 | |||||||||
Non-controlling interest | $ 313 | $ 267 | $ 313 | 267 | |||||||||
Dow Corning Corporation [Member] | |||||||||||||
Net sales | 2,215 | 5,649 | |||||||||||
Gross profit | [1] | 588 | 1,472 | ||||||||||
Net income | 163 | 563 | |||||||||||
Corning’s equity in earnings of affiliated companies | 82 | 281 | |||||||||||
Corning purchases from affiliated companies | 7 | 15 | |||||||||||
Dividends received from affiliated companies | $ 20 | 143 | |||||||||||
Research and development costs | $ 100 | $ 233 | |||||||||||
[1] | Gross profit for the five months ended May 31, 2016 and the twelve months ended December 31, 2015 includes R&D costs of $100 million and $233 million, respectively. |
Investments (Gain of Realignmen
Investments (Gain of Realignment) (Details) - USD ($) $ in Millions | May 31, 2016 | Dec. 31, 2016 | |
Gain of Realignment [Line Items] | |||
Cash | $ 4,818 | ||
Carrying Value of Dow Corning Equity Investment | (1,560) | ||
Carrying Value of HSG Equity Investment | $ 383 | (383) | |
Other | [1] | (199) | |
Gain | 2,676 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Gain of Realignment [Line Items] | |||
Defined Benefit Plan, Actuarial Gain (Loss) | 260 | ||
Foreign Currency Transaction Gain, before Tax | $ 45 | ||
[1] | Primarily consists of the release of accumulated other comprehensive income items related to unamortized actuarial losses related to Dow Corning's pension plan and foreign currency translation gains in the amounts of $260 million and $45 million, respectively. |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)item | |
Number of Businesses Acquired | item | 5 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Selling, General and Administrative Expenses [Member] | |
Business Combination, Acquisition Related Costs | $ | $ 11 |
Acquisitions (Recognized Amount
Acquisitions (Recognized Amounts of Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | ||
Goodwill | $ 1,577 | $ 1,380 | $ 1,694 | |
Optical Communications [Member] | ||||
Purchase consideration | (356) | |||
Goodwill | 645 | 439 | 671 | |
Display Technologies [Member] | ||||
Goodwill | $ 126 | 128 | $ 136 | |
Five Acquisitions [Member] | ||||
Cash and cash equivalents | 2 | |||
Trade receivables | 63 | |||
Inventory | 47 | |||
Property, plant and equipment | 117 | |||
Other intangible assets | 286 | |||
Other current and non-current assets | 27 | |||
Current and non-current liabilities | (117) | |||
Total identified net assets | 425 | |||
Purchase consideration | (725) | |||
Goodwill | [1] | 300 | ||
Five Acquisitions [Member] | Optical Communications [Member] | ||||
Goodwill | 213 | |||
Five Acquisitions [Member] | All Other [Member] | ||||
Goodwill | $ 87 | |||
[1] | The goodwill recognized is partially deductible for U.S. income tax purposes. The goodwill was allocated to the Optical Communications and All Other reporting segment in the amount of $213 million and $87 million, respectively. |
Property, Plant and Equipment70
Property, Plant and Equipment, Net of Accumulated Depreciation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment, Net of Accumulated Depreciation [Abstract] | |||
Interest Costs Capitalized | $ 36 | $ 23 | $ 35 |
Precious Metals | 3,000 | 3,000 | |
Depletion | $ 13 | $ 20 | $ 19 |
Property, Plant and Equipment71
Property, Plant and Equipment, Net of Accumulated Depreciation (Property, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, plant and equipment | $ 24,826 | $ 22,430 |
Accumulated depreciation | (10,809) | (9,884) |
Total | 14,017 | 12,546 |
Land [Member] | ||
Property, plant and equipment | 482 | 435 |
Building [Member] | ||
Property, plant and equipment | 5,864 | 5,540 |
Equipment [Member] | ||
Property, plant and equipment | 16,648 | 14,973 |
Construction in Progress [Member] | ||
Property, plant and equipment | $ 1,832 | $ 1,482 |
Goodwill and Other Intangible72
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)item | |
Goodwill and Other Intangible Assets [Abstract] | |||
Number of Businesses Acquired | item | 5 | ||
Goodwill, Gross | $ 8,200 | $ 8,100 | |
Goodwill, Impaired, Accumulated Impairment Loss | 6,500 | 6,500 | |
Finite-Lived Intangible Assets, Period Increase (Decrease) | 73 | ||
Finite-lived Intangible Assets Acquired | 131 | ||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | 17 | ||
Amortization of Intangible Assets | 75 | $ 64 | $ 54 |
Finite-Lived Intangible Assets, Amortization Expense, 2018 | 72 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2019 | 72 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2020 | 71 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2021 | 71 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2022 | $ 71 |
Goodwill and Other Intangible73
Goodwill and Other Intangible Assets (Carrying Amount of Goodwill by Segment) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)item | ||||
Balance | $ 1,577 | $ 1,380 | |||
Acquired goodwill | 99 | [1] | 205 | [2] | |
Measurement period adjustment | (28) | [3] | (4) | ||
Foreign currency translation adjustment | 46 | (4) | |||
Balance | 1,694 | 1,577 | |||
Display Technologies [Member] | |||||
Balance | 126 | 128 | |||
Foreign currency translation adjustment | 10 | (2) | |||
Balance | 136 | 126 | |||
Optical Communications [Member] | |||||
Balance | 645 | 439 | |||
Acquired goodwill | 22 | [1] | 205 | [2] | |
Measurement period adjustment | (1) | [3] | (4) | ||
Foreign currency translation adjustment | 5 | 5 | |||
Balance | 671 | 645 | |||
Business Combination, Consideration Transferred | $ 356 | ||||
Number of acquisitions | item | 2 | ||||
Specialty Materials [Member] | |||||
Balance | 150 | $ 150 | |||
Balance | 150 | 150 | |||
Life Sciences [Member] | |||||
Balance | 558 | 562 | |||
Acquired goodwill | [1] | 43 | |||
Measurement period adjustment | [3] | 1 | |||
Foreign currency translation adjustment | 21 | (4) | |||
Balance | 623 | 558 | |||
All Other [Member] | |||||
Balance | 98 | 101 | |||
Acquired goodwill | [1] | 34 | |||
Measurement period adjustment | [3] | (28) | |||
Foreign currency translation adjustment | 10 | (3) | |||
Balance | $ 114 | $ 98 | |||
[1] | The Company completed two small acquisitions in the third quarter of 2017 which are reported in the Optical Communications and Life Sciences segment and one small acquisition in the first quarter of 2017 which is reported in All Other. | ||||
[2] | The Company completed two acquisitions in the Optical Communications segment during the year ended December 31, 2016 with total purchase price of $356 million. | ||||
[3] | In the second quarter of 2017, the Company recorded measurement period adjustments of $28 million related to an acquisition completed in a previous period. |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Amortized intangible assets: | ||
Other intangible assets, gross | $ 1,266 | $ 1,121 |
Other intangible assets, accumulated amortization | 397 | 325 |
Other intangible assets, net | 869 | 796 |
Patents, Trademarks, and Trade Names [Member] | ||
Amortized intangible assets: | ||
Other intangible assets, gross | 382 | 360 |
Other intangible assets, accumulated amortization | 188 | 176 |
Other intangible assets, net | 194 | 184 |
Customer Lists and Other [Member] | ||
Amortized intangible assets: | ||
Other intangible assets, gross | 884 | 761 |
Other intangible assets, accumulated amortization | 209 | 149 |
Other intangible assets, net | $ 675 | $ 612 |
Other Assets and Other Liabil75
Other Assets and Other Liabilities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from Deposits from Customers | $ 100 | $ 185 | $ 197 |
Chinese Customer [Member] | |||
Customer Advances and Deposits, Nonrefundable | $ 400 | ||
Long-term Purchase Commitment, Period | 10 years | ||
Proceeds from Deposits from Customers | $ 185 | $ 197 | |
Pittsburgh Corning Corporation PCC [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Pittsburgh Corning Corporation PCC [Member] | PPG Industries, Inc. [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% |
Other Assets and Other Liabil76
Other Assets and Other Liabilities (Other Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets and Other Liabilities [Abstract] | ||
Contingent consideration asset | $ 300 | |
Derivative instruments | 197 | $ 435 |
Other current assets | 494 | 370 |
Other current assets | 991 | 805 |
Derivative instruments | 68 | 146 |
Contingent consideration asset | 289 | |
South Korean tax deposits | 319 | 274 |
Other non-current assets | 547 | 562 |
Other assets | $ 934 | $ 1,271 |
Other Assets and Other Liabil77
Other Assets and Other Liabilities (Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Assets and Other Liabilities [Abstract] | |||
Wages and employee benefits | $ 620 | $ 487 | |
Income taxes | 148 | 150 | |
Derivative instruments | 42 | 88 | |
Asbestos and other litigation | 41 | 75 | |
Other current liabilities | 540 | 616 | |
Other accrued liabilities | 1,391 | 1,416 | |
Defined benefit pension plan liabilities | 713 | 692 | |
Derivative instruments | 333 | 282 | |
Asbestos and other litigation | 338 | 388 | |
Investment in Hemlock Semiconductor Group | [1] | 105 | 241 |
Customer deposits | 382 | 382 | |
Other non-current liabilities | 1,146 | 820 | |
Other liabilities | $ 3,017 | $ 2,805 | |
[1] | The negative carrying value resulted from a one-time charge to this entity in 2014 for the permanent abandonment of certain assets. Refer to Note 7 (Investments) to the Consolidated Financial Statements for additional information. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017USD ($) | Sep. 30, 2017JPY (ÂĄ) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2015USD ($) | |
Increase (Decrease) to Commercial Paper Maximum Capacity | $ 1,000,000,000 | ||||||
Commercial Paper, Maximum Borrowing Capacity | 2,000,000,000 | ||||||
Long-term debt | $ 4,749,000,000 | $ 4,749,000,000 | $ 3,646,000,000 | ||||
Proceeds from Issuance of Unsecured Debt | 1,445,000,000 | $ 745,000,000 | |||||
Debt issuance costs | $ 700,000,000 | ||||||
Long-term Debt, Current [Member] | |||||||
Debt, Weighted Average Interest Rate | 1.50% | 1.50% | 1.50% | ||||
1.50% Due May 8, 2018 [Member] | |||||||
Debt Instrument, Face Amount | $ 375,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||
2.90% Due May 15, 2022 [Member] | |||||||
Debt Instrument, Face Amount | $ 375,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | ||||||
0.698% Note 7 year term [Member] | |||||||
Debt Instrument, Face Amount | ÂĄ | ÂĄ 21,000,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.698% | ||||||
Debt Instrument, Term | 7 years | ||||||
0.992% Note 10 year term [Member] | |||||||
Debt Instrument, Face Amount | ÂĄ | ÂĄ 47,000,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.992% | ||||||
Debt Instrument, Term | 10 years | ||||||
1.583% Note 20 year term [Member] | |||||||
Debt Instrument, Face Amount | ÂĄ | ÂĄ 10,000,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.583% | ||||||
Debt Instrument, Term | 20 years | ||||||
Debentures, 4.375%, due 2057 [Member] | |||||||
Debt Instrument, Face Amount | $ 750,000,000 | $ 750,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | 4.375% | |||||
Debt Instrument, Maturity Date | Nov. 15, 2057 | ||||||
Proceeds from Issuance of Unsecured Debt | $ 743,000,000 | ||||||
Amended Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000,000 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Total current portion of long-term debt and short-term borrowings | $ 379 | $ 256 |
Total long-term debt | 5,128 | 3,902 |
Less current portion of long-term debt | 379 | 256 |
Long-term debt | $ 4,749 | 3,646 |
Debentures, 1.45%, Due 2017 [Member] | ||
Debentures | $ 250 | |
Interest rate on debt | 1.45% | |
Debt maturity date | 2,017 | 2,017 |
Debentures, 1.5%, Due 2018 [Member] | ||
Debentures | $ 375 | $ 374 |
Interest rate on debt | 1.50% | 1.50% |
Debt maturity date | 2,018 | 2,018 |
Debentures, 6.625%, Due 2019 [Member] | ||
Debentures | $ 245 | $ 245 |
Interest rate on debt | 6.625% | |
Debt maturity date | 2,019 | 2,019 |
Debentures, 4.25%, Due 2020 [Member] | ||
Debentures | $ 288 | $ 290 |
Interest rate on debt | 4.25% | 4.25% |
Debt maturity date | 2,020 | 2,020 |
Debentures, 8.875%, Due 2021 [Member] | ||
Debentures | $ 66 | $ 67 |
Interest rate on debt | 8.875% | 8.875% |
Debt maturity date | 2,021 | 2,021 |
Debentures, 2.9%, Due 2022 [Member] | ||
Debentures | $ 373 | $ 372 |
Interest rate on debt | 2.90% | 2.90% |
Debt maturity date | 2,022 | 2,022 |
Debentures, 3.70%, due 2023 [Member] | ||
Debentures | $ 249 | $ 248 |
Interest rate on debt | 3.70% | 3.70% |
Debt maturity date | 2,023 | 2,023 |
Medium-Term Notes, Average Rate 7.66%, Due Through 2023 [Member] | ||
Debentures | $ 45 | $ 45 |
Average rate | 7.66% | 7.66% |
Debt maturity date | 2,023 | 2,023 |
Debentures, 7.00%, Due 2024 [Member] | ||
Debentures | $ 99 | $ 99 |
Interest rate on debt | 7.00% | 7.00% |
Debt maturity date | 2,024 | 2,024 |
Yen-denominated debentures, .698%, due 2024 [Member] | ||
Debentures | $ 185 | |
Interest rate on debt | 0.698% | |
Debt maturity date | 2,024 | |
Yen-denominated debentures, .992%, due 2027 [Member] | ||
Debentures | $ 414 | |
Interest rate on debt | 0.992% | |
Debt maturity date | 2,027 | |
Debentures, 6.85%, Due 2029 [Member] | ||
Debentures | $ 166 | $ 167 |
Interest rate on debt | 6.85% | 6.85% |
Debt maturity date | 2,029 | 2,029 |
Debentures, Callable, 7.25%, Due 2036 [Member] | ||
Debentures | $ 248 | $ 248 |
Interest rate on debt | 7.25% | 7.25% |
Debt maturity date | 2,036 | 2,036 |
Debentures, 4.70%, Due 2037 [Member] | ||
Debentures | $ 248 | $ 248 |
Interest rate on debt | 4.70% | 4.70% |
Debt maturity date | 2,037 | 2,037 |
Yen-denominated debentures, 1.583%, due 2037 [Member] | ||
Debentures | $ 85 | |
Interest rate on debt | 1.583% | |
Debt maturity date | 2,037 | |
Debentures, 5.75%, Due 2040 [Member] | ||
Debentures | $ 397 | $ 395 |
Interest rate on debt | 5.75% | 5.75% |
Debt maturity date | 2,040 | 2,040 |
Debentures, 4.75%, Due 2042 [Member] | ||
Debentures | $ 496 | $ 495 |
Interest rate on debt | 4.75% | 4.75% |
Debt maturity date | 2,042 | 2,042 |
Debentures, 4.375%, due 2057 [Member] | ||
Debentures | $ 743 | |
Interest rate on debt | 4.375% | |
Debt maturity date | 2,057 | |
Other, Average Rate 5.05%, Due Through 2042 [Member] | ||
Debentures | $ 406 | $ 359 |
Average rate | 5.05% | 5.05% |
Debt maturity date | 2,042 | 2,042 |
Debt (Debt Maturities) (Details
Debt (Debt Maturities) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt [Abstract] | |
Long-term debt, due 2018 | $ 379 |
Long-term debt, due 2019 | 254 |
Long-term debt, due 2020 | 305 |
Long-term debt, due 2021 | 67 |
Long-term debt, due 2022 | 381 |
Long-term debt, due Thereafter | $ 3,769 |
Employee Retirement Plans (Narr
Employee Retirement Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Cap on Contribution Toward Future Retiree Medical Coverage | 120.00% | ||
Percentage of Cost to Be Paid by Employees for Retiree Medical Upon Retirement | 100.00% | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 3,900 | $ 3,600 | |
Credit Risk of Plan Assets, Long Duration Corporate Bonds | 60.00% | ||
Currency Fluctuations, Assets Invested in Non US Investments | 14.00% | ||
Liquidity Risk, Long Term Investments in Private Equity and Real Estate | 8.00% | ||
Defined Contribution Plan, Cost Recognized | $ 60 | 53 | $ 62 |
Recognition of actuarial loss | $ 5.9 | ||
Bond Investments [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
Minimum [Member] | |||
Number of Bonds | item | 350 | ||
Percent to Yield | 10.00% | ||
Minimum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||
Minimum [Member] | Private Equity and Real Estate [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% | ||
Minimum [Member] | Commodities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||
Maximum [Member] | |||
Number of Bonds | item | 375 | ||
Percent to Yield | 40.00% | ||
Maximum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% | ||
Maximum [Member] | Private Equity and Real Estate [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | ||
Maximum [Member] | Commodities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ 6 | ||
Defined Benefit Plan, Cash Flows Determination Approach, Change in Service and Interest Costs | (23) | ||
Recognition of actuarial loss | (21) | (67) | (165) |
Pension Benefits [Member] | Domestic [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0 | 73 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 106 | ||
Recognition of actuarial loss | (18) | (55) | (162) |
Pension Benefits [Member] | Domestic [Member] | Maximum [Member] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 105 | ||
Pension Benefits [Member] | International [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 29 | 16 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 27 | ||
Recognition of actuarial loss | (3) | (12) | (3) |
Postretirement Benefits [Member] | |||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 3 | ||
Defined Benefit Plan, Cash Flows Determination Approach, Change in Service and Interest Costs | (5) | ||
Recognition of actuarial loss | $ 1 | $ 1 | $ (3) |
Employee Retirement Plans (Obli
Employee Retirement Plans (Obligations and Funded Status Schedule) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in benefit obligation | |||||
Benefit obligation at beginning of year | $ 3,887 | $ 3,715 | |||
Service cost | 92 | 85 | $ 90 | ||
Interest cost | 126 | 124 | 144 | ||
Plan participants’ contributions | 2 | 1 | |||
Actuarial loss (gain) | 208 | 229 | |||
Other | 3 | (3) | |||
Benefits paid | (195) | (210) | |||
Foreign currency translation | 65 | (54) | |||
Benefit obligation at end of year | 4,188 | 3,887 | 3,715 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 3,225 | 3,058 | |||
Actual return on plan assets | 413 | 310 | |||
Employer contributions | 46 | 125 | |||
Plan participants’ contributions | 1 | 1 | |||
Benefits paid | (195) | (210) | |||
Foreign currency translation | 49 | (59) | |||
Fair value of plan assets at end of year | 3,539 | 3,225 | 3,058 | ||
Funded status at end of year | |||||
Fair value of plan assets | 3,225 | 3,058 | 3,058 | $ 3,539 | $ 3,225 |
Benefit obligations | (3,887) | (3,715) | (3,715) | (4,188) | (3,887) |
Funded status of plans | (649) | (662) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||
Noncurrent asset | 76 | 35 | |||
Current liability | (20) | (18) | |||
Noncurrent liability | (705) | (679) | |||
Recognized liability | (649) | (662) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 300 | 348 | |||
Prior service cost (credit) | 22 | 30 | |||
Amount recognized at end of year | 322 | 378 | |||
Domestic [Member] | |||||
Change in benefit obligation | |||||
Benefit obligation at beginning of year | 3,289 | 3,161 | |||
Service cost | 66 | 61 | 64 | ||
Interest cost | 112 | 111 | 126 | ||
Plan participants’ contributions | 1 | 1 | |||
Actuarial loss (gain) | 222 | 145 | |||
Other | 3 | 1 | |||
Benefits paid | (171) | (191) | |||
Benefit obligation at end of year | 3,522 | 3,289 | 3,161 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 2,765 | 2,616 | |||
Actual return on plan assets | 395 | 235 | |||
Employer contributions | 14 | 104 | |||
Plan participants’ contributions | 1 | 1 | |||
Benefits paid | (171) | (191) | |||
Fair value of plan assets at end of year | 3,004 | 2,765 | 2,616 | ||
Funded status at end of year | |||||
Fair value of plan assets | 2,765 | 2,616 | 2,616 | 3,004 | 2,765 |
Benefit obligations | (3,289) | (3,161) | (3,161) | (3,522) | (3,289) |
Funded status of plans | (518) | (524) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||
Current liability | (12) | (13) | |||
Noncurrent liability | (506) | (511) | |||
Recognized liability | (518) | (524) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 285 | 311 | |||
Prior service cost (credit) | 25 | 31 | |||
Amount recognized at end of year | 310 | 342 | |||
International [Member] | |||||
Change in benefit obligation | |||||
Benefit obligation at beginning of year | 598 | 554 | |||
Service cost | 26 | 24 | 26 | ||
Interest cost | 14 | 13 | 18 | ||
Plan participants’ contributions | 1 | ||||
Actuarial loss (gain) | (14) | 84 | |||
Other | (4) | ||||
Benefits paid | (24) | (19) | |||
Foreign currency translation | 65 | (54) | |||
Benefit obligation at end of year | 666 | 598 | 554 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 460 | 442 | |||
Actual return on plan assets | 18 | 75 | |||
Employer contributions | 32 | 21 | |||
Benefits paid | (24) | (19) | |||
Foreign currency translation | 49 | (59) | |||
Fair value of plan assets at end of year | 535 | 460 | 442 | ||
Funded status at end of year | |||||
Fair value of plan assets | 460 | 442 | 442 | 535 | 460 |
Benefit obligations | $ (598) | $ (554) | $ (554) | (666) | (598) |
Funded status of plans | (131) | (138) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||
Noncurrent asset | 76 | 35 | |||
Current liability | (8) | (5) | |||
Noncurrent liability | (199) | (168) | |||
Recognized liability | (131) | (138) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 15 | 37 | |||
Prior service cost (credit) | (3) | (1) | |||
Amount recognized at end of year | $ 12 | $ 36 |
Employee Retirement Plans (Post
Employee Retirement Plans (Postretirement Benefits) (Details) - Postretirement Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in benefit obligation | |||||
Benefit obligation at beginning of year | $ 776 | $ 763 | |||
Service cost | 10 | 9 | $ 13 | ||
Interest cost | 26 | 26 | 33 | ||
Plan participants’ contributions | 8 | 8 | |||
Actuarial loss (gain) | 17 | 16 | |||
Other | 2 | ||||
Benefits paid | (50) | (50) | |||
Medicare subsidy received | 2 | 2 | |||
Benefit obligation at end of year | 789 | 776 | 763 | ||
Funded status at end of year | |||||
Benefit obligations | $ (776) | $ (763) | $ (763) | $ (789) | $ (776) |
Funded status of plans | (789) | (776) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||
Current liability | (40) | (39) | |||
Noncurrent liability | (749) | (737) | |||
Recognized liability | (789) | (776) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 68 | 50 | |||
Prior service credit | (12) | (15) | |||
Amount recognized at end of year | $ 56 | $ 35 |
Employee Retirement Plans (Bene
Employee Retirement Plans (Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Employee Retirement Plans [Abstract] | ||
Projected benefit obligation | $ 3,843 | $ 3,607 |
Fair value of plan assets | $ 3,173 | $ 2,787 |
Employee Retirement Plans (Accu
Employee Retirement Plans (Accumulated Benefit Obligation in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Employee Retirement Plans [Abstract] | ||
Accumulated benefit obligation | $ 3,555 | $ 3,285 |
Fair value of plan assets | $ 3,025 | $ 2,786 |
Employee Retirement Plans (Net
Employee Retirement Plans (Net Periodic Benefit Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Recognition of actuarial loss | $ (5.9) | ||
Pension Benefits [Member] | |||
Service cost | 92 | $ 85 | $ 90 |
Interest cost | 126 | 124 | 144 |
Expected return on plan assets | (174) | (165) | (178) |
Amortization of prior service cost (credit) | 5 | 6 | 6 |
Recognition of actuarial loss | 21 | 67 | 165 |
Settlement charge | 1 | ||
Total net periodic benefit cost | 70 | 118 | 227 |
Settlements | (2) | (1) | |
Current year actuarial loss | (30) | 84 | 191 |
Recognition of actuarial loss | (21) | (64) | (165) |
Amortization of prior service (cost) credit | (5) | (6) | (6) |
Total recognized in other comprehensive (income) loss | (56) | 12 | 19 |
Domestic [Member] | Pension Benefits [Member] | |||
Service cost | 66 | 61 | 64 |
Interest cost | 112 | 111 | 126 |
Expected return on plan assets | (163) | (153) | (166) |
Amortization of prior service cost (credit) | 6 | 6 | 7 |
Recognition of actuarial loss | 18 | 55 | 162 |
Settlement charge | 1 | ||
Total net periodic benefit cost | 39 | 81 | 193 |
Settlements | (2) | ||
Current year actuarial loss | (8) | 63 | 189 |
Recognition of actuarial loss | (18) | (55) | (162) |
Amortization of prior service (cost) credit | (6) | (6) | (7) |
Total recognized in other comprehensive (income) loss | (32) | 20 | |
International [Member] | Pension Benefits [Member] | |||
Service cost | 26 | 24 | 26 |
Interest cost | 14 | 13 | 18 |
Expected return on plan assets | (11) | (12) | (12) |
Amortization of prior service cost (credit) | (1) | (1) | |
Recognition of actuarial loss | 3 | 12 | 3 |
Total net periodic benefit cost | 31 | 37 | 34 |
Settlements | (1) | ||
Current year actuarial loss | (22) | 21 | 2 |
Recognition of actuarial loss | (3) | (9) | (3) |
Amortization of prior service (cost) credit | 1 | 1 | |
Total recognized in other comprehensive (income) loss | $ (24) | $ 12 | $ (1) |
Employee Retirement Plans (Ne87
Employee Retirement Plans (Net Periodic Benefit Cost of Postretirement Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of net gain (loss) | $ (5.9) | ||
Postretirement Benefits [Member] | |||
Service cost | 10 | $ 9 | $ 13 |
Interest cost | 26 | 26 | 33 |
Amortization of net gain (loss) | (1) | (1) | 3 |
Amortization of prior service credit | (3) | (4) | (7) |
Total net periodic benefit cost | 32 | 30 | 42 |
Current year actuarial loss | 17 | 15 | (96) |
Amortization of actuarial gain (loss) | 1 | 1 | (3) |
Amortization of prior service (cost) credit | 3 | 5 | 7 |
Total recognized in other comprehensive (income) loss | 21 | 21 | (92) |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ 53 | $ 51 | $ (50) |
Employee Retirement Plans (Weig
Employee Retirement Plans (Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postretirement Benefits [Member] | |||
Discount rate | 3.63% | 4.07% | 4.31% |
Discount rate | 4.06% | 4.31% | 4.00% |
Domestic [Member] | Pension Benefits [Member] | |||
Discount rate | 3.58% | 4.01% | 4.24% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Discount rate | 4.01% | 4.24% | 4.00% |
Expected return on plan assets | 6.00% | 6.00% | 6.00% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
International [Member] | Pension Benefits [Member] | |||
Discount rate | 1.93% | 2.29% | 3.23% |
Rate of compensation increase | 2.81% | 3.97% | 3.92% |
Discount rate | 2.29% | 3.23% | 3.21% |
Expected return on plan assets | 3.97% | 3.92% | 2.97% |
Rate of compensation increase | 2.06% | 2.89% | 3.88% |
Employee Retirement Plans (Assu
Employee Retirement Plans (Assumed Health Care Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Retirement Plans [Abstract] | ||
Health care cost trend rate assumed for next year | 6.50% | 6.75% |
Rate that the cost trend rate gradually declines to | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,024 | 2,024 |
Employee Retirement Plans (Effe
Employee Retirement Plans (Effect One-percent-point Change in Assumed Health Care Cost) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Employee Retirement Plans [Abstract] | |
Effect on annual total of service and interest cost (credit) | $ 3 |
Effect on annual total of service and interest cost (credit) | (3) |
Effect on postretirement benefit obligation | 57 |
Effect on postretirement benefit obligation | $ (47) |
Employee Retirement Plans (Dome
Employee Retirement Plans (Domestic Defined Benefit Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Fair value of plan assets | $ 3,539 | $ 3,225 | $ 3,058 | |||
Domestic [Member] | ||||||
Fair value of plan assets | 3,004 | 2,765 | 2,616 | |||
Domestic [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Fair value of plan assets | 392 | 412 | ||||
Domestic [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value of plan assets | 2,360 | 2,066 | ||||
Domestic [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value of plan assets | 252 | 287 | ||||
Domestic [Member] | Equity Securities [Member] | U.S. Companies [Member] | ||||||
Fair value of plan assets | 374 | 318 | ||||
Domestic [Member] | Equity Securities [Member] | U.S. Companies [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Fair value of plan assets | 57 | 47 | ||||
Domestic [Member] | Equity Securities [Member] | U.S. Companies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value of plan assets | 317 | 271 | ||||
Domestic [Member] | Equity Securities [Member] | International Companies [Member] | ||||||
Fair value of plan assets | 420 | 340 | ||||
Domestic [Member] | Equity Securities [Member] | International Companies [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Fair value of plan assets | 117 | 90 | ||||
Domestic [Member] | Equity Securities [Member] | International Companies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value of plan assets | 303 | 250 | ||||
Domestic [Member] | Fixed Income Securities [Member] | U.S. Companies [Member] | ||||||
Fair value of plan assets | 1,815 | 1,608 | ||||
Domestic [Member] | Fixed Income Securities [Member] | U.S. Companies [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Fair value of plan assets | 197 | 175 | ||||
Domestic [Member] | Fixed Income Securities [Member] | U.S. Companies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value of plan assets | 1,618 | 1,433 | ||||
Domestic [Member] | Private Equity Funds [Member] | ||||||
Fair value of plan assets | [1] | 105 | 137 | |||
Domestic [Member] | Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value of plan assets | 105 | [1] | 137 | [1] | 163 | |
Domestic [Member] | Real Estate [Member] | ||||||
Fair value of plan assets | [2] | 147 | 150 | |||
Domestic [Member] | Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value of plan assets | 147 | [2] | 150 | [2] | $ 61 | |
Domestic [Member] | Cash Equivalents [Member] | ||||||
Fair value of plan assets | 21 | 100 | ||||
Domestic [Member] | Cash Equivalents [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Fair value of plan assets | 21 | 100 | ||||
Domestic [Member] | Commodity Option [Member] | ||||||
Fair value of plan assets | [3] | 122 | 112 | |||
Domestic [Member] | Commodity Option [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value of plan assets | [3] | $ 122 | $ 112 | |||
[1] | This category includes venture capital, leverage buyouts and distressed debt limited partnerships invested primarily in U.S. companies. The inputs are valued by discounted cash flow analysis and comparable sale analysis. | |||||
[2] | This category includes industrial, office, apartments, hotels, infrastructure and retail investments which are limited partnerships predominately in the U.S. The inputs are valued by discounted cash flow analysis; comparable sale analysis and periodic external appraisals. | |||||
[3] | This category includes investments in energy, industrial metals, precious metals, agricultural and livestock primarily through futures, options, swaps and exchange traded funds. |
Employee Retirement Plans (Inte
Employee Retirement Plans (International Defined Benefit Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair value of plan assets | $ 3,539 | $ 3,225 | $ 3,058 |
International [Member] | |||
Fair value of plan assets | 535 | 460 | 442 |
International [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets | 407 | 361 | |
International [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets | 110 | 97 | |
International [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets | 18 | 2 | |
International [Member] | Insurance Contracts [Member] | |||
Fair value of plan assets | 2 | 2 | |
International [Member] | Insurance Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets | 2 | 2 | 3 |
International [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Fair value of plan assets | 16 | ||
International [Member] | Collateralized Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets | 16 | $ 2 | |
International [Member] | Cash Equivalents [Member] | |||
Fair value of plan assets | 40 | 40 | |
International [Member] | Cash Equivalents [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets | 40 | 40 | |
International [Member] | U.S. Companies [Member] | Equity Securities [Member] | |||
Fair value of plan assets | 8 | 7 | |
International [Member] | U.S. Companies [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets | 8 | 7 | |
International [Member] | International Companies [Member] | Equity Securities [Member] | |||
Fair value of plan assets | 29 | 26 | |
International [Member] | International Companies [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets | 29 | 26 | |
International [Member] | International Companies [Member] | Fixed Income Securities [Member] | |||
Fair value of plan assets | 440 | 385 | |
International [Member] | International Companies [Member] | Fixed Income Securities [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets | 367 | 321 | |
International [Member] | International Companies [Member] | Fixed Income Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets | $ 73 | $ 64 |
Employee Retirement Plans (Chan
Employee Retirement Plans (Changes in Fair Value of Level 3 Assets for Defined Benefit Plans) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Fair value of plan assets at beginning of year | $ 3,225 | $ 3,058 | ||
Fair value of plan assets at end of year | 3,539 | 3,225 | ||
Domestic [Member] | ||||
Fair value of plan assets at beginning of year | 2,765 | 2,616 | ||
Fair value of plan assets at end of year | 3,004 | 2,765 | ||
Domestic [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair value of plan assets at beginning of year | 287 | |||
Fair value of plan assets at end of year | 252 | 287 | ||
International [Member] | ||||
Fair value of plan assets at beginning of year | 460 | 442 | ||
Fair value of plan assets at end of year | 535 | 460 | ||
International [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair value of plan assets at beginning of year | 2 | |||
Fair value of plan assets at end of year | 18 | 2 | ||
Private Equity Funds [Member] | Domestic [Member] | ||||
Fair value of plan assets at beginning of year | [1] | 137 | ||
Fair value of plan assets at end of year | [1] | 105 | 137 | |
Private Equity Funds [Member] | Domestic [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair value of plan assets at beginning of year | 137 | [1] | 163 | |
Actual return on plan assets relating to assets still held at the reporting date | 7 | 14 | ||
Transfers in and/or out of level 3 | (39) | (40) | ||
Fair value of plan assets at end of year | [1] | 105 | 137 | |
Real Estate [Member] | Domestic [Member] | ||||
Fair value of plan assets at beginning of year | [2] | 150 | ||
Fair value of plan assets at end of year | [2] | 147 | 150 | |
Real Estate [Member] | Domestic [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair value of plan assets at beginning of year | 150 | [2] | 61 | |
Actual return on plan assets relating to assets still held at the reporting date | 6 | (7) | ||
Transfers in and/or out of level 3 | (9) | 96 | ||
Fair value of plan assets at end of year | [2] | 147 | 150 | |
Collateralized Mortgage Backed Securities [Member] | International [Member] | ||||
Fair value of plan assets at end of year | 16 | |||
Collateralized Mortgage Backed Securities [Member] | International [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair value of plan assets at beginning of year | 2 | |||
Transfers in and/or out of level 3 | 16 | (2) | ||
Fair value of plan assets at end of year | 16 | |||
Insurance Contracts [Member] | International [Member] | ||||
Fair value of plan assets at beginning of year | 2 | |||
Fair value of plan assets at end of year | 2 | 2 | ||
Insurance Contracts [Member] | International [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair value of plan assets at beginning of year | 2 | 3 | ||
Transfers in and/or out of level 3 | (1) | |||
Fair value of plan assets at end of year | $ 2 | $ 2 | ||
[1] | This category includes venture capital, leverage buyouts and distressed debt limited partnerships invested primarily in U.S. companies. The inputs are valued by discounted cash flow analysis and comparable sale analysis. | |||
[2] | This category includes industrial, office, apartments, hotels, infrastructure and retail investments which are limited partnerships predominately in the U.S. The inputs are valued by discounted cash flow analysis; comparable sale analysis and periodic external appraisals. |
Employee Retirement Plans (Esti
Employee Retirement Plans (Estimated Future Benefit Payments and Gross Medicare to be Received) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefits [Member] | Domestic [Member] | |
2,018 | $ 191 |
2,019 | 195 |
2,020 | 201 |
2,021 | 210 |
2,022 | 215 |
2023-2027 | 1,180 |
Pension Benefits [Member] | International [Member] | |
2,018 | 23 |
2,019 | 28 |
2,020 | 30 |
2,021 | 30 |
2,022 | 33 |
2023-2027 | 192 |
Postretirement Benefits [Member] | |
2,018 | 41 |
2,019 | 41 |
2,020 | 41 |
2,021 | 41 |
2,022 | 42 |
2023-2027 | 209 |
2,018 | 3 |
2,019 | 3 |
2,020 | 3 |
2,021 | 3 |
2,022 | 3 |
2023-2027 | $ 16 |
Commitments, Contingencies an95
Commitments, Contingencies and Guarantees (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2016 | |
Loss Contingency, Accrual, Current | $ 41 | $ 75 | ||||
Loss Contingency, Accrual, Noncurrent | 338 | 388 | ||||
Operating Leases, Rent Expense | 135 | 105 | $ 94 | |||
Dow Corning Breast Implant Litigation [Member] | ||||||
Payment of claims | $ 1,800 | |||||
Loss Contingency, Accrual | $ 290 | |||||
Indemnification of excess liability | 50.00% | |||||
Dow Corning Bankruptcy Pendency Interest Claims [Member] | ||||||
Loss Contingency, Accrual | $ 107 | |||||
Indemnification of excess liability | 50.00% | |||||
Pittsburgh Corning Corporation PCC [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Pittsburgh Corning Corporation PCC [Member] | PPG Industries, Inc. [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Pittsburgh Corning Corporation PCC [Member] | Amended Pittsburgh Corning Corporation Plan [Member] | ||||||
Loss Contingency, Estimate of Possible Loss | 290 | $ 528 | ||||
Gain (Loss) on Investments | 25 | |||||
Payment of claims | $ 70 | |||||
Loss Contingency, Accrual | $ 220 | |||||
Loss Contingency, Accrual, Current | 35 | |||||
Loss Contingency, Accrual, Noncurrent | 185 | 290 | ||||
Loss Contingency Accrual, Period Increase (Decrease) | $ 238 | |||||
Pittsburgh Corning Corporation PCC [Member] | Amended Pittsburgh Corning Corporation Plan [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Loss Contingency Accrual, Period Increase (Decrease) | $ (56) | |||||
Dow Corning Corporation [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Investment in affiliated companies, at equity | $ 4,800 | |||||
Environmental Cleanup and Related Litigation [Member] | ||||||
Accrual for Environmental Loss Contingencies | 38 | $ 43 | ||||
Non-PCC Asbestos Litigation [Member] | Asbestos Litigation [Member] | ||||||
Loss Contingency, Accrual, Noncurrent | $ 150 | |||||
Minimum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Minimum [Member] | Dow Corning Bankruptcy Pendency Interest Claims [Member] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 77 | |||||
Maximum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Maximum [Member] | Dow Corning Bankruptcy Pendency Interest Claims [Member] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 260 |
Commitments, Contingencies, a96
Commitments, Contingencies, and Guarantees (Obligations) (Details) $ in Millions | Dec. 31, 2017USD ($) | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 283 | |
Contractual obligation payments due | 10,510 | [1] |
Total commitments and contingencies | 10,793 | [1] |
Amended PCC Plan [Member] | ||
Contractual obligation payments due | 220 | |
Purchase Obligations [Member] | ||
Contractual obligation payments due | 265 | [2] |
Capital Expenditure Obligations [Member] | ||
Contractual obligation payments due | 583 | [3] |
Total Debt [Member] | ||
Contractual obligation payments due | 4,749 | [4] |
Interest on Long-term Debt [Member] | ||
Contractual obligation payments due | 3,437 | [5] |
Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 406 | |
Imputed Interest on Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 233 | |
Minimum Rental Commitments [Member] | ||
Contractual obligation payments due | 563 | |
Uncertain Tax Positions [Member] | ||
Contractual obligation payments due | 54 | [1] |
Less Than 1 Year [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 160 | |
Contractual obligation payments due | 1,427 | [1] |
Total commitments and contingencies | 1,587 | [1] |
Less Than 1 Year [Member] | Amended PCC Plan [Member] | ||
Contractual obligation payments due | 35 | |
Less Than 1 Year [Member] | Purchase Obligations [Member] | ||
Contractual obligation payments due | 142 | [2] |
Less Than 1 Year [Member] | Capital Expenditure Obligations [Member] | ||
Contractual obligation payments due | 583 | [3] |
Less Than 1 Year [Member] | Total Debt [Member] | ||
Contractual obligation payments due | 375 | [4] |
Less Than 1 Year [Member] | Interest on Long-term Debt [Member] | ||
Contractual obligation payments due | 195 | [5] |
Less Than 1 Year [Member] | Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 4 | |
Less Than 1 Year [Member] | Imputed Interest on Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 19 | |
Less Than 1 Year [Member] | Minimum Rental Commitments [Member] | ||
Contractual obligation payments due | 74 | |
1 to 3 Years [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 12 | |
Contractual obligation payments due | 1,237 | [1] |
Total commitments and contingencies | 1,249 | [1] |
1 to 3 Years [Member] | Amended PCC Plan [Member] | ||
Contractual obligation payments due | 85 | |
1 to 3 Years [Member] | Purchase Obligations [Member] | ||
Contractual obligation payments due | 72 | [2] |
1 to 3 Years [Member] | Total Debt [Member] | ||
Contractual obligation payments due | 550 | [4] |
1 to 3 Years [Member] | Interest on Long-term Debt [Member] | ||
Contractual obligation payments due | 359 | [5] |
1 to 3 Years [Member] | Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 9 | |
1 to 3 Years [Member] | Imputed Interest on Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 40 | |
1 to 3 Years [Member] | Minimum Rental Commitments [Member] | ||
Contractual obligation payments due | 122 | |
3 to 5 Years [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 1 | |
Contractual obligation payments due | 1,013 | [1] |
Total commitments and contingencies | 1,014 | [1] |
3 to 5 Years [Member] | Amended PCC Plan [Member] | ||
Contractual obligation payments due | 100 | |
3 to 5 Years [Member] | Purchase Obligations [Member] | ||
Contractual obligation payments due | 21 | [2] |
3 to 5 Years [Member] | Total Debt [Member] | ||
Contractual obligation payments due | 437 | [4] |
3 to 5 Years [Member] | Interest on Long-term Debt [Member] | ||
Contractual obligation payments due | 314 | [5] |
3 to 5 Years [Member] | Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 11 | |
3 to 5 Years [Member] | Imputed Interest on Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 39 | |
3 to 5 Years [Member] | Minimum Rental Commitments [Member] | ||
Contractual obligation payments due | 91 | |
More Than 5 Years [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 110 | |
Contractual obligation payments due | 6,779 | [1] |
Total commitments and contingencies | 6,889 | [1] |
More Than 5 Years [Member] | Purchase Obligations [Member] | ||
Contractual obligation payments due | 30 | [2] |
More Than 5 Years [Member] | Total Debt [Member] | ||
Contractual obligation payments due | 3,387 | [4] |
More Than 5 Years [Member] | Interest on Long-term Debt [Member] | ||
Contractual obligation payments due | 2,569 | [5] |
More Than 5 Years [Member] | Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 382 | |
More Than 5 Years [Member] | Imputed Interest on Capital Leases and Financing Obligations [Member] | ||
Contractual obligation payments due | 135 | |
More Than 5 Years [Member] | Minimum Rental Commitments [Member] | ||
Contractual obligation payments due | 276 | |
Performance Guarantee [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 198 | |
Performance Guarantee [Member] | Less Than 1 Year [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 88 | |
Performance Guarantee [Member] | 1 to 3 Years [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 3 | |
Performance Guarantee [Member] | 3 to 5 Years [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 1 | |
Performance Guarantee [Member] | More Than 5 Years [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 106 | |
Financial Standby Letter of Credit [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 75 | [6] |
Financial Standby Letter of Credit [Member] | Less Than 1 Year [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 62 | [6] |
Financial Standby Letter of Credit [Member] | 1 to 3 Years [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 9 | [6] |
Financial Standby Letter of Credit [Member] | More Than 5 Years [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 4 | [6] |
Credit Facility to Equity Company [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 10 | |
Credit Facility to Equity Company [Member] | Less Than 1 Year [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 10 | |
Other Current Liabilities [Member] | Financial Standby Letter of Credit [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 39 | |
Uncertain Tax Positions [Member] | ||
Contractual obligation payments due | $ 54 | |
[1] | At December 31, 2017, $54 million was included on our balance sheet related to uncertain tax positions. Of this amount, we are unable to estimate when any of that amount will become payable. | |
[2] | Purchase obligations are enforceable and legally binding obligations which primarily consist of raw material and energy-related take-or-pay contracts. | |
[3] | Capital expenditure obligations primarily reflect amounts associated with our capital expansion activities. | |
[4] | Total debt above is stated at maturity value, and excludes interest rate swap gains/losses and bond discounts. | |
[5] | The estimate of interest payments assumes interest is paid through the date of maturity or expiration of the related debt, based upon stated rates in the respective debt instruments. | |
[6] | At December 31, 2017, $39 million of the $75 million was included in other accrued liabilities on our consolidated balance sheets. |
Commitments, Contingencies, a97
Commitments, Contingencies, and Guarantees (Minimum Rental Commitments Under Leases) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Commitments, Contingencies and Guarantees [Abstract] | |
2,018 | $ 74 |
2,019 | 65 |
2,020 | 57 |
2,021 | 49 |
2,022 | 42 |
2023 and thereafter | $ 276 |
Commitments, Contingencies an98
Commitments, Contingencies and Guarantees (Amount of the Asbestos Litigation Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asbestos Litigation Liability, Beginning Balance | $ 439 | $ 678 |
Contribution of PCC & PCE Equity Interests - Carrying Value | (182) | |
Gain on Contribution of Equity Interests | (56) | |
Fixed payment | (70) | |
Other adjustments | (2) | (1) |
Asbestos Litigation Liability, Ending Balance | 367 | 439 |
Amended PCC Plan [Member] | Equity Interests [Member] | ||
Asbestos Litigation Liability, Beginning Balance | 0 | 238 |
Contribution of PCC & PCE Equity Interests - Carrying Value | (182) | |
Gain on Contribution of Equity Interests | (56) | |
Asbestos Litigation Liability, Ending Balance | 0 | 0 |
Amended PCC Plan [Member] | Fixed Series of Payments [Member] | ||
Asbestos Litigation Liability, Beginning Balance | 290 | 290 |
Fixed payment | (70) | |
Asbestos Litigation Liability, Ending Balance | 220 | 290 |
Non-PCC Asbestos Litigation [Member] | ||
Asbestos Litigation Liability, Beginning Balance | 149 | 150 |
Other adjustments | (2) | (1) |
Asbestos Litigation Liability, Ending Balance | $ 147 | $ 149 |
Hedging Activities (Narrative)
Hedging Activities (Narrative) (Details) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2015USD ($) | Oct. 31, 2012USD ($)item |
Derivative Asset, Notional Amount | $ 15,718,000,000 | $ 18,609,000,000 | ||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 20,000,000 | |||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||
Number of Interest Rate Derivatives Held | item | 2 | |||
Derivative Asset, Notional Amount | $ 550,000,000 | |||
Gross Notional Value, Collar Options [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | 1,000,000,000 | |||
Gross Notional Value, Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | $ 12,000,000,000 | |||
1.50% Due May 8, 2018 [Member] | ||||
Debt Instrument, Face Amount | $ 375,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||
2.90% Due May 15, 2022 [Member] | ||||
Debt Instrument, Face Amount | $ 375,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% |
Hedging Activities (Summary of
Hedging Activities (Summary of Notional Amounts and Respective Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Notional amount | $ 15,718 | $ 18,609 | |
Asset derivatives, fair value | 265 | 581 | |
Liability derivatives, fair value | (374) | (370) | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Notional amount | [1] | 294 | 458 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Asset derivatives, fair value | [1] | 20 | 1 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Asset derivatives, fair value | [1] | 1 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | |||
Liability derivatives, fair value | [1] | (29) | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Notional amount | 599 | 890 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Asset derivatives, fair value | 2 | 11 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | |||
Liability derivatives, fair value | (7) | (7) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Notional amount | 550 | 550 | |
Liability derivatives, fair value | (8) | (5) | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Notional amount | 14,275 | 16,711 | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Asset derivatives, fair value | 176 | 423 | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Asset derivatives, fair value | 66 | 146 | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | |||
Liability derivatives, fair value | (34) | (52) | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Liability derivatives, fair value | $ (325) | $ (277) | |
[1] | Cash flow hedges with a typical duration of 24 months or less. |
Hedging Activities (Effect on C
Hedging Activities (Effect on Consolidated Financial Statements) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain/(loss) recognized in other comprehensive income (OCI) | $ 38 | $ (33) | $ (24) |
Gain/(loss) reclassified from accumulated OCI into income ineffective/effective | (13) | (34) | 26 |
Interest Rate Hedges [Member] | |||
Gain/(loss) recognized in other comprehensive income (OCI) | (7) | ||
Interest Rate Hedges [Member] | Sales [Member] | |||
Gain/(loss) reclassified from accumulated OCI into income ineffective/effective | 1 | 4 | 20 |
Interest Rate Hedges [Member] | Cost of Sales [Member] | |||
Gain/(loss) reclassified from accumulated OCI into income ineffective/effective | (12) | (36) | 6 |
Foreign Exchange Contract [Member] | |||
Gain/(loss) recognized in other comprehensive income (OCI) | 38 | (33) | $ (17) |
Foreign Exchange Contract [Member] | Other Expense [Member] | |||
Gain/(loss) reclassified from accumulated OCI into income ineffective/effective | $ (2) | $ (2) |
Hedging Activities (Effect o102
Hedging Activities (Effect on Consolidated Financial Statements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized loss on translated earnings contracts | $ (121) | $ (448) | $ 80 |
Not Designated as Hedging Instrument [Member] | |||
Unrealized loss on translated earnings contracts | (137) | (475) | 85 |
Foreign Exchange Contracts, Balance Sheet [Member] | Not Designated as Hedging Instrument [Member] | |||
Unrealized loss on translated earnings contracts | (11) | 4 | 8 |
Foreign Exchange Contracts, Loans [Member] | Not Designated as Hedging Instrument [Member] | |||
Unrealized loss on translated earnings contracts | (5) | (31) | (3) |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Unrealized loss on translated earnings contracts | $ (121) | $ (448) | $ 80 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Dec. 29, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 15, 2014 |
Business Combination, Contingent Consideration, Asset | $ 300 | |||
Liabilities, Fair Value Disclosure, Nonrecurring | 0 | $ 0 | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 0 | $ 0 | ||
Samsung Corning Precision Materials Co., Ltd. [Member] | ||||
Business Combination, Contingent Consideration, Asset | $ 458 | $ 196 | ||
Business Combination Contingent Consideration Assets Assignment Agreement Threshold | 300 | |||
Samsung Corning Precision Materials Co., Ltd. [Member] | Revenues Generated by Samsung Corning Precision Materials [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 665 | |||
Samsung Corning Precision Materials Co., Ltd. [Member] | Volumn of Certain Sales [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 100 | |||
Samsung Corning Precision Materials Co., Ltd. [Member] | Samsung Displays Obligation to Pay or Right to Received [Member] | ||||
Business Combination Contingent Consideration Assets Assignment Agreement Threshold | 246 | |||
Samsung Corning Precision Materials Co., Ltd. [Member] | Long Term Supply Agreements [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 212 |
Fair Value Measurements (Major
Fair Value Measurements (Major Categories of Financial Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |||
Other current assets | $ 497 | [1] | $ 435 | [2] | |
Other assets | 68 | [3] | 464 | [2],[4] | |
Other accrued liabilities | 44 | [1],[3] | 88 | [2] | |
Other liabilities | 353 | [1],[3] | 282 | [2],[4] | |
Significant Other Observable Inputs (Level 2) [Member] | |||||
Other current assets | 197 | [1] | 435 | [2] | |
Other assets | 68 | [3] | 175 | [2],[4] | |
Other accrued liabilities | 42 | [1],[3] | 88 | [2] | |
Other liabilities | 333 | [1],[3] | 282 | [2],[4] | |
Significant Unobservable Inputs (Level 3) [Member] | |||||
Other current assets | [1] | 300 | |||
Other assets | [2],[4] | $ 289 | |||
Other accrued liabilities | [1],[3] | 2 | |||
Other liabilities | [1],[3] | 20 | |||
Other Current Assets [Member] | |||||
Contingent consideration | 300 | ||||
Other Accrued Liabilities [Member] | |||||
Contingent consideration | 2 | ||||
Other Liabilities [Member] | |||||
Contingent consideration | $ 22 | ||||
[1] | At December 31, 2017, other current assets, other accrued liabilities and other liabilities include contingent consideration that was measured using unobservable (level 3) inputs, in the amounts of $300 million, $2 million and $22 million, respectively. | ||||
[2] | Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities. | ||||
[3] | Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities. | ||||
[4] | Other assets include asset-backed securities which are measured using observable quoted prices for similar assets and contingent consideration assets or liabilities which are measured by applying an option pricing model using projected future revenues. |
Fair Value Measurements (Other
Fair Value Measurements (Other Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | ||
Beginning balance | $ 289 | $ 246 |
Unrealized gains | 11 | 43 |
Ending balance | $ 300 | $ 289 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 22, 2016 | Jan. 19, 2016 | Oct. 29, 2015 | Jan. 15, 2014 | Jul. 31, 2016 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 28, 2015 | Oct. 26, 2015 | Jul. 15, 2015 |
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 | $ 100 | |||||||||||
Minimum Closing Price of Common Stock for the Company to Exercise Option to Convert Preferred Stock | $ 35 | |||||||||||||
Treasury Stock, Shares, Acquired | 84,400,000 | 197,100,000 | 167,000,000 | |||||||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 3,250 | |||||||||||||
Treasury Stock, Value, Acquired | $ 2,448 | $ 4,244 | 3,228 | |||||||||||
Payments for Repurchase of Common Stock | $ 2,452 | $ 4,227 | $ 3,228 | |||||||||||
Open Market [Member] | ||||||||||||||
Treasury Stock, Shares, Acquired | 50,100,000 | |||||||||||||
Treasury Stock, Value, Acquired | $ 1,400 | |||||||||||||
July 2015 Repurchase Program [Member] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | |||||||||||||
The 2015 Repurchase Program [Member] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 4,000 | |||||||||||||
Treasury Stock, Shares, Acquired | 110,000,000 | |||||||||||||
Treasury Stock, Value, Acquired | $ 2,200 | |||||||||||||
The 2015 ASR Agreement [Member] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 1,250 | |||||||||||||
Treasury Stock, Shares, Acquired | 69,000,000 | 15,900,000 | 53,100,000 | 98,000,000 | ||||||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 2,000 | $ 1,250 | ||||||||||||
The 2016 ASR Agreement [Member] | ||||||||||||||
Treasury Stock, Shares, Acquired | 74,400,000 | 12,300,000 | 86,700,000 | |||||||||||
Treasury Stock, Value, Acquired | $ 2,000 | |||||||||||||
The 2016 Repurchase Program [Member] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 4,000 | $ 4,000 | ||||||||||||
The 2017 ASR Agreement [Member] | ||||||||||||||
Treasury Stock, Shares, Acquired | 17,200,000 | 17,100,000 | ||||||||||||
Payments for Repurchase of Common Stock | $ 500 | $ 500 | ||||||||||||
Common Stock [Member] | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 50,000 | |||||||||||||
Convertible Preferred Stock, Threshold Trading Days | 25 days | |||||||||||||
Convertible Preferred Stock, Threshold Consecutive Trading Days | 40 days | |||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 4.25% | |||||||||||||
Series A Convertible Preferred Stock [Member] | Samsung Corning Precision Materials Co., Ltd. [Member] | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | |||||||||||||
Stock Issued During Period, Shares, Acquisitions | 1,900 | |||||||||||||
Share Price | $ 1,000,000 | |||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 1,900 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 400 |
Shareholders' Equity (Changes i
Shareholders' Equity (Changes in Capital Stock) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Balance, common stock shares (in shares) | 1,691 | |||
Balance, treasury stock shares (in shares) | (765) | |||
Shares purchased for treasury, treasury stock shares (in shares) | (84.4) | (197.1) | (167) | |
Balance, common stock shares (in shares) | 1,708 | 1,691 | ||
Balance, treasury stock shares (in shares) | (850) | (765) | ||
Balance, common stock par value | $ 846 | |||
Balance, treasury stock cost | (14,152) | |||
Shares issued to benefit plans and for option exercises | 355 | $ 182 | $ 149 | |
Purchase of common stock for treasury | (2,448) | (4,244) | (3,228) | |
Other, net | 196 | [1] | (28) | $ (25) |
Balance, common stock par value | 854 | 846 | ||
Balance, treasury stock cost | $ (16,633) | $ (14,152) | ||
Common Stock [Member] | ||||
Balance, common stock shares (in shares) | 1,691 | 1,681 | 1,672 | |
Shares issued to benefit plans and for option exercises, common stock shares (in shares) | 17 | 10 | 9 | |
Balance, common stock shares (in shares) | 1,708 | 1,691 | 1,681 | |
Balance, common stock par value | $ 846 | $ 840 | $ 836 | |
Shares issued to benefit plans and for option exercises | 8 | 6 | 4 | |
Balance, common stock par value | $ 854 | $ 846 | $ 840 | |
Treasury Stock [Member] | ||||
Balance, treasury stock shares (in shares) | (765) | (551) | (398) | |
Shares purchased for treasury, treasury stock shares (in shares) | (84) | (214) | (151) | |
Other, net, treasury stock shares (in shares) | (1) | (2) | ||
Balance, treasury stock shares (in shares) | (850) | (765) | (551) | |
Balance, treasury stock cost | $ (14,152) | $ (9,725) | $ (6,727) | |
Shares issued to benefit plans and for option exercises | (2) | (2) | (1) | |
Purchase of common stock for treasury | (2,462) | (4,409) | (2,978) | |
Other, net | (17) | [1] | (16) | (19) |
Balance, treasury stock cost | $ (16,633) | $ (14,152) | $ (9,725) | |
[1] | Adjustment to retained earnings includes the cumulative effect of the accounting change we recorded upon adoption of ASU 2016-09 in 2017.in the amount of $233 million. |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Balance | $ 17,960 | $ 18,863 | $ 21,652 | ||||
Other comprehensive (loss) income before reclassifications | [1] | 757 | [2] | (175) | [3] | (564) | [4] |
Amounts reclassified from accumulated other comprehensive income (loss) | [1],[5],[6] | 42 | 62 | 86 | |||
Equity method affiliates | [1],[7] | 35 | 248 | [8] | (26) | ||
Net current-period other comprehensive (loss) income | [1] | 834 | 135 | (504) | |||
Balance | 15,770 | 17,960 | 18,863 | ||||
Other Comprehensive Income (Loss), Tax | 97 | 52 | 86 | ||||
Other Comprehensive Income (Loss), Equity Method Investments, Tax | 20 | ||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||
Balance | [1] | (1,275) | (1,171) | (581) | |||
Other comprehensive (loss) income before reclassifications | [1] | 711 | [2] | (89) | [3] | (487) | [4] |
Equity method affiliates | [1],[7] | 35 | (15) | [8] | (103) | ||
Net current-period other comprehensive (loss) income | [1] | 746 | (104) | (590) | |||
Balance | [1] | (529) | (1,275) | (1,171) | |||
Other Comprehensive Income (Loss), Tax | 88 | 3 | 45 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||
Balance | [1] | (347) | (588) | (709) | |||
Other comprehensive (loss) income before reclassifications | [1] | 13 | [2] | (63) | [3] | (59) | [4] |
Amounts reclassified from accumulated other comprehensive income (loss) | [1],[5],[6] | 17 | 40 | 105 | |||
Equity method affiliates | [1],[7] | 264 | [8] | 75 | |||
Net current-period other comprehensive (loss) income | [1] | 30 | 241 | 121 | |||
Balance | [1] | (317) | (347) | (588) | |||
Other Comprehensive Income (Loss), Tax | 4 | 36 | 35 | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||
Balance | [1] | (17) | (14) | (15) | |||
Other comprehensive (loss) income before reclassifications | [1],[3] | (2) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | [1],[6] | 14 | 1 | ||||
Equity method affiliates | [1],[7],[8] | (1) | |||||
Net current-period other comprehensive (loss) income | [1] | 14 | (3) | 1 | |||
Balance | [1] | (3) | (17) | (14) | |||
Other Comprehensive Income (Loss), Tax | 1 | ||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||||
Balance | [1] | (37) | (38) | (2) | |||
Other comprehensive (loss) income before reclassifications | [1] | 33 | [2] | (21) | [3] | (18) | [4] |
Amounts reclassified from accumulated other comprehensive income (loss) | [1],[6] | 11 | 22 | (20) | |||
Equity method affiliates | [1],[7] | 2 | |||||
Net current-period other comprehensive (loss) income | [1] | 44 | 1 | (36) | |||
Balance | [1] | 7 | (37) | (38) | |||
Other Comprehensive Income (Loss), Tax | 5 | 12 | 6 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||||||
Balance | [1] | (1,676) | (1,811) | (1,307) | |||
Balance | [1] | $ (842) | $ (1,676) | $ (1,811) | |||
[1] | All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive income. | ||||||
[2] | Amounts are net of total tax expense of $97 million, including $88 million related to the foreign currency translation adjustments, $5 million related to the hedges component and $4 million related to the retirement plans component. | ||||||
[3] | Amounts are net of total tax benefit of $52 million, including $36 million related to the retirement plans component, $12 million related to the hedges component, $3 million related to the foreign currency translation adjustments and $1 million related to the investments component. | ||||||
[4] | Amounts are net of total tax benefit of $86 million, including $45 million related to the foreign currency translation adjustments, $35 million related to the retirement plans component and $6 million related to the hedges component. | ||||||
[5] | Amounts in parentheses indicate debits to the statement of income. | ||||||
[6] | Tax effects of reclassifications are disclosed separately in this Note 17. | ||||||
[7] | Tax effects related to equity method affiliates are not significant in the reported periods except for the tax expense of $20 million related to the pension component in 2016. | ||||||
[8] | Most of the changes in equity method affiliate accumulated other comprehensive income components in 2016 relate to disposal transactions with amounts reclassified to the income statement. |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassifications Out of Accumulated Other Comprehensive Income by Component) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Net sales | $ 2,637 | $ 2,607 | $ 2,497 | $ 2,375 | $ 2,476 | $ 2,507 | $ 2,360 | $ 2,047 | $ 10,116 | [1] | $ 9,390 | [1] | $ 9,111 | [1] | |
Cost of sales | 6,084 | 5,644 | 5,458 | ||||||||||||
Other income (expense), net | (103) | (84) | (96) | ||||||||||||
Tax benefit (expense) | $ 1,978 | $ 89 | $ 153 | $ (66) | $ 832 | $ (27) | $ (504) | $ (304) | 2,154 | (3) | 147 | ||||
Total reclassifications for the period | [2],[3],[4] | (42) | (62) | (86) | |||||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[5] | (20) | (62) | (168) | |||||||||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[5] | (2) | (1) | 1 | |||||||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3] | (22) | (63) | (167) | |||||||||||
Reclassification from AOCI, Current Period, Tax | [3] | 5 | 23 | 62 | |||||||||||
Total reclassifications for the period | [2],[3],[4] | (17) | (40) | (105) | |||||||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Total reclassifications for the period | [2],[4] | (14) | (1) | ||||||||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Other income (expense), net | [3] | (3) | (1) | ||||||||||||
Tax benefit (expense) | [3] | (11) | |||||||||||||
Net of tax | [3] | (14) | (1) | ||||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Total reclassifications for the period | [2],[4] | (11) | (22) | 20 | |||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Net sales | [3] | 1 | 4 | 20 | |||||||||||
Cost of sales | [3] | (12) | (36) | 6 | |||||||||||
Other income (expense), net | [3] | (2) | (2) | ||||||||||||
Total before tax | [3] | (13) | (34) | 26 | |||||||||||
Tax benefit (expense) | [3] | 2 | 12 | (6) | |||||||||||
Net of tax | [3] | $ (11) | $ (22) | $ 20 | |||||||||||
[1] | Net sales are attributed to countries based on location of customer. | ||||||||||||||
[2] | All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive income. | ||||||||||||||
[3] | Amounts in parentheses indicate debits to the statement of income. | ||||||||||||||
[4] | Tax effects of reclassifications are disclosed separately in this Note 17. | ||||||||||||||
[5] | These accumulated other comprehensive income components are included in net periodic pension cost. See Note 13 (Employee Retirement Plans) to the Consolidated Financial Statements for additional details. |
Earnings per Common Share (Comp
Earnings per Common Share (Computation of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Net (loss) income attributable to Corning Incorporated | $ (1,412) | $ 390 | $ 439 | $ 86 | $ 1,572 | $ 284 | $ 2,207 | $ (368) | $ (497) | $ 3,695 | $ 1,339 | |
Less: Series A convertible preferred stock dividend | 98 | 98 | 98 | |||||||||
Net (loss) income available to common stockholders – basic | (595) | 3,597 | 1,241 | |||||||||
Plus: Series A convertible preferred stock dividend | 98 | 98 | ||||||||||
Net (loss) income available to common stockholders – diluted | $ (595) | $ 3,695 | $ 1,339 | |||||||||
Weighted-average common shares outstanding - basic (in shares) | 895 | 1,020 | 1,219 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and other dilutive securities (in shares) | 9 | 9 | ||||||||||
Weighted-average common shares outstanding - diluted (in shares) | 895 | 1,144 | 1,343 | |||||||||
Basic (loss) earnings per common share (in dollars per share) | $ (1.66) | $ 0.41 | $ 0.46 | $ 0.07 | $ 1.64 | $ 0.27 | $ 2.06 | $ (0.36) | $ (0.66) | $ 3.53 | $ 1.02 | |
Diluted (loss) earnings per common share (in dollars per share) | $ (1.66) | $ 0.39 | $ 0.42 | $ 0.07 | $ 1.47 | $ 0.26 | $ 1.87 | $ (0.36) | $ (0.66) | $ 3.23 | $ 1 | |
Anti-dilutive potential shares excluded from diluted (loss) earnings per common share: | ||||||||||||
Antidilutive potential shares excluded from diluted earnings per common share (in shares) | 128 | 15 | 37 | |||||||||
Stock Compensation Plan [Member] | ||||||||||||
Anti-dilutive potential shares excluded from diluted (loss) earnings per common share: | ||||||||||||
Antidilutive potential shares excluded from diluted earnings per common share (in shares) | 13 | 15 | 22 | |||||||||
Accelerated Share Repurchase Foward Contracts [Member] | ||||||||||||
Anti-dilutive potential shares excluded from diluted (loss) earnings per common share: | ||||||||||||
Antidilutive potential shares excluded from diluted earnings per common share (in shares) | 15 | |||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and other dilutive securities (in shares) | [1] | 115 | 115 | |||||||||
Anti-dilutive potential shares excluded from diluted (loss) earnings per common share: | ||||||||||||
Antidilutive potential shares excluded from diluted earnings per common share (in shares) | [1] | 115 | ||||||||||
[1] | For the year ended December 31, 2017, the Series A preferred stock was anti-dilutive and therefore excluded from the calculation of diluted (loss) earnings per share |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 65 | ||
Stock Compensation Plans Number of Years Taken to Calculate Forfeiture Rate | 15 years | ||
Allocated Share-based Compensation Expense | $ 46 | $ 42 | $ 46 |
Proceeds from Stock Options Exercised | $ 309 | 138 | 102 |
Age of Retirement Eligibility | 55 years | ||
Years of Historical Volatility Included in Most Recent Volatility | 15 years | ||
Employee Stock Option [Member] | |||
Allocated Share-based Compensation Expense | $ 12 | $ 11 | $ 14 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
In Money Options | 13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.40 | $ 6.31 | $ 7.99 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 13 | $ 22 | $ 36 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 103 | 53 | 48 |
Restricted Stock [Member] | |||
Allocated Share-based Compensation Expense | 34 | 31 | 32 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 41 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 30 | $ 27 | $ 32 |
Minimum [Member] | Employee Stock Option [Member] | |||
Stock Options Exercisable Period from Date of Grant | 1 year | ||
Minimum [Member] | Restricted Stock and Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Maximum [Member] | Employee Stock Option [Member] | |||
Stock Options Exercisable Period from Date of Grant | 5 years | ||
Maximum [Member] | Restricted Stock and Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years |
Share-based Compensation (Summa
Share-based Compensation (Summary of Information Concerning Stock Options Outstanding Including the Related Transactions under the Stock Option Plans) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation [Abstract] | |
Balance, number of shares (in shares) | shares | 31,507 |
Granted, number of shares (in shares) | shares | 1,507 |
Exercised, number of shares (in shares) | shares | (14,615) |
Forfeited and expired, number of shares (in shares) | shares | (265) |
Balance, number of shares (in shares) | shares | 18,134 |
Options Expected to Vest, number of shares (in shares) | shares | 18,098 |
Options Exercisable, number of shares (in shares) | shares | 13,487 |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 19.40 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | 27.01 |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | 21.13 |
Forfeited and expired, weighted-average exercise price (in dollars per share) | $ / shares | 23.22 |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | 18.59 |
Options Expected to Vest, weighted-average exercise price (in dollars per share) | $ / shares | 18.58 |
Options Exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 17.14 |
Options Outstanding, weighted-average remaining contractual term in years (Year) | 4 years 7 months 17 days |
Options Expected to Vest, weighted-average remaining contractual term in years (Year) | 4 years 7 months 13 days |
Options Exercisable, weighted-average remaining contractual term in years (Year) | 3 years 4 months 17 days |
Options Outstanding, aggregate intrinsic value | $ | $ 243,055 |
Options Expected to Vest, aggregate intrinsic value | $ | 242,773 |
Options Exercisable, aggregate intrinsic value | $ | $ 200,246 |
Share-based Compensation (Input
Share-based Compensation (Inputs Used for Valuation of Option Grants under Stock Option Plans) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted-average volatility | 36.10% | 41.00% | 44.60% |
Minimum [Member] | |||
Expected volatility | 32.40% | 37.10% | 43.60% |
Expected dividends | 1.98% | 2.28% | 1.92% |
Risk-free rate | 2.10% | 1.40% | 1.90% |
Expected term (in years) | 7 years 4 months 24 days | 7 years 4 months 24 days | 7 years 2 months 12 days |
Pre-vesting departure rate | 0.60% | 0.60% | 0.60% |
Maximum [Member] | |||
Expected volatility | 36.10% | 43.10% | 44.90% |
Expected dividends | 2.28% | 2.94% | 2.68% |
Risk-free rate | 2.30% | 2.10% | 2.10% |
Expected term (in years) | 7 years 4 months 24 days | 7 years 4 months 24 days | 7 years 2 months 12 days |
Pre-vesting departure rate | 0.60% | 0.60% | 0.60% |
Share-based Compensation (Su114
Share-based Compensation (Summary of the Status of Non-vested Time-based Restricted Stock and Restricted Stock Units) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation [Abstract] | |
Balance, shares (in shares) | shares | 4,640 |
Granted, shares (in shares) | shares | 1,859 |
Vested, shares (in shares) | shares | (1,457) |
Forfeited, shares (in shares) | shares | (109) |
Balance, shares (in shares) | shares | 4,933 |
Balance, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 20.15 |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | 28.16 |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | 20.48 |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | 22.72 |
Balance, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 23.02 |
Reportable Segments (Narrative)
Reportable Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017customeritem | |
Number of Material Formulations | item | 150 |
Display Technologies [Member] | |
Number of Customers Individually Accounting for 10% or More of Each Segment's Sales | 3 |
Optical Communications [Member] | |
Number of Customers Individually Accounting for 10% or More of Each Segment's Sales | 1 |
Environmental Technologies [Member] | |
Number of Customers Individually Accounting for 10% or More of Each Segment's Sales | 3 |
Specialty Materials [Member] | |
Number of Customers Individually Accounting for 10% or More of Each Segment's Sales | 3 |
Life Sciences [Member] | |
Number of Customers Individually Accounting for 10% or More of Each Segment's Sales | 2 |
Sales Revenue, Net [Member] | Display Technologies [Member] | |
Concentration Risk, Percentage | 62.00% |
Sales Revenue, Net [Member] | Optical Communications [Member] | |
Concentration Risk, Percentage | 19.00% |
Sales Revenue, Net [Member] | Environmental Technologies [Member] | |
Concentration Risk, Percentage | 81.00% |
Sales Revenue, Net [Member] | Specialty Materials [Member] | |
Concentration Risk, Percentage | 58.00% |
Sales Revenue, Net [Member] | Life Sciences [Member] | |
Concentration Risk, Percentage | 47.00% |
Reportable Segments (Reportable
Reportable Segments (Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Net sales | $ 2,637 | $ 2,607 | $ 2,497 | $ 2,375 | $ 2,476 | $ 2,507 | $ 2,360 | $ 2,047 | $ 10,116 | [1] | $ 9,390 | [1] | $ 9,111 | [1] | |
Depreciation | 1,083 | 1,131 | 1,130 | ||||||||||||
Amortization of purchased intangibles | 75 | 64 | 54 | ||||||||||||
Research, development and engineering expenses | 860 | 742 | 769 | ||||||||||||
Equity in earnings of affiliated companies | 213 | 31 | 37 | 80 | 165 | 19 | 41 | 59 | 361 | 284 | 299 | ||||
Income tax (provision) benefit | (1,978) | (89) | (153) | 66 | (832) | 27 | 504 | 304 | (2,154) | 3 | (147) | ||||
Net (loss) income | (1,412) | $ 390 | $ 439 | $ 86 | 1,572 | $ 284 | $ 2,207 | $ (368) | (497) | 3,695 | 1,339 | ||||
Operating Segments [Member] | |||||||||||||||
Net sales | 10,116 | 9,390 | 9,111 | ||||||||||||
Depreciation | [2] | 1,077 | 1,119 | 1,108 | |||||||||||
Amortization of purchased intangibles | 75 | 63 | 53 | ||||||||||||
Research, development and engineering expenses | [3] | 760 | 635 | 658 | |||||||||||
Income tax (provision) benefit | (692) | (565) | (718) | ||||||||||||
Net (loss) income | [4] | 1,383 | 1,305 | 1,519 | |||||||||||
Investment in affiliated companies, at equity | 279 | 324 | 279 | 324 | 337 | ||||||||||
Segment assets | [5] | 16,180 | 14,167 | 16,180 | 14,167 | 14,074 | |||||||||
Capital expenditures | 1,878 | 1,021 | 1,059 | ||||||||||||
Display Technologies [Member] | Operating Segments [Member] | |||||||||||||||
Net sales | 2,997 | 3,238 | 3,086 | ||||||||||||
Depreciation | [2] | 534 | 598 | 605 | |||||||||||
Research, development and engineering expenses | [3] | 88 | 45 | 105 | |||||||||||
Income tax (provision) benefit | (394) | (372) | (499) | ||||||||||||
Net (loss) income | [4] | 831 | 935 | 1,095 | |||||||||||
Investment in affiliated companies, at equity | 134 | 41 | 134 | 41 | 43 | ||||||||||
Segment assets | [5] | 8,662 | 8,032 | 8,662 | 8,032 | 8,344 | |||||||||
Capital expenditures | 795 | 464 | 594 | ||||||||||||
Optical Communications [Member] | Operating Segments [Member] | |||||||||||||||
Net sales | 3,545 | 3,005 | 2,980 | ||||||||||||
Depreciation | [2] | 193 | 175 | 163 | |||||||||||
Amortization of purchased intangibles | 48 | 35 | 32 | ||||||||||||
Research, development and engineering expenses | [3] | 174 | 147 | 138 | |||||||||||
Income tax (provision) benefit | (188) | (129) | (115) | ||||||||||||
Net (loss) income | [4] | 341 | 245 | 237 | |||||||||||
Investment in affiliated companies, at equity | 2 | (1) | 2 | (1) | 1 | ||||||||||
Segment assets | [5] | 2,599 | 2,010 | 2,599 | 2,010 | 1,783 | |||||||||
Capital expenditures | 505 | 245 | 171 | ||||||||||||
Environmental Technologies [Member] | Operating Segments [Member] | |||||||||||||||
Net sales | 1,106 | 1,032 | 1,053 | ||||||||||||
Depreciation | [2] | 124 | 129 | 125 | |||||||||||
Research, development and engineering expenses | [3] | 113 | 102 | 93 | |||||||||||
Income tax (provision) benefit | (69) | (65) | (78) | ||||||||||||
Net (loss) income | [4] | 127 | 133 | 161 | |||||||||||
Investment in affiliated companies, at equity | 32 | 32 | 32 | ||||||||||||
Segment assets | [5] | 1,402 | 1,267 | 1,402 | 1,267 | 1,288 | |||||||||
Capital expenditures | 157 | 97 | 117 | ||||||||||||
Specialty Materials [Member] | Operating Segments [Member] | |||||||||||||||
Net sales | 1,403 | 1,124 | 1,107 | ||||||||||||
Depreciation | [2] | 129 | 109 | 112 | |||||||||||
Research, development and engineering expenses | [3] | 152 | 126 | 113 | |||||||||||
Income tax (provision) benefit | (124) | (85) | (85) | ||||||||||||
Net (loss) income | [4] | 249 | 174 | 167 | |||||||||||
Investment in affiliated companies, at equity | 3 | 3 | |||||||||||||
Segment assets | [5] | 2,155 | 1,604 | 2,155 | 1,604 | 1,407 | |||||||||
Capital expenditures | 223 | 120 | 88 | ||||||||||||
Life Sciences [Member] | Operating Segments [Member] | |||||||||||||||
Net sales | 879 | 839 | 821 | ||||||||||||
Depreciation | [2] | 52 | 58 | 60 | |||||||||||
Amortization of purchased intangibles | 22 | 20 | 20 | ||||||||||||
Research, development and engineering expenses | [3] | 22 | 24 | 23 | |||||||||||
Income tax (provision) benefit | (31) | (28) | (30) | ||||||||||||
Net (loss) income | [4] | 64 | 58 | 61 | |||||||||||
Segment assets | [5] | 538 | 504 | 538 | 504 | 514 | |||||||||
Capital expenditures | 42 | 39 | 32 | ||||||||||||
All Other [Member] | |||||||||||||||
Net sales | 186 | 152 | 64 | ||||||||||||
Depreciation | [2] | 45 | 50 | 43 | |||||||||||
Amortization of purchased intangibles | 5 | 8 | 1 | ||||||||||||
Research, development and engineering expenses | [3] | 211 | 191 | 186 | |||||||||||
Income tax (provision) benefit | 114 | 114 | 89 | ||||||||||||
Net (loss) income | [4] | (229) | (240) | (202) | |||||||||||
Investment in affiliated companies, at equity | 140 | 252 | 140 | 252 | 261 | ||||||||||
Segment assets | [5] | $ 824 | $ 750 | 824 | 750 | 738 | |||||||||
Capital expenditures | 156 | 56 | 57 | ||||||||||||
All Other [Member] | Operating Segments [Member] | |||||||||||||||
Net sales | $ 186 | $ 152 | $ 64 | ||||||||||||
[1] | Net sales are attributed to countries based on location of customer. | ||||||||||||||
[2] | Depreciation expense for Corning's reportable segments includes an allocation of depreciation of corporate property not specifically identifiable to a segment. | ||||||||||||||
[3] | Research, development and engineering expenses include direct project spending that is identifiable to a segment. | ||||||||||||||
[4] | Many of Corning's administrative and staff functions are performed on a centralized basis. Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function. Other staff functions, such as corporate finance, human resources and legal are allocated to segments, primarily as a percentage of sales. | ||||||||||||||
[5] | Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation, and associated equity companies and cost investments. |
Reportable Segments (Reconcilia
Reportable Segments (Reconciliation of Reportable Segment Net Income to Consolidated Net Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Gain on realignment of equity investment | $ 2,676 | |||||||||||
Equity in earnings of affiliated companies | $ 213 | $ 31 | $ 37 | $ 80 | $ 165 | $ 19 | $ 41 | $ 59 | $ 361 | 284 | $ 299 | |
Unrealized loss on translated earnings contracts | (121) | (448) | 80 | |||||||||
Income tax (provision) benefit | (1,978) | (89) | (153) | 66 | (832) | 27 | 504 | 304 | (2,154) | 3 | (147) | |
Net (loss) income | $ (1,412) | $ 390 | $ 439 | $ 86 | $ 1,572 | $ 284 | $ 2,207 | $ (368) | (497) | 3,695 | 1,339 | |
Operating Segments [Member] | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Income tax (provision) benefit | (692) | (565) | (718) | |||||||||
Net (loss) income | [1] | 1,383 | 1,305 | 1,519 | ||||||||
Operating Segments [Member] | Reportable Segments [Member] | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Net (loss) income | 1,612 | 1,545 | 1,721 | |||||||||
Operating Segments [Member] | Non Reportable Segments [Member] | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Net (loss) income | (229) | (240) | (202) | |||||||||
Segment Reconciling Items [Member] | ||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||
Net financing costs | [2] | (110) | (107) | (111) | ||||||||
Stock-based compensation expense | (46) | (42) | (46) | |||||||||
Exploratory research | (98) | (107) | (109) | |||||||||
Corporate contributions | (36) | (49) | (52) | |||||||||
Gain on realignment of equity investment | 2,676 | |||||||||||
Equity in earnings of affiliated companies | [3] | 353 | 292 | 291 | ||||||||
Unrealized loss on translated earnings contracts | (391) | (649) | (573) | |||||||||
Resolution of Department of Justice investigation | (98) | |||||||||||
Income tax (provision) benefit | (1,462) | 568 | 571 | |||||||||
Other corporate items | $ (90) | $ (94) | $ (151) | |||||||||
[1] | Many of Corning's administrative and staff functions are performed on a centralized basis. Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function. Other staff functions, such as corporate finance, human resources and legal are allocated to segments, primarily as a percentage of sales. | |||||||||||
[2] | Net financing costs include interest income, interest expense, and interest costs and investment gains and losses associated with benefit plans. | |||||||||||
[3] | Primarily represents the equity earnings of Hemlock Semiconductor Group in 2017 and 2016, and Dow Corning in 2015. |
Reportable Segments (Reconci118
Reportable Segments (Reconciliation of Reportable Segment Assets to Consolidated Total Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Current assets | $ 8,827 | $ 9,048 | ||
Investment assets | 340 | 336 | ||
Property, plant and equipment, net | 14,017 | 12,546 | ||
Other non-current assets | 934 | 1,271 | ||
Total assets | 27,494 | 27,899 | $ 28,527 | |
Investment in Hemlock Semiconductor Group | [1] | 105 | 241 | |
Operating Segments [Member] | Reportable Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total assets | 15,356 | 13,417 | 13,336 | |
Operating Segments [Member] | Non Reportable Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total assets | 824 | 750 | 738 | |
Segment Reconciling Items [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Current assets | [2] | 5,315 | 6,070 | 5,488 |
Investment assets | [3] | 61 | 12 | 1,638 |
Property, plant and equipment, net | [4] | 1,628 | 1,681 | 1,692 |
Other non-current assets | [5] | $ 4,310 | $ 5,969 | $ 5,635 |
[1] | The negative carrying value resulted from a one-time charge to this entity in 2014 for the permanent abandonment of certain assets. Refer to Note 7 (Investments) to the Consolidated Financial Statements for additional information. | |||
[2] | Includes current corporate assets, primarily cash, short-term investments, current portion of long-term derivative assets and deferred taxes. | |||
[3] | Primarily represents corporate equity and cost basis investments in 2017 and 2016, and Dow Corning in 2015. Asset balance does not include equity method affiliate liability balance of $105 and $241 for Hemlock Semiconductor Group in 2017 2016, respectively. | |||
[4] | Represents corporate property not specifically identifiable to an operating segment. | |||
[5] | Includes non-current corporate assets, pension assets, long-term derivative assets and deferred taxes. |
Reportable Segments (Selected F
Reportable Segments (Selected Financial Information On Product Lines and Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Net sales | $ 2,637 | $ 2,607 | $ 2,497 | $ 2,375 | $ 2,476 | $ 2,507 | $ 2,360 | $ 2,047 | $ 10,116 | [1] | $ 9,390 | [1] | $ 9,111 | [1] |
All Other [Member] | ||||||||||||||
Net sales | 186 | 152 | 64 | |||||||||||
Operating Segments [Member] | ||||||||||||||
Net sales | 10,116 | 9,390 | 9,111 | |||||||||||
Operating Segments [Member] | Display Technologies [Member] | ||||||||||||||
Net sales | 2,997 | 3,238 | 3,086 | |||||||||||
Operating Segments [Member] | Optical Communications [Member] | ||||||||||||||
Net sales | 3,545 | 3,005 | 2,980 | |||||||||||
Operating Segments [Member] | Optical Communications [Member] | Carrier Network [Member] | ||||||||||||||
Net sales | 2,720 | 2,274 | 2,194 | |||||||||||
Operating Segments [Member] | Optical Communications [Member] | Enterprise Network [Member] | ||||||||||||||
Net sales | 825 | 731 | 786 | |||||||||||
Operating Segments [Member] | Environmental Technologies [Member] | ||||||||||||||
Net sales | 1,106 | 1,032 | 1,053 | |||||||||||
Operating Segments [Member] | Environmental Technologies [Member] | Automotive and Other [Member] | ||||||||||||||
Net sales | 627 | 585 | 528 | |||||||||||
Operating Segments [Member] | Environmental Technologies [Member] | Diesel [Member] | ||||||||||||||
Net sales | 479 | 447 | 525 | |||||||||||
Operating Segments [Member] | Specialty Materials [Member] | ||||||||||||||
Net sales | 1,403 | 1,124 | 1,107 | |||||||||||
Operating Segments [Member] | Specialty Materials [Member] | Corning Gorilla Glass [Member] | ||||||||||||||
Net sales | 1,044 | 807 | 810 | |||||||||||
Operating Segments [Member] | Specialty Materials [Member] | Advanced Optics And Other Specialty Glass [Member] | ||||||||||||||
Net sales | 359 | 317 | 297 | |||||||||||
Operating Segments [Member] | Life Sciences [Member] | ||||||||||||||
Net sales | 879 | 839 | 821 | |||||||||||
Operating Segments [Member] | Life Sciences [Member] | Labware [Member] | ||||||||||||||
Net sales | 524 | 512 | 512 | |||||||||||
Operating Segments [Member] | Life Sciences [Member] | Cell Culture Products [Member] | ||||||||||||||
Net sales | 355 | 327 | 309 | |||||||||||
Operating Segments [Member] | All Other [Member] | ||||||||||||||
Net sales | $ 186 | $ 152 | $ 64 | |||||||||||
[1] | Net sales are attributed to countries based on location of customer. |
Reportable Segments (Informatio
Reportable Segments (Information Concerning Principal Geographic Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Net sales | $ 2,637 | $ 2,607 | $ 2,497 | $ 2,375 | $ 2,476 | $ 2,507 | $ 2,360 | $ 2,047 | $ 10,116 | [1] | $ 9,390 | [1] | $ 9,111 | [1] | |
Long- lived assets | [2] | 17,854 | 16,376 | 17,854 | 16,376 | 18,189 | |||||||||
United States [Member] | |||||||||||||||
Net sales | [1] | 3,146 | 2,625 | 2,719 | |||||||||||
Long- lived assets | [2] | 6,402 | 6,473 | 6,402 | 6,473 | 8,241 | |||||||||
Canada [Member] | |||||||||||||||
Net sales | [1] | 287 | 282 | 244 | |||||||||||
Long- lived assets | [2] | 138 | 142 | 138 | 142 | 144 | |||||||||
Mexico [Member] | |||||||||||||||
Net sales | [1] | 27 | 50 | 37 | |||||||||||
Long- lived assets | [2] | 174 | 134 | 174 | 134 | 135 | |||||||||
North America [Member] | |||||||||||||||
Net sales | [1] | 3,460 | 2,957 | 3,000 | |||||||||||
Long- lived assets | [2] | 6,714 | 6,749 | 6,714 | 6,749 | 8,520 | |||||||||
Japan [Member] | |||||||||||||||
Net sales | [1] | 455 | 450 | 440 | |||||||||||
Long- lived assets | [2] | 1,015 | 1,008 | 1,015 | 1,008 | 1,160 | |||||||||
Taiwan [Member] | |||||||||||||||
Net sales | [1] | 846 | 840 | 841 | |||||||||||
Long- lived assets | [2] | 2,357 | 2,347 | 2,357 | 2,347 | 2,301 | |||||||||
China [Member] | |||||||||||||||
Net sales | [1] | 2,230 | 2,083 | 1,869 | |||||||||||
Long- lived assets | [2] | 1,955 | 1,140 | 1,955 | 1,140 | 1,036 | |||||||||
Korea [Member] | |||||||||||||||
Net sales | [1] | 1,286 | 1,444 | 1,501 | |||||||||||
Long- lived assets | [2] | 3,858 | 3,413 | 3,858 | 3,413 | 3,552 | |||||||||
Other Asia Pacific [Member] | |||||||||||||||
Net sales | [1] | 378 | 363 | 331 | |||||||||||
Long- lived assets | [2] | 160 | 167 | 160 | 167 | 98 | |||||||||
Asia Pacific [Member] | |||||||||||||||
Net sales | [1] | 5,195 | 5,180 | 4,982 | |||||||||||
Long- lived assets | [2] | 9,345 | 8,075 | 9,345 | 8,075 | 8,147 | |||||||||
Germany [Member] | |||||||||||||||
Net sales | [1] | 426 | 363 | 326 | |||||||||||
Long- lived assets | [2] | 201 | 154 | 201 | 154 | 189 | |||||||||
Other Europe [Member] | |||||||||||||||
Net sales | [1] | 701 | 617 | 565 | |||||||||||
Long- lived assets | [2] | 1,548 | 1,354 | 1,548 | 1,354 | 1,297 | |||||||||
Europe [Member] | |||||||||||||||
Net sales | [1] | 1,127 | 980 | 891 | |||||||||||
Long- lived assets | [2] | 1,749 | 1,508 | 1,749 | 1,508 | 1,486 | |||||||||
All Other [Member] | |||||||||||||||
Net sales | [1] | 334 | 273 | 238 | |||||||||||
Long- lived assets | [2] | $ 46 | $ 44 | $ 46 | $ 44 | $ 36 | |||||||||
[1] | Net sales are attributed to countries based on location of customer. | ||||||||||||||
[2] | Long-lived assets primarily include investments, plant and equipment, goodwill and other intangible assets. In 2015, assets in the U.S. include the investment in Dow Corning. |
Schedule II - Valuation Acco121
Schedule II - Valuation Accounts and Reserves - Valuation Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Balance at beginning of period | $ 59 | $ 48 | $ 47 |
Additions | 1 | 11 | 1 |
Balance at end of period | 60 | 59 | 48 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Balance at beginning of period | 270 | 238 | 298 |
Additions | 241 | 55 | 30 |
Net deductions and other | 55 | 23 | 90 |
Balance at end of period | 456 | 270 | 238 |
Accumulated Amortization of Purchased Intangible Assets [Member] | |||
Balance at beginning of period | 325 | 265 | 216 |
Additions | 75 | 64 | 49 |
Net deductions and other | 3 | 4 | |
Balance at end of period | 397 | 325 | 265 |
Business Restructuring Reserves [Member] | |||
Balance at beginning of period | 5 | 3 | 44 |
Additions | 15 | ||
Net deductions and other | $ 5 | 13 | 41 |
Balance at end of period | $ 5 | $ 3 |
Quarterly Operating Results (Qu
Quarterly Operating Results (Quarterly Operating Results) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Quarterly Operating Results [Abstract] | ||||||||||||||
Net sales | $ 2,637 | $ 2,607 | $ 2,497 | $ 2,375 | $ 2,476 | $ 2,507 | $ 2,360 | $ 2,047 | $ 10,116 | [1] | $ 9,390 | [1] | $ 9,111 | [1] |
Gross margin | 1,034 | 1,056 | 985 | 957 | 990 | 1,041 | 951 | 764 | 4,032 | 3,746 | 3,653 | |||
Equity in earnings of affiliated companies | 213 | 31 | 37 | 80 | 165 | 19 | 41 | 59 | 361 | 284 | 299 | |||
Benefit (provision) for income taxes | (1,978) | (89) | (153) | 66 | (832) | 27 | 504 | 304 | (2,154) | 3 | (147) | |||
Net (loss) income attributable to Corning Incorporated | $ (1,412) | $ 390 | $ 439 | $ 86 | $ 1,572 | $ 284 | $ 2,207 | $ (368) | $ (497) | $ 3,695 | $ 1,339 | |||
Basic (loss) earnings per common share (in dollars per share) | $ (1.66) | $ 0.41 | $ 0.46 | $ 0.07 | $ 1.64 | $ 0.27 | $ 2.06 | $ (0.36) | $ (0.66) | $ 3.53 | $ 1.02 | |||
Diluted (loss) earnings per common share (in dollars per share) | $ (1.66) | $ 0.39 | $ 0.42 | $ 0.07 | $ 1.47 | $ 0.26 | $ 1.87 | $ (0.36) | $ (0.66) | $ 3.23 | $ 1 | |||
[1] | Net sales are attributed to countries based on location of customer. |