Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 21, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000024741 | |
Entity Registrant Name | CORNING INC /NY | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-3247 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-0393470 | |
Entity Address, Address Line One | One Riverfront Plaza | |
Entity Address, City or Town | Corning | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14831 | |
City Area Code | 607 | |
Local Phone Number | 974-9000 | |
Title of 12(b) Security | Common Stock, $0.50 par value per share | |
Trading Symbol | GLW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 845,811,376 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net sales | $ 3,488 | $ 3,615 | $ 10,783 | $ 10,406 | |
Cost of sales | 2,426 | 2,294 | 7,192 | 6,614 | |
Gross margin | 1,062 | 1,321 | 3,591 | 3,792 | |
Operating expenses: | |||||
Selling, general and administrative expenses | 461 | 486 | 1,381 | 1,351 | |
Research, development and engineering expenses | 278 | 251 | 766 | 715 | |
Amortization of purchased intangibles | 31 | 32 | 92 | 97 | |
Operating income | 292 | 552 | 1,352 | 1,629 | |
Interest income | 3 | 3 | 9 | 8 | |
Interest expense | (73) | (72) | (216) | (227) | |
Translated earnings contract (loss) gain, net (Note 11) | (68) | (13) | 257 | 262 | |
Other income, net | 106 | 23 | 391 | 169 | |
Income before income taxes | 260 | 493 | 1,793 | 1,841 | |
Provision for income taxes (Note 4) | (34) | (109) | (380) | (402) | |
Net income | 226 | 384 | 1,413 | 1,439 | |
Net income attributable to non-controlling interests | (18) | (13) | (61) | (20) | |
Net income attributable to Corning Incorporated | $ 208 | $ 371 | $ 1,352 | $ 1,419 | |
Earnings per common share available to common shareholders: | |||||
Basic (Note 5) (in dollars per share) | $ 0.25 | $ 0.44 | $ 1.60 | $ 0.72 | |
Diluted (Note 5) (in dollars per share) | $ 0.24 | $ 0.43 | $ 1.58 | $ 0.71 | |
Net income attributable to Corning Incorporated | $ 208 | $ 371 | $ 1,352 | $ 1,419 | |
Series A convertible preferred stock dividend | (24) | ||||
Excess consideration paid for redemption of preferred shares (1) | [1] | (803) | |||
Net income available to common shareholders | $ 208 | $ 371 | $ 1,352 | $ 592 | |
[1]Refer to Note 4 (Earnings (Loss) per Common Share) and Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 226 | $ 384 | $ 1,413 | $ 1,439 |
Foreign currency translation adjustments and other | (685) | (192) | (1,535) | (515) |
Unamortized gains (losses) and prior service credits (costs) for postretirement benefit plans | 3 | (49) | (1) | |
Net unrealized losses on designated hedges | (15) | (15) | (32) | (3) |
Other comprehensive loss, net of tax | (697) | (207) | (1,616) | (519) |
Comprehensive (loss) income | (471) | 177 | (203) | 920 |
Comprehensive income attributable to non-controlling interests | (18) | (13) | (61) | (20) |
Comprehensive (loss) income attributable to Corning Incorporated | $ (489) | $ 164 | $ (264) | $ 900 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,630 | $ 2,148 |
Trade accounts receivable, net of doubtful accounts - $39 and $42 | 1,620 | 2,004 |
Inventories, net (Note 6) | 2,951 | 2,481 |
Other current assets | 1,603 | 1,026 |
Total current assets | 7,804 | 7,659 |
Property, plant and equipment, net of accumulated depreciation - $13,348 and $13,969 | 14,645 | 15,804 |
Goodwill, net | 2,368 | 2,421 |
Other intangible assets, net | 1,049 | 1,148 |
Deferred income taxes (Note 4) | 998 | 1,066 |
Other assets | 1,871 | 2,056 |
Total Assets | 28,735 | 30,154 |
Current liabilities: | ||
Current portion of long-term debt and short-term borrowings (Note 8) | 208 | 55 |
Accounts payable | 1,808 | 1,612 |
Other accrued liabilities (Note 7 and Note 10) | 3,151 | 3,139 |
Total current liabilities | 5,167 | 4,806 |
Long-term debt (Note 8) | 6,525 | 6,989 |
Postretirement benefits other than pensions (Note 9) | 585 | 622 |
Other liabilities (Note 7 and Note 10) | 4,910 | 5,192 |
Total liabilities | 17,187 | 17,609 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity (Note 13): | ||
Common stock – Par value $0.50 per share; Shares authorized 3.8 billion; Shares issued: 1.8 billion and 1.8 billion | 910 | 907 |
Additional paid-in capital – common stock | 16,649 | 16,475 |
Retained earnings | 17,044 | 16,389 |
Treasury stock, at cost; Shares held: 977 million and 970 million | (20,528) | (20,263) |
Accumulated other comprehensive loss | (2,791) | (1,175) |
Total Corning Incorporated shareholders’ equity | 11,284 | 12,333 |
Non-controlling interests | 264 | 212 |
Total equity | 11,548 | 12,545 |
Total Liabilities and Equity | $ 28,735 | $ 30,154 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Doubtful accounts and allowances | $ 39 | $ 42 |
Accumulated depreciation | $ 13,348 | $ 13,969 |
Common stock, par value (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized (in shares) | 3,800 | 3,800 |
Common stock, shares issued (in shares) | 1,800 | 1,800 |
Treasury stock, shares held (in shares) | 977 | 970 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 1,413 | $ 1,439 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,014 | 1,005 |
Amortization of purchased intangibles | 92 | 97 |
Loss on disposal of assets | 110 | 8 |
Gain on sale of business | (53) | (54) |
Share-based compensation expense | 145 | 117 |
Translation gain on Japanese yen-denominated debt | (321) | (127) |
Deferred tax provision | 58 | 68 |
Translated earnings contract gain | (257) | (262) |
Unrealized translation losses on transactions | 140 | 65 |
Changes in assets and liabilities: | ||
Trade accounts receivable | 161 | (146) |
Inventories | (637) | (72) |
Other current assets | (5) | (210) |
Accounts payable and other current liabilities | 25 | 471 |
Customer deposits and government incentives | 144 | 62 |
Deferred income | (15) | (92) |
Other, net | (16) | 20 |
Net cash provided by operating activities | 1,998 | 2,389 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (1,201) | (1,014) |
Proceeds from sale of business | 77 | 102 |
Investment in and proceeds from unconsolidated entities, net | (10) | 87 |
Realized gains on translated earnings contract | 209 | 30 |
Other, net | (44) | (8) |
Net cash used in investing activities | (969) | (803) |
Cash Flows from Financing Activities: | ||
Repayments of short-term borrowings | (87) | (144) |
Repayments of long-term debt | (716) | |
Proceeds from issuance of short-term debt | 70 | |
Proceeds from issuance of long-term debt | 37 | 19 |
Payment for redemption of preferred stock | (507) | (507) |
Payments of employee withholding tax on stock awards | (44) | (57) |
Proceeds from exercise of stock options | 35 | 91 |
Purchases of common stock for treasury | (221) | (22) |
Dividends paid | (696) | (659) |
Other, net | (17) | 5 |
Net cash used in financing activities | (1,430) | (1,990) |
Effect of exchange rates on cash | (117) | (56) |
Net decrease in cash and cash equivalents | (518) | (460) |
Cash and cash equivalents at beginning of period | 2,148 | 2,672 |
Cash and cash equivalents at end of period | $ 1,630 | $ 2,212 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance at Dec. 31, 2020 | $ 2,300 | $ 863 | $ 14,642 | $ 16,120 | $ (19,928) | $ (740) | $ 13,257 | $ 191 | $ 13,448 | |
Net income (loss) | 599 | 599 | 2 | 601 | ||||||
Other comprehensive income (loss) | (352) | (352) | (1) | (353) | ||||||
Shares issued to benefit plans and for option exercises | 1 | 80 | 81 | 81 | ||||||
Common dividends | (187) | (187) | (187) | |||||||
Other, net | [1] | 1 | (6) | (5) | (3) | (8) | ||||
Preferred dividends | (24) | (24) | (24) | |||||||
Balance at Mar. 31, 2021 | 2,300 | 864 | 14,722 | 16,509 | (19,934) | (1,092) | 13,369 | 189 | 13,558 | |
Balance at Dec. 31, 2020 | 2,300 | 863 | 14,642 | 16,120 | (19,928) | (740) | 13,257 | 191 | 13,448 | |
Net income (loss) | 1,439 | |||||||||
Balance at Sep. 30, 2021 | 0 | 907 | 16,398 | 16,110 | (20,011) | (1,259) | 12,145 | 210 | 12,355 | |
Balance at Mar. 31, 2021 | 2,300 | 864 | 14,722 | 16,509 | (19,934) | (1,092) | 13,369 | 189 | 13,558 | |
Net income (loss) | 449 | 449 | 5 | 454 | ||||||
Other comprehensive income (loss) | 40 | 40 | 1 | 41 | ||||||
Purchase of common stock for treasury | (1) | (1) | (1) | |||||||
Shares issued to benefit plans and for option exercises | 3 | 70 | 73 | 73 | ||||||
Common dividends | (416) | (416) | (416) | |||||||
Other, net | [1] | (51) | (51) | (13) | (64) | |||||
Redemption of preferred stock (2) | [2] | (700) | (803) | (1,503) | (1,503) | |||||
Conversion of preferred stock to common stock (3) | [3] | (1,600) | 40 | 1,560 | 0 | 0 | ||||
Balance at Jun. 30, 2021 | 0 | 907 | 16,352 | 15,739 | (19,986) | (1,052) | 11,960 | 182 | 12,142 | |
Net income (loss) | 371 | 371 | 13 | 384 | ||||||
Other comprehensive income (loss) | (207) | (207) | (1) | (208) | ||||||
Purchase of common stock for treasury | (24) | (24) | (24) | |||||||
Shares issued to benefit plans and for option exercises | 46 | 46 | 46 | |||||||
Other, net | (1) | (1) | 16 | 15 | ||||||
Balance at Sep. 30, 2021 | $ 0 | 907 | 16,398 | 16,110 | (20,011) | (1,259) | 12,145 | 210 | 12,355 | |
Balance at Dec. 31, 2021 | 907 | 16,475 | 16,389 | (20,263) | (1,175) | 12,333 | 212 | 12,545 | ||
Net income (loss) | 581 | 581 | 22 | 603 | ||||||
Other comprehensive income (loss) | (187) | (187) | (187) | |||||||
Purchase of common stock for treasury | (151) | (151) | (151) | |||||||
Shares issued to benefit plans and for option exercises | 1 | 56 | 57 | 57 | ||||||
Common dividends | (233) | (233) | (233) | |||||||
Other, net | [1] | (5) | (5) | (5) | ||||||
Balance at Mar. 31, 2022 | 908 | 16,531 | 16,737 | (20,419) | (1,362) | 12,395 | 234 | 12,629 | ||
Balance at Dec. 31, 2021 | 907 | 16,475 | 16,389 | (20,263) | (1,175) | 12,333 | 212 | 12,545 | ||
Net income (loss) | 1,413 | |||||||||
Balance at Sep. 30, 2022 | 910 | 16,649 | 17,044 | (20,528) | (2,791) | 11,284 | 264 | 11,548 | ||
Balance at Mar. 31, 2022 | 908 | 16,531 | 16,737 | (20,419) | (1,362) | 12,395 | 234 | 12,629 | ||
Net income (loss) | 563 | 563 | 21 | 584 | ||||||
Other comprehensive income (loss) | (732) | (732) | (2) | (734) | ||||||
Purchase of common stock for treasury | (53) | (53) | (53) | |||||||
Shares issued to benefit plans and for option exercises | 2 | 59 | 61 | 61 | ||||||
Common dividends | (463) | (463) | (463) | |||||||
Other, net | [1] | (37) | (37) | (5) | (42) | |||||
Balance at Jun. 30, 2022 | 910 | 16,590 | 16,837 | (20,509) | (2,094) | 11,734 | 248 | 11,982 | ||
Net income (loss) | 208 | 208 | 18 | 226 | ||||||
Other comprehensive income (loss) | (697) | (697) | (2) | (699) | ||||||
Purchase of common stock for treasury | (17) | (17) | (17) | |||||||
Shares issued to benefit plans and for option exercises | 59 | 59 | 59 | |||||||
Other, net | (1) | (2) | (3) | (3) | ||||||
Balance at Sep. 30, 2022 | $ 910 | $ 16,649 | $ 17,044 | $ (20,528) | $ (2,791) | $ 11,284 | $ 264 | $ 11,548 | ||
[1]Treasury stock includes the deemed surrender to the Company of common stock to satisfy employee tax withholding obligations.[2]Refer to Note 4 (Earnings (Loss) per Common Share) and Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information.[3]Refer to Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Common Dividends (in dollars per share) | $ 0.54 | $ 0.27 | $ 0.48 | $ 0.24 |
Preferred Dividends (in dollars per share) | $ 10,625 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation In these notes, the terms “Corning,” “Company,” “we,” “us,” or “our” mean Corning Incorporated and its subsidiary companies. The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Corning’s consolidated financial statements and notes thereto included in its Annual Report on Form 10 December 31, 2021 2021 10 The unaudited consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. The results for interim periods are not may The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. The non-controlling interests as recorded in the consolidated financial statements represent amounts attributable to the minority shareholders of Hemlock Semiconductor Group (“Hemlock”) and other less-than-wholly-owned consolidated subsidiaries. Certain prior year amounts have been reclassified to conform to the current-year presentation. These reclassifications had no New Accounting Standards In November 2021, 2021 10 832 December 15, 2021. 2021 10 2020 10 not |
Note 2 - Restructuring, Impairm
Note 2 - Restructuring, Impairment, and Other Charges and Credits | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 2. During the three nine September 30, 2022 There were no material restructuring, impairment and other charges and credits for the three nine September 30, 2021 |
Note 3 - Revenue
Note 3 - Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Disaggregation Table The following table shows revenues by major product categories, similar to the Company’s reportable segment disclosure. Within each product category, contract terms, conditions and economic factors affecting the nature, amount, timing and uncertainty of revenue recognition and cash flows are substantially similar. Commercial markets and selling channels are also similar. Except for an inconsequential amount of revenue for Telecommunications products, product category revenues are recognized at the point in time when control transfers to the customer. Revenues by product category were as follows (in millions): Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Telecommunication products $ 1,317 $ 1,131 $ 3,828 $ 3,143 Display products 558 936 2,223 2,758 Specialty glass products 516 556 1,494 1,490 Environmental substrate and filter products 393 382 1,130 1,233 Life science products 297 304 908 917 Polycrystalline silicon and all other products 407 306 1,200 865 Total net sales $ 3,488 $ 3,615 $ 10,783 $ 10,406 Impact of constant currency reporting (1) 178 24 389 Net sales of reportable segments and Hemlock and Emerging Growth Businesses $ 3,666 $ 3,639 $ 11,172 $ 10,406 ( 1 This amount represents the impact of foreign currency adjustments primarily in the Display Technologies segment. Refer to Note 15 Contract Assets and Liabilities Contract assets, such as incremental costs to obtain or fulfill contracts, are an insignificant component of Corning’s revenue recognition process. Most of Corning’s fulfillment costs as a manufacturer of products are classified as inventory, fixed assets and intangible assets, which are accounted for under the respective guidance for those asset types. Other contract fulfillment costs are immaterial due to the nature of the products and their respective manufacturing processes. Contract liabilities include customer deposits, deferred revenue and other advance payments. Customer deposits are predominately related to Display products and deferred revenue is predominately related to Hemlock. Other advance payments are not Customer Deposits As of September 30, 2022 December 31, 2021 Customer deposits used were $24 million and $155 million for the three nine September 30, 2022, three nine September 30, 2021, September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021, Deferred Revenue As of September 30, 2022 December 31, 2021, As of September 30, 2022 December 31, 2021, |
Note 4 - Income Taxes
Note 4 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. The provision for income taxes and the related effective income tax rates were as follows (in millions): Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Provision for income taxes $ (34 ) $ (109 ) $ (380 ) $ (402 ) Effective tax rate 13.1 % 22.1 % 21.2 % 21.8 % For the three September 30, 2022 2021 nine September 30, 2022 2021 For the three September 30, 2021 nine September 30, 2021 2017. Corning Precision Materials is currently appealing certain tax assessments and tax refund claims in South Korea for tax years 2010 2018. not September 30, 2022 December 31, 2021, |
Note 5 - Earnings per Common Sh
Note 5 - Earnings per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. The following table sets forth the computation of basic and diluted earnings per common share (in millions, except per share amounts): Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Net income attributable to Corning Incorporated $ 208 $ 371 $ 1,352 $ 1,419 Less: Series A convertible preferred stock dividend 24 Less: Excess consideration paid for redemption of preferred shares 803 Net income available to common shareholders – basic 208 371 1,352 592 Net income available to common shareholders – diluted $ 208 $ 371 $ 1,352 $ 592 Weighted-average common shares outstanding – basic 843 852 843 821 Effect of dilutive securities: Employee stock options and other dilutive securities 12 14 14 16 Weighted-average common shares outstanding – diluted 855 866 857 837 Basic earnings per common share $ 0.25 $ 0.44 $ 1.60 $ 0.72 Diluted earnings per common share $ 0.24 $ 0.43 $ 1.58 $ 0.71 Anti-dilutive potential shares excluded from diluted earnings per common share: Series A convertible preferred stock (1) 41 Employee stock options and awards 3 2 Total 3 — 2 41 ( 1 For the nine September 30, 2021, Fixed Rate Cumulative Convertible Preferred Stock, Series A December 31, 2020, January 16, 2021, April 5, 2021, Pursuant to the SRA, on April 8, 2021, 13 |
Note 6 - Inventories, Net
Note 6 - Inventories, Net | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories, net were as follows (in millions): September 30, December 31, 2022 2021 Finished goods $ 1,394 $ 1,215 Work in process 507 358 Raw materials and accessories 571 427 Supplies and packing materials 479 481 Total inventories, net $ 2,951 $ 2,481 |
Note 7 - Other Liabilities
Note 7 - Other Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 7. Other liabilities were as follows (in millions): September 30, December 31, 2022 2021 Current liabilities: Wages and employee benefits $ 595 $ 824 Income taxes 99 196 Derivative instruments (Note 11) 494 144 Deferred revenue (Note 3) 170 148 Customer deposits (Note 3) 166 223 Share repurchase liability (Note 13) 504 506 Short-term operating leases 97 94 Other current liabilities 1,026 1,004 Other accrued liabilities $ 3,151 $ 3,139 Non-current liabilities: Defined benefit pension plan liabilities $ 698 $ 707 Derivative instruments (Note 11) 238 49 Deferred revenue (Note 3) 732 764 Customer deposits (Note 3) 1,115 1,072 Share repurchase liability (Note 13) 18 517 Deferred tax liabilities 136 258 Long-term operating leases 648 691 Other non-current liabilities 1,325 1,134 Other liabilities $ 4,910 $ 5,192 |
Note 8 - Debt
Note 8 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $5.9 billion and $8.3 billion at September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 2 Debt Issuances and Redemptions In the second 2022, 2027. 2025. September 30, 2022 December 31, 2021, no In the second 2021, 2022, third 2021, 2023, Corning had no outstanding commercial paper as of September 30, 2022 December 31, 2021 |
Note 9 - Employee Retirement Pl
Note 9 - Employee Retirement Plans | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. Corning has defined benefit pension plans covering certain domestic and international employees. The Company’s funding policy is to contribute, over time, an amount exceeding the minimum requirements to achieve the Company’s long-term funding targets. During the nine September 30, 2022, not not fourth 2022. The following table summarizes the components of net periodic benefit expense for Corning’s defined benefit pension and postretirement health care and life insurance plans (in millions): Pension benefits Postretirement benefits Three months ended Nine months ended Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 32 $ 32 $ 96 $ 96 $ 3 $ 3 $ 7 $ 8 Interest cost 28 22 82 65 3 3 11 11 Expected return on plan assets (55 ) (54 ) (164 ) (162 ) Amortization of prior service cost (credit) 1 1 4 3 (2 ) (1 ) (4 ) (4 ) Recognition of actuarial loss (gain) 22 10 (2 ) (3 ) 1 Total pension and postretirement benefit expense $ 6 $ 1 $ 40 $ 12 $ 2 $ 5 $ 11 $ 16 The components of net periodic benefit expense, other than the service cost component, are included in the line item other income, net, in the consolidated statements of income. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. 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. Dow Corning Chapter 11 Until June 1, 2016, May 31, 2016, no May 31, 2016, Dow Corning Breast Implant Litigation In May 1995, June 1, 2004, 11 Under the terms of the Plan, Dow Corning has established and funded 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, may September 30, 2022 December 31, 2021, not Dow Corning Bankruptcy Pendency Interest Claims As a separate matter arising from the bankruptcy proceedings, Dow Corning had been defending claims asserted by commercial creditors who claimed additional compounded interest at default and state statutory judgment rates as well as attorneys’ fees and other enforcement costs, during the period from May 1995 June 2004. May 31, 2016, September 30, 2019 not Dow Corning Environmental Claims In September 2019, may September 30, 2022 not Environmental Litigation Corning has been designated by federal or state governments under environmental laws, including Superfund, as a potentially responsible party that may September 30, 2022 December 31, 2021 |
Note 11 - Hedging Activities
Note 11 - Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. Designated Hedges Corning uses over-the-counter (“OTC”) foreign exchange forward contracts as cash flow hedges to reduce the risk that movements in exchange rates will adversely affect the net cash flows resulting from the sale of products to customers and purchases from suppliers. The total gross notional values for foreign currency cash flow hedges are $578 million and $780 million at September 30, 2022 December 31, 2021 2024. September 30, 2022 12 Corning has entered into leases of precious metals with maturities through 2025. not September 30, 2022 December 31, 2021, Undesignated Hedges Corning uses OTC foreign exchange forward and option contracts not A significant portion of the Company’s non-U.S. revenue and expenses are denominated in Japanese yen, South Korean won, new Taiwan dollar, Chinese yuan, and euro. When this revenue and these 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 option contracts. Most of these contracts hedge a significant portion of the Company’s exposure to the Japanese yen, with maturities through 2024, 2026. The following table summarizes the total gross notional value for translated earnings contracts at September 30, 2022 December 31, 2021 September 30, December 31, 2022 2021 Average rate forward contracts: Japanese yen-denominated $ 0.8 $ 2.9 South Korean won-denominated 2.3 1.2 Euro-denominated 0.1 0.2 Other foreign currencies (1) 0.6 0.1 Option contracts: Japanese yen-denominated (2) 4.5 3.6 Other foreign currencies (3) 0.9 Total gross notional value for translated earning contracts $ 8.3 $ 8.9 ( 1 Denominational currencies for other average rate forward contracts include the Chinese yuan, New Taiwan dollar, and British pound. ( 2 Japanese yen-denominated option contracts include purchased put and call options and zero zero zero ( 3 Other foreign currency option contracts are purchased basket options that include a basket of underlying currencies, including the Japanese yen, South Korean won, euro and British pound, and each basket option are settled against U.S. dollars. The following table summarizes the notional amounts and respective fair values of Corning’s derivative financial instruments on a gross basis for September 30, 2022 December 31, 2021 Asset derivatives Liability derivatives Notional amount Balance Fair value Balance Fair value September 30, December 31, sheet September 30, December 31, sheet September 30, December 31, 2022 2021 location 2022 2021 location 2022 2021 Derivatives designated as hedging Foreign exchange contracts and other $ 578 $ 780 Other current assets $ 36 $ 49 Other accrued liabilities $ (6 ) $ (2 ) Other assets 40 10 Other liabilities (15 ) (9 ) Derivatives not designated as hedging Foreign exchange contracts 3,130 3,864 Other current assets 147 91 Other accrued liabilities (161 ) (95 ) Translated earnings contracts 8,296 8,899 Other current assets 697 196 Other accrued liabilities (327 ) (47 ) Other assets 191 154 Other liabilities (223 ) (40 ) Total derivatives $ 12,004 $ 13,543 $ 1,111 $ 500 $ (732 ) $ (193 ) ( 1 At September 30, 2022 December 31, 2021, The following tables summarize the effect of Corning’s derivative financial instruments on the consolidated financial statements (in millions): Three months ended September 30, Gain (loss) recognized Location of gain Gain reclassified Derivative hedging in other comprehensive reclassified from accumulated from accumulated relationships for cash income (OCI) OCI into income OCI into income flow and fair value hedges 2022 2021 effective (ineffective) 2022 2021 Net sales $ 15 $ 3 Foreign exchange contracts and other $ 4 $ (5 ) Cost of sales 6 11 Total cash flow and fair value hedges $ 4 $ (5 ) $ 21 $ 14 Nine months ended September 30, Gain recognized Location of gain Gain reclassified Derivative hedging in other comprehensive reclassified from accumulated from accumulated relationships for cash income (OCI) OCI into income OCI into income flow and fair value hedges 2022 2021 effective (ineffective) 2022 2021 Net sales $ 38 $ 9 Foreign exchange contracts and other $ 24 $ 36 Cost of sales 19 28 Total cash flow and fair value hedges $ 24 $ 36 $ 57 $ 37 Gain (loss) gain recognized in income Three months ended Nine months ended Location of gain (loss) September 30, September 30, Undesignated derivatives recognized in income 2022 2021 2022 2021 Foreign exchange contracts Other income, net $ 11 $ (9 ) $ 70 $ 26 Translated earnings contracts Translated earnings contract (loss) gain, net (68 ) (13 ) 257 262 Total undesignated $ (57 ) $ (22 ) $ 327 $ 288 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Fair value standards under 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 identify two one three The following table provides fair value measurement information for the Company’s major categories of financial assets and liabilities measured on a recurring basis; Level 1 “L1” 2 “L2” 3 “L3” September 30, 2022 December 31, 2021 L1 L2 L3 Total L1 L2 L3 Total Current assets: Other current assets (1) $ 2 $ 880 $ 46 $ 928 $ 10 $ 336 $ 6 $ 352 Non-current assets: Other assets (1) $ 231 $ 3 $ 234 $ 164 $ 11 $ 175 Current liabilities: Other accrued liabilities (1) $ 494 $ 494 $ 144 $ 144 Non-current liabilities: Other liabilities (1) $ 255 $ 255 $ 66 $ 66 ( 1 Derivative assets and liabilities mainly consist of foreign exchange contracts which were measured using observable inputs for similar assets and liabilities. Assets and Liabilities Measured on a Non-Recurring Basis There were no September 30, 2022 December 31, 2021. |
Note 13 - Shareholders' Equity
Note 13 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Equity Fixed Rate Cumulative Convertible Preferred Stock, Series A On January 16, 2021, April 5, 2021, April 8, 2021. April 8, 2022 2021, April 8, 2023. The remaining 80 million common shares were accounted for as a conversion of Preferred Stock and resulted in an increase of common stock and additional paid-in-capital based on the carrying value of the Preferred Stock. These common shares were included in the weighted-average common shares outstanding for the calculation of the Company’s basic and diluted earnings per share. SDC has the option to sell 22 million common shares to Corning subject to certain conditions beginning in 2024 2027. seven 2027. Share Repurchases On April 26, 2018, no “2018 July 17, 2019, no “2019 For the three nine September 30, 2022 2019 For the three nine September 30, 2021, 2018 2019 Accumulated Other Comprehensive (Loss) In the three nine September 30, 2022 2021 The following table summarizes the changes in the foreign currency translation adjustment component of accumulated other comprehensive (loss) (in millions) ( 1 Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Beginning balance $ (1,783 ) $ (652 ) $ (933 ) $ (329 ) Loss on foreign currency translation (2) (664 ) (185 ) (1,497 ) (501 ) Equity method affiliates (3) (21 ) (7 ) (38 ) (14 ) Net current-period other comprehensive loss (685 ) (192 ) (1,535 ) (515 ) Ending balance $ (2,468 ) $ (844 ) $ (2,468 ) $ (844 ) ( 1 All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss. ( 2 For the three nine September 30, 2022 three nine September 30, 2021 ( 3 Tax effects are not |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Corning maintains long-term incentive plans (the “Plans”) for key employees and non-employee members of its Board of Directors. The Plans allow Corning 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 September 30, 2022 Share-based compensation cost is allocated to the cost of sales, selling, general and administrative, and research, development and engineering expense lines in the consolidated statements of income. The Company measures and recognizes compensation cost for all share-based awards made to employees and directors based on estimated fair values. Total share-based compensation cost was $52 million and $145 million for the three nine September 30, 2022 three nine September 30, 2021 nine September 30, 2022 2021 Stock Options Corning’s stock option plans provide non-qualified and incentive stock options to purchase authorized but unissued common shares, or treasury shares, at the market price on the grant date and generally become exercisable in installments from one five no The following table summarizes information regarding stock options outstanding, including the related transactions under the stock option plans, for the nine September 30, 2022 Weighted- average Weighted- remaining Aggregate Number average contractual intrinsic of shares exercise term value (in thousands) price (in years) (in thousands) Options outstanding as of December 31, 2021 11,904 $ 22.31 Exercised (1,765 ) 19.91 Forfeited and expired (193 ) 18.47 Options outstanding as of September 30, 2022 9,946 22.81 6.03 $ 68,676 Options expected to vest as of September 30, 2022 9,921 22.82 6.03 68,440 Options exercisable as of September 30, 2022 8,139 23.51 5.68 51,740 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 zero There have been no nine September 30, 2022 September 30, 2021 Incentive Stock Plans The Corning Incentive Stock Plans permit 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 Plans are granted at the closing market price on the grant date, contingently vest over a period of generally one ten 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 for awards that receive dividends on the underlying shares while unvested or dividends accumulated and paid upon vesting is based on the closing market price of the Company’s stock on the grant date. Awards that do not The following table summarizes the Company’s non-vested time-based restricted stock and restricted stock units and changes which occurred during the nine September 30, 2022 Weighted Number average of shares grant-date (in thousands) fair value Non-vested shares and share units at December 31, 2021 10,594 $ 25.83 Granted 4,288 34.01 Vested (3,238 ) 24.77 Forfeited (275 ) 28.08 Non-vested shares and share units at September 30, 2022 11,369 $ 29.16 Performance-Based Restricted Stock Units Performance-based restricted stock units are earned upon the achievement of certain targets and are payable in shares of the Company’s common stock upon vesting, typically over a three may The following table summarizes the Company’s non-vested performance-based restricted stock units and changes which occurred during the nine September 30, 2022 Weighted Number average of shares grant-date (in thousands) fair value Non-vested share units at December 31, 2021 3,684 $ 34.17 Granted 1,761 40.76 Vested (139 ) 32.18 Performance adjustments 366 34.46 Forfeited (76 ) 32.39 Non-vested share units at September 30, 2022 5,596 $ 36.28 |
Note 15 - Reportable Segments
Note 15 - Reportable Segments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. The Company’s reportable segments are as follows: ● Optical Communications – manufactures carrier network and enterprise network components for the telecommunications industry. ● Display Technologies – manufactures glass substrates for flat panel liquid crystal displays and other high-performance display panels. ● 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. ● Environmental Technologies – manufactures ceramic substrates and filters for automotive and diesel applications. ● Life Sciences – manufactures glass and plastic labware, equipment, media, serum and reagents enabling workflow solutions for drug discovery and bioproduction. All other businesses that do not Financial results for the reportable segments are prepared on a basis consistent with the internal disaggregation of financial information to assist the chief operating decision maker (“CODM”) in making internal operating decisions. A significant portion of segment revenues and expenses are denominated in currencies other than the U.S. dollar. Management believes it is important to understand the impact on core net income of translating these currencies into U.S. dollars. For segment sales and net income, the Company utilizes constant-currency reporting for Display Technologies, Specialty Materials, Environmental Technologies and Life Sciences segments for the Japanese yen, South Korean won, Chinese yuan, new Taiwan dollar and the euro. Certain income and expenses are included in the unallocated amounts in the reconciliation of reportable segment net income (loss) to consolidated net income. These include items that are not Reportable Segments and Hemlock and Emerging Growth Businesses (in millions): Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended September 30, 2022 Segment net sales $ 1,317 $ 686 $ 519 $ 425 $ 312 $ 407 $ 3,666 Depreciation (1) $ 96 $ 151 $ 56 $ 44 $ 23 $ 38 $ 408 Research, development and engineering expenses (2) $ 60 $ 31 $ 66 $ 25 $ 10 $ 43 $ 235 Income tax provision (3) $ (50 ) $ (35 ) $ (26 ) $ (23 ) $ (11 ) $ (8 ) $ (153 ) Segment net income (4) $ 183 $ 134 $ 96 $ 87 $ 43 $ 18 $ 561 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended September 30, 2021 Segment net sales $ 1,131 $ 956 $ 556 $ 385 $ 305 $ 306 $ 3,639 Depreciation (1) $ 58 $ 153 $ 42 $ 34 $ 14 $ 38 $ 339 Research, development and engineering expenses (2) $ 57 $ 31 $ 49 $ 28 $ 9 $ 44 $ 218 Income tax provision (3) $ (38 ) $ (64 ) $ (28 ) $ (16 ) $ (12 ) $ (1 ) $ (159 ) Segment net income (loss) (4) $ 139 $ 247 $ 107 $ 60 $ 45 $ (5 ) $ 593 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Nine months ended September 30, 2022 Segment net sales $ 3,828 $ 2,523 $ 1,497 $ 1,190 $ 934 $ 1,200 $ 11,172 Depreciation (1) $ 223 $ 453 $ 138 $ 111 $ 53 $ 111 $ 1,089 Research, development and engineering expenses (2) $ 173 $ 92 $ 163 $ 74 $ 28 $ 121 $ 651 Income tax provision (3) $ (146 ) $ (157 ) $ (70 ) $ (59 ) $ (32 ) $ (19 ) $ (483 ) Segment net income (4) $ 531 $ 598 $ 262 $ 223 $ 122 $ 35 $ 1,771 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Nine months ended September 30, 2021 Segment net sales $ 3,143 $ 2,758 $ 1,490 $ 1,233 $ 917 $ 865 $ 10,406 Depreciation (1) $ 174 $ 450 $ 125 $ 105 $ 40 $ 104 $ 998 Research, development and engineering expenses (2) $ 160 $ 79 $ 143 $ 84 $ 25 $ 114 $ 605 Income tax (provision) benefit (3) $ (109 ) $ (184 ) $ (74 ) $ (57 ) $ (39 ) $ 10 $ (453 ) Segment net income (loss) (4) $ 398 $ 708 $ 279 $ 215 $ 145 $ (44 ) $ 1,701 ( 1 Depreciation expense for Corning’s reportable segments includes an allocation of depreciation of corporate property not ( 2 Research, development and engineering expenses include direct project spending that is identifiable to a segment. ( 3 Income tax (provision) benefit reflects a tax rate of 21%. ( 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. Expenses that are not The following table is a reconciliation of net sales of reportable segments to consolidated net sales (in millions): Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Net sales of reportable segments $ 3,259 $ 3,333 $ 9,972 $ 9,541 Net sales of Hemlock and Emerging Growth Businesses 407 306 1,200 865 Impact of constant currency reporting (1) (178 ) (24 ) (389 ) Consolidated net sales $ 3,488 $ 3,615 $ 10,783 $ 10,406 ( 1 This amount represents the impact of foreign currency adjustments primarily in the Display Technologies segment. The following table is a reconciliation of net income of reportable segments to net income attributable to Corning Incorporated (in millions): Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Net income of reportable segments $ 543 $ 598 $ 1,736 $ 1,745 Net income (loss) of Hemlock and Emerging Growth Businesses 18 (5 ) 35 (44 ) Unallocated amounts: Impact of constant currency reporting not included in segment net income (loss) (1) (136 ) (33 ) (319 ) (47 ) (Loss) gain on foreign currency hedges related to translated earnings (68 ) (13 ) 257 262 Translation gain on Japanese yen-denominated debt 84 4 321 127 Litigation, regulatory and other legal matters (23 ) (3 ) (65 ) (11 ) Research, development, and engineering expenses (2) (43 ) (34 ) (115 ) (107 ) Amortization of intangibles (31 ) (32 ) (92 ) (97 ) Interest expense, net (59 ) (64 ) (180 ) (205 ) Income tax benefit 119 50 103 51 Restructuring, impairment and other charges and credits (3) (138 ) (40 ) (217 ) (42 ) Gain on sale of a business 53 54 Other corporate items (58 ) (57 ) (165 ) (267 ) Net income attributable to Corning Incorporated $ 208 $ 371 $ 1,352 $ 1,419 ( 1 This amount represents the impact of foreign currency adjustments primarily in the Display Technologies segment. ( 2 Amount does not ( 3 Refer to Note 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation In these notes, the terms “Corning,” “Company,” “we,” “us,” or “our” mean Corning Incorporated and its subsidiary companies. The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Corning’s consolidated financial statements and notes thereto included in its Annual Report on Form 10 December 31, 2021 2021 10 The unaudited consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. The results for interim periods are not may The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. The non-controlling interests as recorded in the consolidated financial statements represent amounts attributable to the minority shareholders of Hemlock Semiconductor Group (“Hemlock”) and other less-than-wholly-owned consolidated subsidiaries. Certain prior year amounts have been reclassified to conform to the current-year presentation. These reclassifications had no |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In November 2021, 2021 10 832 December 15, 2021. 2021 10 2020 10 not |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Telecommunication products $ 1,317 $ 1,131 $ 3,828 $ 3,143 Display products 558 936 2,223 2,758 Specialty glass products 516 556 1,494 1,490 Environmental substrate and filter products 393 382 1,130 1,233 Life science products 297 304 908 917 Polycrystalline silicon and all other products 407 306 1,200 865 Total net sales $ 3,488 $ 3,615 $ 10,783 $ 10,406 Impact of constant currency reporting (1) 178 24 389 Net sales of reportable segments and Hemlock and Emerging Growth Businesses $ 3,666 $ 3,639 $ 11,172 $ 10,406 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Income Tax Provisions and Rates [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Provision for income taxes $ (34 ) $ (109 ) $ (380 ) $ (402 ) Effective tax rate 13.1 % 22.1 % 21.2 % 21.8 % |
Note 5 - Earnings per Common _2
Note 5 - Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Net income attributable to Corning Incorporated $ 208 $ 371 $ 1,352 $ 1,419 Less: Series A convertible preferred stock dividend 24 Less: Excess consideration paid for redemption of preferred shares 803 Net income available to common shareholders – basic 208 371 1,352 592 Net income available to common shareholders – diluted $ 208 $ 371 $ 1,352 $ 592 Weighted-average common shares outstanding – basic 843 852 843 821 Effect of dilutive securities: Employee stock options and other dilutive securities 12 14 14 16 Weighted-average common shares outstanding – diluted 855 866 857 837 Basic earnings per common share $ 0.25 $ 0.44 $ 1.60 $ 0.72 Diluted earnings per common share $ 0.24 $ 0.43 $ 1.58 $ 0.71 Anti-dilutive potential shares excluded from diluted earnings per common share: Series A convertible preferred stock (1) 41 Employee stock options and awards 3 2 Total 3 — 2 41 |
Note 6 - Inventories, Net (Tabl
Note 6 - Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2022 2021 Finished goods $ 1,394 $ 1,215 Work in process 507 358 Raw materials and accessories 571 427 Supplies and packing materials 479 481 Total inventories, net $ 2,951 $ 2,481 |
Note 7 - Other Liabilities (Tab
Note 7 - Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Other Liabilities [Table Text Block] | September 30, December 31, 2022 2021 Current liabilities: Wages and employee benefits $ 595 $ 824 Income taxes 99 196 Derivative instruments (Note 11) 494 144 Deferred revenue (Note 3) 170 148 Customer deposits (Note 3) 166 223 Share repurchase liability (Note 13) 504 506 Short-term operating leases 97 94 Other current liabilities 1,026 1,004 Other accrued liabilities $ 3,151 $ 3,139 Non-current liabilities: Defined benefit pension plan liabilities $ 698 $ 707 Derivative instruments (Note 11) 238 49 Deferred revenue (Note 3) 732 764 Customer deposits (Note 3) 1,115 1,072 Share repurchase liability (Note 13) 18 517 Deferred tax liabilities 136 258 Long-term operating leases 648 691 Other non-current liabilities 1,325 1,134 Other liabilities $ 4,910 $ 5,192 |
Note 9 - Employee Retirement _2
Note 9 - Employee Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension benefits Postretirement benefits Three months ended Nine months ended Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 32 $ 32 $ 96 $ 96 $ 3 $ 3 $ 7 $ 8 Interest cost 28 22 82 65 3 3 11 11 Expected return on plan assets (55 ) (54 ) (164 ) (162 ) Amortization of prior service cost (credit) 1 1 4 3 (2 ) (1 ) (4 ) (4 ) Recognition of actuarial loss (gain) 22 10 (2 ) (3 ) 1 Total pension and postretirement benefit expense $ 6 $ 1 $ 40 $ 12 $ 2 $ 5 $ 11 $ 16 |
Note 11 - Hedging Activities (T
Note 11 - Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | September 30, December 31, 2022 2021 Average rate forward contracts: Japanese yen-denominated $ 0.8 $ 2.9 South Korean won-denominated 2.3 1.2 Euro-denominated 0.1 0.2 Other foreign currencies (1) 0.6 0.1 Option contracts: Japanese yen-denominated (2) 4.5 3.6 Other foreign currencies (3) 0.9 Total gross notional value for translated earning contracts $ 8.3 $ 8.9 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Asset derivatives Liability derivatives Notional amount Balance Fair value Balance Fair value September 30, December 31, sheet September 30, December 31, sheet September 30, December 31, 2022 2021 location 2022 2021 location 2022 2021 Derivatives designated as hedging Foreign exchange contracts and other $ 578 $ 780 Other current assets $ 36 $ 49 Other accrued liabilities $ (6 ) $ (2 ) Other assets 40 10 Other liabilities (15 ) (9 ) Derivatives not designated as hedging Foreign exchange contracts 3,130 3,864 Other current assets 147 91 Other accrued liabilities (161 ) (95 ) Translated earnings contracts 8,296 8,899 Other current assets 697 196 Other accrued liabilities (327 ) (47 ) Other assets 191 154 Other liabilities (223 ) (40 ) Total derivatives $ 12,004 $ 13,543 $ 1,111 $ 500 $ (732 ) $ (193 ) |
Not Designated as Hedging Instrument [Member] | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Gain (loss) gain recognized in income Three months ended Nine months ended Location of gain (loss) September 30, September 30, Undesignated derivatives recognized in income 2022 2021 2022 2021 Foreign exchange contracts Other income, net $ 11 $ (9 ) $ 70 $ 26 Translated earnings contracts Translated earnings contract (loss) gain, net (68 ) (13 ) 257 262 Total undesignated $ (57 ) $ (22 ) $ 327 $ 288 |
Designated as Hedging Instrument [Member] | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Three months ended September 30, Gain (loss) recognized Location of gain Gain reclassified Derivative hedging in other comprehensive reclassified from accumulated from accumulated relationships for cash income (OCI) OCI into income OCI into income flow and fair value hedges 2022 2021 effective (ineffective) 2022 2021 Net sales $ 15 $ 3 Foreign exchange contracts and other $ 4 $ (5 ) Cost of sales 6 11 Total cash flow and fair value hedges $ 4 $ (5 ) $ 21 $ 14 Nine months ended September 30, Gain recognized Location of gain Gain reclassified Derivative hedging in other comprehensive reclassified from accumulated from accumulated relationships for cash income (OCI) OCI into income OCI into income flow and fair value hedges 2022 2021 effective (ineffective) 2022 2021 Net sales $ 38 $ 9 Foreign exchange contracts and other $ 24 $ 36 Cost of sales 19 28 Total cash flow and fair value hedges $ 24 $ 36 $ 57 $ 37 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2022 December 31, 2021 L1 L2 L3 Total L1 L2 L3 Total Current assets: Other current assets (1) $ 2 $ 880 $ 46 $ 928 $ 10 $ 336 $ 6 $ 352 Non-current assets: Other assets (1) $ 231 $ 3 $ 234 $ 164 $ 11 $ 175 Current liabilities: Other accrued liabilities (1) $ 494 $ 494 $ 144 $ 144 Non-current liabilities: Other liabilities (1) $ 255 $ 255 $ 66 $ 66 |
Note 13 - Shareholders' Equity
Note 13 - Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Beginning balance $ (1,783 ) $ (652 ) $ (933 ) $ (329 ) Loss on foreign currency translation (2) (664 ) (185 ) (1,497 ) (501 ) Equity method affiliates (3) (21 ) (7 ) (38 ) (14 ) Net current-period other comprehensive loss (685 ) (192 ) (1,535 ) (515 ) Ending balance $ (2,468 ) $ (844 ) $ (2,468 ) $ (844 ) |
Note 14 - Share-based Compens_2
Note 14 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- average Weighted- remaining Aggregate Number average contractual intrinsic of shares exercise term value (in thousands) price (in years) (in thousands) Options outstanding as of December 31, 2021 11,904 $ 22.31 Exercised (1,765 ) 19.91 Forfeited and expired (193 ) 18.47 Options outstanding as of September 30, 2022 9,946 22.81 6.03 $ 68,676 Options expected to vest as of September 30, 2022 9,921 22.82 6.03 68,440 Options exercisable as of September 30, 2022 8,139 23.51 5.68 51,740 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Number average of shares grant-date (in thousands) fair value Non-vested shares and share units at December 31, 2021 10,594 $ 25.83 Granted 4,288 34.01 Vested (3,238 ) 24.77 Forfeited (275 ) 28.08 Non-vested shares and share units at September 30, 2022 11,369 $ 29.16 |
Share-Based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Weighted Number average of shares grant-date (in thousands) fair value Non-vested share units at December 31, 2021 3,684 $ 34.17 Granted 1,761 40.76 Vested (139 ) 32.18 Performance adjustments 366 34.46 Forfeited (76 ) 32.39 Non-vested share units at September 30, 2022 5,596 $ 36.28 |
Note 15 - Reportable Segments (
Note 15 - Reportable Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended September 30, 2022 Segment net sales $ 1,317 $ 686 $ 519 $ 425 $ 312 $ 407 $ 3,666 Depreciation (1) $ 96 $ 151 $ 56 $ 44 $ 23 $ 38 $ 408 Research, development and engineering expenses (2) $ 60 $ 31 $ 66 $ 25 $ 10 $ 43 $ 235 Income tax provision (3) $ (50 ) $ (35 ) $ (26 ) $ (23 ) $ (11 ) $ (8 ) $ (153 ) Segment net income (4) $ 183 $ 134 $ 96 $ 87 $ 43 $ 18 $ 561 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended September 30, 2021 Segment net sales $ 1,131 $ 956 $ 556 $ 385 $ 305 $ 306 $ 3,639 Depreciation (1) $ 58 $ 153 $ 42 $ 34 $ 14 $ 38 $ 339 Research, development and engineering expenses (2) $ 57 $ 31 $ 49 $ 28 $ 9 $ 44 $ 218 Income tax provision (3) $ (38 ) $ (64 ) $ (28 ) $ (16 ) $ (12 ) $ (1 ) $ (159 ) Segment net income (loss) (4) $ 139 $ 247 $ 107 $ 60 $ 45 $ (5 ) $ 593 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Nine months ended September 30, 2022 Segment net sales $ 3,828 $ 2,523 $ 1,497 $ 1,190 $ 934 $ 1,200 $ 11,172 Depreciation (1) $ 223 $ 453 $ 138 $ 111 $ 53 $ 111 $ 1,089 Research, development and engineering expenses (2) $ 173 $ 92 $ 163 $ 74 $ 28 $ 121 $ 651 Income tax provision (3) $ (146 ) $ (157 ) $ (70 ) $ (59 ) $ (32 ) $ (19 ) $ (483 ) Segment net income (4) $ 531 $ 598 $ 262 $ 223 $ 122 $ 35 $ 1,771 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Nine months ended September 30, 2021 Segment net sales $ 3,143 $ 2,758 $ 1,490 $ 1,233 $ 917 $ 865 $ 10,406 Depreciation (1) $ 174 $ 450 $ 125 $ 105 $ 40 $ 104 $ 998 Research, development and engineering expenses (2) $ 160 $ 79 $ 143 $ 84 $ 25 $ 114 $ 605 Income tax (provision) benefit (3) $ (109 ) $ (184 ) $ (74 ) $ (57 ) $ (39 ) $ 10 $ (453 ) Segment net income (loss) (4) $ 398 $ 708 $ 279 $ 215 $ 145 $ (44 ) $ 1,701 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Net sales of reportable segments $ 3,259 $ 3,333 $ 9,972 $ 9,541 Net sales of Hemlock and Emerging Growth Businesses 407 306 1,200 865 Impact of constant currency reporting (1) (178 ) (24 ) (389 ) Consolidated net sales $ 3,488 $ 3,615 $ 10,783 $ 10,406 |
Reconciliation of Net Income (Loss) from Segments to Consolidated [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Net income of reportable segments $ 543 $ 598 $ 1,736 $ 1,745 Net income (loss) of Hemlock and Emerging Growth Businesses 18 (5 ) 35 (44 ) Unallocated amounts: Impact of constant currency reporting not included in segment net income (loss) (1) (136 ) (33 ) (319 ) (47 ) (Loss) gain on foreign currency hedges related to translated earnings (68 ) (13 ) 257 262 Translation gain on Japanese yen-denominated debt 84 4 321 127 Litigation, regulatory and other legal matters (23 ) (3 ) (65 ) (11 ) Research, development, and engineering expenses (2) (43 ) (34 ) (115 ) (107 ) Amortization of intangibles (31 ) (32 ) (92 ) (97 ) Interest expense, net (59 ) (64 ) (180 ) (205 ) Income tax benefit 119 50 103 51 Restructuring, impairment and other charges and credits (3) (138 ) (40 ) (217 ) (42 ) Gain on sale of a business 53 54 Other corporate items (58 ) (57 ) (165 ) (267 ) Net income attributable to Corning Incorporated $ 208 $ 371 $ 1,352 $ 1,419 |
Note 2 - Restructuring, Impai_2
Note 2 - Restructuring, Impairment, and Other Charges and Credits (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Costs and Asset Impairment Charges, Total | $ 138,000 | $ 0 | $ 217,000 | $ 0 |
Cost of Sales [Member] | ||||
Restructuring Costs and Asset Impairment Charges, Total | $ 125,000 | $ 193,000 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Contract with Customer, Liability, Customer Deposits | $ 1,300 | $ 1,300 | $ 1,300 | |||
Increase (Decrease) in Contract with Customer, Liability | 24 | $ 59 | 155 | $ 182 | ||
Contract with Customer, Liability, Noncurrent | 1,115 | 1,115 | 1,072 | |||
Contract with Customer, Liability, Current | 166 | 166 | 223 | |||
Contract with Customer, Liability, Total | 902 | 902 | 912 | |||
Contract With Customer Liability, Deferred Revenue, Noncurrent | 732 | 732 | 764 | |||
Contract With Customer Liability, Deferred Revenue, Current | $ 170 | $ 170 | $ 148 | |||
Maximum [Member] | ||||||
Long Term Supply, Commitment Period (Year) | 10 years |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net sales | $ 3,488 | $ 3,615 | $ 10,783 | $ 10,406 | |
Impact of constant currency reporting (1) | [1] | 178 | 24 | 389 | |
Net sales of reportable segments and Hemlock and Emerging Growth Businesses | 3,666 | 3,639 | 11,172 | 10,406 | |
Telecommunication Products [Member] | |||||
Net sales | 1,317 | 1,131 | 3,828 | 3,143 | |
Display Products [Member] | |||||
Net sales | 558 | 936 | 2,223 | 2,758 | |
Specialty Glass Products [Member] | |||||
Net sales | 516 | 556 | 1,494 | 1,490 | |
Environmental Substrate and Filter Products [Member] | |||||
Net sales | 393 | 382 | 1,130 | 1,233 | |
Life Science Products [Member] | |||||
Net sales | 297 | 304 | 908 | 917 | |
Product and Service, Other [Member] | |||||
Net sales | $ 407 | $ 306 | $ 1,200 | $ 865 | |
[1]This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment. |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 21% | |
National Tax Service of Korea [Member] | |||||
Income Taxes Receivable, Noncurrent | $ 322 | $ 322 | $ 350 |
Note 4 - Income Taxes - Provisi
Note 4 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Provision for income taxes (Note 4) | $ (34) | $ (109) | $ (380) | $ (402) |
Effective tax rate | 13.10% | 22.10% | 21.20% | 21.80% |
Note 5 - Earnings per Common _3
Note 5 - Earnings per Common Share (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Apr. 08, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Apr. 05, 2021 | Jan. 16, 2021 | |||
Stock Redeemed or Called During Period, Value | [1] | $ 1,503 | |||||
Retained Earnings [Member] | |||||||
Stock Redeemed or Called During Period, Value | $ 803 | $ 803 | [1] | ||||
Series A Convertible Preferred Stock [Member] | |||||||
Preferred Stock, Convertible, Shares Issuable (in shares) | 115,000,000 | ||||||
Converted from Preferred Stock [Member] | |||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 80,000,000 | 80,000,000 | |||||
Conversion of Preferred Stock into Common Stock [Member] | |||||||
Conversion of Stock, Shares Converted (in shares) | 2,300 | ||||||
Conversion of Stock, Shares Issued (in shares) | 115,000,000 | ||||||
Conversion of Preferred Stock into Common Stock [Member] | Samsung [Member] | |||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 35,000,000 | ||||||
[1]Refer to Note 4 (Earnings (Loss) per Common Share) and Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information. |
Note 5 - Earnings Per Common _4
Note 5 - Earnings Per Common Share - Reconciliation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net income attributable to Corning Incorporated | $ 208 | $ 371 | $ 1,352 | $ 1,419 | |
Less: Series A convertible preferred stock dividend | 24 | ||||
Less: Excess consideration paid for redemption of preferred shares | [1] | 803 | |||
Net income available to common shareholders | 208 | 371 | 1,352 | 592 | |
Net income available to common shareholders – diluted | $ 208 | $ 371 | $ 1,352 | $ 592 | |
Weighted-average common shares outstanding – basic (in shares) | 843 | 852 | 843 | 821 | |
Employee stock options and other dilutive securities (in shares) | 12 | 14 | 14 | 16 | |
Weighted-average common shares outstanding – diluted (in shares) | 855 | 866 | 857 | 837 | |
Basic (Note 5) (in dollars per share) | $ 0.25 | $ 0.44 | $ 1.60 | $ 0.72 | |
Diluted (Note 5) (in dollars per share) | $ 0.24 | $ 0.43 | $ 1.58 | $ 0.71 | |
Total (in shares) | 3 | 0 | 2 | 41 | |
Share-Based Payment Arrangement [Member] | |||||
Total (in shares) | 3 | 2 | |||
Series A Convertible Preferred Stock [Member] | |||||
Series A convertible preferred stock (1) (in shares) | [2] | 41 | |||
[1]Refer to Note 4 (Earnings (Loss) per Common Share) and Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information.[2]For the nine months ended September 30, 2021, the Preferred Stock was anti-dilutive; therefore, it was excluded from the calculation of diluted earnings per share. |
Note 6 - Inventories, Net - Inv
Note 6 - Inventories, Net - Inventories, Net (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Finished goods | $ 1,394 | $ 1,215 |
Work in process | 507 | 358 |
Raw materials and accessories | 571 | 427 |
Supplies and packing materials | 479 | 481 |
Total inventories, net | $ 2,951 | $ 2,481 |
Note 7 - Other Liabilities - Ot
Note 7 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Wages and employee benefits | $ 595 | $ 824 |
Income taxes | 99 | 196 |
Derivative instruments (Note 11) | 494 | 144 |
Deferred revenue (Note 3) | 170 | 148 |
Customer deposits (Note 3) | 166 | 223 |
Share repurchase liability (Note 13) | 504 | 506 |
Short-term operating leases | 97 | 94 |
Other current liabilities | 1,026 | 1,004 |
Other accrued liabilities | 3,151 | 3,139 |
Defined benefit pension plan liabilities | 698 | 707 |
Derivative instruments (Note 11) | 238 | 49 |
Deferred revenue (Note 3) | 732 | 764 |
Customer deposits (Note 3) | 1,115 | 1,072 |
Share repurchase liability (Note 13) | 18 | 517 |
Deferred tax liabilities | 136 | 258 |
Long-term operating leases | 648 | 691 |
Other non-current liabilities | 1,325 | 1,134 |
Other liabilities | $ 4,910 | $ 5,192 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) $ in Thousands, ¥ in Billions | 3 Months Ended | |||||
Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 JPY (¥) | Dec. 31, 2021 USD ($) | |
Long-Term Debt and Lease Obligation, Total | $ 6,525,000 | $ 6,989,000 | ||||
Debentures Due in 2022 [Member] | ||||||
Extinguishment of Debt, Amount | $ 375,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 10,000 | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ (11,000) | |||||
Debentures Due in 2023 [Member] | ||||||
Extinguishment of Debt, Amount | $ 250,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 19,000 | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ (20,000) | |||||
Commercial Paper [Member] | ||||||
Short-Term Debt, Total | 0 | 0 | ||||
Incremental Liquidity Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 173,000,000 | ¥ 25 | ||||
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | |||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Long-Term Debt, Fair Value | $ 5,900,000 | $ 8,300,000 |
Note 9 - Employee Retirement _3
Note 9 - Employee Retirement Plans - Net Periodic Benefit Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Plan [Member] | ||||
Service cost | $ 32 | $ 32 | $ 96 | $ 96 |
Interest cost | 28 | 22 | 82 | 65 |
Expected return on plan assets | (55) | (54) | (164) | (162) |
Amortization of prior service cost (credit) | 1 | 1 | 4 | 3 |
Recognition of actuarial loss (gain) | 22 | 10 | ||
Total pension and postretirement benefit expense | 6 | 1 | 40 | 12 |
Other Postretirement Benefits Plan [Member] | ||||
Service cost | 3 | 3 | 7 | 8 |
Interest cost | 3 | 3 | 11 | 11 |
Expected return on plan assets | ||||
Amortization of prior service cost (credit) | (2) | (1) | (4) | (4) |
Recognition of actuarial loss (gain) | (2) | (3) | 1 | |
Total pension and postretirement benefit expense | $ 2 | $ 5 | $ 11 | $ 16 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) $ in Millions | 9 Months Ended | 12 Months Ended | ||
May 31, 2016 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 01, 2016 | |
Environmental Litigation [Member] | ||||
Number of Hazardous Waste Sites | 19 | |||
Accrual for Environmental Loss Contingencies, Ending Balance | $ 111 | $ 55 | ||
Dow Corning Corporation [Member] | Dow Corning Chapter 11 Related Matters [Member] | ||||
Equity Method Investment, Ownership Percentage | 50% | |||
Indemnification of Excess Liability | 50% | |||
Dow Corning Corporation [Member] | Dow Corning Breast Implant Litigation [Member] | ||||
Indemnification of Excess Liability | 50% | |||
Litigation Settlement, Expense | 1,800 | |||
Loss Contingency Accrual, Ending Balance | $ 290 | $ 87 | $ 130 | |
Dow Corning Corporation [Member] | Dow Corning Bankruptcy Pendency Interest Claims [Member] | ||||
Loss Contingency Accrual, Ending Balance | $ 107 | |||
Dow Corning Corporation [Member] | Dow Corning Environmental Claims [Member] | ||||
Indemnification of Excess Liability | 50% |
Note 11 - Hedging Activities (D
Note 11 - Hedging Activities (Details Textual) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) ozt | Dec. 31, 2021 USD ($) ozt | |
Derivative, Notional Amount | $ 12,004 | $ 13,543 |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 30 | |
New Investment Hedges [Member] | Cash Flow Hedging [Member] | ||
Derivative, Notional Amount | 578 | 780 |
Leased Precious Metal Pools [Member] | Property and Equipment, Net [Member] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 324 | 107 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative, Notional Amount | $ 578 | $ 780 |
Lease Precious Metals [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative, Nonmonetary Notional Amount, Mass (Troy Ounce) | ozt | 23,152 | 7,559 |
Note 11 - Hedging Activities -
Note 11 - Hedging Activities - Undesignated Hedges (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Gross notional value for translated earning contracts | $ 12,004 | $ 13,543 | |
Not Designated as Hedging Instrument [Member] | |||
Gross notional value for translated earning contracts | 8,300 | 8,900 | |
Average Rate Forward Contracts, Japanese Yen-denominated [Member] | Not Designated as Hedging Instrument [Member] | |||
Gross notional value for translated earning contracts | 800 | 2,900 | |
Average Rate Forward Contracts, South Korean Won-denominated [Member] | Not Designated as Hedging Instrument [Member] | |||
Gross notional value for translated earning contracts | 2,300 | 1,200 | |
Average Rate Forward Contracts, Euro-denominated [Member] | Not Designated as Hedging Instrument [Member] | |||
Gross notional value for translated earning contracts | 100 | 200 | |
Average Rate Forward Contracts, Other Foreign Currencies [Member] | Not Designated as Hedging Instrument [Member] | |||
Gross notional value for translated earning contracts | [1] | 600 | 100 |
Options Contracts, Japanese Yen-denominated [Member] | Not Designated as Hedging Instrument [Member] | |||
Gross notional value for translated earning contracts | [2] | 4,500 | 3,600 |
Options Contracts, Other Foreign Currencies [Member] | Not Designated as Hedging Instrument [Member] | |||
Gross notional value for translated earning contracts | [3] | $ 900 | |
[1]Denominational currencies for other average rate forward contracts include the Chinese yuan, New Taiwan dollar, and British pound.[2]Japanese yen-denominated option contracts include zero-cost collars, purchased put and call options. With respect to the zero-cost collars, the gross notional amount includes the value of the put and call options. However, due to the nature of the zero-cost collars, only the put or call option can be exercised at maturity.[3]Other foreign currency option contracts are purchased basket options that include a basket of underlying currencies, including the Japanese yen, South Korean won, euro and British pound, and each basket option are settled against U.S. dollars. |
Note 11 - Hedging Activities _2
Note 11 - Hedging Activities - Summary of Notional Amounts and Respective Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Notional amount | $ 12,004 | $ 13,543 | |
Asset derivatives, fair value | 1,111 | 500 | |
Liability derivatives, fair value | (732) | (193) | |
Not Designated as Hedging Instrument [Member] | |||
Notional amount | 8,300 | 8,900 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Notional amount | [1] | 578 | 780 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Asset derivatives, fair value | [1] | 36 | 49 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | |||
Liability derivatives, fair value | [1] | (6) | (2) |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | |||
Asset derivatives, fair value | [1] | 40 | 10 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | |||
Liability derivatives, fair value | [1] | (15) | (9) |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Notional amount | 3,130 | 3,864 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Asset derivatives, fair value | 147 | 91 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | |||
Liability derivatives, fair value | (161) | (95) | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Notional amount | 8,296 | 8,899 | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Asset derivatives, fair value | 697 | 196 | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | |||
Liability derivatives, fair value | (327) | (47) | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | |||
Asset derivatives, fair value | 191 | 154 | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | |||
Liability derivatives, fair value | $ (223) | $ (40) | |
[1]At September 30, 2022, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $578 million and fair value hedges of leased precious metals with gross notional amounts of 23,152 troy ounces. At December 31, 2021, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $780 million and fair value hedges of leased precious metals with gross notional amounts of 7,559 troy ounces. |
Note 11 - Hedging Activities _3
Note 11 - Hedging Activities - Summary of Effect of Designated Derivative Financial Instruments on Consolidated Financial Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |||
Net sales | $ 3,488 | $ 3,615 | $ 10,783 | $ 10,406 | ||
Gain (loss) recognized in other comprehensive income | 4 | (5) | 24 | 36 | ||
Cost of sales | 2,426 | 2,294 | 7,192 | 6,614 | ||
Net income attributable to Corning Incorporated | 208 | 371 | 1,352 | 1,419 | ||
Foreign Exchange Contract [Member] | ||||||
Gain (loss) recognized in other comprehensive income | 4 | (5) | 24 | 36 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Net sales | 15 | 3 | 38 | 9 | ||
Cost of sales | 6 | 11 | [1] | 19 | 28 | [1] |
Net income attributable to Corning Incorporated | $ 21 | $ 14 | $ 57 | $ 37 | ||
[1]A loss of $14 million was reclassified from accumulated other comprehensive loss into other expense, net, resulting from the de-designation of certain cash flow hedges during the year ended December 31, 2020. |
Note 11 - Hedging Activities _4
Note 11 - Hedging Activities - Summary of Effect of Undesignated Derivative Financial Instruments on Consolidated Financial Statements (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (loss) recognized in income | $ (57) | $ (22) | $ 327 | $ 288 |
Foreign Exchange Contract [Member] | Other (Expense) Income, Net [Member] | ||||
Gain (loss) recognized in income | 11 | (9) | 70 | 26 |
Translated Earnings Contracts [Member] | Translated Earnings Contract (Loss) Gain, Net [Member] | ||||
Gain (loss) recognized in income | $ (68) | $ (13) | $ 257 | $ 262 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Other current assets | [1] | $ 928 | $ 352 |
Other assets | [1] | 234 | 175 |
Other accrued liabilities | [1] | 494 | 144 |
Other liabilities | [1] | 255 | 66 |
Fair Value, Inputs, Level 1 [Member] | |||
Other current assets | [1] | 2 | 10 |
Fair Value, Inputs, Level 2 [Member] | |||
Other current assets | [1] | 880 | 336 |
Other assets | [1] | 231 | 164 |
Other accrued liabilities | [1] | 494 | 144 |
Other liabilities | [1] | 255 | 66 |
Fair Value, Inputs, Level 3 [Member] | |||
Other current assets | [1] | 46 | 6 |
Other assets | [1] | $ 3 | $ 11 |
[1]Derivative assets and liabilities mainly consist of foreign exchange contracts which were measured using observable inputs for similar assets and liabilities. |
Note 13 - Shareholders' Equit_2
Note 13 - Shareholders' Equity (Details Textual) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Apr. 23, 2023 | Apr. 08, 2022 | Apr. 08, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Apr. 05, 2022 | Apr. 05, 2021 | Jan. 16, 2021 | Jul. 17, 2019 | Apr. 26, 2018 | |
Payments for Repurchase of Common Stock | $ 221 | $ 22 | ||||||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||||||
Other Comprehensive Income (Loss), Tax, Total | $ 49 | $ 31 | 87 | 42 | ||||||||
Share Repurchase Agreement [Member] | Samsung [Member] | ||||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 35 | |||||||||||
Payments for Repurchase of Common Stock | $ 507 | $ 507 | $ 1,500 | |||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 22 | |||||||||||
Number of Shares Held by Counter Party subject to Seven Year Lock-up Period (in shares) | 58 | |||||||||||
Share Repurchase Agreement [Member] | Samsung [Member] | Forecast [Member] | ||||||||||||
Payments for Repurchase of Common Stock | $ 507 | |||||||||||
The 2018 Repurchase Program [Member] | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | |||||||||||
The 2019 Repurchase Program [Member] | ||||||||||||
Payments for Repurchase of Common Stock | $ 17 | $ 221 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 5,000 | |||||||||||
Treasury Stock, Shares, Acquired (in shares) | 0.5 | 6 | ||||||||||
The 2018 and 2019 Repurchase Programs [Member] | ||||||||||||
Payments for Repurchase of Common Stock | $ 24 | $ 1,500 | ||||||||||
Treasury Stock, Shares, Acquired (in shares) | 1 | 36 | ||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||
Preferred Stock, Convertible, Shares Issuable (in shares) | 115 | |||||||||||
Converted from Preferred Stock [Member] | ||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 80 | 80 |
Note 13 - Shareholders' Equity-
Note 13 - Shareholders' Equity- Summary of Changes in Foreign Currency Translation Adjustment Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Balance | $ 11,982 | $ 12,142 | $ 12,545 | $ 13,448 | |
Loss on foreign currency translation (2) | (685) | (192) | (1,535) | (515) | |
Net current-period other comprehensive loss | (697) | (207) | (1,616) | (519) | |
Balance | 11,548 | 12,355 | 11,548 | 12,355 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Balance | [1] | (1,783) | (652) | (933) | (329) |
Loss on foreign currency translation (2) | [1],[2] | (664) | (185) | (1,497) | (501) |
Equity method affiliates (3) | [1],[3] | (21) | (7) | (38) | (14) |
Net current-period other comprehensive loss | (685) | (192) | (1,535) | (515) | |
Balance | [1] | $ (2,468) | $ (844) | $ (2,468) | $ (844) |
[1]All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive (loss) income.[2]For the three and nine months ended September 30, 2022, amounts are net of tax benefit of $49 million and $87 million, respectively. For the three and nine months ended September 30, 2021, amounts are net of tax benefit of $31 million and $42 million, respectively.[3]Tax effects are not significant. |
Note 14 - Share-based Compens_3
Note 14 - Share-based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 33,000 | 33,000 | ||
Share-Based Payment Arrangement, Expense | $ 52 | $ 39 | $ 145 | $ 117 |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 15 | $ 31 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
Restricted Stock and Restricted Stock Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock and Restricted Stock Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 10 years |
Note 14 - Share-based Compens_4
Note 14 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Beginning Options Outstanding, number of shares (in shares) | shares | 11,904 |
Beginning Options Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 22.31 |
Exercised, number of shares (in shares) | shares | (1,765) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 19.91 |
Forfeited and Expired, number of shares (in shares) | shares | (193) |
Forfeited and Expired, weighted average exercise price (in dollars per share) | $ / shares | $ 18.47 |
Ending Options Outstanding, number of shares (in shares) | shares | 9,946 |
Ending Options Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 22.81 |
Options Outstanding, weighted average remaining contractual term (Year) | 6 years 10 days |
Options Outstanding, aggregate intrinsic value | $ | $ 68,676 |
Options Expected to Vest, number of shares (in shares) | shares | 9,921 |
Options Expected to Vest, weighted average exercise price (in dollars per share) | $ / shares | $ 22.82 |
Options Expected to Vest, weighted average remaining contractual term (Year) | 6 years 10 days |
Options Expected to Vest, aggregate intrinsic value | $ | $ 68,440 |
Options Exercisable, number of shares (in shares) | shares | 8,139 |
Options Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 23.51 |
Options Exercisable, weighted average remaining contractual term (Year) | 5 years 8 months 4 days |
Options Exercisable, aggregate intrinsic value | $ | $ 51,740 |
Note 14 - Share-based Compens_5
Note 14 - Share-based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock and Restricted Stock Units [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Beginning Non-vested shares and share units, number of shares (in shares) | shares | 10,594 |
Beginning Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 25.83 |
Granted, number of shares (in shares) | shares | 4,288 |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 34.01 |
Vested, number of shares (in shares) | shares | (3,238) |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 24.77 |
Forfeited, number of shares (in shares) | shares | (275) |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 28.08 |
Ending Non-vested shares and share units, number of shares (in shares) | shares | 11,369 |
Ending Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 29.16 |
Note 14 - Share-based Compens_6
Note 14 - Share-based Compensation - Summary of Performance-based Restricted Stock Units (Details) - Performance Shares [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Beginning Non-vested shares and share units, number of shares (in shares) | shares | 3,684 |
Beginning Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 34.17 |
Granted, number of shares (in shares) | shares | 1,761 |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 40.76 |
Vested, number of shares (in shares) | shares | (139) |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 32.18 |
Performance adjustments (in shares) | shares | 366 |
Performance adjustments (in dollars per share) | $ / shares | $ 34.46 |
Forfeited, number of shares (in shares) | shares | (76) |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 32.39 |
Ending Non-vested shares and share units, number of shares (in shares) | shares | 5,596 |
Ending Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 36.28 |
Note 15 - Reportable Segments_2
Note 15 - Reportable Segments (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Number of Material Formations | 150 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 21% |
Note 15 - Reportable Segments -
Note 15 - Reportable Segments - Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Depreciation (1) | $ 1,014 | $ 1,005 | |||
Research, development and engineering expenses (2) | $ 278 | $ 251 | 766 | 715 | |
Income tax provision (3) | 34 | 109 | 380 | 402 | |
Net income attributable to Corning Incorporated | 208 | 371 | 1,352 | 1,419 | |
Operating Segments [Member] | |||||
Net sales of reportable segments | 3,666 | 3,639 | 11,172 | 10,406 | |
Depreciation (1) | [1] | 408 | 339 | 1,089 | 998 |
Research, development and engineering expenses (2) | [2] | 235 | 218 | 651 | 605 |
Income tax provision (3) | [3] | (153) | (159) | (483) | (453) |
Net income attributable to Corning Incorporated | [4] | 561 | 593 | 1,771 | 1,701 |
Optical Communications [Member] | Operating Segments [Member] | |||||
Net sales of reportable segments | 1,317 | 1,131 | 3,828 | 3,143 | |
Depreciation (1) | [1] | 96 | 58 | 223 | 174 |
Research, development and engineering expenses (2) | [2] | 60 | 57 | 173 | 160 |
Income tax provision (3) | [3] | (50) | (38) | (146) | (184) |
Net income attributable to Corning Incorporated | [4] | 183 | 139 | 531 | 398 |
Display Products [Member] | Operating Segments [Member] | |||||
Net sales of reportable segments | 686 | 956 | 2,523 | 2,758 | |
Depreciation (1) | [1] | 151 | 153 | 453 | 450 |
Research, development and engineering expenses (2) | [2] | 31 | 31 | 92 | 79 |
Income tax provision (3) | [3] | (35) | (64) | (157) | (109) |
Net income attributable to Corning Incorporated | [4] | 134 | 247 | 598 | 708 |
Specialty Materials [Member] | Operating Segments [Member] | |||||
Net sales of reportable segments | 519 | 556 | 1,497 | 1,490 | |
Depreciation (1) | [1] | 56 | 42 | 138 | 125 |
Research, development and engineering expenses (2) | [2] | 66 | 49 | 163 | 143 |
Income tax provision (3) | [3] | (26) | (28) | (70) | (74) |
Net income attributable to Corning Incorporated | [4] | 96 | 107 | 262 | 279 |
Environmental Technologies [Member] | Operating Segments [Member] | |||||
Net sales of reportable segments | 425 | 385 | 1,190 | 1,233 | |
Depreciation (1) | [1] | 44 | 34 | 111 | 105 |
Research, development and engineering expenses (2) | [2] | 25 | 28 | 74 | 84 |
Income tax provision (3) | [3] | (23) | (16) | (59) | (57) |
Net income attributable to Corning Incorporated | [4] | 87 | 60 | 223 | 215 |
Life Science Products [Member] | Operating Segments [Member] | |||||
Net sales of reportable segments | 312 | 305 | 934 | 917 | |
Depreciation (1) | [1] | 23 | 14 | 53 | 40 |
Research, development and engineering expenses (2) | [2] | 10 | 9 | 28 | 25 |
Income tax provision (3) | [3] | (11) | (12) | (32) | (39) |
Net income attributable to Corning Incorporated | [4] | 43 | 45 | 122 | 145 |
Hemlock and Emerging Growth Businesses [Member] | |||||
Net sales of reportable segments | 407 | 306 | 1,200 | 865 | |
Depreciation (1) | [1] | 38 | 38 | 111 | 104 |
Research, development and engineering expenses (2) | [2] | 43 | 44 | 121 | 114 |
Income tax provision (3) | [3] | (8) | (1) | (19) | 10 |
Net income attributable to Corning Incorporated | [4] | $ 18 | $ (5) | $ 35 | $ (44) |
[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]Income tax (provision) benefit reflects a tax rate of 21%.[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. Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income (loss) to consolidated net income. |
Note 15 - Reportable Segments_3
Note 15 - Reportable Segments - Reconciliation of Reportable Segments and All Other Net Sales to Consolidated Net Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Consolidated net sales | $ 3,488 | $ 3,615 | $ 10,783 | $ 10,406 | |
Hemlock and Emerging Growth Businesses [Member] | |||||
Net sales of reportable segments | 407 | 306 | 1,200 | 865 | |
Operating Segments [Member] | |||||
Net sales of reportable segments | 3,666 | 3,639 | 11,172 | 10,406 | |
Operating Segments [Member] | Reportable Segments [Member] | |||||
Net sales of reportable segments | 3,259 | 3,333 | 9,972 | 9,541 | |
Segment Reconciling Items [Member] | |||||
Impact of constant currency reporting (1) | [1] | $ (178) | $ (24) | $ (389) | |
[1]This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment. |
Note 15 - Reportable Segments_4
Note 15 - Reportable Segments - Reconciliation of Reportable Segment Net Income (Loss) to Consolidated Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net income attributable to Corning Incorporated | $ 208,000 | $ 371,000 | $ 1,352,000 | $ 1,419,000 | |
(Loss) gain on foreign currency hedges related to translated earnings | (68,000) | (13,000) | 257,000 | 262,000 | |
Research, development, and engineering expenses (2) | (278,000) | (251,000) | (766,000) | (715,000) | |
Amortization of intangibles | (31,000) | (32,000) | (92,000) | (97,000) | |
Interest expense, net | (73,000) | (72,000) | (216,000) | (227,000) | |
Provision for income taxes (Note 4) | (34,000) | (109,000) | (380,000) | (402,000) | |
Restructuring, impairment and other charges and credits (3) | (138,000) | 0 | (217,000) | 0 | |
Gain on sale of a business | 53,000 | 54,000 | |||
Operating Segments [Member] | |||||
Net income attributable to Corning Incorporated | [1] | 561,000 | 593,000 | 1,771,000 | 1,701,000 |
Research, development, and engineering expenses (2) | [2] | (235,000) | (218,000) | (651,000) | (605,000) |
Provision for income taxes (Note 4) | [3] | 153,000 | 159,000 | 483,000 | 453,000 |
Operating Segments [Member] | Reportable Segments [Member] | |||||
Net income attributable to Corning Incorporated | 543,000 | 598,000 | 1,736,000 | 1,745,000 | |
Operating Segments [Member] | Nonreportable Segments [Member] | |||||
Net income attributable to Corning Incorporated | 18,000 | (5,000) | 35,000 | (44,000) | |
Segment Reconciling Items [Member] | |||||
Net income attributable to Corning Incorporated | 208,000 | 371,000 | 1,352,000 | 1,419,000 | |
Impact of constant currency reporting not included in segment net income (loss) (1) | (136,000) | (33,000) | (319,000) | (47,000) | |
(Loss) gain on foreign currency hedges related to translated earnings | (68,000) | (13,000) | 257,000 | 262,000 | |
Translation gain on Japanese yen-denominated debt | 84,000 | 4,000 | 321,000 | 127,000 | |
Litigation, regulatory and other legal matters | (23,000) | (3,000) | (65,000) | (11,000) | |
Research, development, and engineering expenses (2) | [4] | (43,000) | (34,000) | (115,000) | (107,000) |
Amortization of intangibles | (31,000) | (32,000) | (92,000) | (97,000) | |
Interest expense, net | (59,000) | (64,000) | (180,000) | (205,000) | |
Provision for income taxes (Note 4) | 119,000 | 50,000 | 103,000 | 51,000 | |
Restructuring, impairment and other charges and credits (3) | [5] | (138,000) | (40,000) | (217,000) | (42,000) |
Gain on sale of a business | 53,000 | 54,000 | |||
Other corporate items | $ (58,000) | $ (57,000) | $ (165,000) | $ (267,000) | |
[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. Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income (loss) to consolidated net income.[2]Research, development and engineering expenses include direct project spending that is identifiable to a segment.[3]Income tax (provision) benefit reflects a tax rate of 21%.[4]Amount does not include research, development, and engineering expense related to restructuring, impairment and other charges and credits.[5]Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) to the consolidated financial statements for additional information on activities. |