Comprehensive Income

6 Months Ended

Jun. 30, 2011

17. Comprehensive Income

Components of comprehensive income on an after-tax basis, where applicable, follow (in millions):


	Three months ended June 30,				Six months ended June 30,
	2011		2010		2011		2010

Net income	$	755	$	912	$	1,502	$	1,727
Other comprehensive income, net of taxes (1):
Net change in unrealized (loss) gain on investment securities		(2)		(6)		10		5
Net change in unrealized (loss) gain on derivative hedging instruments				(11)		8		(9)
Foreign currency translation adjustment		226		(197)		365		(219)
Amortization of postretirement benefit plan losses and prior service costs		17		27		38		18
Comprehensive income	$	996	$	725	$	1,923	$	1,522
Comprehensive income attributable to noncontrolling interests				1		1		2
Comprehensive income attributable to Corning	$	996	$	726	$	1,924	$	1,524

(1)	Other comprehensive income items for the three months ended June 30, 2011 and 2010 include net tax effects of $(16) million and $(10) million, respectively, and for the six months ended June 30, 2011 and 2010 net tax effects of $(30) million and $(15) million, respectively.

- Definition

This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans.

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