Note 11 - Property, Net of Accumulated Depreciation

3 Months Ended

Mar. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

11.      Property, Net of Accumulated Depreciation

Property, net of accumulated depreciation follows (in millions):

	March 31, 2014		December 31, 2013
Land	$	496	$	121
Buildings		5,619		4,175
Equipment		13,683		12,286
Construction in progress		1,687		1,084
		21,485		17,666
Accumulated depreciation		(8,141)		(7,865)
Total	$	13,344	$	9,801

The increase in Property, net of accumulated depreciation, in the first quarter of 2014 is entirely driven by the Acquisition of Samsung Corning Precision Materials, which added $3.6 billion to this balance.

In the three months ended March 31, 2014 and 2013, interest costs capitalized as part of Property, net of accumulated depreciation, were $10 million and $9 million, respectively.

Manufacturing equipment includes certain components of production equipment that are constructed of precious metals.  At March 31, 2014 and December 31, 2013, the recorded value of precious metals each totaled $3.3 billion and $2.2 billion, respectively.  Depletion expense for precious metals in the three months ended March 31, 2014 and 2013 totaled $8 million and $6 million, respectively.  The consolidation of Corning Precision Materials added approximately $1.1 billion in precious metals and approximately $2 million of depletion expense in the first quarter of 2014.