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Note 2 - Restructuring, Impairment and Other Charges

9 Months Ended

Sep. 30, 2014

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

2. Restructuring, Impairment and Other Charges

2014 Activity

For the nine months ended September 30, 2014, we recorded charges of $51 million for workforce reductions, asset disposals and write-offs, and exit costs for restructuring activities in the Display Technologies, Optical Communications and Specialty Materials segments, with total cash expenditures estimated to be $11 million.

In the fourth quarter of 2013, Corning implemented a global restructuring plan within several of our segments to better align our cost position. These actions consisted of workforce reductions, asset disposals and write-offs, and exit costs. We recorded charges of $67 million associated with these actions, with total cash expenditures expected to be approximately $40 million.

The following table summarizes the restructuring, impairment and other charges for the nine months ended September 30, 2014 (in millions):

	Reserve at January 1, 2014		Net charges/ (reversals)		Non cash adjustments			Cash payments	Reserve at September 30, 2014
Restructuring:
Employee related costs	$	36	$	32	$	(2)	$	(27)	$	39
Other charges		8		5		(1)		(3)		9
Total restructuring activity	$	44	$	37	$	(3)	$	(30)	$	48

Impairment charges and disposal of long-lived assets			$	14

Total restructuring, impairment and other charges			$	51

Cash payments for employee-related costs related to the 2014 and 2013 restructuring actions are expected to be substantially completed in 2015.

2013 Activity

The following table summarizes the restructuring reserve activity for the nine months ended September 30, 2013 (in millions):

	Reserve at January 1, 2013		Net charges/ (reversals)		Cash payments		Reserve at September 30, 2013
Restructuring:
Employee-related costs	$	38	$	(1)	$	(27)	$	10
Other charges (credits)		4				(3)		1
Total restructuring activity	$	42	$	(1)	$	(30)	$	11

Cash payments for the above restructuring activities were substantially completed in 2013.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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